The SEC is currently talking with issuers about Solana ETFs, and we can expect decisions by 2025. A crypto trader has set a price target of $500 after a period of consolidation.

Today, Solana (SOL/USD) is up 10% and getting close to its all-time high. This surge comes as new filings for Solana spot ETFs show that institutions are still interested.

Recently, Eleanor Terrett from Fox Business tweeted that the SEC is engaging with issuers looking to launch a Solana spot ETF. Progress is being made on S-1 applications, according to sources familiar with the situation.

Issuers like VanEck, 21Shares, and Canary Funds have already submitted S-1 filings. Bitwise has also announced its intent to file. Soon, exchanges like Cboe Global Markets (CBOE) are expected to submit 19b4 filings for these issuers. This step is crucial for getting SEC approval for the ETFs.

Once the filings are in, the SEC has 240 days to approve or deny them. However, just because a 19b4 filing is made doesn't mean it will be approved. Past 19b4 filings for similar products have been withdrawn, but optimism is growing. This is due to increased SEC engagement and the potential for a more crypto-friendly regulatory environment under the new administration.

A decision on a Solana ETF could come as early as 2025, possibly from the next SEC Chair after Gary Gensler, who has announced his resignation effective January 20, 2025.

Crypto trader Cold Blooded Shiller pointed out that Solana has climbed 35% since his initial recommendation during its consolidation phase. After five months of sideways price action, this recent rally has renewed his optimism for that $500 target.

Veteran trader Jacob Canfield noted that Solana is nearing its all-time highs. He praised its resilience, stating that despite being labeled "dead" multiple times, Solana has surged from $8 to its current levels, proving skeptics wrong.

Data from DefiLlama shows that Solana's total value locked (TVL) has reached $8.6 billion. This is the highest level since November 2021. Additionally, revenue has hit an all-time high of $5.9 million.

Right now, Solana is trading around $256, up 10% today, and has achieved a new all-time high market capitalization of over $120 billion.