Solana staking ETF price

Key Insights: Solana ETF approval odds in August are low but the SEC could make accelerated approval, claimed Bloomberg ETF analyst James Seyffart. The SEC acknowledged Invesco Galaxy’s application to list spot Solana ETF on the Cboe BZX Exchange. SOL price is making significant upside above $200 level, with futures indicating potential for more upside. The U.S. Securities and Exchange Commission (SEC) could go for accelerated approval of spot Solana ETF in August. Additionally, it could approve staking in spot Ethereum ETFs, according to a Bloomberg ETF analyst. The rationale behind faster-than-expected approval includes the SEC deadline, asking issuers to refile with staking in their ETF prospectus, and approval of the REX-Osprey SOL + Staking ETF (SSK) recently. Will the US SEC Approve Spot Solana ETFs in August? The 3rd deadline for the US SEC to decide on several spot Solana ETFs by issuers including Bitwise, VanEck, 21Shares, and Canary is due on August 17. Also, the comment on approving or denying ETFs took place last month. Notably, the final deadline for the SEC to decide on Solana ETFs falls in October. On July 28, the SEC delayed its decision to convert Grayscale Solana Trust to an ETF to October 10. On August 14, Bloomberg ETF analyst James Seyffart said the odds of approval in August remained low. Besides, he noted that the US SEC would take more time despite the recent push to set the July-end deadline to refile applications. The agency asked issuers to include staking as well as in-kind creations and redemptions. However, he added that if the SEC decides to approve under the expected accelerated process, the agency would approve ETH staking along with Solana ETFs. Solana ETF Approval Odds | Source: James Seyffart Besides, Bloomberg analysts raised the odds of spot Solana ETF approval by the SEC to 95% recently. It triggered bullish sentiment in the Solana community, pushing SOL price higher. SEC Accepts Invesco Galaxy Solana ETF The SEC acknowledges Invesco Galaxy’s application to list spot Solana ETF on the Cboe BZX Exchange on August 13. Invesco Galaxy and CoinShares were the late entrants in the Solana ETF race, having filed their prospectus in June after Bloomberg analysts raised approval odds to 90%. Notably, Cboe BZX Exchange filed 19b-4 with the SEC on July 30, with the filing in the Federal Register in the next few days. After the publication in the Federal Register, the SEC would get an initial 45 days to approve the ETF. Besides, the automatic approval of the first Solana ETF with staking by REX-Osprey became another catalyst for an increase in the odds of accelerated approval. The REX-Osprey SOL + Staking ETF (SSK) was approved under the Investment Company Act of 1940. SOL Price Surges Above $200 SOL price jumped over 2% in the past 24 hours and 22% in a week, with the price trading near $206. Notably, this surge comes amid soaring discussions over the potential Solana ETF launch in the US. The 24-hour low and high are $195.26 and $209.67, respectively. Furthermore, the trading volume has decreased by 4% in the last 24 hours, indicating a slight decline in interest among traders. In the daily timeframe, the price is above the 50-SMA, 100-SMA, and 200-SMA at the time of writing. Whereas the Relative Strength Index (RSI) rises to 67, signaling potential for an upside move. Also, a golden cross pattern formed in the daily timeframe as 50-SMA (blue) crossed above 200-SMA (red). Solana Price Chart in Daily Timeframe | Source: TradingView CoinGlass data showed massive buying in the derivatives market. At the time of writing, the total SOL futures open interest jumped 5% to $12.53 billion in the last 24 hours. SOL futures OI on CME and Binance climbed more than 16% and 8%, respectively. This signals bullish sentiment among derivatives traders, with potential for further uptrend. The post Breaking: Bloomberg Analyst Breaks Silence on Solana ETF, Ethereum Staking Approval in August appeared first on The Coin Republic.