SEC Approval of 21Shares Solana Spot ETF Sparks Bullish Sentiment
The US Securities and Exchange Commission (SEC) has approved the Form 8-A (12B) filing by 21Shares, a leading asset manager, for the custody of the Solana Spot ETF. This long-awaited approval has reignited bullish sentiment among traders, who see potential for the SOL token to rally to new all-time highs above $300. The 21Shares Solana ETF is now officially registered on the Cboe BZX Exchange, suggesting that the product could begin trading soon.
However, the US government shutdown has temporarily halted SEC reviews of S-1 filings required for the launch of Solana and other spot crypto ETFs. While 19b-4 approvals were processed under the Generic Listing Standards, funds must still be registered under the 1933 and 1934 Acts. Issuers, including Bitwise and Grayscale, have pulled out and delayed changes, meaning their applications could technically take effect after 20 days.
Wave of US Solana Spot ETF Approvals Expected
Several SOL ETFs are planned to be launched once the government reopens or the exchanges continue independently. While US investors wait for a regulated Solana investment vehicle, the world’s first Solana spot ETF has launched in Hong Kong, following the successful debuts of Bitcoin and Ethereum spot ETFs. Developed by China Asset Management Company (Hong Kong), commonly known as ChinaAMC (HK), the product was officially launched on October 16, 2025.
ETF analyst Nate Geraci believes that several other proposals for Solana exchange-traded funds (ETFs), some of which include holdings, could receive approval from US regulators before the end of October. In a recent post, Geraci stated that “Another flurry of S-1 amendments were filed today for spot sol ETFs… Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary. Includes staking (yes, a good sign for spot ETF staking). I expect these to be approved in the next two weeks.”
Technical Analysis: SOL Eyes $260-$300 Target
Technically, the daily chart of Solana (SOL/USDT) shows that the asset has completed an Elliott Wave correction 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 is just above the 200-day EMA (purple line). The RSI is hovering near the neutral zone, indicating weakening bearish momentum and room for upward expansion.
If current levels hold, 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 towards $263 and possibly $295. However, if it fails to sustain above $166, the correction could extend towards $148 before resuming. Overall, the structure favors a bullish reversal towards the $260-$300 zone in the coming weeks.
According to digital asset investment firm Pantera Capital, 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 citing a 99% probability of approval for the Solana ETF before the end of 2025. Data from Coingecko also shows that Solana Digital Asset Treasury (DAT) companies have been aggressively accumulating SOL.
Ray Youssef, CEO of NoOnes, told CryptoNews that DATs such as Forward Industries and Helius have committed over $2 billion to SOL accumulation, resulting in an over 230% increase in Treasury holdings in September alone. With decisions regarding the launch of the SOL ETF and the broader market, “Solana could not only gain further ground against ETH in the Layer 1 arms race, but also rise to as high as $300 by the first quarter of 2026,” Youssef added.
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