Solana Holds Above $140 as Fidelity ETF Bid and BlackRock Expansion Fuel Bullish Momentum
Solana (SOL) is trading strongly above $140, marking a near 2% gain over the past 24 hours, buoyed by significant developments including Cboe’s application for a Fidelity spot Solana ETF and BlackRock’s tokenized money market fund, BUIDL, expanding to the Solana blockchain. These positive catalysts, coupled with a surge in open interest, suggest a robust outlook for SOL/USD.
Cboe Files for Fidelity Spot Solana ETF, Adding to Growing Institutional Interest
The bullish sentiment surrounding Solana has been further amplified by the news that Cboe BZX Exchange has submitted a request to the US Securities and Exchange Commission (SEC) to list a proposed spot Solana exchange-traded fund (ETF) from Fidelity. This submission follows Cboe’s application to list a comparable SOL ETF sponsored by asset management Franklin Templeton.
These events highlight the growing institutional demand for Solana exposure as well as follow Volatility Shares’ earlier in March announcement of futures-based Solana ETFs. With many other asset managers including Grayscale and VanEck also in the running, analysts at Bloomberg Intelligence project a 70% chance of a spot SOL ETF getting approved in the US this year.
BlackRock’s $1.7 Billion BUIDL Fund Expands to Solana Blockchain
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has grown its activities on the Solana blockchain, therefore providing yet another important boost for the Solana ecosystem. Launched in association with Securitize, BUidL is a tokenized money market fund with a market value of $1.7 billion, ranking highest among the Tokenized US Treasurys.
This development from Ethereum to Solana represents a calculated attempt to draw more investors using Solana’s low-cost and fast infrastructure. The action follows months of BUIDL also extending to other blockchains including Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
Solana Gains Social Media Expertise with Addition of Nikita Bier as Advisor
Solana has added advisor Nikita Bier, the creator of well-known social media apps tbh and Gas (bought by Meta and Discord, respectively), so bolstering its ecosystem. Bier will provide Solana with useful knowledge in consumer-facing apps and product development, therefore helping her to expand her mobile app ecosystem. This action fits Solana’s continuous attempts, including the creation of its own crypto cellphones, to increase its influence and value in the mobile market.
SOL/USD Technical Analysis: Open Interest Surges Past $5 Billion
Technical analysis of Solana shows a notable increase in open interest, above $5 billion mark. After a social media post from former US President Donald Trump supporting the Solana-native Trump memecoin, this $700 million gain in just 24 hours ensued. Following a period of less activity, this increase in open interest points to a fresh flood of speculative traders into the SOL markets.
Derivatives Market Shows Bullish Signals for Potential April Breakout
Beyond only open interest, numerous futures market signals suggest Solana has ongoing upward potential. Rising 1.85% to $10.51 billion, trading volume reflects more market activity. Furthermore, options open interest has risen by 3.90%, indicating, especially among bigger investors, growing desire for leveraged optimistic positions.
Should the present momentum continue, analysts predict a possible challenge of the $160-$180 resistance zone for Solana in April 2025 given increasing trade volumes and restored investor optimism.
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