Solana ETFs Gain Momentum as Major Asset Managers Seek SEC Approval

The cryptocurrency landscape is witnessing a significant shift as institutional interest in Solana (SOL) grows, with at least six major asset management firms filing for spot ETF approvals since June 2024. VanEck led the charge with its pioneering S-1 registration, sparking a wave of applications from industry heavyweights like 21Shares, Bitwise, and Grayscale. These firms aim to either convert existing trusts or launch new Solana-based products on prominent exchanges such as Cboe BZX and NYSE Arca. This surge in filings underscores a broader institutional demand for diversified crypto exposure beyond Bitcoin, positioning Solana as a formidable player in the digital asset space. As of August 2025, the SEC's decision on these ETFs could mark a pivotal moment for Solana's adoption and price trajectory, potentially unlocking new avenues for institutional investment and mainstream acceptance.

Major Asset Managers Vie for SEC Approval on Solana ETFs

Wall Street's push into crypto diversification has reached Solana, with at least six asset management firms filing for spot ETF approvals since June 2024. VanEck's pioneering S-1 registration kicked off a wave that now includes 21Shares, Bitwise, and Grayscale—all seeking to convert existing trusts or launch new products on exchanges like Cboe BZX and NYSE Arca.

The filings signal institutional demand for exposure beyond Bitcoin and Ethereum, with Solana's scalable blockchain attracting fund managers. Franklin Templeton's dual S-1/19b-4 filing in March 2025 underscores the competitive timeline, while post-election submissions from Canary suggest regulatory strategy shifts.

Phantom Wallet Expands Solana Ecosystem with Acquisition of Solsniper Trading Platform

Phantom, the dominant cryptocurrency wallet for the solana blockchain, has acquired Solsniper, an AI-powered trading platform specializing in Solana memecoins. The deal, announced August 5, 2025, accelerates Phantom's transformation from a wallet into a comprehensive trading and analytics hub.

Solsniper's lightning-fast tools for monitoring new tokens and tracking wallets have made it a favorite among power users in Solana's high-speed ecosystem. The acquisition follows Phantom's $150 million Series C funding round earlier this year, which valued the company at $3 billion.

"They are one of the best teams in crypto," Phantom CEO Brandon Millman said of Solsniper's developers in a post on X. The Solsniper web platform will continue operating independently as Phantom integrates its technology.

Solana (SOL) Price: Could This 25% Drop Be The Perfect Buying Opportunity?

Solana has plunged more than 25% from its July peak of $206, now hovering near $162 as market volatility shakes out speculative positions. The Layer 1 token's retreat mirrors broader crypto market weakness, though technical analysts spot potential accumulation zones between $136-$148 where institutional buyers previously emerged.

Key support levels loom at $160 and $120, with resistance clustered NEAR $175. Market participants debate whether this correction represents healthy consolidation after SOL's 2025 rally or signals deeper bearish momentum. The RSI and MACD indicators currently hover in neutral territory, offering no clear directional bias.

Long-term projections remain bullish, with price targets between $200-$300 by year-end 2025. Solana's fundamental strengths - including growing developer activity and institutional adoption - continue attracting believers despite short-term price action.

Pump.fun Revenue Plummets 80% Amid Memecoin Market Downturn

Solana-based memecoin launchpad Pump.fun recorded its weakest performance of 2025 in July, with revenue collapsing to $24.96 million—an 80% drop from January's $130 million peak. The platform's decline mirrors a broader contraction in the memecoin sector, where market capitalization fell 23.5% to $65 billion and trading volume cratered 67% to $5.59 billion.

Daily active traders on Pump.fun dwindled to 129,000, down 62% from earlier highs, while trading volume slipped 56% to $150 million. Solana's new token creation hit a three-month low, with just 34,040 SPL tokens minted on August 2. Even LetsBonk's 25% trader increase couldn't offset shrinking trade sizes, as volumes fell 10%.

The revenue collapse follows a steady erosion throughout 2025—from $90 million in February to $37 million in March, then stabilizing near $40 million before July's breakdown. This trajectory aligns with fading speculative fervor across crypto markets, particularly for meme-based assets that dominated Q1 activity.