Solana News: Cryptocurrency Hits New Adoption Record and Eyes $200 Target Price

Solana continues to make waves in the cryptocurrency space, with a recent surge in adoption pushing its user base to an all-time high. Could this be the start of a new price rally for SOL?

Solana Hits New Adoption Record With 11.09M Holders, $200 Target in Sight

Solana’s adoption has reached a record high of 11.09 million addresses, indicating strong ecosystem growth and increasing demand. This milestone reflects a significant surge in user participation, which has led to a positive market sentiment regarding SOL’s future price potential. Well-known crypto analyst Ali Martinez noted this surge, highlighting the new all-time high in network adoption. Additionally, Solana futures ETFs are set to launch in March 2025, boosting institutional confidence. Fidelity’s asset management, with $4.9 trillion under management, signals mainstream interest, and the approval odds for a SOL ETF have reached 88%.

Fidelity Registers Solana Fund in Delaware, Eyes Solana ETF Launch

Fidelity Investments has registered “Fidelity Solana Fund’’ as a statutory trust in Delaware. This action indicates its plan to launch a Solana ETF, sparking increased enthusiasm in the cryptocurrency sector. The development comes amid the rising market demand for regulated crypto investment products. The fund registration is the first step in establishing an exchange-traded fund (ETF) and demonstrates Fidelity’s preparations, although it does not guarantee an immediate ETF launch. A Spot Solana ETF could boost market access and diversification, potentially leading to an increase in Solana’s price with growing institutional support and adoption.

Solana Price Breaks Key Pattern, Potential for Further Gains

Solana price is seeing an uptrend, reaching $129.92, following the announcement of a Solana futures ETF by Volatility Shares. Analysts point to a breakout from a converging triangle pattern, signaling a shift in market momentum. SOL is now targeting the $150-$180 range, with the next major resistance at $180. If SOL maintains momentum, it could push toward higher prices.

Fidelity Registers Statutory Trust for Potential Solana ETF

Fidelity has registered a new statutory trust called the Fidelity Solana Fund, sparking speculation about a potential Solana exchange-traded fund (ETF). While no official filing has been made yet, the timing and context are similar to Fidelity’s early moves before launching its Bitcoin ETF. Solana is gaining traction as one of the most scalable blockchains, and other firms are also ramping up Solana-related products. Investors are wondering if Fidelity’s entry could ignite a massive rally in SOL.