Despite the uncertainties on the regulatory front, Solana price continues to hold strong.
Hopes that the US Securities and Exchange Commission (SEC) would soon approve spot Solana ETFs may have been met with disappointment. This follows after the regulator recently notified two of the five intending issuers to that effect.
According to a report by Fox Business journalist Eleanor Terret, the SEC has told, at least, two of the applicants that it would deny their applications. Although the specific applicants have not been named, the new report already draws an all-around curiosity. That is, as those with interest in the development keenly observe what this means for the other three, who also submitted 19b-4 filings.
No Approval for Solana Spot ETFs Anytime Soon
Notably, Terret’s report highlights what has been a long-standing concern among crypto enthusiasts. That is, the fact that the SEC continues to be hesitant when it comes to approving spot crypto ETFs.
She noted that industry insiders share the general belief that the current administration is unlikely to allow any new crypto ETFs moving forward. Even with the growing demand from institutional and retail investors alike.
Meanwhile, in response to an optimistic social media comment suggesting that the SEC might still approve Solana ETFs, Terret referred to the regulator’s past behavior. She noted that the SEC tends to approve multiple ETFs simultaneously, as seen in January when 11 spot Bitcoin ETFs got approved. Terret added that it is not in the SEC’s mode of operation to carry out isolated approvals, so users should not expect any magic with Solana ETFs.
Interestingly, Terret is not alone in this line of thought. ETF Store President Nate Geraci echoes a similar sentiment. He stated:
“No surprise, but there won’t be any movement on spot crypto ETF filings until new leadership is in place.”
His commentary is a reference to the upcoming change in SEC leadership that will see Paul Atkins take charge of the agency in January.
SOL Price Holds Steady amid Uncertainty
Despite the uncertainties on the regulatory front, Solana’s price continues to hold strong. As of publication, SOL was seen trading at $238, up 1.81% in the last 24 hours.
Its steadiness has also meant that market analysts are now closely watching its resistance level at $240. In fact, many have hinted at a potential technical breakout that could push SOL’s price SOL $118.8 24h volatility: 6.1% Market cap: $60.95 B Vol. 24h: $7.47 B to an all-time high between $290 to $300.
It might be worth noting that SOL’s rally has been somewhat eclipsed by the performances of other cryptocurrencies. While SOL has been flat and revolving around the same price range, XRP recently saw weekly price gains of over 50%. This has somehow left investors wondering what to make of its momentum, particularly amid regulatory uncertainty.
Generally, the optimism around Solana ETFs remains. However, while those approvals may just not come yet, the recent appointment of David Sachs as the White House’s AI and crypto czar has further fueled hopes that the future of crypto regulation is positive.
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