Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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The U.S. SEC has approved the Form 8-A (12B) filed by asset manager 21Shares to custody the Solana Spot ETF. This long-awaited approval has reignited bullish sentiment, with traders eyeing a potential SOL rally to new all-time highs above $300.
The 21Shares Solana ETF ($SOL) is now officially registered on the Cboe BZX Exchange, indicating the product could begin trading soon.
However, the U.S. government shutdown has temporarily halted SEC reviews of S-1 filings required for Solana and other spot crypto ETFs to launch.
While 19b-4 approvals were processed under the Generic Listing Standards, funds still need registration under the 1933 and 1934 Acts.
Issuers, including Bitwise and Grayscale, have withdrawn, delaying amendments, meaning their applications could technically become effective after 20 days.
Still, listings also require Form 8-A filings and exchange clearance; only 21Shares has completed this step so far.
Wave of U.S. Solana Spot ETF Approvals Expected
Multiple SOL ETFs are positioned to launch once the government reopens or exchanges proceed independently.
While U.S. investors await a regulated Solana investment vehicle, the world’s first spot Solana ETF has launched in Hong Kong following the successful debuts of Bitcoin and Ethereum spot ETFs.
The product, created by China Asset Management Company (Hong Kong), widely known as ChinaAMC (HK), officially began trading on October 16, 2025.
ETF analyst Nate Geraci now believes several other Solana exchange-traded fund (ETF) proposals, some including staking, could receive approval from U.S. regulators before the end of October.
In a post on X, Geraci noted that Franklin Templeton, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary Capital have all filed updated S-1 documents for their proposed spot Solana ETFs.
The S-1 form provides detailed disclosures on fund structure, risks, and operations.
Geraci speculated that approvals could arrive within the next two weeks, calling October a pivotal month for digital asset products.
Digital asset investing company Pantera Capital says Solana (SOL) is at a major inflection point in its adoption as the third-largest crypto asset after Bitcoin and Ethereum.
Market confidence in a SOL rally towards $300 is now high, with Polymarket showing 99% odds favoring Solana ETF approval before the end of 2025.
Data from Coingecko also reveals that Solana digital asset treasury (DAT) companies have been accumulating SOL aggressively.
Ray Youssef, CEO of NoOnes, told CryptoNews that DATs such as Forward Industries and Helius have allocated over $2 billion to SOL accumulation, leading to an over 230% increase in treasury holdings in September alone.
With decisions regarding SOL ETF launch and the broader market, “Solana could not only gain further grounds on ETH in the Layer 1 arms race but also soar as high as $300 by Q1 2026”, Youseff added.
Technical Analysis: SOL Eyes $260–$300 Target
On the technical front, the Solana (SOL/USDT) daily chart indicates the asset has completed an Elliott Wave corrective phase (A–B–C) and is now stabilizing near the 50% Fibonacci retracement zone around $180.
This level coincides with a key high-volume node (HVN) and sits just above the 200-day EMA (purple line).
The prior impulsive move to $244 marked Wave 1, followed by a corrective structure that has likely bottomed around the $166–$180 range.
The RSI is hovering near the neutral zone, indicating fading bearish momentum and room for upside expansion.
If the current level holds, Solana is well-positioned for the start of Wave 3, typically the strongest phase in an Elliott Wave sequence.
A confirmed breakout above $216 could trigger a rally toward $263 and potentially $295.
However, failure to hold above $166 could extend the correction toward $148 before resumption.
Overall, the structure favors a bullish reversal toward the $260–$300 zone in the coming weeks.
