Solana Price News: $190 Support Holds – Bullish Outlook Confirmed?

Now, asset management firms just have to submit an S-1 prospectus for the fund rather than going through slower proceedings like 19b-4 forms.

If more funds are launched, the demand for SOL could skyrocket in the near term.

Institutional Awareness is Growing for Solana

The increasing popularity of Solana-based protocols like Pump.fun favor a bullish outlook for Solana as well. This project has been launching some interesting initiatives like Livestreams, a new rewards program called Ascend, and more.

Just this week, ARK Invest recognized Pump.fun’s appeal to retail investors. This kind of exposure to institutional players aims at potential partnerships and investments. Who knows, maybe a PUMP ETF could be on the horizon.

Meanwhile, macroeconomic conditions favor a bullish outlook for cryptos as well. The Federal Reserve cut interest rates for the first time this year recently and could be prepared to make another cut in October during the next FOMC meeting.

Altcoin season has also officially started as BTC dominance is progressively declining while top tokens in this category, like BNB Coin (BNB) and Ethereum (ETH), have made new all-time highs.

Solana could play catch-up with its two biggest rivals soon, and the first target in sight could be the $300 level, if that’s the case.

SOL Eyes $260 After Trend Line Bounce

The daily chart shows a strong bounce off $190. This level coincides with both a key horizontal and trend line support and could result in a move to $260 for the first time since January.