Solana (SOL) Eyes Spot ETF Approval as Price Targets Crucial Resistance Levels

  • Solana (SOL) is striving to become one of the assets to be featured in a spot Exchange Traded Fund (ETF).
  • The Securities and Exchange Commission (SEC) has a deadline of mid-March 2025 to decide on these ETF applications.
  • Solana is holding the $140 range as the market is in green.

Solana (SOL) is setting its sights on joining the elite group of assets poised to receive their own spot Exchange Traded Fund (ETF). This development could mark a turning point for the altcoin, which has been grappling with a lack of significant recovery in recent weeks.

Solana’s Spot ETF Journey Begins

Solana’s price may be on the verge of growth as the hype surrounding the token is expected to intensify. The catalyst behind this potential surge is the filing of the first spot ETF by VanEck with the Chicago Board Options Exchange (CBOE).

Following in VanEck’s footsteps, 21Shares has also submitted an application for a spot ETF. However, the fate of these applications rests in the hands of the Securities and Exchange Commission (SEC), which has been granted a deadline of mid-March 2025 to provide a response.

The likelihood of an altcoin other than Ethereum receiving approval for a spot ETF remains slim, as it could potentially open the floodgates for a barrage of spot ETFs from various crypto assets. Nevertheless, Ethereum’s successful approval has established a precedent for altcoins, a feat that was once considered nearly impossible.

This development could translate into substantial growth for Solana, as evidenced by the recent bullish crossover on the altcoin’s MACD (Moving Average Convergence Divergence) indicator, signaling a strengthening bullish momentum in the market.

Solana’s price, currently trading in the $140 range, is bouncing back from the $126 support level, which it has tested for the sixth time in five months. The next hurdle for SOL is to breach and flip the $150 level into a support floor.

If successful, this would pave the way for a further rise, enabling Solana to transform the crucial resistance of $156 into a support level. By achieving this feat, SOL will be positioned to recover all the losses it has incurred in recent times.