Solana Surges 10% Amid Rising Institutional Interest and Spot ETF Filings, Nears All-Time High

Solana (SOL/USD) is making waves today, jumping 10% and getting closer to its all-time high. This surge comes as new Solana spot ETF filings show that institutional interest is on the rise.

Recently, the SEC has been actively engaging with issuers who want to launch a Solana spot ETF. Decisions about this could be coming as soon as 2025. Eleanor Terrett from Fox Business reported that the SEC is making progress with S-1 applications, according to sources familiar with the situation.

Companies like VanEck, 21Shares, and Canary Funds have already submitted their S-1 filings. Bitwise has also announced its intent to file. Additionally, exchanges like Cboe Global Markets (CBOE) are expected to file 19b4 forms on behalf of these issuers soon. This step is crucial for getting SEC approval for these ETFs.

Once the 19b4 filings are in, the SEC has 240 days to either approve or deny the products. However, just because they file doesn’t mean they’ll get the green light. In the past, similar 19b4 filings have been withdrawn. Still, there’s a growing sense of optimism in the industry. Increased engagement from the SEC and a potentially more favorable regulatory environment under the new administration are fueling this hope.

A decision on a Solana ETF could come as early as 2025, likely from the successor of current SEC Chair Gary Gensler, who will resign on January 20, 2025.

Crypto trader Cold Blooded Shiller pointed out that Solana has risen 35% since he first recommended it during its consolidation phase. After five months of sideways trading, this recent rally has sparked his optimism, and he’s now targeting a price of $500.

Veteran trader Jacob Canfield also noted that Solana is nearing its all-time highs and praised its resilience. Despite being called "dead" many times, Solana has climbed from $8 to its current levels, surprising many skeptics.

Data from DefiLlama shows that Solana is gaining momentum. Its total value locked (TVL) has reached $8.6 billion, the highest since November 2021. Revenue has also hit an all-time high of $5.9 million.

As of now, Solana is trading around $256, reflecting a 10% increase for the day. It has achieved a new all-time high market capitalization of over $120 billion.