Fox Business reporter made an interesting post for Solana ETFs. Crypto industry experts say that Solana ETF approval is unlikely under the current administration. However, Donald Trump’s appointment of David Sachs brought some hope to the market. Meanwhile, SOL price has consolidated in a narrow range over the past week. Analysts are now waiting for a potential breakout in the altcoin price.
Claim: US SEC spot Solana will reject ETF applications!
As you have been following from Kriptokoin.com, hopes have increased in the crypto world after Donald Trump’s victory. Many experts said that there is no longer an obstacle to the approval of cryptocurrency ETFs. However, this may not be exactly the case. Fox Business reporter Eleanor Terret reported that the SEC notified at least two of the five applicants for spot Solana ETFs that their 19b-4 applications would be rejected.
According to Terret, industry experts believe that the SEC is unlikely to approve any new cryptocurrency ETFs under the current administration. Therefore, despite the growing demand for crypto ETFs, regulatory resistance to these products continues. A user on X responded to Terret, stating that the odds are still in favour of approval. Responding to this, the journalist wrote the following:
The SEC will only approve one or a few and not others. Remember the Bitcoin ETFs? Eleven of them were launched on the same day.
Nate Geraci: No surprise!
However, this development did not surprise crypto industry veterans who did not expect a major development until Paul Atkins took over as US SEC Chairman in January. Speaking on the development, ETF Store President Nate Geraci said, ‘No surprise! But there will be no movement in spot crypto ETF applications until the new leadership arrives… Lame duck.’ he said. Geraci added that the interesting thing is that the SEC recently accepted the Bitwise Crypto Index ETF, which gave Solana 4% weight.
On the other hand, crypto industry players are turning positive for the Solana ETF approval following David Sachs’ recent endorsement for the role of artificial intelligence and crypto czar in the White House. President-elect Donald Trump made the announcement official via social media platform Truth Social.
Is $300 at risk for altcoin?
Other altcoins are making a strong move triggering the altcoin season. SOL, on the other hand, continues to flirt flat around its important resistance of $240. Also, XRP is stealing the limelight with a surge of over 50% on the weekly chart. XRP outperformed Solana amid a strong undercurrent of bulls with its price increase.
At the time of writing, the altcoin price was trading at $234 with a 1.2% loss. SOL’s market capitalisation is around $111.560 billion. The pessimism surrounding the Solana ETF approval has not yet been reflected in its price. Some market analysts believe that after the last consolidation phase, SOL is ready for a technical breakout and will take it to an all-time high of $290-300.
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