Despite the SEC Grayscale trust delay, SOL price surges onwards.
The United States Securities and Exchange Commission (SEC) has chosen to postpone its determination regarding the approval or disapproval of a suggested rule modification.
This change pertains to the potential listing and trading of shares for the Grayscale Solana Trust, which is conceived as a commodity-based trust.
Sherry Haywood, serving as the agency’s Assistant Secretary, indicated that the commission has elected to commence formal proceedings on the matter.
“The initiation of proceedings is deemed appropriate at this juncture, given the legal and policy considerations raised by the proposed rule alteration,” the official statement detailed.
“Commencement of proceedings does not imply that the commission has arrived at any conclusions regarding any of the issues involved.”
Public Consultation Period Initiated by Commission
In a related development, the regulatory body has invited all pertinent stakeholders to furnish their written perspectives on this issue within the subsequent 21 days.
Separately, the agency has also set a 35-day timeframe for individuals or entities wishing to submit a rebuttal to any other party’s commentary.
Surge in Solana Accumulation by Major Investors
The Solana network has recently experienced a marked increase in both the count of wallets holding non-zero balances and the activity of large-scale investors, often termed “whales.”
Significant advancements within the network, aimed at accommodating greater transaction throughput, have seemingly attracted heightened interest from institutional investors.
For example, the entity Upexi recently augmented its holdings by purchasing 326,347 SOL tokens at an approximate price of $135 each, bringing its total Solana assets to 596,714 SOL.
Earlier this month, SOL Strategies also bolstered its treasury portfolio through the acquisition of 122,524 SOL tokens, at an average cost of $148 per token.
Over the past year, the Solana network has achieved a notable expansion in its user base, a trend significantly influenced by the popularity of its memecoin ecosystem.
SOL Price Poised for Potential New Highs Amidst Market Optimism
Notwithstanding the regulatory pause, and within a broader bullish environment for alternative cryptocurrencies, Solana’s native token (SOL) appears strategically positioned to challenge its previous all-time high.
Market observers anticipate it could soon enter a phase of heightened market enthusiasm, potentially aligning with the anticipated 2025 bull market cycle.
From a technical analysis viewpoint, a sustained breakthrough above the critical resistance level around $180 in the forthcoming days could propel SOL’s price towards the $221 mark and potentially further into new territory.
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