Solana [SOL] has just taken a significant step towards legitimacy on Wall Street. The Solana ETF (VSOL) proposed by VanEck has entered the DTCC list—this is a key prerequisite for its listing—indicating a shift in regulatory mechanisms.
With the soaring approval odds and the SEC opening dialogues, the competition for the third U.S. spot cryptocurrency ETF is heating up quickly.
The DTCC listing demonstrates strong development momentum for the Solana ETF.
The VanEck proposed spot Solana ETF (VSOL) has officially listed under the 'Active and Pre-Issue' category at the Depository Trust & Clearing Corporation (DTCC).
Although the ETF has not yet been created or redeemed, the listing makes it eligible for electronic trading and clearing; awaiting final approval from the U.S. Securities and Exchange Commission.
While approval cannot be guaranteed, the DTCC registration adds momentum to the growing field of ETF issuers. Bloomberg ETF analyst James Seyffart commented on this:
I wouldn’t be completely shocked if the Solana ETF is approved in about a month. But I also wouldn’t be surprised if we have to wait until the October deadline. The exact timing is unknown. Overall, the SEC is actively involved, which is a good sign.
The odds are high.
Market confidence in the Solana ETF is rapidly rising. According to Polymarket, traders currently estimate a 91% chance that the Solana spot ETF will be approved in 2025; an increase of 17% in just a few days.
Although the U.S. Securities and Exchange Commission has approved Bitcoin and Ethereum spot ETFs, Solana, with its strong developer activity, fast transaction speed, and expanding DeFi ecosystem, is emerging as the next potential candidate.
Combined with the recent approval of futures from the Chicago Mercantile Exchange (CME), SOL is ready to enter the mainstream financial market.
Despite strong ETF momentum, SOL still struggles.
Despite the growing optimism in the market for the Solana ETF, SOL's price movement remains under pressure. As of the time of writing, SOL is trading at $147.26, down 0.24% for the day.
The RSI is approaching 42, showing weakening momentum and nearing the oversold area. Meanwhile, the MACD indicator has formed a bearish crossover, with the signal line above the MACD line, confirming downward pressure.
While ETF news may be beneficial in the long run, short-term price recovery may face resistance unless broader buying demand returns.
