Solana Eyes Potential ETF Approval in Mid-2025, But Trump Victory Seen as Key Factor

Solana (SOL) investors received promising news this week after the Chicago Board Options Exchange (CBOE) filed form 19b-4s with the SEC for Solana ETFs.

The 19b-4s format initiates a public comment period before the SEC makes a final decision. Analysts predict a response by mid-March 2025, mirroring the timeline for approval of Bitcoin and Ethereum spot ETFs.

Election Outcome Seen as Pivotal

ETF analyst Eric Balchunas believes the approval chances hinge on the upcoming US presidential election. “If Biden wins, these [Solana ETFs] are likely dead on arrival. If Trump wins, anything is possible,” he commented.

Solana Price Responds Positively

The news coincided with a 6.47% surge in Solana’s price, currently trading at $141.07. This uptick aligns with analyst predictions of a potential recovery towards $150.

Regulatory Hurdles Remain

Despite the positive developments, Solana faces some regulatory hurdles. Analyst James Seyffart highlights the ongoing lawsuits against Coinbase and Kraken, which classify Solana as a security. This classification could complicate the ETF approval process.

Messi Pumps Solana-Based Memecoin

In a separate development, football legend Lionel Messi is promoting WaterCoin (WATER), a Solana-based memecoin focused on water conservation. While the project’s long-term goals remain unclear, its price action suggests a potential “pump and dump” scheme.

Solana Price Analysis (SOL/USD)

Technically, Solana appears to be in a recovery phase. The price broke above a key resistance level and is aiming to reclaim $150. Analysts predict further upside potential if this resistance is breached. However, failure to surpass $144 could trigger another decline.

Bullish Signs

• Price broke above a key bearish trend line with resistance at $136 on the hourly chart.
• Currently trading above $135 and the 100-hourly simple moving average (SMA).
• Cleared the 61.8% Fibonacci retracement level of the downward move from $144.15 to $127.88.
• MACD for SOL/USD is gaining momentum in the bullish zone.
• RSI for SOL/USD is above the 50 level.

Resistance Levels

• $144
• $150 (successful close above could set the pace for further gains)
• $155
• $162

Support Levels

• $136 and the 100-hourly SMA
• $128 (major support)
• $120
• $112