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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.
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