The U.S. Securities and Exchange Commission (SEC) postponed making a definitive decision on Fidelity's Solana Fund. The SEC announced a 21-day period for the public to submit their comments on whether Fidelity's Solana Fund should be approved or disapproved.
Additionally, the agency established 35 days for members of the public who intend to submit a rebuttal comment. The agency followed a similar pattern with other Solana spot ETFs and other altcoins in the recent past.
When will the Solana ETF happen in the U.S.?
According to people familiar with the matter, the U.S. SEC requested that potential issuers of Solana spot ETFs resubmit amended S-1 documents before the end of July. The move follows a similar request made last month, which signaled the imminent approval of Solana spot ETFs soon.
"I think the SEC is under some pressure to approve this faster than waiting until October, especially with that Rex Shares product that was approved last week," commented a person familiar with the matter.
According to James Seyffart, a senior ETF analyst at Bloomberg, there is over a 90% chance that the U.S. SEC will approve various SOL spot ETFs by the end of 2025.
What’s next for the price of SOL?
Like the broader altcoin market, the price of SOL has been stuck in a choppy consolidation pattern over the past year. The large-cap altcoin, with a fully diluted valuation of around $89.5 billion and an average trading volume of about $3.7 billion over 24 hours, has been trying to regain macro bullish momentum after a rebound from a support level around $130.
If you liked #Solana at $150, you will love it at $500.
Although the weekly Relative Strength Index (RSI) has formed a medium-term bearish sentiment, strong fundamentals are likely to drive the price of SOL towards a new all-time high in the near future.