Despite experiencing a 15.5% decline since reaching its peak of $209.80, Solana’s native token (SOL) has shown resilience. Cointelegraph reports that this downturn hasn’t dampened the ecosystem’s momentum. Key indicators point towards potential upside for SOL. Solana remains the second-largest decentralized exchange (DEX) ecosystem with over $111.5 billion in 30-day trading volumes, surpassing Ethereum’s layer-2 networks and BNB Chain. Solana’s total value locked (TVL) has risen by 20% over two months to reach $12.1 billion, further solidifying its dominance over BNB Chain. Notable decentralized applications like Kamino, Jito, and Raydium have each surpassed $2 billion in TVL, showcasing sustained demand for SOL. Network fees have also increased, generating $35.6 million over 30 days – a 22% jump. This growth highlights Solana’s competitive edge, driven by low fees and an efficient user experience. Institutional interest is growing, with open interest in SOL futures rising to $10.7 billion, surpassing XRP futures despite XRP’s larger market capitalization. This expansion indicates increasing institutional confidence, a positive sign for the long-term adoption of Solana. Additionally, Solana’s exchange-traded products (ETP) have reached $2.8 billion. The native staking yield of 7.3% could further boost demand once Solana spot ETFs are launched in the United States. Bloomberg analysts predict a high likelihood of US Securities and Exchange Commission approval by the end of the year, suggesting a strong outlook for the future.