SEC May Soon Approve Solana (SOL) ETF, Causing Price to Surge 4.80%

The crypto market is abuzz with news that the United States Securities and Exchange Commission (SEC) may soon approve Solana (SOL)

The crypto market is buzzing with news that the United States Securities and Exchange Commission (SEC) may soon approve the Solana (SOL) ETF.

Multiple sources indicate that the SEC has asked Solana ETF applicants to file changes to their S-1 forms. This signals a possible approval that will happen in the coming weeks.

Solana Price Up 4.80% in 24 Hours

The news about the possible approval of the Solana ETF has caused the Solana price to increase by more than 4.80% today (11/6), touching the level of $165 or Rp2,699,031. According to Pintu Market, the SOL price touched its lowest price of IDR2,561,532 and its highest price of IDR2,721,028.

According to CoinMarketCap, Solana’s market capitalization currently stands at around $87.1 billion, with trading volume also jumping 40% to $5.43 billion in the last 24 hours.

Investors and crypto market analysts are showing high optimism towards this news. The Solana ETF is considered to be the next big step after the launch of the Bitcoin futures ETF last year.

The SEC's Approval Process

The SEC has requested Solana ETF applicants to file changes to their S-1 forms within one week. These changes include how they plan for in-kind redemption and whether staking will be included in the ETF structure.

Bloomberg Intelligence analyst Eric Balchunas said that approval could happen as soon as July, although the SEC’s final decision deadline was extended to October.

Would love to hear directly from Atkins, but all good chance of happening. Here’s our latest odds of approval for all the dif spot ETFs via @JSeyff

According to some sources, the SEC will provide comments on the updated filings within 30 days. This suggests that the SEC may prioritize 19b-4 filings relating to Solana and ETF staking sooner than expected.

Market Reaction and Investment Opportunities

The market has responded positively to this development, with Solana (SOL) prices rising past $165.

Grayscale, one of the asset managers, plans to convert their SOL Trust into a spot ETF, following the model they use for their Bitcoin (BTC) and Ethereum (ETH) products.

This move follows after CME launched Solana futures in February, which also paved the way for the approval of spot ETFs. Moreover, investment opportunities in Solana ETFs are likely to open more doors for investors to engage directly with these crypto assets through traditional markets.

This will certainly add liquidity and possibly attract more institutional investors into the crypto market.

All in all, with the SEC’s strong indication of a possible Solana ETF approval, the future of this crypto asset looks bright. Investors who have been waiting for this investment product may not have to wait much longer.

Although there are still several stages to go through, optimism in the market suggests that many expect an agreement to happen soon.