Solana (SOL) Rallies 5% Amid U.S. Spot ETF Progress

Solana (SOL) surged 5% to $164.70 in after-hours trading Tuesday following a report from Blockworks that the U.S. Securities and Exchange Commission (SEC) is accelerating efforts to approve spot Solana ETFs. The SEC has reportedly asked issuers to revise their S-1 filings within the next week and indicated it will provide feedback within 30 days of submission.

This marks a significant development in the broader crypto ETF landscape, where major asset managers are racing to launch spot ETFs for altcoins following the approval of Bitcoin (BTC) and Ethereum (ETH) spot ETFs in 2024. The move signals growing regulatory openness to altcoin-based investment vehicles and could unlock wider institutional and retail access to Solana.

Several prominent asset managers, including Fidelity, Grayscale, VanEck, and Franklin Templeton, have filed proposals with the SEC to offer Solana ETFs. While CoinDesk has reached out to these firms for confirmation, no official statements have been issued at the time of publication.

SOL’s price spiked immediately after the report, continuing a 24-hour upward trend and reflecting bullish sentiment from investors anticipating increased adoption through regulated financial products. The potential approval of a spot Solana ETF would be a major milestone, positioning SOL alongside Bitcoin and Ether in the mainstream financial ecosystem.

With the SEC expected to review submissions over the coming month, market participants are closely watching for further updates that could impact Solana’s price trajectory and broader market sentiment. The growing interest in spot ETFs underscores the increasing demand for simplified, regulated access to digital assets for both institutions and individual investors.