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Several leading asset managers are moving closer to launching a Solana Spot ETF following recent developments on Friday. Notably, multiple prospective issuers have now submitted amended S-1 registration statements to the US Securities and Exchange Commission, indicating an ongoing dialogue between both parties.
Solana Spot ETF Updated Filings Signal Approvals Likely
According to Bloomberg ETF analyst James Seyffart, Canary Capital/Marinade, Franklin Templeton, and VanEck were among the first to file updated forms on Friday afternoon. Additional potential issuers, including Grayscale, 21Shares, Bitwise, Fidelity, and CoinShares, also followed shortly.
Seyffart explains that these amended filings represent active dialogue and progress between the issuers and the regulator, which is often interpreted as a strong sign of impending approval. Fellow Bloomberg analyst Eric Balchunas emphasized this point, noting that the Solana Spot ETF issuer just filed 3rd amendments he describes as a “virtual lock” for an incoming approval.
Source: @JSeyff on XBalchunas also highlighted a structural shift for Rex Shares’ Solana Spot ETF, which is converting from a C Corporation into a Registered Investment Company (RIC). This change, he explained, will eliminate tax inefficiencies and make the product more competitive within what is likely a “coming tsunami” of Solana Spot ETF launches.
Aside from Solana, issuers of the XRP Spot ETF have also recently resubmitted their S-1 registration forms, raising expectations of progress with US securities regulators. Other altcoins that could soon see spot ETF products include Dogecoin, Cardano, Litecoin, Sei, and Avalanche, among others.
Approvals for these ETFs are anticipated to begin rolling out in October, which marks the final deadline for several pending applications. If these funds generate institutional demand on par with the Bitcoin and Ethereum spot ETFs, the broader altcoin market could be positioned for a significant price rally.
$180 Emerges As Crucial Support Zone For Solana
In other news, on-chain data from Glassnode has revealed the next significant price support in the Solana market. According to the cost distribution heat map, 18.56 million Solana (SOL), valued at nearly $4 billion, were accumulated around the $180 price level.
Source: @ali_charts on XThis cluster highlights $180 as a critical area of support, with a significant number of investors establishing positions at that range. Such large-scale accumulation often signals strong conviction from both institutional and retail participants, reinforcing the zone as a key battleground for price stability.
At the time of writing, Solana trades at $204 following a 3.84% decline in the past day. However, weekly net gains stand at 3.63% after a positive outlier performance by the altcoin earlier in the week.
Featured image from Adobe Stock, chart from Tradingview
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