Solana Crypto Secures Fresh Boost as Sol Strategies Welcomes New Milestone

On February 20, Sol Strategies announced that it had been selected as a staking provider for Tetra Trust. This is a notable achievement for the firm, known as Canada’s first licensed digital asset trust company. This alliance could significantly boost the Solana (SOL) crypto ecosystem.

As a result of this new development, institutional clients, including 3iQ’s upcoming Solana Staking ETF, can now access secure, regulated services via Solana.

The Sol Strategies Update

Solana may enter the season of more institutional adoption with this new partnership between Sol Strategies and Tetra Trust.

Sol Strategies will provide its validator infrastructure directly through Tetra’s custody platform as an approved staking provider for the firm.

Leah Wald, CEO of Sol Strategies, acknowledged the integration, citing that.

“Being selected as a staking provider for Tetra’s platform marks another significant milestone in institutional Solana adoption. This integration creates a seamless experience for institutional clients seeking secure, regulated access to Solana staking.”

Generally, Tetra Trust is known for delivering custody solutions to several of Canada’s leading digital asset investment products.

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It allegedly has a proven track record of providing institutional staking infrastructure across several regions. This feature endeared it to Tetra Trust, according to Didier Lavallée, the company’s CEO.

Tetra Trust admits that integration is core to the continuity of its services, particularly in providing comprehensive crypto offerings to its institutional clients.

Solana Crypto Price and Future Outlook

One of the most thriving sectors on Solana is the memecoin niche which may experience a sizable push due to this latest development. In the last few weeks, the altcoin has followed a downward trend, losing much of its gain.

From trading above $250, analysts are already predicting that SOL may drop to $125. This projected price level is tied to the potential coin’s inability to sustain the $160 support.

It is worth noting that market trader ‘best_analysts’ recently highlighted the $200 resistance level as a key rejection zone.

This revelation further reinforces the SOL’s bearish outlook. Overall, there is selling pressure in the SOL ecosystem, and concerns about further downside risks have been raised.

However, in the meantime, the coin has recorded a slight recovery, probably triggered by the Sol Strategies and Tetra Trust partnership.

At press time, SOL price traded at $174.01, corresponding with a 2.33% increase in the last 24 hours.

Solana ETF Advantage

On the one hand, the prospect for Solana ETF approval remains high

Franklin Templeton submitted one of the most recent filings for this product with the US Securities and Exchange Commission (SEC). The firm officially registered the Franklin Solana Trust entity to launch its spot Solana ETF.

The SEC recently confirmed Canary Capital’s Solana ETF proposal after financial institutions demonstrated a growing interest in SOL ETF.

The approval of a Solana ETF could mark a vital turning point as it can potentially increase institutional capital flows.

Solana crypto can also mirror the performance of Bitcoin and Ethereum ETFs. This could validate SOL as a true financial asset that may attract hedge funds, pension funds, and retail investors.

More than the previous $250 price levels, this ETF may bring SOL on the road to reaching $500 price mark. However, this forecast hinges on the outlook of the broader crypto industry moving forward.