Solana News: Fidelity Enters the Race for a U.S. Spot SOL ETF

In a significant development for the Solana [SOL] ecosystem, Fidelity, one of the world’s largest asset managers with $15 trillion in assets under management, has officially joined the race to launch a U.S. spot SOL exchange-traded fund (ETF). This move underscores the growing institutional interest in Solana and its potential as a major player in the cryptocurrency market.

Fidelity Joins Solana ETF Race

Fidelity, a $15 trillion asset manager, has joined the U.S. spot Solana [SOL] exchange-traded funds (ETF) race. On March 25th, the firm filed a 19b-4 form with the SEC via Cboe BZX exchange for a spot SOL ETF. This move leaves only BlackRock out of the race, as Grayscale, 21Shares, Bitwise, Canary Capital, and VanEck had already made similar applications. The market’s expectation for approval was high, at 86% per Polymarket. Over $470M SOL were moved from exchanges in the past three weeks.

Solana Tags Upper Bollinger Band — Is Momentum Returning?

Solana (SOL) is showing early signs of recovery after enduring several days of selling pressure and heightened volatility. The altcoin is now trading above the $135 mark, which bulls have managed to defend in recent sessions. While this offers relief to investors, Solana still needs to reclaim key technical levels to confirm a sustained uptrend. Top analyst Big Cheds noted that Solana has tagged the upper Bollinger Band (BB) on the daily chart for the first time since it traded in the $270 range, suggesting that momentum is slowly shifting in favor of the bulls.

BlackRock BUIDL Expands into Solana – Potential to Beat ETH?

BlackRock, the world’s largest asset manager, has expanded its blockchain-based money market fund, BUIDL, to Solana [SOL]. This move, in collaboration with Securitize, introduces a new share class of the BlackRock USD Institutional Digital Fund on SOL’s network. By integrating BUIDL into Solana’s ecosystem, investors can leverage the network’s low transaction costs and faster transactions. Analysts predict Solana’s dominance into 2025, highlighting its outperformance in key metrics compared to Ethereum [ETH].

Solana Tapped for $1.7B BlackRock Fund – Is TradFi Finally Going All In?

Solana (SOL) has increased by 2.3% in the past 24 hours to reach $145.18 following BlackRock’s BUIDL fund announcement of supporting asset transfers via the Solana blockchain. The fund, which now has over $1 billion in assets under management (AUM), has expanded its cross-chain support to seven networks, including Ethereum, Polygon, and Arbitrum. The fund offers blockchain-based access to U.S. dollar yields, available 24/7. This move is a significant part of BlackRock’s pivot towards blockchain technology.