A naukri.com initiative
Crypto-News-Flash
4w
417
Image Credit: Crypto-News-Flash
SEC Pushes Forward on Solana ETF Review — S-1 Amendments Due Next Week, SOL Rallies 6%
- The SEC progresses on reviewing Solana ETF applications, requesting S-1 form amendments to be submitted next week.
- Solana (SOL) experiences a 6% price surge to $165, attributed to positive market sentiment.
- Several asset managers, including VanEck and Grayscale, have submitted applications for a spot Solana ETF and must update their filings within the week.
- Updates are expected to address in-kind redemptions and staking, with the SEC showing openness to allowing staking in these ETFs.
- The SEC plans to provide feedback on the filings within 30 days to help issuers meet regulatory requirements.
- Canada has already launched Solana ETFs, while delays exist in the US approval process, raising concerns about the country's competitive position in the financial market.
- Speculations point to an 85% chance of a SOL ETF approval by 2025, with potential approval by mid-July 2025, but delays similar to Bitcoin and Ethereum ETFs are possible.
- The request for amended filings has led to a 6% increase in SOL price, which currently stands at $165, with a surge in daily trading volume to $5.6 billion.
- Market optimism surrounds the possibility of ETF approval, with expectations of further price boosts and institutional adoption for Solana.
- Technical analysis suggests current resistance at $182 for SOL, but long-term forecasts favor potential rallies towards $1,000 upon ETF approval.
- The appointment of Paul Atkins as the permanent chair of the SEC adds to the positive outlook for Solana ETF approval.
Read Full Article
25 Likes
For uninterrupted reading, download the app