SEC’s Solana ETF Saga: Will They or Won’t They? 🤔

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  • Rumor has it, the U.S. might approve those spot SOL ETFs in July or October. Or maybe never. Who knows?
  • SOL is feeling a bit of selling pressure, but hey, it’s not all doom and gloom in the Futures market! 🎢

In a plot twist worthy of a soap opera, the U.S. Securities and Exchange Commission (SEC) has decided to delay their decision on Franklin Templeton’s spot Solana [SOL] ETF application. Apparently, they’re busy with more pressing matters, like watching paint dry.

Bloomberg’s ETF oracle, Eric Balchunas, reacted to this news with the enthusiasm of a cat in a bathtub, saying the delay was ‘expected’. He added,

“(Approval) odds 90%. The ball is in the SEC’s court after the S-1s were refiled. Dialogue between the SEC and issuers is a great sign. Timeline less clear, though 2-4 weeks is ambitious.”

His colleague, James Seyffart, chimed in with a prediction that would make a fortune teller proud, suggesting he wouldn’t be shocked if the products launched ‘next month’ or by the October deadline. Because who doesn’t love a good cliffhanger?

“I wouldn’t be completely shocked if we see approvals for Solana ETFs in the next month or so. But I also wouldn’t be surprised if we have to wait until the final deadline in October. Timeline unknown.”

It’s worth noting that the regulator has been chatting with issuers about the SOL ETF staking filings, which analysts are treating like a sign from the universe that approval might actually happen. Or not. Who can say?

SOL’s Modest Pressure, Low Demand

In a twist that could only happen in the world of finance, even VanEck’s SOL ETF (VSOL) has made it onto the Depository Trust and Clearing Corporation’s (DTCC) active pre-launch list. It’s like being on the VIP list for a party that may or may not happen.

This development mirrors the BTC and ETH ETF approval timeline, giving SOL a glimmer of hope. 🌟

Despite the world being a chaotic mess, SOL hasn’t seen massive profit-taking or sell-offs. Glassnode data revealed that realized profit dropped to a mere $32 million on June 17th. A real nail-biter, isn’t it?

In the past, SOL’s local price peaks have attracted profit-taking between $700M and over $1 billion. So, the current modest sell pressure suggests that traders are holding their breath, waiting for SOL to climb higher. Or maybe they just forgot to breathe.

However, SOL’s spot market demand has been on a downward spiral since mid-May, as evidenced by the declining spot CVD (Cumulative Volume Delta). It’s like watching a balloon slowly deflate.

Speculative interest has also taken a nosedive, as shown by the southward movement of the CVD Futures. In short, the overall market interest has declined across both spot and derivatives sectors, which could delay a strong rebound for SOL if this trend continues. Talk about a rollercoaster ride!

During this thrilling saga, SOL has plummeted from $180 to $147, a drop of 22%. If the ETF gets the green light, it could help SOL reverse its recent losses and maybe even reach a new all-time high. Or it could just keep plummeting. Who knows?

Last year, market maker GSR predicted that SOL might increase 1.4x in a bear case or explode 8.9x in a bullish scenario if ETFs are approved. That’s an implied price target of $170-$1000 based on their projection, with a baseline around $400. So, place your bets, folks! 🎰

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2025-06-18 18:22