Key Takeaways:
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The Perpetual Futures Rate of SOL has become negative, featuring a lack of confidence among entrepreneurs.
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Despite the strong foundation, institutional players continue to avoid Solana due to MEV concerns.
Solana’s native token, Sol (Sol), has not reached $ 180 level since late May, increasing skeptics among entrepreneurs about whether a bull run in 2025 will still be able to. The demand for leveraged long position in SOL has dropped dramatically, negatively affecting market sentiment.
On Monday, the Sol that is endless The rate of funding of futures Been negative, indicating that short (sell) positions were in higher demand. Given that cryptocurrency entrepreneurs are usually optimistic about the price direction, this transfer is relatively rare and signal a widespread lack of confidence in investors.
Solana faces a L2’s growing competition
Some analysts argue that Sol’s competitive edge was killed by the rapid expansion of Ethereum’s Layer-2 ecosystem. Others feature more integrated experiences of Solana’s user as an ongoing strength. As Sol saw a denial following Memecoin Mania, new cases of use emerged.
Jito, now Solana’s largest decentralized (DAPP) application (DAPP), holds 17.92 million solurs in total amount locked (TVL), marking a 12% increase since January. By giving maximum can be obtained amount (MEV) -optimized staking and integrated financial service decentralized service, Jito showed that Solana was constantly changing and not relying on token launch platforms.
Solana also boasts a staking ratio of 66.5%, meaning fewer SOL tokens are readily available for sale in exchanges. By comparison, less than 30% of the ether (Eth) is staked in Ethereum, while Cardano’s ADA has a 58% staking rate. The current annualized staking staking harvest of the SOL 7.3% offers a strong incentive for tokenholders to accept their coins.
Solana’s Q2 income exceeds Ethereum and Tron
According to an X post from Solanafloor, Solana led all the network revenue blockchains for the third straight quarter.
In the second quarter of 2025, Solana generated $ 271.8 million income, reported 64% higher than the Tron and more than double $ 129.1 million Ethereum. Solana’s dominance also reflects its DAPP activity, with users spend $ 460 million in a 30-day fee. It reflects a healthy ecosystem and motivates developers to build on the platform.
In spite of continuous criticism about Failed transactions And the concentration of high activity, these are the results of deliberate design decisions and represents opportunities for optimizing rather than structural weaknesses. If only BOT activity was the volumes that would have a little reason for $ 62.6 million in network fees paid in June.
Related: Social Files S-1 for ‘Crypto Blue Chip ETF,’ tracking Top Assets
Vlad Tenet, CEO of Robinhood, has been reported to be said that the building in Solana has been removed because of MEV concerns, adding that they want “full validator control.” The X user forrestnorwood from the conduit has noted that both Coinbase and Robinhood are “selected for maximum control, prefers the guarantee of ordering the transaction with their own L2.”
If those claims are true and the major institutions continue to exceed Solana, it can cope with the reverse for Sol. These concerns help explain the missing interest in leveraged bullish sol positions and eventually linked Ethereum’s approach to the instill of rollups with a very low data fee.
The critical question for SOL holders is if Ethereum will eventually abandon the predatory pricing model and be forced to compete in equal walks. So far, SOL’s odds that re -recover the $ 180 level remain thin.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
