The U.S. Securities and Exchange Commission has postponed the approval of the proposed rule change that would allow Grayscale Solana Trust to be listed and traded as a commodity trust. This development signals the regulator's intention to conduct a deeper analysis before making a decision.
Addressing this issue, SEC Secretary's assistant Sherri Haywood stated that the commission decided to initiate an inquiry to consider legal and policy issues related to the proposal.
She assured that the fact that this process is starting does not make any judgment on the merits of the application. As part of the inquiry, the SEC requested written public comments within 21 days, and rebuttals will be requested within 35 days.
The decision coincides with increased attention from institutional investors towards Solana. Mass purchases in recent weeks indicate growing confidence in the asset despite regulatory uncertainty.
Several institutional players have been actively acquiring Solana, taking advantage of market opportunities and network growth. Recently, Upexi acquired 326,347 SOL at an average price of $135, increasing its total assets to 596,714 SOL.
Similarly, SOL Strategies added 122,524 SOL at a price of around $148, further strengthening its position.
This is one of many acquisitions that have become part of the increased activity among whale wallets. The modernization of Solana's infrastructure and its rapid adoption, especially in meme coins and scalable applications, brings new money into the ecosystem.
In addition to institutional buyers, the number of wallets with non-zero balances has sharply increased, indicating growing interest from both retail and professional investors. Network improvements also significantly contribute to strengthening the confidence of new participants.
The growing activity of large holders and further network growth are seen by traders as optimistic signals. The expected SEC decision brings another aspect of anticipation that may determine the short-term price direction trend.
Despite the slow pace at which the SEC is approving the Grayscale Solana Trust, institutional appetite for the asset remains strong. Conversely, major players are increasing their positions, betting on Solana's long-term potential.
Despite regulatory inquiries, Solana is becoming stronger in the market as its adoption and investor confidence grow.
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