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Solana (SOL) has held firm above $200, trading around $211 at press time with a market capitalisation exceeding $113 billion.
While the token is still nearly 30% below its all-time high (ATH) of $293 in January, steady support and renewed institutional interest have sparked optimism that the token could push toward $250.
That optimism is reinforced by a mix of structural developments, from looming ETF approval to record growth in tokenised assets and the launch of a native yield-bearing stablecoin.
Solana ETF approval looks inevitable
Bloomberg senior analyst Eric Balchunas recently declared that the odds of a Solana ETF approval have jumped from “near certainty” to “100%.”
Honestly the odds are really 100% now. Generic listing standards make the 19b-4s and their “clock” meaningless. That just leaves the S-1s waiting for formal green light from Corp Finance. And they just submitted amendment #4 for Solana. The baby could come any day. Be ready.
The shift comes after the United States Securities and Exchange Commission (SEC) adopted generic listing standards, eliminating the lengthy review clock that previously accompanied filings.
Now, only the S-1 registration statement requires sign-off, and Solana’s application is already on its fourth amendment.
If launched, the Solana ETFs could trigger a wave of speculative buying, followed by a possible “sell the news” pullback, much like what happened when Bitcoin and Ethereum ETFs debuted earlier this year.
Capital keeps flowing into Solana
While the Solana ETFs dominate headlines, Solana has already distinguished itself as the most attractive blockchain for institutional flows.
According to CoinShares, the network drew $291 million in inflows last week, the largest among all digital assets, even as the broader market saw $812 million in outflows.
Bitcoin and Ethereum bore the brunt of the losses, recording $719 million and $409 million in outflows, respectively.
Crypto.com and Sharps Technology also bolstered confidence in Solana with a $400 million treasury deal designed to manage assets and fund projects on the network.
These moves are viewed as proof of steady institutional interest, contrasting with the softer sentiment surrounding other leading cryptocurrencies.
Real-world assets find a home
Beyond capital inflows, Solana is emerging as a hub for tokenised real-world assets.
Redstone’s latest report revealed that $13.5 billion worth of RWAs now sit on-chain, representing nearly 500% growth over the past year.
Stablecoins dominate the stack, led by over $8 billion in USDC supply, alongside tokenised treasuries like Ondo’s USDY and BlackRock’s BUIDL.
Institutions including Apollo, Hamilton Lane, and Vaneck have also rolled out products on Solana, underlining its appeal as a compliant and high-speed platform.
With 400-millisecond block finality, negligible fees, and 100% uptime across the past year, Solana’s infrastructure is increasingly viewed as enterprise-ready.
This technical foundation is now helping the blockchain power what some analysts call the early stages of “Internet Capital Markets.”
Native stablecoin joins the mix
Adding to the momentum, Solstice Finance has launched USX, the first major Solana-native stablecoin, backed by $160 million in locked value at launch.
Its YieldVault program promises institutional-grade returns, with a track record of nearly 14% net IRR and no monthly losses since inception.
Supported by firms like Galaxy Digital and Deus X Capital, USX addresses a long-standing gap in Solana’s ecosystem by keeping yield-bearing stablecoin liquidity within the network rather than migrating to rivals.
Solana Foundation president Lily Liu called the launch a milestone that unlocks new opportunities for builders and users, while Solstice’s leadership emphasised its focus on sustainable on-chain revenues.
Treasury strategies and corporate backing
Meanwhile, Helius Medical Technologies has rebranded as Solana Company after raising $500 million in a private investment in public equity (PIPE) round.
The firm, which now holds more than 760,000 SOL tokens, signed an intent deal with the Solana Foundation to conduct all of its blockchain activity exclusively on Solana.
The strategy, backed by Pantera Capital and Summer Capital, reflects a broader effort to optimise SOL per share and promote ecosystem growth.
Executives say the move signals long-term confidence in Solana, positioning the company as a dedicated digital asset treasury vehicle.
Such treasury strategies could become an influential force in supporting blockchain adoption.
Solana price outlook
Solana is down about 5% over the past week but remains up more than 32% year-on-year.
Market analysts are now watching two key technical levels: the support around $209, tied to the 50-day exponential moving average, and the resistance near $217, at the 20-day EMA.
Solana price analysis | Source: CoinMarketCapA confirmed break above these ranges could propel Solana toward $250 in the short term.
On the downside, rejection at these levels risks a retracement toward $175.
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