Solana Foundation’s President Touts Crypto Rails as SOL Tests $68

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Solana Foundation’s President Touts Crypto Rails as <a href="https://jpyeur.com/sol-usd/">SOL</a> Tests $68

Key Takeaways

  • Lily Liu cites 5.5 billion internet users as tokenization’s addressable market.
  • SpaceX prices IPO at $135 per share, valued near $1.75 trillion.
  • SOL trades at $67.21, roughly 33% below its 200-day average of $100.43.

Lily Liu, President of the Solana Foundation, recently told CNBC that the most important thing about cryptocurrency isn’t how much it costs, but that it provides financial services to anyone with internet access – a potential 5.5 billion people – around the clock. This point was made as Solana’s own token was trading at $67.21, which is about 33% lower than its average price over the last 200 days, and struggling to stay above a key support level of $68.

The Infrastructure Argument

Liu highlights a key difference in how cryptocurrency operates. She points out that crypto isn’t just about price fluctuations or investment; it’s about building financial systems open to everyone. Traditionally, accessing financial markets requires specific location, brokers, and financial status, with new investment opportunities often going to large institutions first. Blockchain technology, however, can remove these barriers, potentially giving everyone equal access. Liu believes the industry should be evaluated on this potential. Currently, regulations limit this access – many platforms restrict their services by location – so while the technology *could* reach 5.5 billion people, that number represents its theoretical capacity, not necessarily who can use it legally right now.

SpaceX as the Live Demonstration

Liu recently highlighted SpaceX as a prime example, explaining that Solana users can access it almost immediately wherever it’s offered. Platforms like Ondo Finance, xStocks, and Sunrise are already providing this access. SpaceX shares are priced at $135 each, giving the company a value of approximately $1.75 trillion, and are traded under the symbol SPCX on Nasdaq.

Liu highlighted three different platforms, each with unique features. Ondo’s Global Markets lets investors trade tokens representing ownership in companies, but it’s not available in the U.S. Backed Finance’s xStocks tokens track the price of stocks without allowing most users to actually redeem them for shares. The Backpack and Sunrise SPCX platform stands out because it *does* allow investors to redeem tokens for actual stock, although it also has specific rules about who can use it. Before investing in any of these, investors need to confirm if they are eligible in their location.

Now that SpaceX is publicly traded on the Nasdaq, Backpack Securities functions like a standard brokerage, legitimately purchasing SPCX shares on the open market to fulfill customer orders.

As a crypto investor, I’m really watching what’s happening with tokenized stocks on Solana. Basically, Solana Compass is offering shares that Backpack Securities holds securely. Then, through a system called Sunrise, they issue tokens on the blockchain that *represent* those actual shares. The cool part is I can redeem those tokens for the real stock and even transfer them to a traditional brokerage account using standard methods like ACATS and DTCC. It’s not a complicated derivative; it’s a direct token representing a live, exchange-listed stock, meaning the same asset can move between Wall Street and the Solana DeFi world. And it’s not just Solana Compass anymore – Bybit and Binance are jumping in too, with similar offerings announced just this week. Competition is heating up fast!

The Uncomfortable Backdrop: SOL’s Own Chart

Liu directly addressed the current market tension, explaining that the listing of SpaceX shares is a major reason investors are moving money from cryptocurrencies into more speculative growth stocks.

Solana (SOL) is facing downward pressure, as confirmed by its daily price chart. According to Coindoo’s analysis, a significant sell-off in June broke through a support level that had held since March (between $76 and $80), reaching a low of around $60 on June 6th. All key moving averages are trending downwards, indicating a bearish market: the 50-day average is at $82.17, below the 100-day average at $83.99, and the 200-day average sits at $100.43. While the Relative Strength Index (RSI) has risen from a very oversold level (below 20) to 35.22, it’s still below the 50 mark. Currently, the price is being tested around the $68 level, which previously acted as support but now appears to be acting as resistance.

If Solana’s price consistently closes above $68, it could start a recovery towards $72. However, there’s significant selling pressure between $76 and $80 that could halt that progress. If the price fails to break through, it might fall back to the $63-$64 support level, with $60 as the last line of defense. Until Solana rises above $68, its potential as a strong technology and its price performance aren’t aligning.

As a crypto investor, I’m really watching this launch to see if giving early access to a token tied to a massive $1.75 trillion listing will actually drive demand for the project’s own cryptocurrency. It’s a live test of whether that kind of access can build real, lasting interest.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.

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2026-06-12 13:44