- Solana surged 3% following the SEC’s request for issuers to resubmit Solana ETF S-1 filings with updated language on redemptions and staking.
- Solana’s price could climb to $183 if it breaks key resistance levels, supported by rising bullish momentum indicators.
Solana Rallies on SEC ETF Buzz
Solana (SOL) is back in the spotlight, gaining 3% on Tuesday after reports surfaced that the U.S. Securities and Exchange Commission (SEC) has asked potential SOL ETF issuers to resubmit their S-1 filings within a week. According to Blockworks, this latest move by the SEC signals growing momentum toward possible ETF approval — and could usher in what analysts are calling an “Altcoin ETF Summer.”
The SEC reportedly wants firms to refine language concerning in-kind redemptions and staking — two critical points in how crypto ETFs function. Interestingly, the agency appears more receptive to allowing staking in Solana ETFs, a shift from its earlier hardline stance under former Chair Gary Gensler.
Race for the First Solana ETF Intensifies
The ETF race is heating up. Major players like VanEck, 21Shares, Bitwise, Grayscale, and Fidelity are in line, waiting for the SEC’s decision. CoinShares is also reportedly preparing to enter the competition, while Rex-Osprey is exploring legal workarounds to speed up approval.
Bloomberg analysts Eric Balchunas and James Seyffart recently gave Solana ETFs a 90% chance of SEC approval. Balchunas even hinted at a looming “Altcoin ETF Summer” with SOL at the forefront.
If the updated filings are accepted, the SEC could respond within 30 days — setting the stage for possible approval in as little as three to five weeks.
Solana Eyes Breakout to $183
On the technical front, Solana is testing its 50-day Simple Moving Average near $163. A successful break above the descending channel’s upper resistance could open the door for a rally to $183, where the 200-day SMA lies.
The Relative Strength Index (RSI) has crossed above neutral territory, signaling strengthening bullish momentum. Meanwhile, the MACD is close to a bullish crossover, hinting that buyers may soon take full control.
If the bullish scenario falters, SOL has potential support at $142 — but for now, investor optimism around ETF approval is lifting Solana toward the stars.
With ETF buzz, technical strength, and rising momentum, Solana may just be gearing up for a powerful breakout. Keep an eye on that $183 level — it could arrive sooner than expected.
