Solana is under pressure again
Solana (SOL) price action has been closely linked to evolving ETF expectations, changes in on-chain activity, the US government shutdown, and rising trade tensions between the US and China, with traders watching regulatory signals and ecosystem metrics for clues about the next move.
​Bitwise advanced its Solana ETF filing by amending the registration to include staking and setting a 0.20% fee, a step seen as an effort to gain SEC approval under new cryptocurrency listing expectations.
Meanwhile, JPMorgan analysts warned that even with growing optimism, Solana’s proposed spot ETFs may attract only modest inflows, citing weakening on-chain commitment and investor fatigue as possible limitations.
To add to the intrigue, some voices within the institutional space have elevated Solana’s narrative. Bitwise’s chief investment officer described SOL as potentially becoming “the new Wall Street,” linking its growing traction in the use of tokenization, DeFi, and stablecoins to broader adoption.
This bullish frame contrasts with recent data indicating declining DeFi TVL and fewer active addresses on Solana, raising questions about whether usage trends can sustain optimism.
​In short, Solana’s recent headlines reflect a market grappling with idealism and realism: the promise of ETF entry and lofty narratives versus the sober reality of usage metrics and regulatory friction.
​For SOL to achieve sustained progress, the convergence of institutional capital, strong ecosystem metrics and positive regulatory developments will be essential.
Solana bassist scenario:
​SOL is considered to be under pressure as it trades below Tuesday’s high of $211.35.
​A drop to Monday’s low of $216.90 would likely put the late July, mid-late August lows and current October lows between $175.79 and $170.34 on the map.
Solana Bullish Scenario:
​A bullish reversal and rise above this week’s high of $211.35 and then the late August peak of $217.93 may bring the early October highs back into play around the $237 mark.
