Solana ETFs Edge Closer to Reality, But SOL Price Slips Amid Investor Caution

Solana (SOL) has once again found itself in the crypto spotlight after top-tier financial institutions, including Fidelity, Grayscale, VanEck, Franklin Templeton, and Bitwise, submitted updated filings for proposed Solana spot ETFs to the U.S. Securities and Exchange Commission (SEC).

With filings now including detailed staking strategies and fee structures, institutional intent to launch regulated Solana-based investment products is clear. Grayscale’s revised S-1 form stands out, proposing a 2.5% fee charged in SOL and a trust structure relying on Coinbase Custody.

Meanwhile, VanEck’s model suggests a more aggressive approach: dual custodianship and an active staking model with a 1.5% fee, potentially making it more attractive to yield-seeking investors. These developments signal the SEC’s ongoing dialogue with issuers and rising optimism about potential approval by late Q3 2025.

Solana ETF Buzz Meets Short-Term Price Pressure

While the ETF updates mark a pivotal moment for Solana’s institutional adoption, the market didn’t respond with the expected enthusiasm.

On July 31, the day filings went public, SOL dropped 3.29%, closing at $170.24. Analysts suggest two main reasons: either the ETF optimism was already priced in after July’s rally, or traders remain skeptical about an imminent SEC greenlight.

Technically, Solana (SOL) faces a possible correction. With five consecutive red Heikin Ashi candles and rejection at the 200 SMA, the bulls appear to be losing steam. Key support lies at $158 — a break below could trigger a further decline toward $145.

Solana in August: Bullish Catalyst or Just Background Noise?

Despite the subdued short-term performance, the long-term implications of Solana ETF approval are undeniably bullish.

ETFs could drive mainstream exposure, boost liquidity, and simplify access to SOL for both retail and institutional investors. However, the SEC’s review process takes time. Until a final decision arrives, likely between late August and October, the ETF narrative may remain a background driver.

For traders, August will hinge on whether SOL can reclaim the $180 level. A bullish break above could ignite another rally. But if the $170–158 support fails, deeper pullbacks toward $145 or even $130 are on the table. For now, caution is key, with eyes on Washington for the next move.