- Solana price slumped to $184.27 even as ARK Invest teamed up with SOL Strategies in a high-profile staking deal backed by BitGo.
- The partnership brings institutional staking to the forefront, with SOL Strategies managing over 3.59 million SOL.
- Despite the dip, Solana remains above key moving averages.
The Solana price has dropped 4.4% in the last 24 hours to trade at $184.27 on a 24.19% pump in the daily trading volume to $7.03 billion.
ARK Invest and SOL Strategies Announce Staking Partnership
ARK Invest, led by Cathie Wood, has chosen SOL Strategies as its exclusive staking provider for the ARK Digital Assets Revolution Fund, marking a major step in institutional crypto investing.
The Canada-based SOL Strategies, well known for Solana staking expertise, will now manage validator operations and staking rewards for ARK’s fund. A key aspect of the deal is a strong focus on security and regulations: SOL Strategies will partner with BitGo, a digital asset custodian, to safeguard staked assets and rewards.
Leah Wald, CEO of SOL Strategies, said this partnership is firm validation of their institutional-grade platform. The company now manages over 3.59 million SOL (about $650 million) and serves thousands of clients wanting secure, compliant staking.
For ARK Invest, this partnership aligns with broader trends toward regulated and yield-generating investment strategies in the digital assets space. Outsourcing validator operations allows funds like ARK to capture staking returns while minimising operational and compliance risks.
Solana Price Slumps 4% Despite Institutional Confidence
Solana price has been trading sideways after recently reaching highs near $206.Attempts to break higher were met with resistance and couldn’t continue the uptrend. The SOL price is currently around $183.92, trading above its key 50-day and 200-day moving averages at $160.30 and $162.79. The medium-term trend still looks strong and bullish.
Looking at the chart, there is a clear support zone between the two moving averages and along an upward-sloping trendline. As long as SOL stays above the $160 area, it is likely to attract more buyers during any dips. If it falls below this level, however, there could be a risk of a deeper pullback as traders may look for lower support areas.
Is It Too Late To Buy SOL? Momentum Indicators Signal ‘No’
The Relative Strength Index (RSI) is at 57.62, indicating that the Solana price is neither overbought nor oversold. This suggests that the market could go either way, but it also supports the idea that SOL is in a consolidation phase, simply taking a break before making its next big move.
The Moving Average Convergence Divergence (MACD), which tracks the power and direction of momentum, has turned flat and recently formed a slight bearish crossover. This means bullish momentum has paused, and there’s a chance that SOL could drift sideways or even pull back a bit more unless new buyers step in.
If Solana can move back above $200 and hold it, there’s potential for a much larger rally. There’s even an optimistic projection that points to a possible move up to $320 if momentum returns.
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