Solana Drops 4% as SEC Moves on ETFs

The Solana price has experienced a slight decline, dropping below the $150 mark as the broader crypto market saw a 4% decrease over the past 24 hours. Currently trading at $149, Solana has remained relatively stable over the past week and month, showing a modest 13% increase over the past year. However, recent developments suggest that significant changes may be on the horizon for Solana.

According to sources familiar with the matter, the Securities and Exchange Commission (SEC) has given applicants for Solana ETFs until the end of July to file amended S-1 forms. This move indicates that the regulator may be considering a fast-track approval process, which could lead to the first ETF approvals earlier than anticipated. The approval of the REX-Osprey Solana Staking ETF last week, which saw $12 million in inflows on its first day, has potentially influenced the SEC's decision to expedite the process.

Despite this positive development, there have been mixed signals regarding SOL ETF acceptance. The SEC recently delayed its judgment on Fidelity’s Solana ETF, adding a layer of uncertainty to the situation. Solana's technical indicators reflect this mixed sentiment, with the relative strength index hovering around 50 and the MACD showing signs of potential recovery.

While the current trading volume for Solana is relatively low, the eventual approval of SOL ETFs could provide a significant boost to the coin's price. Analysts predict that Solana could reach $250 by the end of Q4 and $350 by the end of the year, driven by the anticipated ETF approvals and the coin's strong fundamentals.