Solana’s native token, SOL, surged 10.5% after hitting $191, but remains 10% lower over two weeks. Investor sentiment improved with Trump’s plans to avoid a government shutdown, but Congress still lacks votes for a temporary funding bill, risking economic ripples. Gold hit an all-time high of $3,833, reflecting fiscal unease.

Despite the broader crypto market’s gains, SOL struggles to hold $212 due to declining network activity. In the past week, Solana saw a 10% drop in transactions and nearly 50% decline in fees, unlike competitors with fee increases. Synthetic perpetual futures on other platforms are affecting SOL sentiment.

Hyperliquid, Aster, and edgeX’s perpetual futures expansion has impacted SOL sentiment. Hyperliquid launched its chain to reduce fees and MEV, while Aster plans its own network. SOL bulls look to SEC approval of standard ETFs by Oct. 10 for a potential rally to $250, despite concerns about staking inflation.

76% of Solana validator income comes from newly issued coins, raising sustainability concerns for staking rewards. Despite weak onchain activity, SOL could rally to $250 with institutional inflows and ETF approval. This information serves as general knowledge and not legal or investment advice, reflecting the author’s views and not Cointelegraph’s opinions.

Read more at Cointelegraph: SOL Rally To $250 Depends on ETF, Competitors’ Growth