According to CoinMarketCap data, Solana's price climbed 3.38% to $67.73 over the past 24 hours, extending weekly gains above 4%. The token began the session near $65.30 and moved sharply higher early in the period, with the price briefly slipping toward $66.0 before recovering. SOL recorded an upward move that pushed the price beyond $67.0, with the rally accelerating during the final section of the session to lift the token above $68.5. After reaching the intraday peak, the price retreated but maintained most gains, stabilizing near $67.0 before posting another moderate recovery.
As reported by crypto.news, the ongoing Solana price movement coincides with the launch of SPCX, a blockchain-based asset backed by underlying SpaceX shares that will become available for trading on June 12. Backpack and Sunrise recently launched this tokenized product, allowing eligible users to convert tokenized holdings into actual shares through regulated brokerage partners. The product supports trading, redemption, and self-custody through compatible Solana applications, with the rollout coinciding with SpaceX's Nasdaq debut. This launch places Solana at the center of a tokenized equity framework that connects traditional securities ownership with onchain trading, offering unprecedented access to real-world assets.
Unlike traditional tokenized stocks that provide only price exposure without conversion capabilities, SPCX offers a unique bi-directional conversion system that allows holders to deposit tokenized SPCX into Backpack, redeem it for actual SpaceX shares, and transfer those shares to traditional brokerage accounts. The system supports both directions, with eligible shares convertible back into tokenized SPCX. SPCX trades 24/7, 365 days a year through Backpack, Phantom, and Solflare wallets, settling continuously from the moment SpaceX goes public. This continuous trading model represents a fundamental shift from traditional stock market hours, enabling global investors to access U.S. equity markets without geographic or time zone restrictions.
While bears still hold the broader trend advantage, their momentum has weakened compared with earlier months. As reported by crypto.news, if bullish signals continue to increase and the red trend line begins to flatten, bulls could challenge the current bearish structure and attempt a trend reversal. The launch of SPCX represents another high-profile real-world asset use case for Solana, as tokenized securities continue expanding into private equity markets. This development comes at a time when market participants are weighing where the Solana price will target in the coming days as bulls take the current limited lead, with the revolutionary trading features potentially driving sustained demand for the token.
