Solana ETF Approval Could Arrive by July Following SEC’s Filing Request

• SEC asked Solana ETF issuers to update filings focusing on redemptions and staking details.
• Analysts expect Solana ETF approval as soon as July with chances rising to 90%.
• Solana price rose 3% after SEC filing news testing key resistance and support levels.

The U.S. Securities and Exchange Commission has asked Solana ETF applicants to revise and resubmit their S-1 registration statements within the week. The agency requested updates focused on in-kind redemptions and how staking will be handled within each fund. 

According to sources, the SEC plans to respond to the amended filings within 30 days. This step may move the process forward, with potential approval coming as soon as three to five weeks.

The request indicates a possible shift in the SEC’s stance on staking, particularly compared to its earlier treatment of Ethereum-based ETFs. In those cases, issuers had to remove references to staking. Now, the SEC appears open to allowing staking within Solana ETFs, suggesting a more flexible approach. This change could influence other crypto asset filings in the near future.

Several asset managers like VanEck, Fidelity, Bitwise, Grayscale, 21Shares, Franklin Templeton, and Canary Capital are involved in the Solana ETF race. Grayscale is working to change its current Solana Trust into a spot ETF, using a strategy similar to its past Bitcoin and Ethereum filings.CoinShares also recently registered a Solana ETF in Delaware, which could lead to a formal S-1 submission soon.

Analysts See Summer Decision as Likely

Bloomberg analysts James Seyffart and Eric Balchunas believe the SEC may finalize its decision as early as July. They recently raised the approval odds for Solana ETFs to 90%, citing progress in filings and growing support from the futures market. 

The SEC officially acknowledged Grayscale’s filing in February after previously declining to recognize similar proposals. Analysts view that change as a signal that other approvals may follow.

Some issuers, such as Rex-Osprey, are reportedly exploring alternative legal strategies to speed up the process. The SEC has not commented on any of the filings. Several firms, including VanEck, Fidelity, and Bitwise, also declined to comment or have not responded to inquiries.

Market Responds to Positive ETF Signals

Solana’s price rose 3% following news of the SEC’s latest actions. The token tested its 50-day simple moving average and resistance near $163. If it holds above that level, further gains could target $183 and the 200-day average. On the downside, support is expected near $142 if selling pressure returns.

Solana futures were launched by CME in February, a development analysts say helped pave the way for ETF discussions. Futures-based ETFs are already active, including two from Volatility Shares , adding further momentum to the spot ETF effort.