The SEC delays decision on Grayscale's Solana-based ETF as whales accumulate SOL and the price aims for a new all-time high.

The U.S. SEC has decided to postpone its decision on the approval or disapproval of the proposed regulatory change to list and trade shares of the Grayscale Solana Trust as a commodity-based trust. As noted by Sherry Haywood, the commission's deputy secretary, formal analytical procedures have been opted for.

The initiation of these procedures is appropriate due to the legal and public policy aspects raised by the proposal. This does not imply that the commission has made a decision on any of the issues involved, indicates the official statement.

The SEC has requested that all interested parties submit their written comments within the next 21 days, and set a deadline of 35 days to submit replies to opinions sent by other participants.

While the SEC delays its decision, Solana has experienced a significant increase in the number of active wallets with balances and in whale activity. Recent improvements in the network, aimed at supporting higher performance, have attracted the attention of institutional investors.

For example, the company Upexi acquired 326,347 SOL at an average price of 135 dollars, raising its holdings to 596,714 SOL. Similarly, SOL Strategies purchased 122,524 SOL at an average of 148 dollars, as part of its strategy to strengthen its crypto treasury.

Much of this adoption has been driven by the popularity of memecoins in the Solana ecosystem over the past year, which has revitalized institutional and community interest.

The price of SOL aims for a new all-time high in 2025.

From a technical analysis perspective, if SOL breaks the resistance around 180 dollars, the price could edge towards 221 dollars and beyond, consolidating as one of the market leaders in this new phase of the crypto cycle.