Experts are raising their Solana price targets after Bloomberg analysts Eric Balchunas and James Seyffart suggested that spot SOL ETF approval is now imminent.
In a Bloomberg Intelligence report later shared on X, Balchunas assigned a 90% probability to the SEC greenlighting a Solana spot exchange-traded fund. Notably, he also gave 90% odds to spot BTC ETF approval in November 2023, which started a Bitcoin bull run.
His analysis also points to a major regulatory shift under the new pro-crypto SEC, led by Trump appointee Paul Atkins. According to Balchunas, the agency now “likely” views Solana as a commodity — a notable departure from the Gensler-era stance.
Beyond being bullish for SOL itself, a spot ETF approval would also be a major catalyst for Solana meme coins.
Experts believe that tokens closely tracking SOL’s price trajectory are currently among the best Solana meme coins to buy.
Just How Bullish Is A Spot SOL ETF For Solana?
Solana continues to narrow the gap between itself and Ethereum, rapidly establishing itself as the “ETH Killer”. A spot Solana ETF would pave the way for massive institutional investment, especially as it would confirm that the SEC views SOL as a commodity.
Prominent institutions like Grayscale, 21Shares, Bitwise, Canary, Franklin Templeton and VanEck have already filed their S-1 applications to the SEC’s Division of Corporate Finance, each with wealthy clients and hundreds of billions in assets under management.
A spot Solana ETF could receive approval by October 10th this year — the final deadline if the SEC opts to approve all pending applications simultaneously to avoid granting any issuer a first-mover advantage.
A recent JPMorgan report revealed that spot SOL ETFs could attract cumulative net inflows between $3 billion and $6 billion within the first six months of launch. While the projected inflows are lower than those for Bitcoin and Ethereum, they would represent a higher adoption rate than Ethereum ETFs relative to market capitalization — resulting in a sharper price upswing.
As such, prominent analysts remain highly bullish on Solana’s prospects, both in the short and the long term. Popular crypto trader Jelle indicates that the SOL price could be headed for another retest of the $240 resistance after securing a monthly close above its consolidation lows.
Jelle had previously projected that the Solana price could peak at $500 this bull cycle, which is possible with strong SOL ETF inflows. As previously stated, this is bullish for Solana meme coins as well.
Best Solana Meme Coins To Buy Now
Solana meme coins that show a strong correlation with SOL’s price trajectory are excellent buys for the upcoming bull market.
For instance, Dogwifhat (WIF) is once again serving as a high-beta play on SOL — mirroring its direction, but with amplified volatility.
Sidelined investors should wait for a successful breach of the $0.662 resistance level, which would indicate a breakout from the cup-and-handle pattern, a highly bullish signal for meme coins.
A subsequent breakout of the $0.70 mark would likely pave the way for a rally to $1.30. There is a high likelihood that the Dogwifhat price forms a new all-time high in the long run.
Sidelined investors should also keep an eye out for Popcat and Bonk, two Solana meme coins that typically show strong correlation with SOL.
Solaxy (SOLX), the first Solana Layer-2 scaling solution, is another crypto asset that has caught the attention of whales and smart money investors.
Behind continuous six-figure investments, SOLX has already raised nearly $33 million in its presale.
Solaxy, being a Solana Layer-2 chain, is an excellent long-term investment. The top Bitcoin and Ethereum L2s have multibillion-dollar valuations.
With Solana facing network congestion issues during every meme coin season, Solaxy could see significant adoption following its imminent launch. Its ZK rollups, data availability tools and a multi-chain bridge ensure that both SOL and SOLX holders can bank on low-cost transactions and zero downtime, even during periods of heavy traffic.
Unsurprisingly, analysts are calling Solaxy one of the best Solana meme coins to buy now, with some eyeing up to 10x returns.
Visit Solaxy Presale
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