The U.S. Securities and Exchange Commission (SEC) has approved Form 8-A (12B), filed by 21Shares — a key step for launching a spot ETF on Solana. The long-awaited approval immediately brought bullish sentiment back to the market. Traders are once again talking about a possible rise of SOL above $300 and a new all-time high.
Now the Solana ETF by 21Shares is officially registered on the Cboe BZX exchange. This means trading may start very soon.
But there is a catch: due to the U.S. government shutdown, the review of S-1 documents is temporarily suspended. Without them, neither Solana ETF nor other spot crypto funds can be launched.
Although applications under Form 19b-4 went through a simplified procedure (Generic Listing Standards), funds are still required to register under the laws of 1933 and 1934. Some, including Bitwise and Grayscale, have already withdrawn their applications to make amendments later. Technically, this means they can take effect automatically after 20 days.
At the same time, for a full listing, not only approval of 19b-4 is required, but also filing Form 8-A plus coordination with the exchange. So far, only 21Shares has completed this part of the process.
The U.S. prepares for a wave of spot Solana-ETF approvals
Several funds based on SOL may enter the market as soon as the government resumes work — or if exchanges decide to act independently.
While American investors await approval, the world’s first spot ETF on Solana has already launched in Hong Kong. It appeared shortly after successful launches of Bitcoin and Ether ETFs in the region.
The product was developed by the Hong Kong subsidiary of China Asset Management — ChinaAMC (HK). Trading began on October 16, 2025.
According to ETF sector analyst Nate Geraci, in the U.S., approvals of several Solana fund applications may happen by the end of October. Some of them include a staking option.
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In his post on X, he noted that Franklin Templeton, Fidelity, CoinShares, Bitwise, Grayscale, VanEck and Canary Capital have already submitted updated S-1 documents for their Solana-ETF.
Form S-1 discloses full information about the fund’s structure, related risks, and operating principles.
Nate Geraci suggests that approvals may come within the next two weeks. According to him, October will be a turning point for digital investment products.
At Pantera Capital they believe that Solana is now at a point of sharp growth in interest and may secure a strong third place in the market after Bitcoin and Ether.
Confidence in a new SOL rally is growing. On Polymarket the probability of Solana-ETF approval by the end of 2025 is estimated at 99%.
User forecast for Solana ETF approval. Source: Polymarket
According to CoinGecko, companies with digital assets on their balance sheets (Digital Asset Treasuries, DAT) are actively increasing their Solana holdings.
According to NoOnes head Ray Youssef, players like Forward Industries and Helius have already invested over $2 billion in SOL. In September alone, their treasury volumes grew by more than 230%.
“If the launch of the Solana ETF does happen and the market maintains its current momentum, Solana will not only continue to close the gap with Ethereum in the Layer 1 race, but could also reach $300 as early as the first quarter of 2026,” Youssef added.
Technical picture: Solana targets $260–$300
On the daily chart of the SOL/USDT pair, it is seen that the asset has completed the Elliott correction phase (A–B–C) and is now consolidating around $180 — this is the 50% Fibonacci zone.
This level coincides with the highest volume node (HVN) and is just above the 200-day moving average (EMA, purple line).
Technical analysis of Solana. Source: TradingView
The previous impulsive growth to $244 likely completed the first wave, followed by a correction — its bottom formed in the $166–$180 zone.
The RSI indicator fluctuates in the neutral zone, indicating weakening bearish pressure and potential for a new upward move.
If the current level holds, Solana may move to the third wave — the most powerful phase in the Elliott model.
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A breakout of the $216 level will confirm a trend reversal and may trigger a rally to the $263 area, and then to $295.
At the same time, a breakdown below $166 will open the way for further correction — down to $148 before a new impulse begins.
Overall, the current market structure favors a bullish reversal with targets in the $260–$300 zone in the coming weeks.
