In a major move, Grayscale’s Solana Trust ETF has been approved for listing on NYSE Arca. The highly anticipated ETF product is scheduled to go live today, Oct. 29, 2025. The company applied to convert its Solana Trust into an ETF earlier this year. With the approval in hand, the asset may rock the market, as we have seen with several other crypto-based ETF products.

Will Solana Rise To a New Peak After The ETF Conversion Was Approved?

ETFs have played a significant role in the current market cycle. Bitcoin (BTC) has hit multiple all-time highs after the SEC approved 11 spot ETFs last year. Ethereum (ETH) also hit a new all-time high earlier this year, thanks to increased ETF inflows. Solana (SOL) might follow a similar pattern, given its incredible popularity.

Despite the ETF conversion approval, Solana (SOL) continues to glow red on most of the charts. According to CoinGecko data, SOL is down by 3.2% in the daily charts, 4.2% in the 14-day charts, and 6.4% over the previous month. Despite the steep correction, SOL has rallied by 6.2% over the last month and 8.4% since late October 2024.

Also Read: Western Union to launch stablecoin on Solana in 2026

While an ETF may help Solana’s price rebound, it is unclear if it can hit a new all-time high just yet. The crypto market is still quite weak. Bitcoin (BTC) has struggled to gain momentum, and most major assets are facing price corrections. SOL is currently down by 33.3% from its all-time high of $293.31. However, Solana’s (SOL) future is likely quite bright. The asset has made a name for itself as one of the most resilient cryptocurrencies in the market. SOL’s price fell to below $9 after the collapse of FTX in 2022. Since its 2022 lows, SOL has hit multiple peaks. A similar trajectory may appear once the market finds a proper footing.