Solana caught a bid as $SPCX, tied to SpaceX’s Nasdaq debut and billed as the largest IPO in history, went live across the ecosystem, but the rally is running into a growing supply overhang. At the time of writing, Solana price was trading at $67.92, up 3.84% in the past 24 hours after bouncing back from a session low of $65.34.
SPCX, a tokenized version of SpaceX stock, launched on Solana through Sunrise and Backpack Securities. This lets eligible investors trade tokenized shares at any time.
The product runs on xStocks, and Ondo Finance has confirmed that $SPCX will also be available on Ondo Global Markets, making tokenized equity trading accessible on more platforms. This launch is part of a larger effort to bring traditional financial assets onto the blockchain.
Tokenized stocks drive activity across wallets, exchanges, custody providers, and DeFi applications, creating additional utility for the Solana network. This launch also strengthens Solana’s position as a center for tokenized real-world assets, one of the fastest-growing areas in crypto.
Solana Price Prediction Hinges on $76.25 and $64.40
From a technical perspective, the overall trend remains bearish. SOL is trading below all major moving averages. The 20-day to 100-day averages are between about $72 and $86, while the 200-day EMA is at $102.54 and the 200-day SMA is at $100.43. This shows how far below long-term trends the price is.
Recent performance numbers confirm this weakness. SOL has dropped 9.23% over the past week, 8.37% over the past month, 46.63% over the past six months, and 51.03% over the past year. It has done worse than Bitcoin, Ethereum, and XRP during these periods.
The main issue for buyers is the supply. Analyst Ali Charts pointed out that about 1.17 million SOL were moved to exchanges over three weeks, raising exchange balances from around 26.0 million to 27.2 million tokens. While moving coins to exchanges does not always mean they will be sold, it often signals possible selling pressure because the coins are easier to trade.
If SOL can stay above the $67 support level, buyers might try to push the price back up to $76.25. This was once a support level but is now a key resistance. Regaining this area would be the first real sign of gain and could lead to a move toward the low $80s.
On the downside, if SOL falls below the $64.40 liquidation zone, the price could drop to around $60. If it breaks down further, Crypto King analyst’s target of $56-$58 could come into play before any real recovery happens.
Today, SpaceX Stocks (SPCX) has given Solana a boost. Whether SOL can hit $76 will likely depend on buyers’ ability to absorb the growing selling pressure.
READ MORE: Here’s Why SPCE, RKLB, RDW, LUNR Stocks are Plunging on SpaceX IPO Day
