SOL ETF Approval May Come Early, Solana Activity Soars

TL;DR

• SSK’s strong debut with $33M volume puts pressure on SEC to approve more Solana ETFs quickly.
• Network daily active addresses spike to 14.63M, signaling rising user interest and platform usage.

Solana ETF Coming Earlier?

The U.S. Securities and Exchange Commission (SEC) is moving faster than expected on spot Solana (SOL) ETF applications. According to two sources familiar with the matter, the SEC asked fund issuers to submit updated S-1 filings before the end of July. These updates must include details on staking and in-kind transactions.

Although the Commission has until October 10 to make a final decision, it may act before that date. This shift in pace appears connected to the recent approval of the REX-Osprey Solana and Staking ETF (SSK). That fund launched under the Investment Company Act of 1940, which allowed it to start trading without a formal approval unless the SEC intervened.

SSK Launch Raises Urgency for Other Filings

SSK’s launch gives it a key advantage over other proposed ETFs still under review. It became the first Solana staking fund available to U.S. investors. The SEC has previously tried to avoid giving early access to one fund by approving similar products at the same time. This was the case with spot Bitcoin and Ethereum ETFs.

One person familiar with the matter said the existence of an active Solana ETF could increase pressure on the SEC to approve additional filings without delay. The Commission’s request for issuers to update their paperwork suggests the process may now move faster than originally planned.

Strong Trading Start for First Solana ETF

As CryptoPotato reported, SSK began trading last week and drew $12 million in inflows on its first day. It also recorded $33 million in volume, based on data from Bloomberg analyst Eric Balchunas. These early numbers reflect growing interest in Solana-related investment products.

Notably, on-chain data shows a sharp increase in the network’s usage. According to Santiment data, daily active addresses reached 14.63 million on July 7. Just days earlier, activity had remained below 5 million.

Meanwhile, the rise in user activity comes at a time when Solana’s market price has stayed steady. SOL was trading at $150.06 at press time, down 1.48% over the past 24 hours.

Over the last week, the price has gained 0.61%. Trading volume sits above $4.28 billion. If activity on the network continues to grow, it may support long-term interest from investors and fund managers.