SEC Delays Solana Trust Approval as Big Players Flood Market With Buys

The United States Securities and Exchange Commission has postponed approving a proposed rule change that would allow the listing and trading of the Grayscale Solana Trust as a commodity-based trust. This development signals the regulator’s intention to conduct a more in-depth review before concluding.

Addressing the issue, SEC Assistant Secretary Sherry Haywood revealed that the commission has chosen to initiate proceedings to review the problems of the law and policy involved in the proposal. She assured me that the fact that this process gets started makes no judgment of the application’s merits. As part of the proceedings, the SEC has asked for the written opinion of the public within 21 days, with rebuttals being sought for 35 days.

The decision coincides with more attention from institutional investors for Solana. Massive purchases in recent weeks indicate increasing confidence in the asset despite the uncertainty in regulation.

Also Read: Here Is Why XRP Is Up Today?

Whales Accelerate Accumulation as Solana Strengthens Network

Several institutional players have been actively acquiring Solana, capitalizing on market opportunities and network growth. Upexi recently acquired 326,347 SOL at an average of $135, boosting its total holdings to 596,714 SOL. Similarly, SOL Strategies added 122,524 SOL at around $148, further strengthening its position.

It is one of the many acquisitions that have been part of increased activity among whale wallets. Solana’s infrastructure upgrades and spiraling adoption, specifically in memecoins and scalable applications, bring new money into the ecosystem.

Apart from institutional purchasers, the number of wallets with non-zero balances has increased dramatically, implying the growing interest of both retail and professional investors. The network improvements also contribute significantly to strengthening the trust of new entrants.

Market Prepares for Potential Price Breakout

Solana’s price action has shown strength amid broader market optimism for altcoins. Analysts point to the $180 resistance level as a key barrier. If broken, SOL could rally toward the $221 mark and test its all-time highs.

The rising activity of large-holders and further growth in the network are considered bullish signals by traders. The pending decision by the SEC brings yet another aspect of anticipation that may determine the short-term trend of price direction.

Despite the slow pace at which the SEC has been approving the Grayscale Solana Trust, institutional appetite for the asset remains strong. On the contrary, large players are increasing their positions, betting on the long-term potential of Solana. Regulatory proceedings notwithstanding, Solana is getting stronger in the market as its adoption and investor confidence rise.

Also Read: Ripple Ditch XRP for RLUSD in New Hidden Road Use Case, Sparks Community Outrage

The post SEC Delays Solana Trust Approval as Big Players Flood Market With Buys appeared first on 36Crypto.