Franklin Templeton’s push to list a spot Solana ETF has entered its final stage after the firm filed Form 8-A with the U.S. Securities and Exchange Commission. The filing registers the Franklin Solana Trust under the Securities Exchange Act of 1934. It also signals that the product is nearing its first trading day on NYSE Arca.
Consequently, Solana could soon join Bitcoin and Ethereum in the growing lineup of U.S. spot crypto ETFs. This development arrives as Solana trades near a critical supply zone that continues to shape short-term direction.
ETF Structure Nears Completion
The Form 8-A submission, dated Nov. 25, follows an amended S-1 filed four days earlier. The two documents detail the structure of the Franklin Solana ETF and outline how the product will operate once listed.
The trust holds physical SOL in custody and provides direct spot exposure for institutional and retail investors. Besides that, it tracks the CF Benchmarks Solana Index, which aggregates pricing data from several regulated venues.
The ETF offers fractional interests in the trust’s net assets, with daily valuation tied to Solana’s market price minus management fees. Moreover, the filing indicates that the shares will trade on NYSE Arca once the final regulatory steps clear. Market analysts often view an 8-A filing as the last procedural move before launch. Hence, trading could begin within days.
Solana Trades Near Heavy Overhead Supply
Solana traded at $137.09 as of press time, showing a slight 24-hour gain and mild weekly weakness. The market cap stands above $76 billion with volume near $5 billion. Price action continues to react to a heavy resistance zone visible on-chain.
Source: X
According to Ali Martinez, roughly 13 million SOL sit around $142, forming a major overhead cluster. The heatmap shows persistent selling pressure each time price returns to that band.
Hence, the broader trend remains capped until buyers clear the $138–$142 range. A successful breakout could open room toward $150. However, failure to break that wall keeps risks pointed toward $118 and $110.
Market Confidence Builds Above Key Higher-Timeframe Zones
Analyst JohnnyB notes that Solana reclaimed the weekly order block near $118–$130, which marked a major reversal area. The recovery created a strong base that encouraged renewed confidence among buyers. Momentum strengthened after price moved above $150 and pushed toward higher range targets.
He adds that holding above $210 keeps the broader structure bullish. Moreover, the market watches the $260–$300 zone, which aligns with an earlier cycle’s resistance band. A drop under $150 would weaken the trend and challenge the current “believe in something” conviction that has supported recent moves.
Source: https://coinpaper.com/12671/franklin-templeton-nears-spot-solana-etf-launch-after-form-8-a-filing-as-market-eyes-142-barrier
