According to @MilkRoadDaily, SOL still has room to run versus ETH, citing a potential spot SOL ETF and the DAT narrative as catalysts, and suggesting Solana’s ATH may be closer than expected. source: @MilkRoadDaily on X, 2025-08-23 https://twitter.com/MilkRoadDaily/status/1959269524433437161 U.S. issuers have filed spot Solana ETF proposals, including VanEck’s 19b-4 submission to list a Solana Trust on Cboe BZX in June 2024, placing the product into the SEC’s formal review pipeline. source: SEC EDGAR; VanEck 19b-4 filing (June 2024), sec.gov Under Exchange Act Section 19(b), the SEC can extend 19b-4 decisions up to 240 days from publication, creating known timing windows that traders monitor for potential volatility around deadlines. source: SEC Exchange Act Section 19(b) and Rule 19b-4 timeline, sec.gov A key risk is regulatory: the SEC previously alleged SOL is an unregistered security in its 2023 complaints against Coinbase and Binance, which could affect ETF outcomes and token classification. source: U.S. SEC v. Coinbase, Inc., Complaint filed 2023-06-06; U.S. SEC v. Binance Holdings Limited, Complaint filed 2023-06-05, sec.gov