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The Solana (SOL) community is buzzing with excitement as they anticipate a decision from the U.S. regulatory body. Barring any last-minute changes, the Securities and Exchange Commission (SEC) will rule on several spot Solana exchange-traded fund (ETF) applications before it.
Major asset managers await SEC verdict on Solana ETF
A renowned investor, Ted Pillows, has highlighted that the SEC has until Thursday, Oct. 16, to decide on the applications. The approaching deadline has kept the community buzzing, as many anticipate a nod from the regulator.
Several asset managers have their applications before the SEC, and these include Franklin Templeton, Bitwise, Fidelity, Canary Capital, CoinShares, Grayscale and VanEck. Notably, in the last days of August, about seven asset managers all updated their filings with the commission.
The move suggests that there has been communication between the asset managers and the regulator. Many consider this a positive development and increase the potential for likely approval. The update signals progress and adjustments to possibly align with requirements.
If the SEC gives the green light, it will give Solana institutional exposure and could increase adoption. Such a development might rub off positively on the asset and lead to an increase in price.
Solana had suffered a 17.12% loss in value over the past seven days, a situation worsened by the broader crypto market liquidation. However, the altcoin is on the path of recovery as the ETF approval deadline inches closer.
Market responds with optimism ahead of decision
As of press time, the Solana price was changing hands at $193.54, which represents a 6.25% jump in the last 24 hours. The coin soared to $199.67 as it attempted to flip $200 but faced rejection. The move shows it has potential for more upside, particularly with the bullish anticipation.
Meanwhile, ahead of a possible approval, investors are actively trading Solana, and volume has climbed by 26.36% to $11.97 billion. It could be that these investors are hoping for a price surge if the SEC gives a nod.
As per predictions by some analysts, regulatory approval could push the price towards between $345 and $520. One online user, Kekov, anticipates that SOL could gain and climb rapidly to hit $1,000.
Despite these anticipations and wishes, Oct. 16 remains pivotal to Solana. It could prove to be a notable date in the blockchain’s history if the SEC does not delay approval. Community members are already counting down to the date.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team