Solana Price News: SOL Rises as Fidelity Launches ETF – $155 Next?

Another titan of the financial industry has joined the growing chorus of asset management firms to launch a Solana spot ETF. This time is Fidelity’s turn, with its new fund FSOL.

Solana (SOL) has booked a 6% jump amid the news. Fidelity is a major player in the asset management industry, administering over $6.4 trillion for its customers.

Its decision to launch a Solana ETF could bring significant inflows to the token and contribute to its recovery.

Solana Official X Account – Source: X.com

Bitwise Steals Market Share from REX-Osprey’s First Spot ETF

Solana is currently the worst-performing token of the top 5 with year-to-date losses of 25.6%. The lack of ecosystem growth in the decentralized finance (DeFi) space may be the reason why investors’ interest in the project has not been as strong as that for Ethereum (ETH) or BNB Coin (BNB).

Both of its strongest competitors made new all-time highs this year, but Solana hardly made it above the $200 mark and has now plummeted at just $140.

However, Wall Street’s interest in the token seems to be stronger compared to XRP, primarily as it offers attractive staking rewards.

The recently launched Bitswise Solana ETF (BSOL) has already attracted $417 million in assets just a few days after its launch, offering a mouth-watering 7.1% staking reward to holders that is just too hard to pass on for institutions.

Meanwhile, the less efficient REX-Osprey Solana + Staking ETF (SSK), which only stakes a portion of the assets, has seen its assets under management decline from a peak of around $450 million to $200 million, probably as its competitor has captured most of the market’s interest.

Fidelity could attract even higher interest as this company reaches a vast network of both retail and institutional investors. Same as Bitwise, the fund also plans to stake 100% of the assets it holds, and it will waive all staking fees until May 2026.

BlackRock is still sitting on the sidelines when it comes to Solana and has not yet filed the required paperwork to compete with Fidelity in this particular asset. Nonetheless, as the combined assets managed by these ETFs near $1 billion, the leading force in this market could opt to launch their own vehicle soon.

Solana Eyes $155 Next After Bouncing Strongly Off Key Support

The daily chart shows that SOL has jumped off a key horizontal resistance at $130 and may be ready to come back to $155 at least in the next few days.

SOL/USD Daily Chart (Coinbase) – Source: TradingView

This is a key level based on the market’s current structure, as it is the previous low of the downtrend. Meanwhile, a price channel has formed as a result of the latest price action.

A break above $155 would both result in a change in the direction of the price trend and would push SOL out of its price channel. This could confirm a bullish outlook for the token as the market has entered its “Extreme Fear” stage.

Just look at the similarities between the 23 June reversal and today’s price action. The last leg down ended after a 7-day losing streak, followed by a big green candle that kicked off a major rally.

The last time SOL got here, it produced a 100% gain to those who bought the dip. Will history repeat again? Will see. Truth is, Fidelity is not here to play games. Today represents a major credibility boost to Solana, and the next few weeks could be a reflection of that if the market also sees it that way.