A major decision was made. Grayscale’s Solana Trust ETF has been approved for listing on NYSE Arca. This highly anticipated ETF is set to launch today, on October 29th 2025. The company submitted a request to convert the Solana Trust in an ETF back in this year. Once the product is approved, it may cause a major market impact, similar to what we’ve seen in the past with other ETFs that are crypto-based.
Can Solana Reach a New High After the ETF Conversion was Approved?
ETFs played an important role in this current market cycle. Bitcoin’s (BTC) price has reached multiple highs, after 11 ETFs were approved by the SEC last year. Ethereum (ETH), too, reached a record high in the first half of this year thanks to an increase in ETF flows. Solana’s (SOL), given its popularity, could follow the same pattern.
Solana continues to be a red-hued stock on the majority of charts, despite the ETF approval. According to CoinGecko data, SOL is down by 3.2% in the daily chartsThe chart shows a 4.2% increase in 14-day trading, as well as a 6.4% gain over the last month. SOL rallied 6.2% in the past month, and by 8.4% from late October 2024.
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While an ETF may help Solana’s price rebound, it is unclear if it can hit a new all-time high just yet. Crypto market remains weak. Bitcoin (BTC), has been struggling to gain momentum and many major assets have experienced price fluctuations. SOL has fallen 33.3% since its high-water mark of $293.31. However, Solana’s (SOL) future is likely quite bright. This asset is known as one of most durable cryptocurrencies. SOL’s price fell to below $9 after the collapse of FTX in 2022. SOL is now at multiple highs since the 2022 bottom. The market may follow a similar path once it finds its footing.
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Source: watcher.guru
