SOL Price Near Key Support as Institutional Adoption of Solana Accelerates

• Banks process $3.5B in live Visa payments on Solana, signaling real institutional blockchain usage
• Charles Schwab launches Solana futures, expanding institutional access without direct crypto custody
• SOL is trading at a historically strong demand zone that has absorbed selling pressure before

Banks have started processing payments with the Visa network on the Solana blockchain network, and this activity has reached an estimated run rate of $3.5 billion. This is quite significant since it does not involve testing and shows that mainstream financial institutions have started using blockchain technology.

Source: Solana

Using the fast and cheaper transactions enabled by the Solana network, Visa and the involved banks are improving the efficiency and speed of settlements while minimizing third-party involvement. This news shows the growing adoption and acceptance of blockchain infrastructure by institutions and puts Solana in the spotlight as a critical component in worldwide payments.

Also Read: Solana (SOL) Approaches Key Support Ahead of $143 Resistance Level

Charles Expands Crypto Offerings With Solana Futures Launch

However, the crypto analyst, Crypto Patel, revealed that Charles Schwab has further diversified its cryptocurrency-related products by launching Solana (SOL) futures on its platform, which is a major milestone for the asset’s adoption on an institutional level. 

Charles Schwab, which manages over $10 trillion in customer assets, has now given mainstream investors their first opportunity to take part in Solana price actions without actually holding the cryptocurrency in their portfolio in the form of futures contracts.

This puts Solana in the same league as Bitcoin and Ethereum, which have seen the listing of futures products in 2017 and 2021, respectively. Traditionally, this has led to enhanced liquidity, improving price discovery, and bringing in institutional investment, thereby reflecting Solana’s increasing acceptance as a key participant within the new digital economy.

SOL Tests Critical Demand Zone: Is a Breakout Next?

Moreover, the crypto analyst, Elite Crypto, noted that the Solana token (SOL) is at a critical point of a decision zone while prices fall back into a strong demand zone, which has served as a strong support level on multiple occasions in the past. The strong demand zone has managed to absorb market selling on multiple occasions and is, therefore, a significant level to monitor.

Source: Elite crypto

Previously, this zone has either sparked a clear rebound for SOL or pushed the price lower to clear liquidity before the real move began. What happens in this region is expected to set the tone for the short-term trend, with a strong close starting the process for a potential reversal.

Also Read: Bitwise Solana ETF Sees 33 Straight Inflow Days: Is $150 the Next Target?