Experts are raising their price targets for Solana after Bloomberg analysts Eric Balchunas and James Seyffart suggested that approval of the spot SOL ETF is now imminent.
In a report from Bloomberg Intelligence shared later on X, Balchunas assigned a 90% probability to the SEC approving a spot Solana index fund. Notably, he also gave a 90% chance for the approval of the spot BTC ETF in November 2023, which kicked off a Bitcoin rally.
His analysis also points to a major regulatory shift under the new pro-crypto SEC, led by Trump appointee Paul Atkins. According to Balchunas, the agency now 'likely' sees Solana as a commodity — a notable shift from the Gensler era position.
In addition to being optimistic for SOL itself, the approval of a spot ETF would also be a major catalyst for Solana's meme coins.
Experts believe that tokens closely tracking SOL's price trajectory are currently among the best meme coins on Solana to buy.
How optimistic is a spot SOL ETF for Solana?
Solana continues to close the gap with Ethereum, quickly establishing itself as the “ETH Killer.” A spot Solana ETF would pave the way for massive institutional investment, especially as it would confirm that the SEC views SOL as a commodity.
Prominent institutions like Grayscale, 21Shares, Bitwise, Canary, Franklin Templeton, and VanEck have already submitted their S-1 applications to the SEC's Division of Corporate Finance, each with wealthy clients and hundreds of billions in assets under management.
A spot Solana ETF could receive approval by October 10 of this year — the deadline if the SEC chooses to approve all pending applications simultaneously to avoid giving any first-mover advantage to an issuer.
A recent report from JPMorgan revealed that spot SOL ETFs could attract cumulative net inflows between $3 billion and $6 billion in the first six months after launch. Although projected inflows are lower than those for Bitcoin and Ethereum, they would represent a higher adoption rate than Ethereum ETFs relative to market capitalization — resulting in a sharper price increase.
Thus, prominent analysts remain highly optimistic about Solana's prospects, both in the short and long term. Popular crypto trader Jelle indicates that SOL's price may be gearing up for another resistance test at $240 after securing a monthly close above its consolidation lows.
The monthly candle for $SOL also doesn’t look too bad.
Removed all consolidation lows and closed above them.
Time for another test of $240? pic.twitter.com/yjeSgnTBea
— Jelle (@CryptoJelleNL) April 30, 2025
Jelle had previously projected that the price of Solana could reach $500 in this bull cycle, which is possible with strong inflows from the SOL ETF. As mentioned earlier, this is optimistic for Solana's meme coins as well.
Best meme coins on Solana to buy now
Solana meme coins that show a strong correlation with SOL's price trajectory are excellent buys for the next bull market.
For example, Dogwifhat (WIF) is once again serving as a high-beta play on SOL — mirroring its direction but with amplified volatility.
Sidelined investors should wait for a successful breakout above the resistance level of $0.662, which would indicate a breakout from the cup and handle pattern, a highly bullish signal for meme coins.
A subsequent breakout above the $0.70 mark would likely pave the way for a rise to $1.30. There is a high probability that the price of Dogwifhat will form a new all-time high in the long term.
Sidelined investors should also keep an eye on Popcat and Bonk, two Solana meme coins that typically show strong correlation with SOL.
Solaxy (SOLX), the first layer two scaling solution for Solana, is another crypto asset that has caught the attention of whales and smart money investors.
Behind ongoing six-figure investments, SOLX has already raised nearly $33 million in its pre-sale.
Solaxy, being a layer two chain of Solana, is an excellent long-term investment. The leading L2s of Bitcoin and Ethereum have valuations in the billions.
With Solana facing network congestion issues during every meme coin season, Solaxy may see significant adoption following its imminent launch. Its ZK rollups, data availability tools, and multi-chain bridge ensure that both SOL and SOLX holders can rely on low-cost, uninterrupted transactions even during peak traffic periods.
No surprises, analysts are calling Solaxy one of the best meme coins on Solana to buy now, with some hopeful for returns of up to 10x.
