Solana Price Tests $190 Amid Alpenglow Upgrade And Identity Service Launch - Emeren Group (NYSE:SOL)

Solana SOL/USD fell 0.93% on Tuesday. The altcoin opened at $174.92, hit $179.69 intraday, and closed near $175.72 with $2.85 billion in volume. The drop comes despite announcing its Alpenglow consensus upgrade and announcement of xStocks.

Solana’s Alpenglow upgrade is gunning for sub-150 millisecond finality. If it holds up under real-world pressure, it would make Solana one of the fastest Layer-1s. The new Solana Attestation Service (SAS) rolled out as an open protocol that lets institutions link off-chain credentials to on-chain wallets. It’s a play to bring more trust and compliance-minded capital into the ecosystem.

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The Solana Foundation, Kraken, and tokenization firm Backed teamed up and announced “xStocks,” a platform for trading tokenized equities like Apple Inc AAPL, Tesla Inc TSLA, and select ETFs on-chain. Kraken Head of Growth, Mark Greenberg, said the project offers “fast, borderless access” to traditional equities. The initiative was revealed at the Solana Accelerate conference, highlighting how public chains can reshape markets along with the rising overlap between decentralized and traditional markets.

To support xStocks, Solana Labs introduced an on-chain attestation service to validate holders of tokenized equities. The tool will enable compliant trading of real-world assets by cryptographically verifying their ownership before trade execution and linking verified credentials to crypto wallets. It is positioned as infrastructure for institutional-grade DeFi activity.

Elsewhere, a U.S. judge overturned the fraud conviction of Mango Market’s exploiter Avraham Eisenberg, citing a lack of statutory clarity. Eisenberg used code-based manipulation to borrow $110 million in crypto. Decrypt reports the decision emphasized the protocol’s permissionless nature and lack of defined fraud parameters.

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The ruling underscores how traditional fraud laws can struggle with DeFi. Without written terms on-chain, what looks like “cheating,” can be deemed fair game by a court. The legal ambiguity could ease some regulatory concerns in the Solana ecosystem, even as it highlights governance gaps.

Bitcoin BTC/USD dipped 0.12% to $109,690, while Ethereum ETH/USD climbed 2.43% to $2,635.36. U.S. equities fell sharply, with the S&P 500 losing 1.5%, creating risk-off conditions. Capital rotation into altcoins supported Solana’s short-term outlook, with buyers defending the $170–$175 range.

SOL’s 50-day moving average is rising toward its 200-day average. A confirmed golden cross could shift sentiment. A daily close above $190 would signal trend continuation and open the path toward past cycle highs. Fibonacci targets are near $420 for late 2025. Current support sits around the 34-day exponential moving average. A clean hold there may trigger the next breakout.

Traders see the current range as consolidation before potential continuation. As long as Solana holds its footing at key support, and the broader market doesn’t throw a curveball, it’s well-positioned to lead the charge in the next wave of altcoin momentum.

Key drivers to watch include additional ETF approvals, ongoing developer momentum, and growing institutional adoption. Each would strengthen Solana’s bullish case, and reinforce its position as a leading Layer-1 network.

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