Solana (SOL) has struggled to stay above 200 USD due to declining onchain activity and low demand for leveraged trades. Competitors like Ether (ETH) and BNB have recently reached new highs, intensifying pressure on SOL.
For SOL to rally to 250 USD, three factors must align: an increase in onchain activity, a rise in demand for leverage, and favorable SEC ETF rulings. Current trends indicate a bearish sentiment, with network fees and transactions also dropping.
Institutional interest and potential SEC approval for Solana ETFs could provide much-needed support. However, despite recent tweets from notable investors, momentum remains low, indicating caution among traders.
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