Yahya 
Though it demonstrates strength in several network measures, including total deposits in its distributed apps (DApps), Solana’s native token, SOL, has not been able to breach the $150 resistance level since Aug. 12. These network enhancements now raise the question of whether they would be adequate to lower SOL’s cost to $190.
The decision of Cboe Global Markets to withdraw 19b-4 forms for Solana spot exchange-traded funds (ETFs) from its website on Aug. 16 is one of the key reasons for the lack of excitement. Certain market players think the United States Securities and Exchange Commission (SEC) officially rejected the Solana ETF, therefore lowering investor anticipation.
Particularly with Ethereum’s value declining and other blockchains growing in popularity, crypto broker CoinMamba has voiced worries over Solana’s declining desirability. According to him, Solana should weave a fresh story to motivate SOL demand.
While Solana’s ecosystem is still under development, initiatives like PayPal USD (PYUSD) exceeding $620 million in issuing and new businesses like Colosseum and DAWN drawing large investments contribute to shaping it. The rising general value locked (TVL) on the network demonstrates this trend, as well as implying that SOL’s price still has room to rise.
Despite these encouraging signs, the increase in TVL does not always correlate to a higher user count or interaction. Of Solana’s top DApps, half have seen a dropping user count over the last 30 days, suggesting that TVL expansion by itself would not be sufficient to maintain a quick SOL price increase to $190 or more.
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