The buzz surrounding alternative cryptocurrency ETFs is escalating, and Solana [SOL] is currently taking the spotlight in the most recent developments.
Solana ETF Making Progress
As of February 18th, the SEC has officially recognized spot SOL ETF applications from VanEck, 21Shares, Bitwise, and Canary Capital, indicating the possibility of approval or refusal within 240 days.
Grayscale’s filing for a SOL ETF, listed in the Federal Register on February 12th, is facing a deadline for decision by October 16th.
The SEC acknowledged the amendment to Grayscale’s Solana ETF on February 6th, followed by four more filings on February 11th, paving the way for regulatory evaluation.
These applications for Solana ETFs are coming at a crucial juncture for SOL, as market sentiment looks for a rebound following its recent price decline.
What Insights Can be Gleaned from Polymarket Data?
Analysts Eric Balchunas and James Seyffart from Bloomberg have estimated a 70% likelihood of approval, a figure that may rise if legal disputes regarding SOL’s classification as a security are resolved.
There has been a noticeable shift by the SEC away from pursuing aggressive legal action against cryptocurrency, fostering hope for the prospects of Solana’s ETF.
The anticipation for a potential SOL ETF is growing. Polymarket data now indicates an 84% probability of approval by 2025.
This increasing confidence has impacted the price of SOL, which is showing signs of recovery after an extended bearish phase. Currently, SOL is being traded at $172.83, with a 0.77% increase in the last 24 hours, as reported by CoinMarketCap.
The excitement surrounding alternative cryptocurrency ETFs is gaining traction, with key players in the industry and major investment entities like Pantera Capital supporting the potential of SOL.