SOL Surges 12% Amid Institutional Adoption and Potential ETF Approval
Solana (SOL) Price Surge
Solana's price increased by 12% in the last 24 hours, reaching nearly $200, driven by institutional adoption and tokenization initiatives.
- DeFi Development Corp (DDC) holds over 1.3 million SOL, valued at approximately $250 million, earning $63,000 daily from staking.
- DDC has a 10% Annualized Organic Yield (AOY), emphasizing Solana's staking benefits compared to non-yielding assets like Bitcoin.
- In August, DDC added 4,500 SOL after a $122.5 million convertible debt raise.
- CMB International announced tokenization of its Hong Kong–Singapore Mutual Recognition Fund on Solana.
Potential ETF Approval
The SEC may approve Solana ETFs within two months, with over 75 crypto ETF applications under consideration. A Solana ETF could attract significant traditional finance capital.
- Crypto ETFs have seen $26 billion in inflows this year, indicating strong investor confidence.
- Approval could accelerate Solana's price towards or beyond $250.
Technical Analysis
- SOL surpassed resistance levels at $185, $190, and $195; next targets are $202–$205.
- A close above $205 might lead to a rally towards $220; breaking $222 could push it towards $244–$250.
- Current support is at $194 and $186; a drop below $175 would invalidate the bullish outlook.
With increasing institutional interest and potential ETF developments, Solana is positioned for further upward momentum.