Solana (SOL) Price Approaches a Key Resistance Zone as Institutional Moves Raise Spot ETF Expectations

Solana (SOL) price approached a key resistance zone on March 23, as fresh institutional moves raised expectations for a spot exchange-traded fund (ETF).

Solana price approached a key resistance zone on March 23, as fresh filings by Fidelity Investments and Bitwise sparked anticipation for a spot exchange-traded fund (ETF).

Fidelity, known for managing $15.1 trillion in assets, filed to register a Solana fund in Delaware. The filing, assigned #10138042, follows a similar pattern to its Bitcoin and Ethereum filings.

If approved, it could mark a pivotal step in expanding institutional access to Solana.

The Solana price prediction narrative heated up as Fidelity joined a growing list of asset managers seeking exposure to the token.

Delaware’s minimal incorporation requirements and rapid processing times have become a focus for firms pursuing ETF registration.

Bitwise already secured its Solana ETF trust, while Franklin Templeton followed with its own Franklin Solana Trust. Both entities later submitted registrations with the U.S. Securities and Exchange Commission (SEC).

The regulatory environment has eased slightly under the Trump administration, following a stricter stance by the Biden-era SEC during Operation Chokepoint.

However, all Solana ETF applications remain under review, and there’s no official confirmation of any ETF tied to an altcoin other than Bitcoin and Ethereum being approved.

Solana price technical analysis focused on the potential for a breakout above $200, which would confirm a cup-and-handle formation, according to Ali, an analyst at @ali_charts.

Ali posted on X,

“If, only if, #Solana $SOL can break above $200, it would confirm a textbook cup-and-handle. But we'll see if it plays out like this.”

Shorter-term resistance also sits at $137. As Ted, a trader at @TedPillows pointed out, Solana has remained in a narrow range, typically seen as an accumulation zone before a breakout.

“During a bull run, this is often the time of accumulation as the price compresses and we see a lack of volatility on the price chart (which is a good thing!),” said.

Despite speculation on social media, including an unverified claim by Leviathan that a Solana ETF is already approved, no official confirmation has emerged yet.

The SEC has yet to approve any ETF tied to an alternative digital asset.

Even so, Solana’s expanding role in decentralized finance (DeFi) and digital collectables (NFTs) continues to attract institutional interest. A successful ETF could bring more liquidity and visibility to SOL, which remains far behind Bitcoin and Ethereum in market share.

Until a decision arrives, Solana’s price models will continue to depend on technical patterns and regulatory news.