Solana (SOL) Surges 20% to $250 as SEC Staff Initiates Talks With ETF Issuers

Solana's SOL token surged to $250, its highest level since November 2021, on Thursday morning. The surge comes as discussions between SEC staff and Solana ETF issuers are making progress.

Solana’s (CRYPTO: SOL) token soared to $250 on Thursday morning, marking its highest level since November 2021. The surge comes amid discussions between SEC staff and Solana ETF issuers.

Fourth-largest crypto asset now just 4% away from all-time high: The SOL token is now just 4% away from its all-time high of $260, set in November 2021, according to data from CoinGecko.

If the current bullish momentum continues, Solana will soon surpass its record high before Ethereum (CRYPTO: ETH) does.

The SEC has begun discussing S-1 registration forms with Solana ETF issuers, FOX Business journalist Eleanor Terrett reported, citing “two people familiar with the matter.”

Three Companies Applied To Launch Solana ETFs Earlier this year, VanEck, 21Shares, and Canary Capital filed S-1 applications to launch Solana ETFs. Both VanEck and 21Shares are planning to list their products on the Cboe exchange if they are approved.

“There’s a ‘good chance’ we’ll see some 19b4 filings from exchanges on behalf of prospective issuers — the next step in the ETF approval process — in the coming days,” Terrett said. These filings would trigger a 240-day SEC review period.

Previous 19b4 filings from VanEck and 21Shares were quietly removed from the Cboe's website in August, but issuers now report greater engagement from SEC staff.

This, combined with an incoming pro-crypto administration, has led to optimism that a Solana ETF could be approved in 2025.

Solana ETF Approval Potential Tied To US Politics, Trump Re-Election The potential for approval of a Solana ETF is also tied to shifts in the American political landscape.

If Donald Trump is re-elected, he could appoint new SEC leadership that may be more open to approving new financial products.

“We would expect the SEC to approve more crypto products than they have in the past four years,” said Matthew Sigel, head of crypto research at VanEck.

“I think the odds are overwhelmingly high that there will be a Solana ETF trading by the end of next year.”

After VanEck and 21Shares, Bitwise filed to establish a trust entity for its proposed Solana ETF in Delaware on November 20.