Solana ETF Decision Approaches: SOL Strategies Is Loading Up On Even More SOL

Solana could rip higher if the US SEC approves a spot SOL ETF. SOL strategies are accumulating, but will the coin reach $520 by 2026?

Solana seems to be hogging all the crypto attention lately. After climbing out of the 2022 pits, the coin, SOL

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, is one of the top performers, breaking above all-time highs in Q4 2024. Meanwhile, its ecosystem thrives and has been outperforming Ethereum in various metrics, including meme coin activity and stablecoin growth over the past month.

As Solana forms a strong foundation, analysts expect even more. In the coming few months, the United States Securities and Exchange Commission (SEC) will decide whether to approve a spot Solana exchange-traded fund (ETF).

If approved, SOL would be the third digital asset with such a product, following only Bitcoin and Ethereum.

This highly anticipated event would undoubtedly move the market. As the odds of a spot Solana ETF approval rise on Polymarket, what would it mean for SOL and the broader crypto scene?

(Source)

Spot Solana ETF: What You Should Know

The United States SEC set a binding deadline of October 11 for its decision. However, last Friday, the agency interestingly validated Grayscale’s 19b-4 form.

The stringent Commission acknowledged this application even though it had previously classified SOL, along with other coins like Cardano (ADA), as unregistered securities.

Although they later redacted this statement, the decision is pivotal, especially now that, as one analyst put it, the SEC is in “new territory” following the Donald Trump win.

Most importantly, by acknowledging this spot Solana ETF, the agency might implicitly admit that the debate around whether SOL is a security or a commodity is open for discussion.

Under Gary Gensler, the former chair of the SEC, the agency reportedly refused to acknowledge 19b-4 forms because they believed SOL and most altcoins were securities. The SEC has only approved Bitcoin as a commodity, though the CBoE has added Litecoin to that list.

Even though Ethereum is popular, the agency has yet to clarify whether it is a security or a commodity publicly.

Time to Buy More Solana at Current SOL Price?

Therefore, if indeed the classification of SOL is open, is February the ideal time to buy even more SOL?

Sol Strategies, a Solana-centric public company in Canada, has already been accumulating SOL. In one week between January 31 and February 7, they bought over 24,000 SOL, pushing their holdings to over 214,000 SOL.

The firm has been regularly buying SOL, adopting a similar strategy to Strategy, formerly MicroStrategy, which has been aggressively buying Bitcoin for years.

If the spot Solana ETF is approved, SOL might spike higher. Even so, caution is advised. Despite a spot Ethereum ETF, ETH has not yet surpassed $4,000, and bears remain dominant.

According to Soso Value, institutions have bought over $10 billion of spot Ethereum ETF shares, but prices are still below $3,000.

(Source)

Nonetheless, VanEck is confident that SOL prices will continue trending higher in the coming years. They predict that SOL could more than double, reaching $520 by 2026, largely due to growing adoption and an expanding money supply in the United States.

Our Solana Price Target by the End of 2025 is $520

We value Solana (SOL) based on its projected year-end market share within the smart contract platform (SCP) market. Our SCP market cap forecast is derived from U.S. M2 money supply growth, given its strong historical correlation…

— VanEck (@vaneck_us) February 6, 2025

VanEck forecasts that the United States M2 money supply, which measures all forms of liquid money, including cash and checks, will reach $22.3 trillion by 2025.

Historical price action shows that when the M2 money supply rises, crypto assets tend to float higher in sync.

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