key takeaways:

• The Solana ETF launch with stacking attracted initial enthusiasm, but institutional demand remains silent.

• Running Sol Unlock, DAPP cell-off, and low network activity weighs against a constant value rally.

Solana’s native token, Sol (Fifth note of musical scale), After confirming it on Monday, 7% increased that for the first time the Solan Exchange-Trade Fund (ETF) stacking capabilities will be launched on Wednesday. This news motivated traders to guess whether it could increase institutional demand and increase the price of Soul above $ 200.

Soul initially reached $ 161, but was adjusted by $ 157, 4% profit from 24 hours ago. ETF provider Rex shares participated with Opera Fund to set up a taxable C-corporation, Ignore the typical US Securities and Exchange Commission Approval Process. This standard is contrary to bitcoin (BTC) And ether (ET) Spot ETF available in the United States.

This structure enables very fast and smooth launch, usually used by energy infrastructure participation. However, this varies from standard cryptocurrency ETF in terms of tax efficiency, as the dividend income by taxing eTF at both corporate and investor levels.

After some initial enthusiasm, Sol Traders re -added their expectations as they admitted that similar devices could be launched for almost every altcoin. In addition, the Solana Trust of Grassscale (GSOL), which has traded for more than two years, manages only $ 75 million in the property.

for comparison, Grancale atherium trust (ETHE) In July 2024, a month before the actual launch of Spot Ethereum ETF, a month before management organized a $ 10 billion property. This sufficient difference indicates that, regardless of staking capacity, institutional demand is unlikely to have significant impact on the price of Sol.

Soul Price Limited Unlock, Competition and DAP Limited Limited

Even if Solana protects the first-building profit for a few months, this effect can be offset. Sol stacking unlock And selling pressure from some decentralized applications (dapps) of Solana. According to Defilama, Soul worth about $ 585 million in the next two months will be unlocked from Stake.

Additionally, some of the most successful DApps of Solana have regularly sold their sol holdings. For example, the token launch platform pump alone transferred a $ 404 million soul to exchanges in 2025, as reported by Onchen Lens.

This activity helps explain why the performance of Sol to largely coincides in a period of 30-day from the contestants Eth and BNB in ​​spite of bullish ETF news.

Sol futures funding rate provides insight into the position of traders. When there is excessive demand to take advantage of rapidly, this indicator can jump above 10% per year. Conversely, during the recession period, funding rates become negative as small vendors pay to keep their positions open.

Despite an increase of 12.5% ​​in four days, the fundling rate of Sol has failed to break above 10% of the threshold. The current price of $ 157 remains below the all -time high of $ 295 to 47%, and the onchain data does not make any recovery in network activity. Even with the promotion around Memcoin, Solan’s network revenue has fallen more than 90% since January.

Connected: Token Stock Trading Live on Defi Ecosystem of KRAKEN, bybit and Solana

The fact is that Robinhood chose one Atherium layer -2 To launch token stock trading, the network has also reduced Solana’s appeal as a preferred solution for high-output daps. Similarly, coinbase Participated with Shopify On June 12 to start paying onchain payments on the base network, which eventually disposes transactions on the Ethereum base layer.

At the moment, there is very little evidence that Solana ETF launch will run a Sol rally up to $ 200, looking at the demand for increased competition and currently listed Solana Trust equipment.

This article is for general information purposes and is not intention and should not be taken as legal or investment advice. The ideas, ideas and opinions expressed here are alone of the author and not necessarily reflected or represented the ideas and ideas of the components.