Solana has increased by 0.5% in the past 24 hours, as the coin struggles to regain momentum after the SEC delayed its decision yesterday on several SOL ETFs.
At $167, SOL has now decreased by 6.5% in a week, but this altcoin is still up 13% over two weeks and 20% over a month.
While yesterday's news may have disappointed some holders, others are not surprised because the SEC still has a deadline in October for most ETFs.
With its position as the second-largest exchange after Ethereum, Solana has every chance of witnessing ETF approval by the end of this year, which could push the long-term price prediction of this coin to soaring heights.
Solana Price Prediction: ETF Delays Cause Alarm – Will the Price Drop Below $100?
This is not the first time the SEC has delayed its decision on the Solana spot ETF. The agency had done so back in March.
This is why yesterday's delay did not have a significant negative impact on Solana's price, which actually increased by more than 40% compared to the price on March 11, when the SEC delayed its decision on the 21Shares, Canary, and VanEck Solana ETFs.
This time, the SEC added the Bitwise Solana ETF to the list of delays above, following the delay of the Grayscale SOL ETF last week.
It can be asserted that such delays are normal, as the regulator has delayed the approval of Bitcoin ETFs for many years before approving the first batch last year.
Thus, Solana holders do not need to worry too much, as the charts for this coin currently show that it is still on an upward trajectory.
The relative strength index (purple) of this coin has increased since early April, and considering the long period this index was below 50, the coin still has time to maintain a high bullish position.
Indeed, the 30-day moving average (orange) of SOL also indicates an ongoing increase, as it is about to cross above the 20-day moving average (blue) and form a golden cross.
Therefore, we could see Solana's price continue to rise for several more weeks, despite the SEC's delays on the ETFs.
Partly due to the overall market recovering as the tariff situation improves, but also because Solana remains one of the strongest coins in the market in terms of fundamentals.
Its total locked value is $9.2 billion, making it the second-largest layer one network in the cryptocurrency ecosystem. Therefore, the price of Solana could reach $200 in the coming weeks, before hitting $300 in Q4.
