Solana's institutional credibility was boosted this week after Hong Kong approved its first spot Solana ETF, Citadel announced a stake in a Solana-affiliated DeFi firm, and Fidelity added SOL trading for US clients. The developments positioned Solana amongst a handful of altcoins gaining traction in regulated finance.
SOL price reacted strongly to the shift in sentiment, recovering greater than six percent on October 23 to trade near $191 after defending its ascending trend line.
SOL USD every day price chart. Source: TradingView
Buyers absorbed pressure near the confluence of two multi-month ascending trendline support levels near $180. A fall below the value mark could cause the trendline support to be invalidated, which could affect market participants' confidence in SOL's price motion. The recovery confirmed short-term resilience at the same time as the SOL-USD pair formed a bearish cross between the 20-day EMA (red) and the 100-day EMA (blue).
But increasing adoption could help Solana gain the positive tailwind its token must surge higher.
Institutional catalysts solidify Solana’s position in global finance
The momentum behind Solana’s price rally was not only based on chart strength. Last week's institutional developments have redefined how investors view the asset. Hong Kong's Securities and Futures Commission has approved the primary spot Solana ETF, marking a breakthrough for regulated exposure beyond Bitcoin and Ethereum.
Contribution to the Solana Hong Kong ETF. Source: X
By listing on the Hong Kong Stock Exchange, Solana is among the many few digital assets available to each retail and institutional investors in a significant financial hub.
Additionally, around the identical time, filings showed that Ken Griffin's Citadel acquired a 4.5% stake in DeFi Development Corp. acquired, an organization that holds thousands and thousands of SOL tokens in its inventory. The investment represented one in every of the primary visible moves by a Wall Street firm right into a Solana-focused corporate structure. It also reinforced the perception that traditional financial players are starting to view Solana as a blockchain infrastructure asset.
Additionally, Fidelity enabled its US brokerage clients to trade on Solana, adding to the momentum. The fund would allow direct trading through its Fidelity Crypto platform.
Lark's post on Solana Fidelity. Source: X
The inclusion placed SOL alongside Bitcoin, Ethereum and Litecoin – assets which are already accessible to mainstream investors. Additionally, it expanded Solana's reach in traditional financial circles and enabled exposure through one in every of the world's largest asset managers.
Taken together, these moves marked a turning point within the institutional acceptance of Solana. Regulatory approval, strategic investments, and access to brokers helped transform the token’s story right into a mature financial instrument.
Analysts see breakout potential as Solana tests key support levels
Traders focused on Solana’s structure after the strong rebound from trendline support. Market participants interpreted the movement as a possible start of a bigger impulse phase. Analyst Crypto Zee highlighted the compression below a descending trendline on the four-hour chart, calling it a precursor to an “impulse wave.”
Analyst contribution to SOL price evaluation. Source: X
Zee's forecast suggested a breakout towards $230 once the value closes well above descending resistance. The chart showed several lower highs converging near the $190 level, an area that’s now acting as a pressure point for confirmation.
Kamran Asghar took an analogous view but focused on Solana's base pattern. The analyst identified a triple bottom structure near $180 and described it as the buildup zone that preceded any rally up to now two weeks.
Kamran's post on Solana price evaluation. Source: X
Asghar's outlook showed a breakout trend extending to the 230 level, assuming buyers maintain momentum above the neckline around 200. Additionally, the event was consistent with broader accumulation signs visible in recent volume data.
Crypto Tony took a more conservative stance. The analyst shared plans to keep up a brief position below $193 until Solana regains that level, which he viewed as a pivot point that separates the continuation of the downtrend from the upward recovery.
Crypto Tony's contribution to SOL price evaluation. Source: X
Additionally, Tony's Elliott Wave interpretation portrayed the recent rally as a part of a corrective sequence that might still reach the mid-160s before a sustained uptrend.
A long term perspective
Meanwhile, independent analyst Gordon attributed short-term volatility to a longer-term structure. Gordon's weekly chart showed an ascending triangle extending into early 2023, with support progressively rising towards $160 and resistance pinned near $250.
Analyst contribution to SOL price prediction. Source: X
The analyst claimed that the pattern points to a long-term bullish solution once Solana achieves sufficient consolidation throughout the triangle.
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