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The U.S. Securities and Exchange Commission (SEC) has announced plans to reject at least two Solana spot ETF applications. This move has cast doubt over Solana’s ability to break through the $240 resistance level and reach its ambitious $300 price target. The broader crypto market continues to grapple with regulatory uncertainties and shifting leadership dynamics.
SEC to Deny Solana ETF Applications
According to Fox Business journalist Eleanor Terrett, the SEC remains cautious about approving cryptocurrency ETFs, a stance that aligns with its historical approach to Bitcoin ETF applications. Terrett noted that the agency often addresses all ETF filings collectively, further delaying decisions.
The SEC’s position has raised questions about the immediate future of Solana. However, the recent acceptance of the Bitwise Crypto Index ETF, which includes a 4% allocation to Solana, offers a glimmer of hope for investors.
Can Solana Break Through the $240 Resistance?
Currently, Solana is consolidating at a $240 resistance level, with the potential to climb to the $290–$300 range if it manages a breakout. However, ongoing regulatory hurdles continue to overshadow this bullish scenario.
ETF Store President Nate Geraci expressed skepticism about any short-term progress, stating, “We won’t see movement on spot crypto ETF applications until there’s new leadership at the SEC.”
Optimism Surrounding Trump Administration’s Crypto Moves
Adding to the intrigue, President Donald Trump’s appointment of David Sachs as the White House’s AI and Crypto Czar has fueled optimism within the crypto community. Sachs is expected to adopt a more crypto-friendly stance, potentially easing regulatory barriers for Solana and other projects.
The Bigger Picture
As Solana’s price struggles to hold above $240, both regulatory developments and market dynamics are under close scrutiny by investors. The SEC’s decisions, combined with broader market movements, could mark a pivotal moment not just for Solana but for the future of digital assets as a whole.
Turkish NY Radio will continue to monitor these developments, offering timely updates on Solana and the evolving crypto landscape.
