Solana’s institutional credibility strengthened this week after Hong Kong approved its first spot Solana ETF, Citadel disclosed a stake in a Solana-linked DeFi firm, and Fidelity added SOL trading for U.S. clients. The developments positioned Solana among a handful of altcoins gaining traction in regulated finance.
SOL price reacted strongly to the sentiment shift, rebounding more than six percent on Oct. 23 to trade near $191 after defending its ascending trendline.
Buyers absorbed pressure near the confluence of two multi-month ascending trendline support level near $180. A drop below the price mark could force invalidate the trendlines’ support, which could hurt market participants’ confidence in SOL’s price action. The rebound confirmed short-term resilience, though the SOL USD pair formed a bearish cross between the 20-day EMA (red) and the 100-day EMA (blue) waves.
Yet, growing adoption could help Solana source the bullish tailwinds that its token needs to soar.
Institutional Catalysts Cement Solana’s Position in Global Finance
The momentum behind Solana’s price rebound rested on more than chart strength. The past week’s institutional developments redefined how investors viewed the asset. Hong Kong’s Securities and Futures Commission approved the first spot Solana ETF, marking a breakthrough for regulated exposure beyond Bitcoin and Ethereum.
The listing on the Hong Kong Stock Exchange positioned Solana among the few digital assets available to both retail and institutional investors in a major financial hub.
Additionally, around the same time, filings showed that Ken Griffin’s Citadel acquired a 4.5% stake in DeFi Development Corp, a company holding millions of SOL tokens in its treasury. The investment represented one of the first visible moves by a Wall Street entity into a Solana-focused corporate structure. It also reinforced the perception that traditional finance players are beginning to see Solana as a blockchain infrastructure asset.
Moreover, adding to the momentum, Fidelity allowed its U.S. brokerage clients to trade Solana. The fund would facilitate direct trade through its Fidelity Crypto platform.
The inclusion placed SOL alongside Bitcoin, Ethereum, and Litecoin—assets already accessible to mainstream investors. In addition, it widened Solana’s reach in traditional finance circles, offering exposure through one of the world’s largest asset managers.
Together, these moves signaled an inflection point in Solana’s institutional acceptance. Regulatory approval, strategic investment, and brokerage access helped transform the token’s narrative into a maturing financial instrument.
Analysts See Breakout Potential as Solana Tests Key Support Levels
Traders focused on Solana’s structure after its sharp rebound from trendline support. Market participants interpreted the move as a potential start of a larger impulse phase. Analyst Crypto Zee highlighted the compression under a descending trendline on the four-hour chart, calling it a precursor to an “impulse wave.”
Zee’s projection pointed toward a breakout toward $230 once the price closed decisively above the descending resistance. The chart showed multiple lower highs converging near $190, a zone now acting as a pressure point for confirmation.
Kamran Asghar took a similar view but focused on Solana’s basing pattern. The analyst identified a triple-bottom structure near $180, describing it as the accumulation zone that preceded each rebound over the past two weeks.
Asghar’s outlook showed a breakout trajectory extending toward the 230 mark, conditional on buyers maintaining momentum above the neckline around 200. Furthermore, the setup aligned with broader accumulation signs visible in recent volume data.
Crypto Tony maintained a more conservative stance. The analyst shared plans to hold a short position below $193 until Solana reclaimed that level, which he viewed as the pivot separating bearish continuation from bullish recovery.
Moreover, Tony’s Elliott-wave interpretation framed the recent rally as part of a corrective sequence that could still revisit the mid-160s before any sustained uptrend.
A Longer Term Perspective
Meanwhile, independent analyst Gordon placed the short-term volatility within a longer-term structure. Gordon’s weekly chart showed an ascending triangle stretching back to early 2023, with support gradually rising toward $160 and resistance fixed near $250.
The analyst claimed the pattern hinted at a long-term bullish resolution once Solana achieved enough consolidation within the triangle.
Can WAVES price reach $1 by 2025 end? Read here to find out.
