Solana lost its bullish momentum in the last few months.
SOL’s decline coincided with the Solana ETF application withdrawals.
Optimists think SOL’s decline is a mere consolidation.
Solana’s ambitions for an ETF have dimmed in recent months, mirroring the broader crypto market’s struggles to maintain upward momentum. However, the lack of progress on a Solana ETF is particularly concerning, given the altcoin’s previous rally and the fading impulse ETF attempts they do not see actualizing.
ETF Hurdles and Market Realities
Bloomberg ETF analyst James Seyffart outlined the challenges facing a potential Solana ETF. According to Seyffart, the Solana ETF issuers will file their prospectus and go through the corporate finance division to get approved. However, he noted that the issuers must get the “19 befores.”
The recent withdrawal of Cboe’s “19 befores” filings for Solana ETFs further underscores the regulatory hurdles. Seyffart speculates that the SEC’s classification of Solana as a security in various litigations may have influenced this decision.
Read also: Regulatory Pause on Solana ETFs: Spotlight Shifts to MEEK Memecoin
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