Rising Solana Activity on CME Signals ETF Launch Could Be Imminent

Speculation is mounting over which digital asset could be next in line for a spot ETF, and Solana (SOL) is taking centre stage. Despite recent price softness, interest has been climbing steadily. Activity on the Chicago Mercantile Exchange (CME) is adding weight to the belief that approval for a Solana ETF may be approaching, as institutional engagement continues to grow.

CME Activity Reflects Institutional Positioning

Trading data from the Chicago Mercantile Exchange (CME) has revealed a marked rise in Solana futures activity. Since launching in March, trading volumes have steadily climbed, reaching record levels in June.

Open interest peaked at 2,849 contracts on 17 June, representing $146 million in notional value. Over 106,000 contracts have changed hands since launch, with total notional volume exceeding $3 billion. 

May also saw roughly 10% of trade volume executed through large block trades, with the average transaction size around $5 million. These figures point to growing participation by institutions anticipating future price movement.

The upswing in futures activity is widely seen as a sign that traders are positioning themselves ahead of major news, most notably the possible approval of a Solana ETF. 

Bloomberg’s ETF probability chart assigned Solana a 95% chance of approval, signalling strong expectations around a potential green light. The CME data aligns with this forecast, reinforcing the sentiment that a significant development may be imminent.

Regulatory Milestones and Public Momentum

Momentum is building around the possibility of a Solana ETF. Between regulatory steps and rising public buzz, all signs are pointing in one direction. Here’s why this moment could be a turning point and why investors are watching closely.

Key Highlights You Shouldn’t Miss:

• VanEck’s Solana ETF ticker “VSOL” has been listed with DTCC, a major US trade settlement platform.
• Polymarket gives a 91% chance for Solana ETF approval, with a 50% likelihood before July ends.
• Google searches for “Solana ETF” soared in June, showing increasing public awareness and interest.
• A green light from the SEC could attract large-scale inflows, echoing Bitcoin’s ETF-fuelled momentum.

Top Firms Advance Solana ETF Filings Amid Ongoing SEC Review

Several asset management firms have already moved to secure regulatory clearance for spot Solana ETFs. Some of these applicants include VanEck, 21Shares, Bitwise, Franklin Templeton, Fidelity, and CoinShares. 

These filings, submitted to the US Securities and Exchange Commission (SEC), include provisions for staking, a feature which may appeal to investors seeking yield opportunities within traditional market structures.

Franklin Templeton’s application is currently under review by the SEC. The Commission has opened a public comment period, allowing people to submit feedback as part of the review process. 

Additionally, the deadline for a decision on the application has been extended to late July 2025, signalling that the SEC is actively engaging with the proposal, although final approval remains pending.

Analysts Grow Bullish on Solana as Price Action Reflects ETF Optimism

Market analysts continue to monitor Solana’s price levels closely, with growing optimism that a potential ETF approval could drive significant price gains.  

Pseudonymous trader Cipher X, active on social platform X, has identified the $138–$140 range as a critical support zone. Should this level hold, he anticipates a potential price move toward the $190–$200 range by July. 

The analyst placed Solana’s ETF approval odds at 80% by July and expects a repricing to follow. He also projected that the token could deliver a monthly move of 40% to 50% once the ETF catalyst comes into play.

Similarly, market analyst Cas Abbe noted that Solana has rebounded sharply from a key support level, which he sees as a positive sign. He believes growing interest from buyers reflects renewed confidence, driven largely by expectations of ETF approval.

Abbe remains focused on that outcome, suggesting the current price still doesn’t reflect its potential impact. He expects upward movement in the coming month as the market begins to adjust.

Solana has climbed more than 7% in the past 24 hours, supported by easing global tensions. Anthony Scaramucci, founder of SkyBridge Capital, expressed confidence in Solana’s future, suggesting that it has the potential to climb past Ethereum. While he did not directly link this to the ETF developments, his remarks reflect growing sentiment around Solana’s long-term strength within the digital asset space.