Since the approval of both Bitcoin and Ethereum ETFs in 2024, all eyes have been on which assets could follow suit. Subsequently, Solana has emerged as a favorite, with the cryptocurrency gaining some major momentum for the impending investment vehicle.
Currently, analysts from Bloomberg forecast 75% or higher approval odds for a range of altcoin ETFs, including Solana. The analysts project SOL and other crypto ETFs to get approved by the end of the year, forecasting this Fall as the target. Solana could become just the third crypto-based ETF to get US Securities and Exchange Commission (SEC) approval.
Eight separate spot fund proposals are currently in front of the SEC, including ETFs tied to solana (SOL), litecoin (LTC), dogecoin (DOGE), XRP, cardano (ADA), avalanche (AVAX), polkadot (DOT), and hedera (HBAR). However, SOL is widely favored as the top choice to get an ETF next.
Solana Climbs as SOL ETF Odds Rise
Solana is currently riding a wave of bullish momentum across its ecosystem. Its stablecoin market capitalization has surged since February, recently surpassing $13.07 billion. This signals growing trust and liquidity flowing into the network. SOL’s rally also comes amid a new pro-Bitcoin head, Paul Atkins, being appointed to the SEC. Many anticipate that Atkins will take a more relaxed approach to the crypto sector. The newly revamped SEC could also decide on a Solana SOL ETF in the coming months, which would accelerate a Solana surge to $185 and beyond.
Also Read: Ripple: XRP ETF Odds Now At 85% as Price May Target $4
The SEC must respond to SOL ETF proposals filed by firms including Grayscale, Bitwise, Franklin Templeton, and Hashdex for basked-style funds. Decisions on single-asset ETFs like SOL, DOGE, XRP, and ADA are expected in October, with others following in November and December. These are final deadlines, meaning the SEC, which previously delayed decisions, will be required to issue a final rulings. With the SEC being much more crypto friendly in 2025, is is highly likley according to experts that the ETFs will eventually be approved.