Activities at Solana Red have entered the cooling phase compared to the boom we experienced in early 2025.
This slowdown is reflected in a decline in volume negotiated in both futures and cash, as well as a decline in total network lockdown (TVL) (TVL) and does not necessarily indicate weakness. in fact, It could be a new impulse prelude.
But let’s see what this cooling is. To do this, Burak Kesmeci, Cryptoquant’s Cryptocurrency analyst, is perfect for observing bubble maps. In the graph, you can see the total negotiation amount of Solana (Sun) in exchange.
The size of each bubble indicates the volume that operates in cash, and the color reflects the speed at which that volume is changing. Green means cooling, or a decrease in volume, while gray means there is no significant change.
On the other hand, the red color is a sign of a significant increase in volume, while the strongest red represents a rapid jump in negotiation volume.
This same pattern is observed in futures markets where cooling signals dominate, mostly grey and green bubbles. This suggests a slower trading activity, Matches the lateral behavior of the price solar.
Both maps show contrast with the previous period when red bubbles were observed, reflecting market overheating due to a sudden increase in operational volume.
As you can see in the previous graphics, it was January that the last intense red appeared. At that time, The calming event in Solana was the launch of the official Trump.the official memokin of the President of the United States. As reported by Cryptoics, the token was launched into the market before that assumption and “breaks” the market.
Thanks to Trump’s impulse, the Sun quote reached $294 Historical (ATH). At the time of publication of this memo, the asset price is $157.
Meanwhile, Solana’s total block value (TVL) reached an ATH of $11,665 million. It currently costs $8,808 million, according to data from Defillama.
This is a key metric as it allows you to measure the value of assets that have been deposited or blocked with a distributed finance protocol (DEFI).
For some… a storm is coming
Now, at first glance, this cooling stage can indicate a loss of impulse. It represents a new opportunity as “a critical catalyst for the price of the sun is coming.”
What is that catalyst? Possibility of approval of funds cited in the Stock Market (ETF) in US Sun cash. “So this cooling can be a moment of rest before the sun’s summer, both in the cash and futures markets (does it happen again?), Kesmeci will be added.
As reported by Cryptootics, Franklin Templeton, Vaneck, Canary Capital, 21Shares, WisdomTree and Grayscale companies have filed requests with the Bag and Securities Commission (SEC) to launch SOL ETFs and are waiting for a response.
On June 10th, the SEC requested the publisher to submit an updated version of the S-1 form within the next week. Some of the changes needed are modifications in staking treatment. Currently, we show a more flexible position for inclusion in these funds.
In this regard, the analysts of Bloomberg IntelligenceJames Seifert and Eric Bulknath increased the odds of approval, claiming that they already had a product based on the Sands.
And now the million dollar question comes: Why can it be a great price catalyst?
The launch of ETFs is because in addition to improving ecosystem liquidity, it could increase in institutional investors’ assets.
However, it should also be made clear that SOL’s debut in the ETF market does not guarantee price increases. An example of explaining this is what happened with funding for cash (ETH) from Ether, an Ethereum Cryptocurrency that began in July 2024.
As reported by Cryptonotics, these funds’ performance is far lower than that of Bitcoin (BTC), and only in the last two weeks the market recognizes that there is an “institutional heat” due to ETH.
We have to wait to see if Sol is really preparing for a real storm or if he continues his cool-down trip.