Solana (SOL) scores another record high on institutional adoption FOMO

Solana SOL Osprey Pyth
image from solana.com

Key Solana Takeaways

  • Solana institutional adoption grows with the new Osprey fund.
  • Pyth Network data service will launched on Solana mainnet.
  • SOL soars in price as a result of positive fundamentals.

Yerevan (CoinChapter.com) – Solana decentralized ledger’s native token SOL soared 27 percent since August 25, peaking at a new all-time high of $83.6 in the early hours of the Asian-Pacific session Friday. The bullish price action came in the wake of extended institutional adoption of the blockchain and the expansion of the ecosystem.

Osprey’s SOL fund

One of the important institutional adoption markers in the crypto market is a coin’s availability through various funds. Osprey crypto fund will launch a private SOL fund for its well-hilled investors, as the company announced on August 24. The ‘Osprey Solana Trust’ will make the booming SOL token available for investors without the associated risks.

Investors who diversify their portfolios with Solana tokens can allocate their funds to Osprey Solana trust without directly holding the cryptocurrency. The option is available for accredited investors only for the time being. However, the company announced that extended services for retail traders could follow.

The Osprey Solana Trust officially registered with the US Securities and Exchange Commission (SEC) on Tuesday. However, the preparations have been ongoing since June, sources report. The trust fund is the first SOL investment vehicle in the US.

Grayscale, the largest crypto fund to date, also showed interest in the fast-growing ecosystem. Back in June, the fund considered adding Solana to their crypto trust list. However, no official registration has come as of yet.

Also read: Solana’s new decentralized exchange helps SOL rocket to a record high.

Pyth Network launched on Solana

Solana’s Pyth Network is a real-time market data provider that runs on its mainnet. Pyth covers high-fidelity streaming data from various sources, including US equities and foreign exchanges.

The “equalizer of access” tweeted the news on Thursday, asserting that the application sources its data directly from “some of the biggest players in the financial world.” Those companies include Jump Trading investment and trading firm, LMAX Group fintech company, Virtue Financial, etc.  

David Mercer, chief executive of LMAX, was optimistic about the news.

“We believe the Pyth network, built on the low-latency Solana blockchain, can revolutionize and democratize market data provision. This is a milestone for the industry as the DeFi ecosystem expands.”

said the CEO.

Also read: Ethereum layer-1 alternatives Solana and Terra hit record highs

SOL’s bullish price action

As positive news unfolds around Solana, its native token managed an impressive 27 percent since Tuesday. SOL/USD pair peaked at 83.6, then corrected slightly back to $82.9 at the London session opening bell. The four-hour chart flashed a bullish golden cross again, after a temporary setback.

In hindsight, the golden cross is a bullish formation. It occurs when a short-term MA (moving average) crosses above a long-term MA. For example, after three days of consolidation, SOL’s 20-4h exponential MA (EMA-20) crossed back over the 50-4h simple MA.

SOL scored a golden cross again. Source: SOLUSD on TradingView.com
SOL scored a golden cross again. Source: SOLUSD on TradingView.com

Osprey Solana Trust and the Pyth Network as both bullish factors for the Solana ecosystem. As the institutional adoption of the blockchain grows, the platform strengthens its stance as a rival to Ethereum. Moreover, SOL soared impressively in 2021, gaining 6,476 percent since the January value of $1.25.

Also read: 3 incredible reasons why Ethereum is poised to hit $5K in 2021

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