Seven Firms File Updated Solana ETF Applications With SEC

Solana (SOL) is currently experiencing a short-term price decline, trading around $167, influenced by increased trading volumes and anticipation around multiple spot Solana ETF applications filed with the U.S. SEC by major firms including Bitwise, Fidelity, and VanEck. These ETF filings, expected to receive regulatory approval possibly by late August or September, are seen as a potential catalyst for a price boost, with market confidence high that such approvals will drive momentum similar to Bitcoin and Ethereum ETFs. Technical analysis shows SOL recently broke out of a bearish channel and formed a bullish rounded bottom pattern, with key support near $170 and resistance levels around $180–$185; a rebound above these levels could target prices between $260 and $280. Despite short-term pressure and some bearish indicators, Solana's developer activity and network usage remain robust, and forecasts project significant long-term growth, with prices potentially reaching over $323 in 2025 and surpassing $1,000 by 2031 driven by mainstream adoption of decentralized applications. Meanwhile, related altcoins like SUI and Remittix (RTX) are also gaining attention for their growth potential, although SUI faces a large token unlock that could pressure prices. Overall, Solana maintains a strong position in the DeFi and Web3 ecosystem, supported by a combination of technical fundamentals, institutional interest, and optimistic community sentiment.