Background Information: The U.S. market is expected to approve a Solana (SOL) spot ETF by 2025, with an approval probability as high as 90%. Several potential issuers, including Grayscale, Canary, VanEck, 21Shares, and Bitwise, have submitted applications. The SEC is expected to make a final decision in October.

Key Events: Analysts point out that the accelerated approval of the SOL ETF may benefit from RX-Osprey adopting a shorter Investment Company Act process. The market has reacted positively to this news, with the SOL options market showing bullish sentiment and increased demand for call options.

Potential Impact: On-chain data and valuation indicators (such as the MVRV Z-Score) indicate that SOL’s current price is undervalued, with significant upside potential. Historical price peaks correspond to indicators much higher than current levels, suggesting that if history repeats, SOL’s price could rise substantially.

Summary: Overall, the market holds an optimistic outlook on the SOL ETF and staking approvals. SOL could be a buy target with considerable potential. SoSoValue is also paying attention to this development.

MAG7.SSI

The much-awaited U.S. spot Solana [SOL] ETFs (exchange-traded funds) could hit the market this summer, according to Bloomberg analysts. One of the analysts, James Seyffart, confirmed that staking provisions were also being addressed, This could be an early sign-off. Several potential issuers, including Grayscale, Canary, VanEck, 21Shares, and Bitwise, have filed for SOL ETFs with a final SEC decision in October. Overall, Bloomberg placed 90% approval odds on the products in 2025. Should you long on SOL?Reacting to the update, Eric Balchunas, another senior Bloomberg ETF analyst, added that SOL ETFs and crypto index ETFs could be the first in line. According to the analysts, including ETF Store’s Nate Geraci, the accelerated approval for SOL ETFs could be due to recent RX-Osprey technical maneuvers to get first market approval. Notably, Rex-Osprey ditched the normal 19b-4 filing procedure with a prolonged waiting period and opted for the shorter Investment Company of 940 (40-Act). That said, traders and investors reacted positively to the update. According to SOL’s 25 Delta Skew, the indicator surged positively from 2 to 4 across 3-week, 1-month, and 2-month tenors. This meant a call premium, more demand for calls (bullish bets) than puts (bearish bets), in the near term. Simply put, the market positioning was overall bullish ahead of potential ETF and staking approval. Besides, on-chain data also showed immense growth room for SOL from the current $165 level. According to the valuation indicator MVRV Z-Score, SOL was way below previous local peaks. Per the attached chart, SOL’s local price peaks of $200 (early 2024) and $295 (early 2025) were marked by MVRV Z-Score jumping above 2. At press time, the indicator’s reading was 0.47, underscoring massive upside potential if history repeats itself. Overall, the market appeared bullish ahead of potential U.S. spot SOL ETF and staking approval.On-chain indicators also pointed to SOL being undervalued, reinforcing the view that it may be a strong buy with notable upside potential. 

In 2025, the approval probability of Solana (SOL) spot ETF reaches 90%, SOL may be undervalued, highlighting its investment value.

In 2025, the approval probability of Solana (SOL) spot ETF reaches 90%, SOL may be undervalued, highlighting its investment value.