However the path to ETF approval remains uncertain. The SEC has previously hinted at potentially classifying SOL as a security which would subject it to stricter regulations. Additionally the lack of a well established Solana futures market – a factor the SEC considered in approving Bitcoin and Ethereum ETFs – could present another hurdle.
Despite these challenges, some crypto proponents believe a potential shift in U.S. leadership could create a more favorable regulatory environment for SOL ETF approval.
Solana price action has been dynamic in recent weeks. After touching the neckline of a double-top pattern SOL found support and has closed bullish for several days. The price faced rejection for the third time after entering a support zone before rebounding.
From May 21st SOL recorded a high of $188 from a bullish pennant resistance before facing bearish momentum dropping by 35% before finding support. On June 18th it broke down from a wide bullish pennant influenced by broader crypto market sell offs.