Solana sol-3.15%Solana was trading at $171.45 on Friday, down by 7.40% from its highest point this week. This retreat mirrors that of other cryptocurrencies like Bitcoin 

btc-0.94%Bitcoin and Hedera Hashgraph hbar-4.67%Hedera.

A potential catalyst for Solana is the anticipated approval of spot SOL ETFs by the U.S. Securities and Exchange Commission. Applicants include Grayscale, Vaneck 21Shares, Canary, and Franklin Templeton. According to Polymarket the odds of approval have risen to 81%.

There are signs that these ETFs will attract strong investor interest. A recently approved leveraged Solana fund, the 2X Solana ETF, has continued to gain assets. Since its launch in February, the fund has added nearly $30 million in inflows. It has posted net inflows every month since inception.

So far this month, the fund has attracted $9.6 million in inflows, up from $8.3 million in April and $5.5 million in February.