Spot SOL ETF Approval and Fidelity SOL Trading Boost Solana
Solana price held above $190 after Hong Kong’s Securities and Futures Commission approved the first spot SOL ETF by ChinaAMC. This regulatory milestone, coupled with Fidelity Crypto’s addition of SOL trading for US clients and Citadel’s disclosed 4.5% stake in DeFi Development Corp’s SOL holdings, has driven strong institutional inflows. Technical analysts note SOL faces resistance near the 200-day EMA around $193. A breakout could target $230, while failure to reclaim this level may see a pullback toward the mid-$160s. Overall, growing institutional adoption and ETF approval underpin a bullish outlook for Solana.
Bullish
The approval of a spot SOL ETF by Hong Kong regulators and the launch of SOL trading on Fidelity Crypto are major catalysts for institutional demand. Citadel’s sizeable SOL stake further validates Solana’s credibility. These developments are likely to sustain upward momentum in Solana’s price over the mid-to-long term. However, traders should note the technical resistance at the 200-day EMA near $193, which could cap short-term gains or trigger pullbacks toward $160-$170 levels. Overall, the combination of regulatory backing and institutional adoption supports a bullish outlook for SOL.