Wealth investment firm VanEck has reiterated its belief in a spot Solana (SOL) ETF approval. This underscores similar commitment and optimism expressed by the community regarding multiple applications. The success of Bitcoin products last year led to community rallies around altcoin products, which led to wider price projections this year. VanEck Backs Community Anticipation On Jan 1, Matthew Sigel, VanEck’s Head of Research, noted that increased community expectations of spot SOL ETFs were underpriced. On Dec 31, digital asset prediction platform Polymarket users tipped a 77% chance of Solana ETF approval in 2025. This comes after renewed institutional interest and easing regulatory concerns. Reacting to the post on X (formerly Twitter), Sigel described the figure as underpriced, hinting at a higher chance of approval. Several crypto executives share this sentiment after Donald Trump’s win at the November polls and subsequent nominations. However, the odds have jumped to 85% since Sigel’s comments, showing a higher chance of success. “ Polymarket bettors are now giving an 85% chance that the SEC will approve a spot Solana ETF by the end of 2025, marking a 35% surge in optimism over the last few days. What’s driving this bullish sentiment? Growing expectations that $SOL could follow in the footsteps of $BTC and $ETH, carving its path into mainstream markets through ETFs,” Blockmandev wrote on X. In June 2024, VanEck filed a spot Solana ETF application, although the Securities and Exchange Commission (SEC) hinted at the asset being a security rather than a commodity. However, many users hinted at better regulations this year. Donald Trump Return Fuels Optimism In the run-up to the US elections, Trump pledged positive crypto laws with a vision to position the country as the global Bitcoin hub. This attracted several enthusiasts with a massive interest in the elections. Trump’s win in November saw a huge spike in Bitcoin and altcoin prices as stakeholders pointed to easing regulations. This ease is expected to push spot Solana ETFs and other products alongside increased decentralized finance (DeFi) activities. The Trump Presidency is expected to shift from Joe Biden’s harsh policy approach to the sector. With anticipated pro-market regulations , market forces have flipped green, with SOL making huge gains in the last three months. At press time, Solana traded at $220, taking its market capitalization above $106 billion. In another development, Trump’s Scott Bessent nomination as Treasury Secretary also ignited hopes for a positive crypto policy.
