Solana Gains E*Trade Listing as ETF Race Intensifies and On-Chain Growth Surges

Solana (SOL) is drawing renewed attention from both Wall Street and on-chain traders after Morgan Stanley’s E*Trade platform added support for the token—an expansion that signals major U.S. brokerages are moving beyond Bitcoin (BTC) and Ethereum (ETH). The development comes as ETF issuers sharpen their fee structures and Solana’s network activity accelerates, even as SOL’s spot price remains under pressure.

E*Trade listing broadens retail access as ETF competition heats up

Morgan Stanley’s move to list Solana on E*Trade materially increases access for U.S. retail investors who prefer buying crypto through established brokerage rails. Market participants see the listing as another step toward mainstream distribution, particularly as asset managers push for Solana-related exchange-traded products.

Grayscale updated filings for a proposed ‘staking ETF,’ introducing a quarterly distribution mechanism for staking rewards and cutting its fee to 0.19%. Morgan Stanley also reduced the proposed management fee in its spot Solana ETF filing to 0.14%, underscoring how issuers are competing aggressively on costs ahead of a potential U.S. Securities and Exchange Commission (SEC) green light. While SEC approval remains pending, the pace of filings and revisions is being read as evidence that ‘institutional demand’ for the Solana ecosystem is becoming more concrete.

According to eToro’s market analysis, Solana ETFs have attracted more than $1 billion in inflows so far in 2026. Bitwise’s Solana ETF is also reported to be trading on the New York Stock Exchange, reinforcing the view that institutional allocations are continuing even amid weak price performance.

Stablecoin supply and active users surge, diverging from price action

On-chain indicators paint a much stronger picture than SOL’s chart. CaptainAltcoin data shows that the supply of Solana-based stablecoins excluding USDC and USDT has surpassed $3.8 billion—roughly a 15-fold increase from January 2025. By total stablecoin supply across chains, Solana is now ranked third behind Ethereum (ETH) and Tron (TRX), reflecting its growing role as a high-throughput settlement layer.

Circle (CRCL) has minted more than $70 billion in USDC on Solana since the start of 2026, with an additional $250 million issued over the past 24 hours, according to the report. Combined, Solana’s total stablecoin market capitalization has climbed back above $15 billion, supporting liquidity for both decentralized finance and tokenized asset activity.

AMBCrypto added that monthly active users on Solana have again exceeded 100 million, with 37 million new users joining over the past month. The numbers suggest a sharp expansion in ‘on-chain participation’ and capital circulation. However, the market has not rewarded that growth: SOL is down more than 35% in 2026, a steeper drawdown than Bitcoin’s decline over the same period. The continued divergence highlights how macro conditions and broader risk sentiment can dominate network fundamentals in the short run.

Solana dominates tokenized equity volumes, positioning as RWA infrastructure

Solana is also strengthening its lead in tokenized asset trading. Crypto.com data indicates that over the past week, Solana accounted for roughly 95% of tokenized stock trading volume, totaling about $1.29 billion. Analysts attribute the outsized share to Solana’s speed and low-cost execution—features that are increasingly important for ‘real-world asset (RWA)’ use cases where frequent rebalancing and tight spreads matter.

The ecosystem is also expanding product breadth. Solana-based projects have launched an “all on-chain” prediction market platform called World, integrating with Chainlink and Phantom wallet, as the network pushes beyond DeFi into broader consumer-facing markets. One market report noted that Solana continues to hold an advantage in tokenized RWA share while maintaining transaction throughput that outpaces most rival blockchains.

Separately, the Solana Foundation is running a $100,000 community airdrop, planning to distribute $500 each to 200 users. Observers interpret the campaign as part of a sustained community-first push, supported by financial capacity described in the source as more than $1 billion in revenue and $400 million in share buybacks.

Technical picture: $74–$75 support in focus, $81 breakout key

SOL was trading around $75.92 at the time of the report, sitting below both its 50-day and 200-day moving averages. Adalytica’s indicators place the relative strength index (RSI) near 29.3—close to oversold territory—while the MACD remains below its signal line, consistent with weak momentum.

CryptoRank warned that a break below roughly $73.56 could open a move toward $70. On the upside, reclaiming the mid-$75 area could set up a retest of $81–$83, with $93 cited as the next major level if buyers regain control. CaptainAltcoin noted that the post-peak correction from early July near $83 has slowed, with demand repeatedly defending the $74–$75 zone and a pattern of gradually higher highs forming below resistance around $77–$78.

CoinGecko forecast data cited in the report reflects bearish sentiment: a 6% probability of Solana reaching $90 in July 2026 versus a 34% chance of revisiting $70. SOL remains roughly 71% below its all-time high near $259, highlighting the scale of the rally required for a full recovery.

Overall, Solana is entering a phase where ‘institutional adoption’ and on-chain growth are improving, but price recovery is lagging. The E*Trade listing, ETF inflows, and rapid expansion in stablecoins and users point to a stronger medium-term backdrop, while near-term direction is still likely to hinge on macro conditions and broader crypto market risk appetite. Traders are watching whether the $74–$75 support band holds and whether Solana can reclaim $81 to signal a potential shift in momentum.