On Friday (November 22), Solana's token SOL soared more than 10%, breaking through $260. Fox Business reporter Eleanor Terrett quoted people familiar with the matter as saying that the US Securities and Exchange Commission (SEC) has made progress in negotiations with the issuer who wants to launch the Wall Street SOL spot ETF, and may submit a 19B-4 listing document in the next few days, which means that the Altcoin Season is likely to explode.
Eleanor wrote: “Talks between SEC staff and issuers looking to launch a SOL cash ETF are progressing, with the SEC now processing S-1 filings, according to two people familiar with the matter. The two people said there’s a good chance we’ll see exchanges file some 19B-4 filings — the next step in the ETF approval process — on behalf of potential issuers in the coming days.”
Currently, VanEck, 21Shares, and Canary Capital have all submitted S-1 documents for the Solana ETF, and Bitwise announced its intention to submit an S-1 document yesterday. The 19B-4 document will be submitted by exchanges such as CBOE on behalf of the issuer, requesting the SEC to allow it to list potential ETFs. Once the SEC confirms receipt of the document, a 240-day window will open. During this period, the SEC can approve or reject these products.
Submitting a 19B-4 does not guarantee that the SEC will approve the listing. In fact, the 19B-4 filings previously submitted by VanEck and 21Shares were removed from the CBOE website in August. Some industry insiders speculated that the reason was that the regulator under the leadership of SEC Chairman Gary Gensler was less inclined to approve such listings.
Now, the issuer says recent staff involvement, coupled with an upcoming pro-cryptocurrency management board, is fueling new optimism that a Solana ETF could be approved sometime in 2025.
It is also worth noting that Gensler has confirmed that he will leave his post after President-elect Donald Trump is sworn in on January 20, 2025.
According to on-chain data, Solana's weekly decentralized exchange (DeX) volume percentage relative to Ethereum has reached 266%. This means that Solana's DeX now handles more than 2 times the volume of Ethereum's DeX. This outstanding performance highlights Solana's rising power in the decentralized exchange ecosystem.
In addition to surpassing Ethereum in terms of DeX transaction volume, Solana has captured 36% of the total DeX market share in the decentralized finance (DeFi) space over the past week. These impressive figures show that Solana is becoming a major player in the DeX space, attracting more and more crypto users and transactions.
Several factors can explain the rapid growth of the Solana public chain. First, the speed and efficiency of its network are its main assets. Solana is able to process a large number of crypto transactions per second at a very low cost, which is particularly attractive to DeX users.
In addition, Solana plays a vital role in the increasing adoption of existing infrastructure. By integrating mature solutions and working with strategic partners, Solana has consolidated its position in the cryptocurrency market and attracted more projects and investors.
As confirmed by Bitget Chief Analyst Ryan Lee, the fast transaction speed and low cost make it one of the preferred platforms for developers and users. In addition, Solana actively explores innovation and practicality, making great contributions to the widespread adoption of cryptocurrencies. Users are increasingly inclined to use Solana and invest assets within its ecosystem.
Solana Technical Analysis
FXStreet analyst Michael Ebiekutan said SOL tested its all-time high resistance at $259.90, becoming one of the strongest trending assets among the top cryptocurrencies by market capitalization.
This resistance level marked the SOL price peak on November 6 and has now stood for more than three years. With the recent gains, SOL’s monthly and yearly gains are over 50% and 370%, respectively.
A breakout above resistance would validate the cup-with-handle pattern, meaning SOL could rally more than 70% to $459 in the coming weeks.
