Despite a plethora of geopolitical concerns and economic frailty, the cryptocurrency market has found its footing this week. Among the assets that have put themselves in great position in April is Solana, as the token ends the week up 6% following its SOL ETF taking a massive step toward.
Since the approval of both Bitcoin and Ethereum ETFs in 2024, all eyes have been on which assets could follow suit. Subsequently, Solana has emerged as a favorite, with the cryptocurrency gaining some major momentum for the impending investment vehicle.
Also Read: Solana Mid-April Price Prediction: Can SOL Reclaim $150?
Solana ETF Takes Important Step Forward as Token Rebound to Start April
2025 has been a troubling month for a host of cryptocurrencies and the traditional finance market. Over the last year, Solana is down more than 35%, according to CoinMarketCap. Moreover, it ended the first week of April down more than 15% over the last 30 days.
However, it reversed that trend as it ended the first week of the month and looked forward. Specifically, Solana emerged as it ended the week up 6% on Friday, with talks of a potential SOL ETF taking a major step forward. Indeed, the asset could be set to become just the third crypto-based ETF to get US Securities and Exchange Commission (SEC) approval.
Also Read: PayPal Now Supports Solana (SOL) & Chainlink (LINK) for US Customers
Cryptocurrency asset manager Grayscale had filed a registration statement for its Solana Trust (GSOL) on Friday. Indeed, they are seeking to turn the trust into an ETF on NYSE Arca. Additionally, the decision follows its submission of 19b-4 for its Solana trust in December of last year.
The asset manager took the same approach when issuing its Bitcoin and Ethereum ETFs. Moreover, the investment vehicle has pushed an increasingly bullish stance on SOL’s prospects this year. Cryptocurrency price prediction platform CoinCodex has forecasted the asset to reach $134 this month, up 9% from its current position.
However, they expect things to get even better for the token as the year progresses. Specifically, they project the token to jump more than 144% in September, reaching a 2025 high of $291.
