I'm going to assume that by Validation(T) you mean something like ValidationNel[Throwable, T], since Validation[T] isn't anything and Validation[E, T] doesn't have an applicative functor instance unless E has a semigroup instance.
What you're looking for is probably traverse (or traverseU if you want to avoid writing out the type parameters). You can write the following, for example:
scala> case class Foo(singleVal: ValidationNel[Throwable, String])
defined class Foo
scala> val x = some(Foo("hey".success))
x: Option[Foo] = Some(Foo(Success(hey)))
scala> val y = none[Foo]
y: Option[Foo] = None
scala> println(x.traverseU(_.singleVal))
Success(Some(hey))
scala> println(y.traverseU(_.singleVal))
Success(None)
In general if M has a Traverse instance and N has an applicative functor instance, you can transform a M[A] into a N[M[B]] given a function A => N[B] with traverse (see my answer here for some additional discussion).