Solana ETF Decision Delayed by SEC: What It Means for SOL’s Future
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on four proposed Solana-based exchange-traded funds (ETFs), citing the need for further scrutiny under fraud prevention and investor protection provisions. This development has significant implications for solana (SOL) and its market trajectory. Below is a detailed analysis of the situation and its potential impact on SOL’s price and adoption.
SEC Delays Decision on Solana ETF Applications Amid Market Manipulation Concerns
The U.S. Securities and Exchange Commission has postponed rulings on four proposed Solana-based exchange-traded funds, including submissions from Bitwise, 21Shares, VanEck, and Canary. The delay, announced in a May 19 filing, reflects the regulator’s need to scrutinize the proposals under fraud prevention and investor protection provisions of the Securities Exchange Act.
Market participants anticipated swift approvals following the landmark Bitcoin ETF greenlights earlier this year. Instead, the SEC has opened a public comment window and extended its review period—a procedural move that suggests heightened caution around altcoin investment products. Solana’s price dipped 5% on the news before recovering half the losses during Asian trading hours.
Solana Price Dips Amid FTX Liquidation; Unilabs Gains Investor Confidence
Solana faces downward pressure as FTX prepares to liquidate its SOL holdings to repay creditors. The anticipated sell-off exacerbates existing bearish sentiment, with SOL’s price trajectory mirroring broader market apprehensions.
Investor attention pivots to Unilabs, a rising DeFi asset manager that has secured $614k in its presale. The protocol’s rapid expansion and growing adoption position it as a potential top 50 cryptocurrency by 2027, according to market analysts.
Solana (SOL) Surges 6% on Bullish Reversal and DeFi Activity Toward $180
Solana’s SOL token rallied 6% as bullish momentum and heightened DeFi activity pushed prices toward the $180 resistance level. The cryptocurrency demonstrated resilience amid broader market uncertainties, with its price action forming a clear uptrend marked by higher lows and higher highs.
SOL broke through key resistance at $166.87, backed by institutional-grade volume that suggested accumulation despite a brief 1.35% pullback. Analysts identify $166.82 as a critical short-term pivot, with sustained momentum above $177 potentially triggering further upside.
The token traded in a wide range between $159.69 and $173.03—an 8.35% swing—with above-average volume clustering in the $167-$170 zone. Market participants now watch for confirmation of a sustained breakout.
True Markets Secures $11M Series A to Launch Solana-Based DeFi Trading App
True Markets, a decentralized finance platform specializing in stablecoin-native execution, has launched its mobile-first trading application on the Solana blockchain. The New York-based firm announced an $11 million Series A funding round, co-led by Accomplice and RRE Ventures, bringing its total capital raised to $20 million.
The app targets retail users with a non-custodial trading experience emphasizing speed and transparency. Seed investors Paxos Ventures and the Solana Foundation maintained their support, joined by Reciprocal Ventures, Variant Fund, and PayPal Ventures in the latest round.
Founded by Coinbase and Circle alumni Vishal Gupta and Patrick McCreary, True Markets represents the growing institutional interest in Solana’s high-performance DeFi ecosystem. The platform enables stablecoin-powered token trading, addressing demand for mobile-optimized decentralized exchange infrastructure.
