Chances of approval for the Solana ETF reach 76%, is there a positive opportunity for SOL?

Among the various cryptocurrencies awaiting regulatory approval for an exchange-traded fund (ETF), #Solana ($SOL ). According to Poly, market data, the chances of the U.S. Securities and Exchange Commission (SEC) approving the $SOL ETF have risen to 76%.

Interest in the Solana ETF is increasing as approval probabilities rise.

It is worth noting that in an update published by Solana, Floor on X, Poly, market predicted that the chances of regulatory approval would reach 76% for the numerous S-1 applications submitted to it by July 31. This increasing likelihood of approval indicates growing investor confidence in this field.

In the past twenty-four hours, confidence in approval has risen by 13%, from 63% to 76%. This development indicates that market sentiment is positive, which may secure approval for the Solana ETF soon.

It is important to clarify that Poly Market's expectations do not guarantee outcomes; rather, they reflect the ecosystem's anticipation for this exchange-traded fund application.

More than five asset managers, including Fidelity Investments, Franklin Templeton, 21Shares, Canary Capital, and Bitwise, have submitted their S-1 filings to the U.S. Securities and Exchange Commission. However, the regulatory body has not responded to them.

Interestingly, Solana and Ripple are among the prominent pending applications for exchange-traded fund products before the U.S. Securities and Exchange Commission.

Will the price of $SOL react to the catalyst of the exchange-traded fund?

Meanwhile, in February 2025, the U.S. Securities and Exchange Commission approved the #SOL exchange-traded fund submitted by Canary Capital. This acknowledgment came just a few days after the regulatory body confirmed receipt of the application submitted by Grayscale Investments.

Despite ongoing delays from the U.S. Securities and Exchange Commission (SEC), Nit Gerasi, head of the ETF shop, predicted in December 2024 that Solana would have a strong chance of approval in 2025. Gerasi believes that the risks are significant for some cryptocurrency-related ETFs, and Solana could be one of those that gets approved.

Although acknowledgment does not mean approval, it remains significant as it indicates that the U.S. Securities and Exchange Commission (SEC) may soon begin reviewing the applications presented to it.

Despite Poly Market's expectations, the price of Solana was not positively affected. Solana is currently trading at $149.86, representing a 4.43% decrease over the past 24 hours.