Solana ETF Approval Odds Hit 76%, Upside for SOL?

Among the different cryptocurrency assets awaiting regulatory approval for an exchange-traded fund (ETF) is Solana (SOL). According to Polymarket data, the odds of the Securities and Exchange Commission (SEC) giving the nod to the SOL ETF have risen to 76%.

Solana ETF buzz builds as approval odds climb

Notably, in an update shared by SolanaFloor on X, Polymarket predicted that the regulatory body has a 76% chance of approving the several S-1 application filings before it by July 31. The increasing odds of approval signal growing confidence among investors in the space.

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In the past 24 hours, confidence in an approval surged by 13%, climbing from 63% to 76%. This development suggests market sentiment is bullish, so that a Solana ETF could be approved soon.

It is necessary to clarify that Polymarket prediction does not guarantee outcomes; rather, it reflects the ecosystem’s anticipation of this pending ETF application.

Over five asset managers, including Fidelity Investments, Franklin Templeton, 21Shares, Canary Capital and Bitwise, have submitted their S-1 filings to the SEC. However, the regulatory commission has not responded to them.

Interestingly, Solana and XRP are among the leading pending applications for ETF products before the SEC.

Will SOL price react to ETF catalyst?

Meanwhile, in February 2025, the SEC acknowledged Canary Capital’s SOL ETF filing. The acknowledgement came a few days after the regulatory body confirmed receipt of the application filed by Grayscale Investment.  

Despite the lingering delays from the SEC, Nate Geraci, president of the ETF store in December 2024, predicted that Solana stands a great chance of approval in  2025. Geraci believes the stakes are high for a couple of crypto-related ETFs, and Solana could be one of those approved.  

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Although acknowledgement does not equal approval, it remains significant as it indicates that the SEC might soon begin reviewing the applications before it.

Despite the Polymarket predictions, Solana’s price has not been positively impacted. SOL currently exchanges at $149.86, representing a 4.43% decline in the last 24 hours.