The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on the Grayscale Solana ETF, leading to a decrease in SOL's price.
Postponed SEC Decision
According to the latest SEC filing, the decision to approve or deny the Grayscale Solana ETF application has been extended by another 60 days. The SEC requires additional time to evaluate whether the proposed ETF meets listing and trading requirements. The SEC stated: "The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change."
Other Solana ETFs in Question
The SEC has also delayed decisions on applications from other issuers, including Fidelity and VanEck, regarding Solana ETFs. This postponement affects multiple ETFs that will be tracking the spot prices of Solana. Bloomberg analysts have increased the odds of Solana ETF approval to 95%.
Solana Prices and Trader Expectations
The price of Solana tumbled over 3% in the last 24 hours following the SEC's decision. At the time of publication, the trading price was $186.87. Trading volume, however, rose by 85%, indicating increasing trader interest. Analysts predict that SOL's price could significantly rise by September, coinciding with anticipated rate cuts by the Federal Reserve.
The SEC's decision to extend deadlines for the Grayscale Solana ETF has created a negative backdrop for Solana, but traders continue to show interest in this cryptocurrency.
