Fidelity and Canary Capital Expand Regulated Solana Access With SOL ETFs

The 21shares Solana exchange-traded fund (TSOL) has launched with over $100 million in assets under management, indicating strong investor interest despite a challenging market environment. This debut comes at a time when the cryptocurrency sector is experiencing volatility, particularly with Solana's recent price fluctuations.

Libra-linked wallets have withdrawn approximately $4 million from a struggling memecoin and redirected a portion of these funds into Solana, according to on-chain tracking and news reports. This move comes amid ongoing fraud investigations and scrutiny surrounding the token's launch, which had previously seen significant withdrawals that affected investor confidence. The wallets involved purchased around $61.5 million worth of SOL at an average price of approximately $135.

Bitcoin and Ether have experienced significant outflows, while Solana ETFs have seen an inflow of $30 million. This trend indicates a shift in investor sentiment, with many moving away from Bitcoin and Ether amidst declining prices. The overall market sentiment remains negative as investors reassess their positions in the cryptocurrency space.

Circle has launched xReserve, enabling blockchains to issue $USDC-backed stablecoins that work natively with $USDC, reducing dependence on external bridges. The market cap of $USDC has reached approximately $74 billion in 2025, solidifying its role as a key asset in on-chain finance. Best Wallet Token ($BEST) has garnered $17.1 million in presale, offering governance rights and reduced fees. This development allows chains to use $USDC as native collateral, enhancing liquidity and transaction efficiency.

Solana's price has been on a downward trend since mid-September, with a 45% drop from its September high of $252.78. Currently, it is trading around $130, which is a 52.4% decrease from its all-time high. The decline is attributed to reduced network activity and bearish market sentiment, raising concerns about a potential crash to $120 as it forms a bearish rounded top pattern.

The second wave of Solana-based Exchange-Traded Funds (ETFs) has launched, with strong demand driving Solana's price recovery to $140. VanEck's new Solana ETF debuted on Nasdaq, waiving fees for initial assets under management. This development suggests a potential rebound for Solana amidst recent market volatility.

Solana has initiated a recovery wave from the $128 level, with its price currently consolidating above $135. The cryptocurrency has encountered resistance near the $142 mark, which it must surpass to continue its upward trajectory. A significant break above a bearish trend line at $137 has occurred, indicating potential for further gains if key resistance levels are cleared. The price movement aligns with broader trends observed in Bitcoin and Ethereum, suggesting a positive sentiment in the market.

Solana's market performance has taken a downturn, with its price now around $130. This decline has prompted a significant sell-off among investors, particularly those holding assets in treasury reserves. The ongoing selling pressure reflects broader market challenges as Solana struggles to regain bullish momentum amidst a bearish trend.