Several crypto experts suggest that the first Solana SOL exchange-traded funds (ETFS) could be approved soon, which would send SOL skyrocketing. SOL’s performance over the last two and a half years has been astronomical. The asset fell to below $10 after the collapse of FTX in 2022. Since its 2022 lows, SOL has hit multiple all-time highs. Since late 2022, SOL’s price has risen by about 2000%. The asset has proven to be one of the most resilient cryptocurrencies in the market.
Analysts believe the ETFs could be one step closer to approval due to recent developments from the ETF issuers. Indeed, seven asset managers have taken another step toward bringing Solana-based exchange-traded funds (ETFs) to U.S. markets. On August 1, firms including Bitwise, Fidelity, Grayscale, FranklinTempleton, VanEck, Canary Capital, and CoinShares submitted amended S-1 registration statements to the U.S. Securities and Exchange Commission (SEC). An amended S-1 filing may include modifications demanded by the SEC or edits made by the company to keep abreast with the dynamic regulatory requirements.
Typically, amended S-1 forms indicate progress between issuers and the US regulator in trying to make the chosen crypto ETF a reality. In order for a spot ETF to go to market, both an S-1 and a 19b-4 filing have to be approved. SEC usually takes two to four weeks to react to amended S-1 filings. However, until then, the Solana SOL price will likely be volatile. SOL is up 9% in the last 30 days, but has seen multiple moves up and down, notably facing resistance at $200.
Also Read: Solana: Could GENIUS Act Send SOL to $450 Before 2025 Ends?
The developments from the SEC and ETF issuers could be a catalyst for SOL to rally throughout August. Crypto analysts are labeling August a big month for crypto in 2025 that could send prices soaring. A debut of SOL ETFs would certainly be the start. On the daily chart, Solana SOL has broken above the top of an ascending triangle, a structure that has been forming since March, and is now retesting the breakout zone. Crypto analyst Jonathan Carter pointed to this area as a possible support level. “A successful bounce could confirm the bullish breakout and drive the price toward targets at $205, $225, and $268,” he says.
Solana SOL’s Relative Strength Index (RSI) is at 45.23, which indicates a slowed momentum following its high of the index above 70 in the previous month. The token has fallen 5.21% in the last week. Its price has been oscillating at a level between $121 and $204 value signifying a delaying trend following a remarkable performance in July.
