Solana (SOL) is currently experiencing significant market activity, driven by both whale activity and anticipation surrounding the potential approval of a Solana Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). This combination of factors has created a potentially transformative environment for SOL's price and its position in the digital asset landscape.
The market's focus is now squarely on the SEC, which is expected to make final decisions on at least 16 crypto ETF proposals in October, including those for Solana. Analyst Nate Geraci has suggested that approvals for several Solana ETFs, including those with staking provisions, could come within the next two weeks. This optimism is supported by reports that the SEC has withdrawn delay notices for these applications, indicating progress toward final decisions. The final deadlines for the SEC to approve multiple ETFs tracking spot prices of crypto assets, including Solana (SOL), are due in October. The commission is now withdrawing all notices of a longer review period ahead of its final deadline, indicating progress in ETFs approval. Delay notices have been dropped for Solana ETFs by Bitwise, VanEck, Fidelity, Canary, 21Shares, and Invesco Galaxy.
Recent activity from large Solana holders, or "whales," has revealed a calculated approach to managing capital. In late June 2025, a notable event involved whales unstaking 1 million SOL and transferring approximately 240,000 SOL (valued at $35 million) to Binance. While this initially raised concerns of a bearish sentiment, it was later interpreted as strategic profit-taking and liquidity rotation. Subsequently, in late August 2025, there was significant accumulation, with large transactions totaling $213 million within a two-hour window, including a $17.83 million transfer to Binance and a $12 million staking event on Kamino Finance.
An ETF approval would unlock billions in institutional capital and confer a new level of legitimacy upon Solana, potentially setting a precedent for other altcoins. This event is expected to accelerate the institutionalization of the broader digital asset market, integrating cryptocurrencies more deeply into traditional finance. The inclusion of staking provisions in the proposed ETFs further enhances their appeal, offering yield opportunities that could attract an even wider range of investors. If the SEC accepts it for Solana, it could someday authorize enhanced versions of existing Ethereum ETFs, incorporating not only price exposure but also a yield from staking.
The SEC approved a new listing standard for commodity-based trust shares on Sept. 17 that could shorten the path to launching future spot crypto ETFs. Since the change in listing standards, asset manager Hashdex has already expanded its crypto ETF to include XRP, Solana and Stellar.
Several firms have already launched Solana-based exchange-traded products. Volatility Shares launched two crypto-linked solana ETFs (i.e., not spot solana products) — the Solana ETF (SOLZ ) and the 2x Solana ETF (SOLT ) — on March 20, 2025. Hashdex recently expanded its Hashdex Nasdaq Crypto Index US ETF to include Stellar, XRP, and Solana, alongside the bitcoin and ether it already held. REX-Osprey launched the first staking Solana fund in July, which currently holds over $300 million in assets.
The potential approval of a Solana ETF signifies a critical milestone in the maturation of the entire digital asset market. It represents a significant step towards mainstream acceptance, providing a regulated and transparent mechanism for traditional finance to engage with digital assets.
Given these factors, the coming weeks are critical for Solana. The SEC's decisions in October 2025 could reshape the crypto landscape and potentially propel SOL to new heights.
