Solana (SOL) showed a notable price ascent, reaching $195 at the week’s last trading day before stabilizing. The price’s ability to maintain its stance within the $188–$195 range over the past 24 hours has sparked extensive debate in the market. An increase in trading volume, along with Fidelity offering Solana to individual investors, indicates a growing interest in this altcoin.
Fidelity’s Strategic Move Amplifies Institutional Interest
Fidelity strategically integrated Solana into its brokerage platform for US individual investors on October 23, extending SOL coin’s accessibility to categories akin to Bitcoin, Ethereum, and Litecoin. This development is seen as a vital gateway, potentially increasing liquidity flow from institutional avenues to Solana. According to analysts, while the expanded access might not immediately influence prices, it could broaden the base of long-term investors.
Additionally, the Solana-themed credit card unveiled by Gemini on October 20 offers the altcoin’s ecosystem a new avenue for user engagement. This card provides rewards of up to 4% SOL for fuel, transport, and dining expenditures and introduces an automatic staking option, enhancing in-ecosystem earning opportunities. The absence of an annual fee and foreign transaction charges are additional factors driving user interest.
Technical Insights: The Critical Defense of $188 for SOL Coin
Analyst Ali Martinez referred to Glassnode data, underscoring the $188 mark as the most crucial support threshold for Solana. The exchange of a large amount of supply in this area establishes the cost base for investors. Therefore, maintaining a price above $188 helps reduce selling pressure, whereas dropping below could trigger new waves of supply.
According to data available at the time of preparation, SOL traded at $194.03 with a 0.29% decline in the last 24 hours. The data also revealed a 5.42% increase over the past seven days for this altcoin. Solana’s total market capitalization stands at approximately $106.64 billion.