Fidelity has filed to establish a Solana (SOL) Fund in Delaware, pointing to a possible upcoming SOL ETF application with the US SEC, which has boosted SOL's price.
Background and Filing
On March 20, Fidelity established the Solana Fund Statutory Trust in Delaware. The official notes reveal that the Registered Agent is the same as that of the Ethereum Fund, verifying the authenticity of their intentions. President of ETF Store, Nate Geraci, highlighted the significance of this move, saying big players are now entering as expected.
SOL Price Surge
At the time of writing, SOL is trading above $129, up by over 1% in the past 24 hours, with a market cap of more than $66 billion. Yesterday, following the news of the Solana Fund, the SOL price spiked, recording six consecutive green candles. SOL has had a volatile week, ranging from $122 on March 18 to over $135 on March 20.
Recent Solana Achievements
On March 20, two bullish announcements for Solana (SOL) were made. Volatility Shares LLC launched two SOL futures ETFs shortly after the US SEC decided to delay other SOL ETFs by firms like Grayscale, Bitwise, 21Shares, Canary, and VanEck. On the same day, TRX went live on Solana after the project's founder, Justin Sun, revealed plans on March 18.
Fidelity's filing indicates a potential upcoming SOL ETF application, maintaining interest in the cryptocurrency and driving its price growth. Recent achievements of Solana also highlight continued development prospects for the project.
