Solana hits record high with SOL price up over 218% in six weeks — What’s behind the rally?
SOL price keeps rising as the U.S. securities regulator registered a Solana-centric fund for institutional investors and crypto market data network Pyth announced going live on the Solana blockchain.
Solana (SOL) prices printed another milestone of nearly $85 high on Aug. 27 as traders assessed a flurry of optimistic fundamentals, including Solana’s potential foray into Wall Street.
On Aug. 24, digital asset management firm Osprey Funds registered a first-of-its-kind Solana fund with the U.S. Securities and Exchange Commission (SEC). In doing so, the New York firm hinted at giving institutional exposure to SOL markets as the token’s value surged by more than 4,300% in 2021.
Pyth will use Solana’s cross-chain communication protocol “Wormhole” to broadcast market data with decentralized applications functioning atop Ethereum, Binance Smart Chain, and Terra blockchains.
Traders apparently raised their bids on the pair, anticipating that its foray into Wall Street, coupled with adoption in the decentralized finance (DeFi) sector, would boost the demand for SOL tokens in the future.
The previous weeks attested to ongoing growth in the Solana ecosystem. For instance, Solana forayed successfully in the non-fungible token (NFT) sector mid-Aug with the launch of Degenerate Apes. The project saw a collection of the 10,000 pictures of comic apes selling out in just eight minutes.
The SOL/USD price rally has slowed down near the Channel’s upper trendline, awaiting either a bullish breakout or a pullback towards the Channel’s lower trendline, with the 50-4H exponential moving average (the velvet wave) near $72.14 as interim support target.