Fidelity Investments is gearing up to file for a spot Solana ETF. Could BlackRock be next?
Former Fox Business reporter Eleanor Terrett confirmed on Monday that the $5.9 trillion asset management company is creating a statutory trust entity in Delaware, called the Fidelity Solana Fund. The move is a precursor to Fidelity’s SOL spot ETF filing.
The Solana price is now up by 28% since its local bottom on March 11th, trading as high as $144 on Monday.
$SOL is back in experts’ lists of the best cryptos to buy. However, a few Solana ecosystem coins may outperform it in the upcoming crypto bull run.
Will BlackRock Join The Solana ETF Race?
Fidelity’s expected entry in the Solana ETF race will raise the stakes considerably, confirming the strong institutional demand for SOL.
Unlike other applicants like Grayscale, Franklin Templeton, and VanEck, Fidelity oversees a significantly larger asset base—approximately $15 trillion in total client assets—providing substantial institutional and mainstream weight and credibility behind its application for a Solana-focused investment product.
Its Bitcoin and Ethereum ETFs have already proven to be a success, with over $11.4 billion and $1.4 billion in holdings respectively, data from Farside Investors reveals.
The odds of a Solana spot ETF approval, already high under the new pro-crypto SEC, will likely approach near-certainty following Fidelity’s entry.
It could also force BlackRock’s hand, pulling the asset management giant into the SOL ETF race. With over $10 trillion in assets under management, BlackRock’s entry will provide a major boost to the Solana price and could push it towards new highs.
Solana Price Prediction With Fidelity’s Expected Entry
Fidelity’s filing for a spot Solana ETF would signal robust institutional demand for SOL, substantially strengthening its fundamentals and significantly raising its bullish price target.
However, it will likely take BlackRock to push towards a new all-time high.
SOL is still an attractive investment. Prominent analyst Scott Melker believes its breakout from a right-angle ascending triangle in the 4-hour chart indicates that it could rally to $165 in the coming days.
Analyst Amoeba reveals that sidelined investors should use any potential dip into the $130 – $135 area as a buying opportunity to prepare for an eventual rally to $189.
However, several coins with the Solana ecosystem are likely better investments, at least until BlackRock files for its ETF.
These Solana Coins Are The Best Cryptos To Buy Now
Solana meme coins are back in demand, with Fartcoin leading the charge.
Despite the possibility of a temporary pullback in the coming days, Fartcoin is now a consensus pick among experts for the best cryptos to buy now. It is still trading nearly 80% below its all-time high, making it an appealing investment for the upcoming bull rally.
Similarly, Dogwifhat and Popcat are currently highly undervalued, making them attractive buys for the next few months.
Among the low-cap Solana meme coins, Gigachad (GIGA) is another excellent pick. The GIGA price is up by nearly 30% over the past week and is showing a strong likelihood of bullish continuation.
The first prominent Solana layer-2 coin, Solaxy (SOLX), has also caught the attention of smart money investors. The SOLX presale has already raised nearly $28 million behind several six-figure investments from whales.
With its zero-knowledge rollups, data availability tools and Hyperlane-powered multichain bridge, Solaxy promises to address the network congestion on Solana, which will result in low-latency transactions, zero downtime and exponential scalability.
Considering most top Bitcoin and Ethereum L2s have multibillion-dollar valuations, experts believe SOLX is undervalued during its presale. Several prominent analysts are even calling it the next 10x crypto.
