Key Takeaways
- Solana’s native cryptocurrency, SOL, has depreciated by less than 1% and is currently trading below the $140 threshold.
- Canary Capital and Fidelity Investments have unveiled their respective spot Solana Exchange Traded Funds (ETFs), designated as SOLC and FSOL, on Tuesday.
Market Analysis: Solana’s Recent Performance
The Solana blockchain’s native cryptocurrency, SOL, has experienced a modest decline of less than 1% over the preceding 24-hour period, with its current trading price situated below the critical $140 mark. This relatively bearish trend is particularly striking in light of the recent announcement by Canary Capital and Fidelity Investments, which jointly introduced their spot Solana ETFs—SOLC and FSOL—on Tuesday. This pivotal development was anticipated to invigorate market sentiment among investors, especially within institutional circles.
BREAKING: @Fidelity, one of the world’s largest asset managers with $6.4 Trillion AUM, launches Solana ETF on @NYSE: FSOL 🔥 pic.twitter.com/m9DhhOlfUt
— Solana (@solana) November 18, 2025
Despite the optimistic outlook fostered by this announcement and its implications for institutional investment in Solana-based products, the anticipated bullish momentum has yet to materialize for SOL. The cryptocurrency is currently testing the weekly support level around $128, which merits close observation.
Institutional Interest and Long-Term Implications
The entry of Fidelity into the Solana ETF space marks it as the fourth asset manager to do so. Notably, Fidelity has also incorporated a staking feature within its fund structure. This strategic move underscores a burgeoning institutional interest in Solana-centric investment vehicles, potentially laying the groundwork for a more favorable long-term trajectory for SOL as appetite for such products expands.
Technical Analysis: Potential for Retesting Support Levels
Analyzing the daily chart of SOL/USD reveals a prevailing bearish trend characterized by notable inefficiencies. Following a rejection at a significant resistance level of $168.79 last week, SOL has witnessed a depreciation exceeding 22%, presently trading above $136 after peaking at $144 earlier this week.
Should the current support level at approximately $128.68 remain intact, there exists potential for a recovery towards subsequent resistance at around $160. The Relative Strength Index (RSI) on the daily chart is presently situated at 34, which indicates that bearish momentum remains pronounced.
Conversely, if SOL concludes its daily candle beneath the support threshold of $128.68 within the forthcoming hours, further declines may ensue towards an additional support level at $118. The prevailing trend and order flow analysis suggest a negative sentiment dominating market behavior, indicating that sellers are currently asserting control.
