Market News

SEC Delays Decision on Solana ETFs, but Analysts Predict Imminent Breakout

Recent developments in the Solana (SOL) market have sparked both concern and optimism among analysts.

Following a brief surge fueled by Bitcoin and Ethereum reaching new highs, Solana tumbled below the critical $200 mark, primarily due to the SEC's postponement of decisions on multiple Spot SOL ETFs.

The SEC announced that it would extend its review period for several proposed Solana ETFs, delaying any potential approval until mid-October 2025.

Despite the setback, ETF expert James Seyffart maintains a positive outlook, predicting that standard spot SOL ETFs may still receive approval by mid-October this year.

Analysts have also observed that Solana is currently positioned within a six-month ascending triangle pattern, targeting a breakout to around $360 if it can maintain momentum above the $180 support level.

Furthermore, the number of wallets holding over 10,000 SOL tokens has reached an all-time high this week, indicating strong accumulation.

Solana's recent price dip to the $188 range raised speculation that it could represent a final buy opportunity before a potential rebound.

As of now, traders are watching closely to see if SOL can break the $200 resistance and capitalize on its uptrend.

Solana is currently trading at approximately $184.9, marking a 4.7% decline in the daily timeframe.

Investors are encouraged to keep an eye on upcoming market trends, as the altcoin may be poised for significant movement in the coming weeks.