$SOL At the policy and institutional level, U.S. regulation is rapidly loosening. The first ETF supporting Solana staking rewards, including REX-Osprey SSK ETF, launched in July 2025, and reached over $100 million in AUM in just 12 days. The SEC has also required several issuers to resubmit applications for Solana spot ETFs, setting a deadline at the end of July, with the market generally expecting approval. Additionally, the newly established 'Meta Talent Market Structure Framework' suggests empowering the CFTC to regulate spot crypto assets, providing a clearer regulatory environment conducive to traditional capital inflow.

In terms of ecological technology, Solana is about to expand block size by 20%, introduce Fire Dancer client, and implement privacy transmission features. Meanwhile, on-chain revenue in the second quarter has approached $270 million, with overall coverage and performance continuing to improve. Reports from Messari and RWAxyz indicate that the RWA market cap on the Solana platform is expected to grow by over 140% in 2025, far exceeding Ethereum.

If a bull market returns, and Bitcoin and Ethereum reach new highs, Solana could soar. Moreover, the industry structure continues to promote the implementation of Practical DeFi, NFTs, and RWAs, with institutional investors continuously increasing their allocation of SOL. Based on the intertwining effects of the aforementioned factors—regulatory easing, ETF listings, institutional adoption, ecological upgrades, and macro bull markets—while achieving $780 for SOL in a full year under extreme optimistic assumptions remains challenging, it still belongs to the theoretically possible 'super bull market' scenario under the catalysis of technology and capital.