Solana Price Rises On Institutional Backing From Société And Siebert Financial, CLARITY Act Update

Solana SOL/USD rose more than 5% over 24 hours, climbing from around $152.50 to nearly $158.50. The move came during Asian trading hours, driven by institutional interest from firms like Société Générale-Forge FRGE and Siebert Financial Corp SIEB, as well as signs of momentum returning at key technical levels.

Société Générale-Forge announced plans to launch USD CoinVertible, a euro-backed stablecoin, on both Ethereum ETH/USD and Solana in July. The decision highlights growing confidence in Solana’s infrastructure and signals that legacy banks are now building directly on public blockchains.

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Siebert Financial Corp secured approval to raise up to $100 million through an S-3 shelf registration. The company intends to allocate a portion of the proceeds toward digital assets, including Solana, highlighting Solana’s growing credibility as a foundational layer in the future of finance.

Meanwhile, eight U.S.-based crypto advocacy groups, including the Solana Foundation’s policy division, voiced support for the Blockchain Regulatory Certainty Act, a component of the broader CLARITY Act. The legislation aims to protect noncustodial blockchain developers from ambiguous legal threats, reducing friction for projects building on Solana.

Solana’s market capitalization is hovering above $80 billion. The token is down more than 10% over the past month and has repeatedly failed to hold above $170 since late May. Price action shows buyers defending support near $145–$150, suggesting accumulation around these levels.

The 50-day EMA is approaching the 200-day EMA, setting up a possible golden cross. Solana reclaimed short-term EMAs earlier this week, and briefly exited its Q2 consolidation range. The RSI has risen from oversold levels and now sits in the mid-50s.

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The Ichimoku Cloud remains red and dense, showing overhead resistance. Shorter-term EMAs continue to lag longer ones, and RSI has yet to break above 60 with conviction. Until these levels flip decisively, the upside remains tentative.

Solana’s validator and client ecosystem is expanding, a move aimed at reducing reliance on any single implementation. While Jito-Solana still dominates, new entrants like Jump Crypto’s Firedancer, Syndica’s Sig client, Paladin, and TinyDancer are gaining traction.

Bitcoin BTC/USD is consolidating around $105,000, and Ethereum remains near $2,700. With the Federal Reserve set to release key inflation data and policy guidance soon, the broader market direction remains uncertain. Any sharp move in majors could drag or lift altcoins like Solana.

According to Glassnode, both active addresses and transaction throughput for Solana have increased over the past week. Whale transactions have increased near the $150 zone, pointing to possible accumulation by large holders.

The key levels to watch include $170 on the upside. A confirmed break above the mark, with substantial volume, could open a path toward $180–$200. Failure to hold $150–$152 may result in a move back to $140–$145, especially if broader sentiment weakens or macro data disappoints.

Big players are showing interest, regulators are moving toward clearer rules, and Solana's network is quietly strengthening under the hood. While it doesn't guarantee a rally, watch for decisive follow-through in volume and on-chain activity, plus broader market cues, before betting on a breakout.

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