Sunday, November 24, 2024, the Solana (SOL) cryptocurrency is experiencing a price drop of almost 5%, currently valued at US$ 247.56.
On November 21, 2024, a significant development occurred in the cryptocurrency market as four applications for spot Solana exchange-traded funds (ETFs) were officially submitted to the U.S. Securities and Exchange Commission (SEC). These applications were filed by Cboe BZX Exchange on behalf of asset managers Bitwise, VanEck, 21Shares, and Canary Capital.
Coinciding with President-elect Donald Trump’s assumption of power in 2025, news broke on the same day regarding the departure of SEC Chairman Gary Gensler, who is expected to leave his post in January.
The U.S. Securities and Exchange Commission (SEC) has made substantial progress in discussions with issuers regarding the feasibility of launching a Solana spot ETF (exchange-traded fund). This development comes as the SEC begins reviewing S-1 filings, indicating a potential increase in the acceptance of cryptocurrencies in the mainstream financial market.
According to Fox Business journalist Eleanor Terrett, renowned investment management firms such as VanEck, 21Shares, and Canary Capital are in the process of submitting S-1 documents for the Solana ETF. Bitwise Asset Management has also recently expressed its intention to participate in this endeavor by submitting an S-1 filing. The growing number of companies seeking regulatory approval highlights the increasing interest in cryptocurrency-based financial products.
Terrett further suggests that the next crucial step, involving 19b-4 filings on behalf of the issuers, appears promising. This step is vital for the final approval of the ETF, which could usher in a new era of cryptocurrency investments through traditionally regulated vehicles.
In terms of technical analysis, the Solana cryptocurrency is currently experiencing a 5% drop in the market, nearing the $245 mark after reaching its all-time high resistance of $264.39.
Solana (SOL) initiated a bullish rally last week and established stability above the $230 level. Presently, Solana is demonstrating positive indicators after surpassing its previous all-time high (ATH). The next significant resistance lies around $280, and if surpassed, the price may attempt to reach $320.
On the downside, the initial support level now rests near $230. The subsequent crucial support level is $210, below which the price may regress to $195.