Could Solana surpass Ethereum if its ETF gets approved?

The cryptocurrency market is buzzing with talk about Solana (SOL) possibly overtaking Ethereum (ETH), as expectations grow for a potential U.S. approval of a Solana exchange-traded fund (ETF).

Experts believe that such approval could attract more investors and increase Solana’s market strength. However, Ethereum’s strong institutional backing still keeps it in the lead for now.

Ethereum ETFs started trading in July 2024, recording $107 million in net inflows on their first day. This move opened the door for big investors to enter the crypto market.

Meanwhile, Solana’s growth has been impressive — CME launched Solana futures in March 2025, and options trading is expected to start by October 13, pending approval.

In September 2025, the U.S. Securities and Exchange Commission (SEC) introduced new rules to make it easier to approve spot-commodity ETFs beyond Bitcoin and Ethereum. This could pave the way for a Solana ETF soon.

Solana’s network revenue reached $271 million in the second quarter of 2025, showing strong activity and fast transactions. However, Ethereum still handles about 60% of all stablecoin transfers, proving its dominant network presence.

Market Overview:

If the Solana ETF is approved, it could increase demand and liquidity, especially with CME expanding its derivatives market. Analysts say consistent ETF inflows and strong developer activity could help Solana challenge Ethereum’s dominance.

However, experts also note that Ethereum’s longer history and trust among institutions still make it the preferred choice for long-term investors.

“Solana’s ETF approval could mark the next big step in crypto investing,” said one market analyst. “But its long-term success will depend on whether this interest turns into real blockchain usage.”

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