Solana Price News: SOL Could Hit $200 After Fidelity ETF Listing

Solana (SOL) has gone up by 5% in the past 24 hours and has recovered again above $190 after Fidelity Digital Assets added the token to its list of supported assets.

The move gives millions of U.S. customers immediate access to buy, sell, and trade SOL through any of Fidelity’s platforms.

According to sources familiar with the matter, and cited by The Block, retail, wealth, and retirement accounts will get access to SOL from now on, meaning that millions could immediately flow to the token.

Fidelity administers over $16 trillion in assets for more than 4.3 million customers, according to the firm’s own data. Its decision to list Solana could bring a lot of money to its ecosystem, especially if users are also allowed to stake their tokens.

Solana Treasuries Ranked by Size – Source: CoinGecko

In the past few months, several Solana treasuries have been launched. According to data from CoinGecko, nine companies currently hold a combined total of $2.6 billion worth of the token, accounting for 2.5% of the asset’s circulating market cap.

Today’s Jump is Relevant as SOL Has Bounced Off a Key Support

Trading volumes today have not managed to exceed the 14-day moving average. In most cases, a $10 billion turnover during any given day is enough to confirm that buying or selling pressure is rising at a certain price level.

Hence, today’s volumes of $7 billion are falling short of that mark, at least for now.

SOL/USD Daily Chart (Coinbase) – Source: TradingView

Nonetheless, SOL is bouncing strongly off a key support at $175, which is still relevant from a technical standpoint, especially upon considering the strength of today’s gains.

If the token stays above this mark in the next few days, we could witness another push toward the $200 level in the near term. The Relative Strength Index (RSI) confirms this bullish outlook as it climbed above the 14-day moving average.

Ideally, SOL should play catch-up with ETH and BNB in the long term to reach a new all-time high during this cycle. However, its ecosystem needs to show that it can continue to grow beyond meme coins.

Growing Institutional Adoption Favors Bullish Outlook for Solana

As institutional adoption rises, titans like Fidelity could deepen their footprint in the crypto world to provide services to these big investors that are taking advantage of an increasingly positive regulatory environment to dip their toes in the crypto market.

The Solana ecosystem is known for being the home of millions of meme coins, many of which are among the most popular and valuable in the world.

Platforms like Pump.fun and Raydium’s LaunchLab allow users to mint these tokens in a heartbeat and launch them to the open market to compete.

Despite the growing popularity of these protocols, the Solana blockchain has experienced lackluster ecosystem growth, possibly as Ethereum strengthened its network through the Pectra upgrade, while BNB Chain has been investing millions to attract developers and traders.

That said, apart from ETH, the REX-Osprey Solana + Staking ETF (SSK) is the largest vehicle linked to an altcoin, with nearly $400 million in assets under management.

Today’s pad in the back by Fidelity could pave the way for further institutional adoption, which supports a bullish Solana price prediction.