Swiss asset management firm 21Shares has followed in VanEck's footsteps by filing an application for a Spot Solana ETF in the United States. With Solana's market performance catching the eye of Wall Street institutions, this move is expected to capitalize on the growing interest in the altcoin. However, 21Shares' application hinges on Solana's legal classification as a non-security under U.S law. If the SEC deems it a security, 21Shares may withdraw its application due to stricter regulations. A potential Solana ETF approval is predicted to boost SOL's price, similar to Bitcoin's hike after its spot ETF approval. Analysis by GSR Markets suggests varying scenarios of potential SOL inflows relative to Bitcoin ETFs. While SOL is currently trading at $141.80, its price and trading volume have seen recent declines. Investors are encouraged to keep an eye on the developments regarding a Solana ETF.