Fidelity Spot Solana ETF Progresses As SEC Acknowledges Filing

• Fidelity Investments received SEC acknowledgement for its spot Solana ETF filing.
• The launch of an ETP product could possibly propel a rally in SOL.

In the last 24 hours, intriguing actions have occurred in the mainstream economic sector. The US has once again received the spotlight with Trump announcing further tariffs on all international trades. Moreover the tariff impositions are further kindling the mounting tensions between the nations. 

Meanwhile, within the crypto sector several announcements took place. Apart from the STABLE Act’s advancement yesterday spot ETFs have also seen new regulatory developments. 

Notably, the prominent ETF issuer Fidelity Investments’s spot Solana ETF filing was acknowledged by the SEC. In a recent document the US regulator acknowledged the ETP product and subsequently pushed it closer to approval. 

While the market has seen numerous ETF filings in the last few months, Fidelity is the first to see a response from the SEC. However, during a previous hype, spot Solana ETFs saw several filings but were rejected by the SEC under Chair Gary Gensler. 

Will a Spot Solana ETF Propel Price Rally? 

The launch of the spot Bitcoin ETF saw significant upward momentum in the cryptocurrency. However, the same cannot be said for Ether, which showed minimum gains. On the other hand, in the case of a spot ETF launch, SOL could show significant upward movements. 

Moreover, the altcoin, despite several market crashes, has managed to hold above the $100 support. Additionally, it held on strongly to the $120 support until recently. In the last 24 hours, Solana has factored in a modest price drop of 3.29%. 

This caused SOL to fall from a high of $119 to current trading levels. At the time of writing, the altcoin was trading at $115.90 as per CMC data. If it has to witness a significant upward momentum, the launch of a spot Solana ETF could propel it further. 

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