- SEC filing for Fidelity’s Solana ETF opens key door to institutional adoption
- Solana rebounds 6% after ETF filing, showing bullish strength and market resilience
- Technical setup hints at breakout if SOL clears the $120 resistance barrier
Solana ($SOL) investors saw fresh optimism on April 9 after the U.S. Securities and Exchange Commission (SEC) officially published Cboe’s 19b-4 filing to list the Fidelity Solana Fund. This procedural move launches the public comment period and marks a critical step toward potential approval of a Solana-based exchange-traded fund (ETF).
The development could bring $SOL into the institutional spotlight, boosting both investor confidence and market activity. On the same day, Solana’s price rallied more than 6%, offering a strong technical response to the news.
ETF Filing Kicks Off Regulatory Process
The SEC’s listing of Cboe’s proposed rule change in the Federal Register sets the stage for public feedback. The filing outlines Cboe’s intention to list and trade shares of the Fidelity Solana Fund under Rule 14.11(e)(4).
While this doesn’t guarantee an ETF approval, it marks a major milestone. The public comment period is part of the SEC’s decision-making process, allowing stakeholders to voice support or raise concerns. A favorable regulatory outcome could significantly alter the landscape for Solana by attracting institutional capital.
🚨 SEC has officially published Cboe’s 19b-4 filing to list the Fidelity Solana Fund in the Federal Register.
— Solana Daily (@solana_daily) April 10, 2025
This kicks off the public comment period — a key step in the path toward potential $SOL ETF approval. https://t.co/7qLSEhXowf pic.twitter.com/dNWnrEeuSo
Price Action Shows Resilience and Momentum
Solana began the day on April 10 near $107.23 but dipped briefly below the $107 mark during early trading. However, by mid-day, a sharp upward surge pushed the price above $115.
The rally was followed by a consolidation phase, during which the price hovered near $114.55. Despite minor pullbacks, $SOL remained well above its opening price, showing resilience amid market fluctuations.
Key Support and Resistance Zones to Watch on April 11
From a technical perspective, $107.00–$107.50 emerged as a firm support zone. This range served as the launchpad for the day’s rally. After the upward move, the $111.00–$112.00 range acted as another temporary support, offering a base during sideways action.
On the upside, $118.00–$120.00 stands out as a major resistance zone. A clean break above this level could signal strong bullish continuation. Minor resistance remains near $115.00, which has been tested several times.
Indicators Suggest a Possible Reversal Ahead
The RSI currently sits near 42.78, below the neutral 50 level. Although momentum remains bearish, the indicator has not reached oversold territory. This suggests room for upward movement if sentiment shifts.
Meanwhile, the MACD is slightly bearish with a negative histogram, but early signs of convergence are appearing. If the MACD line crosses above the signal line, a reversal could gain traction.
