The SEC has begun reviewing the S-1 filing for the Solana Spot ETF, marking an initial step in the approval process. According to Fox News, discussions between the SEC and the organizations issuing the Solana Spot ETF are progressing favorably.

It is expected that exchanges like CBOE will file 19b-4 on behalf of the issuing organizations in the coming days. This is the next important step to request the SEC's approval for the ETF listing. After the 19b-4 filing is submitted, the SEC will have 240 days to review and decide to approve or deny, similar to the approval process for previous ETFs like Bitcoin and Ethereum.

$SOL has risen to $250, and is only about 4% away from its ATH.