Crypto
Solana News: SpaceX tokenization sparks SOL Price Rally
SpaceX tokenization on Solana boosted SOL's recent rally, but the price remains at risk.
27d ago 4,280
BLOCKINSIDERLoadingSpaceX tokenization on Solana boosted SOL's recent rally, but the price remains at risk.
The Solana news around SpaceX made waves in the realm of cryptocurrency as the tokenized version of SpaceX went live on the Solana blockchain following its Nasdaq listing.
On June 12, 2026, Backpack, a regulated brokerage and crypto trading platform in partnership with Sunrise, a tokenized infrastructure provider, introduced tokenized SPXC to the web3 on the Solana blockchain.
Here, the token represents the actual ownership of underlying SpaceX stock, as it's backed by real shares held through Backpack's brokerage infrastructure.
The key highlight of SPCX is that users in Web3 can trade it 24/7 on the Solana blockchain outside of traditional market hours. In fact, users can hold the token in self-custody wallets and can send, receive, and convert through Solana wallets.
Meanwhile, this move by Backpack and Sunrise aligns with the broader real-world asset (RWA) tokenized trend, similar to how stablecoins brought fiat currencies on-chain, and bridging traditional finance to the blockchain-based market.
"The future of tokenized equities is not just putting price exposure on-chain, it is making underlying securities portable across financial systems," says Backpack CEO Armani Ferrante said in a press release.
If this tokenization scales on a broader level, crypto users across the globe will have the opportunity to gain exposure to major tokenized shares, which could not only bridge the gap between traditional finance and Web3 but also unlock round-the-clock access.
With this bullish Solana news, you might be wondering what's next for the SOL, the native token. Is it poised for a massive price jump, or what?
At press, SOL had climbed 11% over the past 24 hours and was trading at the $73.75 level. Whereas market participants during the same period have shown remarkable interest in the asset, as reflected in trading volume, which climbed over 70% to $2.45 billion.
Looking at the daily chart, SOL appears to have extended its bullish streak for the third consecutive day. However, despite the continued upside move, the asset’s broader trend remains bearish, as it remains below the 200-day Exponential Moving Average (EMA) and a key resistance of $76, indicating strong downside pressure while sellers are in control.
Based on the current price action, as long as SOL trades below the $76 level, its broader structure remains bearish, and it has a risk of further fall. However, a breakout or a daily candle closing above the $78 level could open the door for an upside move.
Meanwhile, the Average Directional Index (ADX), a technical indicator that measures trend strength, has climbed to 40, well above the key threshold of 25, indicating that the asset is currently experiencing a strong trend.
Overall, SOL's short-term bias remains bullish, and it has the potential to reach the $76 level in the coming days. However, a further rally could only be possible if it closes the daily candle above the $78 level; until then, the structure remains in a recovery phase.
In addition to the price action and recent development, on-chain and derivative datasets share a different story.
Data from the analytics platform, DeFiLlama, shows that Solana’s Total Value Locked (TVL) has been persistently declining. Not just that, but DEX's volume follows the same pattern. This shows that users' activity and capital inflows around the Solana ecosystem have weakened, and lack of participation even after the price recovery.
Meanwhile, the derivative dataset further strengthened SOL's bearish outlook, as investors and traders appear to be offloading tokens and betting on the short positions. The latest Coinglass data shows that SOL spot inflow/outflow shows inflows of $5.65 million worth of SOL to the exchanges, indicating potential preparation for a selloff.
Whereas, SOL-OI's weighted funding rate turns negative and falls to 0.0026%, indicating that short sellers are becoming more dominant and are willing to pay a premium to maintain their positions.
No comments yet
Be the first to share your take when accounts launch.
