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The U.S. March unadjusted CPI year-over-year dropped to 2.4%, down from 2.8% last month and below the 2.6% market expectation. While this signals cooling inflation, the market reaction has been muted.
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Fidelity Spot Solana ETF Progresses As SEC Acknowledges Filing
In the last 24 hours, intriguing actions have occurred in the mainstream economic sector. The US has once again received the spotlight with Trump announcing further tariffs on all international trades. Moreover, the tariff impositions are further kindling the mounting tensions between the nations
Meanwhile, within the crypto sector, several announcements took place. Apart from the STABLE Act’s advancement yesterday, spot ETFs have also seen new regulatory developments
Notably, the prominent ETF issuer, Fidelity Investments’s spot Solana ETF filing was acknowledged by the SEC. In a recent document, the US regulator acknowledged the ETP product and subsequently pushed it closer to approval
While the market has seen numerous ETF filings in the last few months, Fidelity is the first to see a response from the SEC. However, during a previous hype, spot Solana ETFs saw several filings but were rejected by the SEC under Chair Gary Gensler
Will a Spot Solana ETF Propel Price Rally?
The launch of the spot Bitcoin ETF saw significant upward momentum in the cryptocurrency. However, the same cannot be said for Ether, which showed minimum gains. On the other hand, in the case of a spot ETF launch, SOL could show significant upward movements
Moreover, the altcoin, despite several market crashes, has managed to hold above the $100 support. Additionally, it held on strongly to the $120 support until recently. In the last 24 hours, Solana has factored in a modest price drop of 3.29%
This caused SOL to fall from a high of $119 to current trading levels. At the time of writing, the altcoin was trading at $115.90 as per CMC data. If it has to witness a significant upward momentum, the launch of a spot Solana ETF could propel it further
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