Solana Price Remains Under Pressure Despite Institutional Gains

Despite recent institutional developments and record tokenized asset activity on its network, Solana's SOL price remains under pressure. The current price is $73.98, marking a 2.36% decline for the day. Morgan Stanley's newly approved Solana ETF on NYSE Arca provides regulated institutional access to SOL and enables staking of up to 100% of holdings through major providers.

The Solana network recorded a substantial increase in tokenized equity volume, growing from $1.34 million to $3.32 billion over the last year, as reported by Beincrypto. However, this growth has not translated into upward price momentum, with SOL/USD trading below key moving averages and showing weak momentum.

According to technical analysis, SOL/USD is likely to consolidate in the $72.76, $75.31 range over the next 2-3 days, favoring further downside. The probability of an upward move is 38%, while a continuation of the decline is more likely at 62%. Traders should closely monitor the $72.76 support as a potential inflection point for renewed downside momentum.