Solana price holds above $190, institutional adoption rises
Solana price is holding steady above $190 amid fresh attention from institutions and regulators globally.
- Solmate Infrastructure shares soared 50% after announcing an aggressive M&A plan
- Fidelity added SOL to its trading suite for U.S. investors, both retail and institutional
- Hong Kong approved its first spot Solana ETF by ChinaAMC
- Despite strong institutional signals, technicals still remain weak for SOL
Solana is seeing increased interest from both institutions and regulators. On Friday, October 24, the Solana price held above $191.45, amid a wave of institutional adoption. The news came as Fidelity Investments had added SOL trading to its crypto product suite, and other major developments.
One day prior, Fidelity Investments expanded its product suite with Solana trading, opening up access to both institutional and retail clients. The asset management giant’s inclusion of SOL was a major vote of confidence in its appeal to the mainstream. Currently, Fidelity only supports Bitcoin, Ethereum, and Litecoin (LTC).
The same day, shares of the SOL treasury firm Solmate Infrastructure jumped 46%. The news came after the firm announced an aggressive plan to acquire projects and businesses in the Solana (SOL) ecosystem. In addition to the merger plans, the firm also announced it had selected a data center for its validator in the United Arab Emirates.
Solana sees a wave of institutional adoption
Earlier, on Wednesday, October 22, Hong Kong approved its first Solana ETF, the first crypto asset ETF to launch after Bitcoin (BTC) and Ethereum (ETH). The ETF, managed by ChinaAMC, which will track Solana price performance, will launch next Monday.
Despite strong institutional signals, the Solana price remained close to the $190 level. This was largely due to downward technical pressure and broader market momentum. SOL is still trading below the 200 Exponential Moving Average, after rejecting multiple attempts to reclaim it.
