Solana price has established a robust support level around $130 since March 2024.
The United States Securities and Exchange Commission (SEC) has delayed making a definitive decision on the Fidelity Solana Fund. The SEC announced a 21-day period for the public to submit their comments on whether the Fidelity Solana Fund should be approved or disapproved.
Additionally, the agency instituted 35 days for the members of the public who intend to submit a rebuttal comment. The agency followed a similar pattern with other spot Solana ETFs and other altcoins in the recent past.
According to people familiar with the matter, the U.S. SEC requested prospective issuers of spot Solana ETFs to re-file amended S-1 documents before the end of July. The move follows a similar request made last month, which signaled the imminent approval of spot Solana ETFs soon.
“I think that the SEC has some pressure to approve these quicker than waiting all the way to October, especially with that Rex Shares product that got approved last week,” a person familiar with the matter noted.
According to James Seyffart, a senior ETFs analyst at Bloomberg, there is more than a 90 percent chance that the U.S. SEC will approve the various spot SOL ETFs by the end of 2025.
As with the wider altcoin market, SOL price has been trapped in a choppy consolidation pattern in the past year. The large-cap altcoin, with a fully diluted valuation of about $89.5 billion and a 24-hour average traded volume of around $3.7 billion, has been attempting to regain macro bullish momentum after rebounding from a support level around $130.
Although the weekly Relative Strength Index (RSI) has been forming a midterm bearish sentiment, robust fundamentals will likely propel SOL price towards a new all-time high in the near term.
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