Solana SOL/USD jumped 4% from around $158 to over $164 on Wednesday. Rising ETF momentum is helping the price climb after the Securities and Exchange Commission (SEC) asked spot Solana ETF issuers to revise and resubmit their S-1 registration statements within a week.
The SEC plans to return comments within 30 days, which could pave the way for approval in three to five weeks. The development has accelerated preparatory filings. CoinShares registered its Solana ETF Trust in Delaware on June 10, signaling an imminent formal submission. Other asset managers, including Grayscale and Fidelity National Financial Inc FNF, are reportedly aligning their language on staking and in-kind redemptions per regulatory guidance.
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Bloomberg Intelligence analyst Eric Balchunas projects that spot ETFs for Solana and other altcoins could hit the market within two to four months. Balchunas told The Block that Solana ETFs could attract up to $1 billion on launch, assuming smooth regulatory processing and strong demand.
On the online prediction market Polymarket, the odds of a July approval for a Solana ETF jumped 45% following SEC updates. Ripple effects extended to Ethereum ETH/USD and Ripple XRP/USD, as traders speculated that altcoin ETF rollouts could cluster across the summer.
DeFi Development Corp DEFI rallied 17% from $23 to $27, while SOL Strategies Inc SOLS gained 8.4%. The moves highlight growing investor interest in Solana-linked assets amid speculation over institutional onramps. Bitcoin BTC/USD and Ethereum have both received spot ETF approvals, in early 2024 and mid 2024, respectively, setting a precedent for additional altcoins.
Solana is nearing a golden cross, with its 50-day moving average approaching a crossover above the 200-day. Immediate resistance sits near $170, with support around $160. A breakout above $170 could open a path toward the $200 psychological barrier.
Daily active addresses are up about 4% week over week, while average staking yields for SOL sit at 6.8%. Transaction throughput exceeded 55 million in the past 24 hours, indicating persistent developer activity and decentralized finance engagement on the network.
Key ETF decision dates span from mid-July to late October, depending on issuer response times and SEC turnaround. Should the agency maintain its 30-day review cycle, initial approvals may land in July, coinciding with the one-year anniversary of the first Bitcoin ETF greenlight.
Spot ETFs would simplify custody and compliance, opening doors for hedge funds, family offices, and retirement accounts. Secondary instruments such as structured products and options could see correlated growth, along with fresh capital into Solana-focused venture projects.
Delays from additional SEC comments or macro-driven market pullbacks, however, could derail short-term price action. Ethereum’s ETF launch brought initial volatility despite strong inflows, offering a cautionary tale for overleveraged positioning.
Solana’s trajectory hinges on ETF clarity and technical follow-through. If regulatory approvals arrive as forecasted, SOL could retest its all-time high near $290 in the coming quarters.
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