The main dishes to remember:
-
The launch of the FNB of Solana with an initial excitement resulted in initial excitement, but institutional demand remains stifled.
-
The current soil unlocking, DAPP sales and low network activities weigh against a sustained price rally.
The native token of Solana, soil (soil), jumped 7% on Monday after confirmation that the very first fund negotiated by Solana (ETF) with features would be launched on Wednesday. This news has encouraged traders to speculate if it could stimulate institutional demand and propel the soil price greater than $ 200.
Sol initially joined $ 161, but adjusted to $ 157, a gain of 4% compared to the 24 hours earlier. The Supplier ETF Rex Actions has teamed up with Osprey funds to establish a taxable C company, bypassing the typical securities and exchange of the United States. This is different from Standard Bitcoin ETF (BTC) and ether (ETH) available in the United States.
This structure allows a much faster and more fluid launch, a path commonly used by energy infrastructure partnerships. However, it differs from standard cryptocurrency ETFs in terms of tax efficiency, because the rex-Osprey Sol + Staking FNB impose dividend income at the levels of companies and investors.
After a certain initial excitement, Sol Traders has recalibrated their expectations because they recognized that similar instruments could be launched for almost all Altcoin. In addition, Solana Trust de Graycale (GSOL), which has been negotiated for more than two years, only manages $ 75 million in assets.
By way of comparison, the Grayscale Ethereum Trust (ETHE) held $ 10 billion in assets under management one month before the real launch of the ETF ETF spot in July 2024. This substantial difference indicates that, regardless of the ignition capacity, it is unlikely that institutional demand has a significant impact on the soil price.
Soil price limited by stimulating unlocking, competition and DAPP sale
Even if Solana secures a first furniture advantage for a few months, this effect could be compensated by soil which stimulates unlocking and the sale pressure of some of the decentralized applications of Solana (DAPP). According to Defillama, around $ 585 million in ground will be released from jalitude in the next two months.
In addition, some of Solana’s most successful DAPPs have regularly sold their soil holdings. For example, the launch platform of token has transferred more than $ 404 million in trade in exchanges in only 2025, as reported by Onchain’s objective.
This activity helps to explain why soil performance has largely equaled that of ETH and BNB competitors over a period of 30 days despite the news of the ETF intrinsically up.
The Future Sol financing rate gives an overview of the positioning of traders. When there is an excessive bull lever demand, this indicator can exceed 10% per year. Conversely, during the lower periods, the financing rates become negative as the open -out sellers pay to keep their positions open.
Despite a gain of 12.5% over four days, the soil financing rate failed to exceed the neutral threshold of 10%. The current price of $ 157 remains 47% below the top of all time of $ 295, and ONCHAIN data indicates no recovery in network activity. Even with media threshing surrounding the same, income from the Solana network have dropped by more than 90% since January.
In relation: The trading of tokenized stocks live on Kraken, Bybit and the Solana DEFI ecosystem
The fact that Robinhood has selected an Ethereum Layer-2 network to launch the trading of actions in Tokenized also decreased the call of Solana as a favorite solution for broadband DAPPs. Likewise, Coinbase joined Shopify on June 12 to introduce onchain payments to the basic network, which finally settles transactions on the base layer Ethereum.
Currently, there is little evidence that the launch of the Solana ETF will lead to $ 200 solu rally, given increased competition and the lack of request for Solana trust instruments currently listed.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
