The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
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Circle has rolled out its Circle Payments Network (CPN), designed to change the landscape for cross-border transactions. The new offering attempts to snag market share for Ripple Payments, pitting both heavyweights in a scramble for dominance.
Circle Launches CPN For Cross-border Payments
Stablecoin issuer Circle has announced a payments network for financial institutions offering real-time and cost-effective payments. According to the announcement on X, the Circle Payments Network will provide round-the-clock, low-cost, and near-instant settlement for financial institutions.
Per the statement, CPN will lean on Circle’s stablecoins USDC and EURC for settlement, sidestepping traditional bottlenecks. The stablecoin issuer says CPN will support invoice payments, remittances, treasury services, and contractor payouts.
“By orchestrating stablecoin payments, Circle Payments Network enables payment providers to unlock new markets and new business models faster than ever before,” said Circle CTO Nikhil Chandhok.
Circle is hitting the ground running, racking up a raft of design partners for CPN in the first wave. The list includes 20 design partners, including Flutterwave, CoinMENA, Coins.ph, WorldRemit, and Yellow Card amongst others.
Apart from near-instant settlement times, Circle is offering partner financial institutions with easy onboarding via a single tech stack. Circle has tapped Deutsche Bank, Santander, Standard Chartered, and Societe Generale as advisors in the CPN project.
“We are not just building stablecoins,” said the stablecoin issuer. “We are building a modern infrastructure for global payments.”
The passage of the STABLE Act is providing regulatory direction for stablecoin issuers like Circle as they seek to expand the scope of their offerings.
CPN Will Compete With Ripple Payments
Circle’s launch of CPN will jostle with Ripple Payments for market share in the coming months. Ripple currently enjoys a first-mover advantage in the ecosystem following the launch of its On-Demand Liquidity (ODL) offering.
Running on the XRP Ledger, Ripple Payments allows banks to process international transactions at a lower cost than traditional alternatives. However, CPN is poised to be a direct competitor to Ripple Payments given its slew of initial partnerships.
Ripple has a trove of partnerships under its belt, but an integration with SWIFT is tipped to be the icing on the cake for adoption metrics and XRP price. Both Ripple and XRP are mulling over the prospects of an IPO
Circle and Ripple are currently jostling for positions following the intention of the US to lean on stablecoins to preserve the dollar’s dominance. Circle argues that USDC is the largest regulated stablecoin with a market capitalization of $60.91 billion. On the flipside, Ripple says its RLUSD is the fastest-growing US dollar-denominated stablecoin in the ecosystem, recording a 100% spike in trading volumes on the tailwind of glowing fundamentals.
Cardano price sits above a crucial support level and may experience a bull run in May. Its daily volume in the spot market continued to rise, reaching $700 million today. Also, the open interest in the futures market is above its April lows. These factors, together with the positive weighted funding rate, means that ADA price could surge soon.
The ADA price today trades at $0.70, having risen by almost 40% from its April low.
Cardano Price Boosted by Rising Spot and Futures Volume
A potential bullish catalyst for the Cardano price is that signs of demand are emerging in the futures and spot market. CoinGecko data shows that the trailing Cardano volume jumped to over $700 million on Thursday.
Cardano Volume
This continues a trend that started late last month when the daily volume has averaged above $700M on weekdays. For example, its spot volume soared to $1.035 billion on April 25.
A rising volume, especially when a cryptocurrency is experiencing a surge, is a sign of increased demand from both retail and institutional investors. The volume on centralized and decentralized exchanges can also jump when a crypto is crashing, as holders sell.
In line with this, Cardano price could rise as the futures open interest in the futures market rises. Per CoinGlass, the open interest rose to $782 million on Thursday. While this figure is lower than its weekly high, it is much higher than the April low of $576 million.
Open interest is a crucial metric in the futures market, as it measures the number of unfilled call and put trades in the futures market. The interest often rises when a cryptocurrency is in an uptrend. A reversal usually happens when the OI overshoots, as it did in November and March.
Cardano Open Interest
Further confirming a potential Cardano price bull run is the fact that the funding rate has turned positive. It has jumped to 0.65, a sign that long position holders are paying a small fee to those predicting that it will fall. A positive figure provides a good ADA price forecast.
Cardano Funding Rate
ADA Price Technical Analysis: Break and Retest Hints of a Bull Run
Cardano price is also exhibiting bullish technicals. The daily chart shows that the coin has formed an inverse head and shoulders pattern, a popular bullish reversal sign.
ADA price also formed a large falling wedge pattern, which is shown in red in the chart below. This pattern occurs when there are two falling and converging trendlines. These lines are drawn by linking the lower lows and higher lows in a certain period. Cardano has now moved above the upper side of the wedge. After doing this, it has retested that trendline, confirming a potential breakout.
On top of this, it created a double-bottom pattern at $0.5212, with a neckline is at $1.1705. Therefore, the most likely ADA price forecast is where it surges and reaches the resistance at $1.1705, up by 67% from the current level.
Cardano price chart
A drop below the double-bottom pattern at $0.5212 will cancel the bullish outlook. It will also risk the coin dropping to $0.2761, its lowest level last year.
The crypto market is experiencing a significant decline, triggered by global trade tensions. Moreover, President Trump’s Executive Order to set up a Strategic Bitcoin Reserve has surprisingly left crypto traders feeling let down. As a result, the price of Solana has fallen sharply, along with a decrease in important on-chain metrics. Despite a recent recovery from its lows, the price of Solana appears likely to fall below $100 soon.
Solana’s Realized Price Drops to 3-Year Low
Over the last 24 hours, SOL price witnessed nearly equal domination among buyers and sellers. Data from Coinglass shows that Solana faced a total liquidation of around $27.3 million. Of this, buyers liquidated $15.7 million and sellers closed $11.6 million worth of positions.
Solana’s SOL faced turbulent times as it plunged by 15% to $114 amid a severe downturn in the crypto market today. This marked the first time the token fell below its realized price of $134 since May 2022, based on data from Glassnode.
The realized price, which represents the average cost basis of all coins last moved, suggests that the average holder is now facing losses. This situation is typically seen as a bearish indicator and may lead to panic selling or capitulation.
Additionally, Solana’s revenue dropped by 93% to around $4 million, the lowest it has been since September 2024. Additionally, the income from its decentralized applications (DApps) fell by 86%, from $238 million in mid-January to just $32 million by March 2025.
In the wake of these downturns, the total value locked (TVL) in Solana’s DeFi ecosystem also halved, dropping from a January peak of more than $12 billion to roughly $6.38 billion, as reported by DeFiLlama.
It’s not surprising that Solana experienced a significant drop as interest in memecoins within the crypto community dropped. After reaching its all-time high in January, SOL’s value has fallen by nearly 57%.
What’s Next for SOL Price?
Solana’s price continues to be under intense bearish pressure as it recently dropped below the $114 level. As buyers are struggling to defend a decline, SOL price is now aiming for a drop below immediate Fib channels. As of writing, Solana’s price stands at $127, having surged by 6.56% in the last 24 hours.
The SOL/USDT trading pair is facing multiple rejections as sellers defend an immediate surge above EMA trend lines. With the Relative Strength Index (RSI) hovering below the midline at level 44, there is a possibility that SOL’s price could drop and retest $110.
If it sustains above this level, it could benefit buyers and potentially push the price for $139. A surge above that level might send the price toward $153. On the other hand, if the SOL price drops below $110, we might see a strong correction below $100.
The post Solana’s On-chain Metrics Continue to Struggle Despite Price Recovery: What’s Next for SOL Price? appeared first on Coinpedia Fintech News
The crypto market is experiencing a significant decline, triggered by global trade tensions. Moreover, President Trump’s Executive Order to set up a Strategic Bitcoin Reserve has surprisingly left crypto traders feeling let down. As a result, the price of Solana has fallen sharply, along with a decrease in important on-chain metrics. Despite a recent recovery …
