Solana (SOL) Price Regains Momentum as Ripple Eyes Major Institutional Milestone

Solana (SOL) has staged a notable recovery, bouncing from a recent low of $145.66 and reclaiming the important $150 resistance level.

Solana (SOL) price displayed strength on May 12, showing resilience as it recovered from a low of $145.66 and managed to close the crucial $150 resistance.

At the time of writing, SOL is trading at $154.41, showcasing a 3.36% increase over the past 24 hours, according to CoinMarketCap. The trading volume has also shown significant activity, surging by 9.86% to reach $4.28 billion in the past hour.

In the seven-day price movements, Solana has experienced an impressive 15.93% gain, a factor that could be contributing to the bullish sentiment among traders.

One crypto analyst, known as DonAlt, on Thursday noted that SOL is displaying a "massive recovery" and could be en route to the $200 price level.

suggesting that the crypto market tends to rally during times of geopolitical unrest. He highlighted the recent U.S. trade tariffs as an example, which could be diverting capital flows toward cryptocurrencies as an investment opportunity.

Moreover, optimism is building around developments in Solana’s ecosystem, with the focus shifting to the pending SEC decisions on ETF filings that include Solana.

As the new SEC chair, acting quickly to approve the pending Bitcoin ETFs would be a "huge win" for the new administration, especially with the new chair likely to prioritize the institutional investors over speculators.

The arrival of a new SEC chair could also expedite the approvals for Solana ETFs, potentially setting the stage for greater institutional adoption and a stronger price rally for SOL in the second half of 2024.

Earlier this week, Blockware Solutions filed an application for a Bitcoin ETF with the SEC, and the filing mentions that the ETF’s underlying basket will include shares of a new company, named Blockware Factor LLC.

This company will invest in a private equity fund focused on blockchain companies and startups, with an emphasis on Solana.

The filing indicates that Blockware Factor is planning to invest a substantial amount, in the range of $300 million to $1 billion, in the private equity fund over the next 12 months.

The new company will also be authorized to purchase additional Solana shares from the open market, aiming to maximize the fund’s exposure to Solana in a strategy to amplify returns for investors.