Solana Gains Spotlight Amid Growing Institutional Interest
Institutions and regulators are becoming more interested in Solana. Amidst a surge in institutional usage, the price of Solana remained at $191.45 on Friday, October 24. The announcement coincided with other significant events, like the addition of SOL trading to Fidelity Investments’ portfolio of cryptocurrency products.
SOL Jumps as Fidelity Opens Trading to Retail and Institutional Clients
The day before, Fidelity Investments opened up access to both institutional and retail clients by adding Solana trading to its list of products. SOL’s inclusion by the asset management behemoth was a significant endorsement of its popularity. Only Bitcoin, Ethereum, and Litecoin (LTC) are supported by Fidelity at this time. Shares of Solmate Infrastructure, a treasury company owned by SOL, increased 46% on the same day. The announcement followed the firm’s bold ambition to buy companies and projects in the Solana ecosystem.
Hong Kong’s Solana ETF Launch Could Boost SOL Adoption
Prior to this, on Wednesday, October 22, Hong Kong authorized the creation of its first cryptocurrency exchange-traded fund (ETF), Solana, which followed Bitcoin and Ethereum. Next Monday will see the launch of the ChinaAMC-managed ETF that will follow the performance of the Solana price. The price of Solana held steady near the $190 mark in spite of significant institutional signals. Both general market momentum and downward technical pressure were major contributors to this.
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