What happened?
The Solana price has seen a small 0.5% increase in the past 24 hours, largely due to the SEC delaying decisions on several Solana ETFs. Currently priced at $167, SOL has experienced a 6.5% decrease over the past week but remains up by 13% over the past two weeks and 20% over the past month. Despite the SEC’s setback, many are optimistic that ETF approvals will eventually boost Solana’s long-term price.
Who does this affect?
This development primarily impacts Solana investors and traders who are anticipating the approval of Solana ETFs. It also affects companies that have submitted ETF applications such as Bitwise, 21Shares, VanEck, and Canary, all awaiting regulatory clarity. Furthermore, broader cryptocurrency market participants who are watching how SEC decisions might influence other crypto assets could also be impacted.
Why does this matter?
The SEC’s delay in approving Solana ETFs can affect market sentiment and investor confidence in Solana and similar crypto-assets. While some may view these delays negatively, the lack of immediate impact on Solana’s price signifies possible resilience and ongoing bullish market trends. Approval of these ETFs could potentially drive significant market inflows, raising Solana’s price further and boosting the overall cryptocurrency market.