Solana Holds $65 as WSOP Adopts SOL Payments, CME Launches Crypto Index Futures

Solana News

The World Series of Poker will begin accepting Solana-based digital asset payments for tournament buy-ins at this year's Las Vegas series, with processing handled by MoonPay at no additional fee to players. The integration extends to WSOP Paradise in the Bahamas this December, where winners can choose to receive prize money in a Solana-based stablecoin. CEO Tie Stewart framed the partnership as a way to modernize the payment experience and cut inefficiencies in cross-border transfers for an international field. The deal pushes Solana further beyond its meme-coin reputation, anchoring the network's blockchain in real-world payments and prize settlement infrastructure rather than speculative trading alone.

CME Group is rolling out Nasdaq CME Crypto Index Futures, a cash-settled product benchmarked to the Nasdaq CME Crypto Settlement Price Index. As of June 9, the index basket includes Bitcoin, Ethereum, Solana, XRP, Cardano, Chainlink, Stellar and Bitcoin Cash, giving exposure to the broad large-cap market rather than a single asset. The launch widens institutional access beyond CME's existing Bitcoin and Ethereum derivatives, offering a single instrument for market-wide investment and hedging. Analysts view the index as a potential template for future crypto index ETFs, and a signal that Solana and other large altcoins are moving deeper into regulated, institution-grade product structures.

Solana Institute CEO Kristin Smith publicly urged the U.S. Senate to preserve the developer-protection clauses inside the CLARITY market-structure bill, arguing open-source developers and validators should not be treated as financial intermediaries. The bill cleared the Senate Banking Committee 15-9 in May 2026 and now sits on the floor calendar, with a vote possible this summer. More than 60 firms and founders, including Solana co-founder Anatoly Yakovenko, signed an open letter backing the language. The Blockchain Regulatory Certainty Act, embedded as Section 604, and a related developer carve-out in Section 601 have become focal points for the DeFi and open-source community ahead of the vote.

On longer timeframes Solana has entered deeply oversold territory, with one widely shared chart showing its monthly relative strength index falling to roughly 38.84 against a signal line near 48.86. Analysts noted that reading is more extreme than during the 2022 FTX collapse, when SOL traded near $8, even though current prices sit far higher. The token has fallen more than 80% from its 2025 peak and printed eight consecutive red monthly candles, an unprecedented streak. While exhausted selling can precede a bottom, an oversold RSI can also persist, and no confirmed trend reversal has appeared, leaving the $60 zone as the key test in this bear market.

Spot Solana ETFs have drawn roughly $1.45 billion in cumulative inflows since launch, yet analysts say that institutional demand has been insufficient to offset broad selling pressure. SOL has broken below the previously watched $80 and $70 support shelves and now trades well under its major moving averages, with the 20-day near $78 and the 200-day around $102. The token remains about 77-78% below its January 2025 record high near $295, its all-time high. Despite the price weakness, first-quarter network data ranked Solana ahead of major rivals on speed and throughput, underscoring a persistent gap between fundamental performance and market valuation.

Recent market data shows Solana down about 32.58% over the trailing 30 days, holding a market capitalization near $37 billion and retaining its position as the seventh-largest cryptocurrency. Twenty-four-hour turnover slipped to roughly $2.7 billion, with on-chain decentralized-exchange volume collapsing to negligible levels, a sign that ecosystem activity across dApps, NFTs and lending protocols has cooled. The token's circulating supply sits near 580 million against an uncapped issuance schedule. Lingering regulatory overhang, including SOL's presence on lists of tokens the SEC has flagged as possible securities, continues to weigh on sentiment even as ecosystem development proceeds.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $64.54 support at 80/100 — the strongest level on the board — driven by the confluence of the Pivot Point and a high-volume node, with a secondary floor at $60.13 scoring 75/100 from the Donchian Lower band and a prior swing low. On the upside, $66.21 resistance scores 64/100 (R1 and a MACD cross) and $69.21 rates 68/100 (Fibonacci 0.236 and the ATR upper band). Derivatives show a crowded 3.68 long/short ratio, 78.6% long, against $1.42 billion in open interest — squeeze-prone positioning. With RSI at 27.55 and the Fear & Greed Index at 9 (Extreme Fear), a daily close below $60.13 would invalidate the bottoming thesis.