According to a filing dated May 19, 2025, the SEC will ‘institute proceedings’ to determine whether the exchange-traded funds meet regulatory standards. This process enables the commission to review periods and provides a window for public comment.
The fresh proceeding doesn’t mean that the SEC has either rejected or approved the exchange-traded funds; it simply means the commission is requiring more time to review the proposal thoroughly and invite public opinion.
Experts term this delay as a part of a process that is followed by the regulatory commission to take more time to review the proposal for any final decisions.
One of the major ETF delays is the Solana ETF filed by Bitwise, which aims to create a fund that could directly hold SOL. Bitwise’s application for the Solana ETF was first filed in January under the brand name of Cboe BZX Exchange.
Other than Bitwise, there are a few companies that have also filed their application for Solana spot ETF with the Securities and Exchange Commission of the United States.
Even after a massive circulating supply with popularity in the wider crypto market, Solana spot ETFs are still unapproved by any of the regulators in the United States.
A quick brief of Solana prices, volume, and market cap
According to data from CoinMarketCap, when writing, Solana was trading at $168.65 with an intraday surge of 4.98%, but in a week, its price is down by 1.44%.
The spike in the past 24 hours has once again dragged the prices of Solana above its 20, 50, 100, and 200-day exponential moving averages, but data on TradingView notes that its price fell 28% in the past 6 months and is down by 11.23% in the year-to-date time frame.
Experts mark $171.02 and $195.54 as some nearest resistance; on the other hand, Solana’s support is $109 and $95. In the past 24 hours, SOL’s market capitalization grew by $618.71 million, reaching $87.4 billion. A massive growth of 20.79% has been observed in the past 30 days and 5.72% in a quarter.
Despite bullish momentum in prices and market capitalization, the market dominance of Solana has reached 2.66% with a loss of 4.24% in a week and 7.22% since the beginning of this year.
Crypto market price updates
Until publishing, the crypto market cap was $3.34 trillion with a surge of 3.34%, and the crypto fear and greed index was 68, indicating a faded greediness.
Bitcoin is exchanging hands at $105,617 with a surge of 3.34% in the past 24 hours. The trading volume fell nearly 8.68% to $55.82 billion, and the market capitalization has reached $2.09 trillion with a surge of 2.95%.
The intraday gainers list has been ruled by Aave, followed by Pendle, Curve DAO token, Virtual Protocol, Maker, Render, and Chainlink.
