Solana Price Update: Navigating ETF Decision Delays
The **Solana price** has seen an increase of **0.5%** in the last **24 hours**, although the coin is struggling to gain significant momentum following the recent decision by the **SEC** to delay evaluations on several **SOL ETFs**. Currently priced at **$167**, **SOL** has declined by **6.5%** over the past week. Nonetheless, this altcoin has still managed to rise by **13%** over the last two weeks and **20%** in a month.
For many investors and holders, yesterday’s news might have been disappointing; however, some were not shocked as the **SEC** has set a **final deadline** in **October** for the majority of these **ETF applications**. As Solana continues to establish itself as the second-largest **layer-one blockchain** after **Ethereum**, it holds considerable potential for securing ETF approvals later this year—an outcome that could elevate its long-term price.
ETF Delays: Implications for the Solana Market
This is not the first time the **SEC** has postponed decisions regarding spot-based **Solana ETFs**; a similar situation occurred in **March**. Interestingly, this recent delay did not have a strong negative impact on Solana’s price. In fact, SOL has appreciated by over **40%** since March 11, when the SEC last deferred decisions on **21Shares**, **Canary**, and **VanEck Solana ETFs**.
🚨 SEC just delayed ALL Solana ETF applications from Bitwise, 21Shares, VanEck, and Canary, citing market manipulation concerns. They’re “instituting proceedings” to review if the SOL ETFs meet Exchange Act Section 6(b)(5) standards for investor protection. 📊 pic.twitter.com/IxGPjWfC0a
— NeomaVentures (@NeomaVentures) May 20, 2025
The SEC has recently added the **Bitwise Solana ETF** to the list of postponed applications, expanding on last week’s delay regarding the **Grayscale SOL ETF**. Such delays can be perceived as routine; the regulator spent years deliberating on **Bitcoin ETFs** before finally approving the first set last year. Therefore, Solana holders need not worry excessively. The coin’s price chart is indicating a positive upward trend.
The **relative strength index** (RSI), shown in purple, has been consistently climbing since early April, reinforcing its potential bullish trajectory. Given how long the RSI remained below **50**, it still has ample opportunity to progress within an elevated, bullish zone.
Furthermore, **SOL’s 30-day average** (indicated in orange) is poised to exceed the **20-day average** (indicated in blue), setting the stage for a potential **golden cross**. Given these positive indicators, we could anticipate several additional weeks of sustained rallies for the Solana price, even amidst SEC delays with ETF applications. This optimistic outlook is partly due to a more favorable overall market environment and improved **market conditions**, alongside Solana’s robust fundamentals.
Solana boasts a **total value locked** of **$9.2 billion**, making it the second largest layer-one network within the entire **cryptocurrency ecosystem**. Consequently, it’s plausible that the **Solana price** could rise to **$200** within the next few weeks, with the possibility of surpassing **$300** by the end of Q4.
Emerging Opportunities: New Solana-Based Token on the Horizon
In recent times, Solana has been the home to several lucrative **meme tokens**, but it is now gearing up for the launch of a new token that promises strong fundamentals: **Solaxy (SOLX)**. This token is particularly noteworthy as it marks the introduction of Solana’s **first layer-two network**.
**Solaxy** has successfully raised **$38.5 million** in its presale, which will conclude in **26 days**. This impressive figure positions Solaxy’s sale among the largest in recent years, and its growing popularity is further demonstrated by its follower count, which now exceeds **75,000** on **social media** platforms.
We’re going interstellar! 🛸
38M Raised! 🔥 pic.twitter.com/udfUBJ0GBC— SOLAXY (@SOLAXYTOKEN) May 20, 2025
Solaxy is designed to offer **ultra-low transaction fees** and **rapid confirmation times** upon its launch, allowing traders to circumvent the delays and congestion that can impact Solana, even post-upgrades. This platform also includes instant bridging capabilities between itself and Solana, resulting in a seamless experience for traders and **DeFi users**.
Investors holding SOLX will have the option to stake their tokens for passive income. Since SOLX will be required to cover transaction fees on the Solaxy platform, demand for this token is expected to be very high. Currently, SOLX can still be purchased during the presale on the *Solaxy website* at a price of **$0.00173**. Once the presale concludes in 26 days, the token will list on exchanges, likely leading to a significant price rally.