The odds of a Solana summer are increasing by the day, with 21Shares becoming the second issuer to file for a spot Solana ETF. This development follows the footsteps of crypto giant VanEck, who also made headlines with their Solana ETF filing.

VanEck and 21Shares are typically the first firms to apply for crypto ETFs, as was also the case with Ethereum. The big question remains whether BlackRock and Fidelity will also join the race.

Solana's Bullish Trajectory

Either way, Solana appears poised to resume its bullish trajectory, especially if the SEC sees a significant overhaul after November's US presidential elections.

Smart money traders are also watching out for the Solana memecoins, which could show a significant bounce after the ETF news. Bloomberg analyst James Seyffart believes that 21Shares' decision to apply for a spot in Solana ETF appears smart after yesterday's US presidential debate.

Experts called sitting president Joe Biden's performance a "disaster," which significantly increased the odds of a Trump presidency. Under these circumstances, the US Securities and Exchange Commission could seek a new Chairperson after November.

It remains to be seen if the current SEC Chair, Gary Gensler, will approve the Solana ETFs. VanEck and 21Shares' S-1 applications treat Solana as a commodity despite the Commission calling it a security in several lawsuits.

The current administration also requires crypto assets to have a regulated futures market before the approval of their spot ETFs. While Bitcoin and Ethereum met this requirement, Solana did not.

Potential Changes Under New Leadership

However, this could change under a new SEC, led by the pro-crypto Commissioner Hester Peirce. Peirce has stated several times during her dissents that the Commission has unfairly used Section 6(b) of the Securities Act to reject crypto ETFs.

She has also criticized the requirement of surveillance-sharing agreements and the Futures market for spot ETF approvals. As a result, the Solana ETFs could have a considerable chance of approval, provided that Trump does score a victory in November.

Famous crypto firm GSR believes that a potential spot ETF approval could be incredibly bullish for Solana. It claims the Solana price could surge by as much as nine times post-approval. Experts are also eyeing Solana memecoins, considering they act as beta plays on SOL.

For instance, Dogwifhat strongly correlates with Solana, often delivering 4x gains in the same direction.

Memecoins on the Radar

If the Solana price skyrockets post-ETF approval, WIF could also deliver outsized returns and trade as high as $10. Smart money traders are also bullish on new memecoins such as Base Dawgz, with some believing it could offer up to 100x gains.

Base Dawgz is native to the Base chain and is expected to emerge as one of the biggest memecoins in the ecosystem, following in Brett's footsteps.

However, as a multi-chain meme coin, DAWGZ can benefit from the bullish strength of several different cryptocurrencies, including Solana. Its innovative concepts, such as share-to-earn and staking rewards, have also caught the attention of investors.

Another memecoin to watch out for is Sealana, a seal-themed token set to go live on July 2nd. SEAL has already raised over $6 million in its presale and is still in significant demand before its IEO. Like Base Dawgz, experts believe Sealana could be the next 100x memecoin.