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As Solana's price experiences a sharp plummet, it moves one step closer to ETF approval with the SEC! - Coin Bulletin
Fidelity's spot Solana ETF application has taken another step closer to approval, while SOL has dropped by 15% due to Trump's tariffs
Fidelity's spot Solana ETF application has been officially accepted by the SEC, bringing the product one step closer to approval. However, the price of Solana (SOL) has dropped by 15% due to a widespread market decline caused by President Donald Trump's tariffs.
The U.S. Securities and Exchange Commission (SEC)** officially approved Fidelity's application for a spot Solana ETF last week. This shows that the new product is one step closer to approval. Last week, Cboe BZX Exchange Inc. submitted the required form 19b-4 for the **"Fidelity Solana Fund"****. Around the same time, CSC Delaware Trust Company registered a new legal trust called the "Fidelity Solana Fund". The SEC's acceptance of the application indicates that the approval process of the product will be initiated and that a new exchange-traded fund (ETF) is on the way, tracking the price of Solana following its publication in the Federal Register.
Solana retains its title as the seventh largest cryptocurrency in the world by market capitalization. Recently, the SEC approved the spot ETFs for Bitcoin and Ethereum. This situation has increased the likelihood of approval for altcoin-based ETFs as well. Solana appears to have a very high chance of having a spot ETF that will start trading by the end of the year. Franklin Templeton also made a similar application.
Markets shaken by Trump's tariffs
Despite positive developments regarding Fidelity's ETF application, the broad reciprocal tariffs announced by Trump shook the markets again. Solana experienced a 15% loss, dropping to as low as $113. However, the SOL price recovered slightly during the day, starting to trade around $115.42. Bitcoin and Ethereum also experienced a value loss of over 4% during the same period.
After the cryptocurrency markets were shaken by Trump's tariffs, investors continue to closely watch the long-term effects of these developments on the markets.