Solana Holds Near $69 as Kraken Lists 2,500 Tokens, JPMorgan Issues $50M On-Chain

Solana News

Morgan Stanley has filed amended registration statements with the U.S. Securities and Exchange Commission for spot Ethereum and Solana ETFs, explicitly building in a staking provision. According to the official filing (SEC EDGAR), roughly 95% of the staking rewards generated by the SOL and ETH held in trust would flow to investors via the trust, with the custodian and the staking provider splitting the remainder. Morgan Stanley would charge a separate management fee but would not capture staking rewards directly. If cleared, Solana would become one of the first non-Bitcoin assets to deliver on-chain yield inside a regulated product. The structure offers Solana exposure and staking income through an ordinary brokerage account at the same time, with the potential to widen altcoin demand into the traditional investor base.

Kraken has begun supporting on-chain trading for more than 2,500 Solana-based tokens directly inside its app, across over 100 countries including the United States. The exchange’s official announcement confirms that users can buy and sell tokens not listed on the centralized exchange using USD or USDC, with trades settling without a separate self-custody wallet, seed phrase, bridge or multiple DeFi front ends. That opens the broad Solana token universe to retail and institutional users who prefer a regulated interface. On-chain data shows stablecoins circulating on Solana now exceed $33 billion, closing in on the network’s roughly $39 billion market capitalization — evidence of Solana’s role as a core hub for DeFi and high-speed token trading.

Institutional finance is moving onto Solana in earnest. JPMorgan issued $50 million of commercial paper on the Solana blockchain last December — the first large-scale debt issuance by a major U.S. bank on a public chain, settled entirely in USDC. Franklin Templeton partnered with Ondo Finance to bring a tokenized ETF product to Solana, and per company investor-relations disclosures, BlackRock’s BUIDL fund managed roughly $525.4 million in assets on Solana in the first quarter of 2026. PayPal also launched its PYUSD stablecoin on Solana, citing technical advantages such as Token-2022 confidential transfers and programmable transfer hooks.

Real-world asset (RWA) tokenization is accelerating regardless of weak prices. On-chain data shows the market capitalization of Solana-based tokenized RWAs reached $2.01 billion in the first quarter of 2026, up about 43% from the prior quarter. Leading decentralized exchange Orca rolled out an RWA marketplace restricted to KYC-verified investors, delivering a working, compliance-ready tool rather than a mere concept. On the policy front, the Solana Policy Institute submitted Project Open — a framework for issuing and trading equities on a public blockchain — to the SEC’s crypto task force. The push is a strategic bid to position Solana as the base layer for compliant, on-chain capital markets.

Solana spot ETF products recorded roughly $3 million in inflows recently even as the broader ETF segment bled assets, lifting total holdings past about $1.13 billion — a meaningful figure for an alternative Layer 1 category. Direct holdings on corporate balance sheets are expanding too. As public companies fold Solana into their treasury strategies alongside Bitcoin and Ethereum, the SOL held by the top firms now tops $1 billion in value. Medical-design company Forward Industries leads the pack on its own with roughly 7.04 million SOL, and has staked its entire position to generate returns for shareholders.

Despite these improving fundamentals, the SOL price has struggled to escape weakness. Solana is trading sideways near $69, more than 75% below its January high and down about 19% over the past 30 days. Analysts point to Solana as core infrastructure for internet capital markets (ICM) — where issuance, trading and settlement happen on a single public chain — and argue a macro lag of three to six months separates institutional adoption and capital inflows from their eventual reflection in price. It is, in effect, a timing mismatch between price and fundamentals. In the current bear market phase, a break above the $75 resistance line is expected to be the watershed for any trend reversal.

(as of 00:26 UTC) COINOTAG’s proprietary 42-indicator composite S/R scoring engine (as of 00:24 UTC) rates the $68.32 support at 81/100 (strong), reflecting a cluster of S1, the 0.214 Fibonacci level and the prior-day low. The $74.75 resistance above scores 72/100, where the 0.382 Fibonacci overlaps with the prior-day high and R3, while $71.45 just beneath it is graded 68/100. In derivatives data, the funding rate has turned slightly negative at -0.0026%, open interest stands at $1.46 billion, and the long/short account ratio of 3.50 (77.8% long) signals excessive long positioning. The Fear & Greed Index reads 23 (extreme fear), RSI is 42.23, and MACD is flashing a buy signal. Holding $68.32 opens the door to a rebound toward $71.45–$74.75, but a break below $64.49 invalidates the bullish scenario.