Solana ETF Filling Hits SEC – Could SOL Rally to $1,000?
Solana has edged up 0.3% in the past 24 hours, trading at $125.94, as the market works to recover from recent losses.
On Wednesday, the Chicago Board Options BZX Exchange submitted an application on behalf of Franklin Templeton to list a Solana-linked exchange-traded fund (ETF).
This filing triggers the SEC’s review process, where regulators will either propose modifications or move toward approval.
Even though the agency recently delayed its decision to approve various applications for ETFs linked to altcoins like Dogecoin (DOGE), XRP (XRP), and Litecoin (LTC), analysts and bettors believe that most of these vehicles will get the nod from the regulator before the end of the year.
A Solana-linked ETF will likely attract significant liquidity to the utility token of Ethereum’s strongest rival.
However, the timing of this launch would be important as market sentiment has deteriorated lately.
SOL Could Rise to $180 if It Breaks Above This Resistance
Despite the latest recovery, SOL is still down 16.6% in the past 7 days and has accumulated a yearly loss of 33.3%, making it the second worst-performing token of the top 5, only surpassed by Ethereum (ETH), whose annual losses stand at 43% at the time of writing.
Solana’s trading volume has dropped 17.9% to $3.6 billion, signaling a decline in volatility. The daily chart shows SOL finding temporary support at $110 after last week’s sell-off.
Momentum indicators are improving, though they have yet to confirm a buy signal. The MACD histogram suggests that negative momentum has slowed over the past few days.
For SOL to regain strength, it must break above $134, a former support level that has now turned into resistance. A decisive move past this level could push SOL toward $180, especially if bullish momentum accelerates. The potential approval of the first non-Ethereum altcoin ETF could serve as a key catalyst.
Meanwhile, a layer-two scaling solution for Solana, Solaxy (SOLX), is gaining investor attention as it aims to resolve the network’s congestion issues once and for all.
Solaxy ($SOLX) Raises Over $26M to Deploy its Solana Rollup
Back in January when $TRUMP and $MELANIA were launched, the Solana blockchain experienced congestion and failed to process transactions rapidly as trading volumes skyrocketed.
Solaxy ($SOLX) addresses Solana’s congestion issues by introducing a layer-2 solution that processes transactions in parallel to the mainnet, reducing network strain.
Developers have already made progress in testing asset transfers on the Solana devnet with the support of Hyperlane, paving the way for seamless integration.
To fund its development, Solaxy has been conducting a presale event, attracting over $26 million in investor capital through the sale of its utility token, $SOLX.
Currently priced at $0.001662, $SOLX presents a strong upside for early buyers, as demand is expected to surge once the layer-2 protocol officially launches.
To buy $SOLX, head to the Solaxy website and connect your wallet (e.g. Best Wallet). You can either swap SOL, USDT, or ETH for this token or use a bank card to make your investment.
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