Major programmable cryptocurrency Solana is nearing a highly anticipated Exchange Traded Fund (ETF) approval in the United States after estimation website Polymarket increased its odds to 97%. The 6th largest cryptocurrency by market capitalization has had a lacklustre bull market overall, partly due to global uncertainties. However, with the right push at the right time, Solana may be able to move on to something in the near future.
Solana ETF Approval Odds Rise to 92%
According to popular reporter The Solana Post, the digital currency’s ETF approval rate soared to 92% soon after the SEC asked ETF issuers to amend their applications. However, according to the live ticker from Polymarket itself, the latest odds have increased massively to 97%. This shows increased investor confidence in such a move, but it is not a sure-shot metric for ETF approval. The SEC is known to operate at its own pace, but a review of currently filed applications indicates that things are moving forward.
Solana Price Remains Below $160
Here is SOL’s price action during the last 30 days:
Overall, Solana has had a June to forget, as much of it has been focused on defensive efforts. The price index slipped below $160 and remained largely below it during the second half of the month. Now, the bulls are looking towards a major catalyst, and an ETF approval in the US could make things happen again for SOL.
What does the Future Hold for the Solana Market?
ETF approval is certainly big news for any altcoin. Previously, top digital asset Bitcoin experienced a major price surge of up to 40% following the listing of its first batch of ETFs in early 2024. However, the interest generated by the spot ETF has subsided considerably, but it did provide a major spark during the ongoing bullish cycle.
However, the second-largest digital currency, Ethereum, also had a few ETFs approved globally, but it failed to replicate the success of BTC. Even a short-term, significant price increase eluded the second-largest cryptocurrency by market capitalization, so an ETF approval doesn’t always translate into success in the spot market. However, ETH is seen mainly as dying a slow death, and competitors like Solana, SUI, Cardano, TRX, and others are catching up fast. After listing its ETF, it will be interesting to see how a crypto like SOL performs.
For the last two years, Solana has consistently maintained its position as the developers’ favorite programmable blockchain network. It has made solid inroads in the blockchain market and is widely touted to challenge Ethereum’s lumbering network in the coming years. While its price action has left much to be desired during the 2024-2025 bull cycle, traders still see a lot of potential in the coin.
