The Solana price has risen by 0.5% in the past 24 hours, with the coin struggling to reclaim momentum after the SEC delayed making a decision yesterday on several SOL ETFs.
At $167, SOL is now down by 6.5% in a week, but the alt remains up by 13% in a fortnight and by 20% in a month.
And while yesterday’s news may come as a disappointment for some holders, for others it wasn’t surprising, with the SEC still having a final deadline in October for most of the ETFs.
Given Solana’s stature as the second-biggest layer-one after Ethereum, it has every chance of witnessing ETF approvals later in the year, something which could send its long-term price prediction sky high.
Solana Price Prediction: ETF Delays Raise Red Flags – Is a Drop Below $100 Coming?
It’s not the first time that the SEC has delayed making a decision on spot-based Solana ETFs, with the regulator doing the same back in March.
This is why yesterday’s delay has not had a particularly negative impact on Solana’s price, which is actually more than 40% up where it was on March 11, when the SEC delayed decisions on the 21Shares, Canary and VanEck Solana ETFs.
This time, the SEC has added the Bitwise Solana ETF to the above list of re-delays, following last week’s delay for the Grayscale SOL ETF.
It’s entirely arguable that such delays are routine, given that the regulator dragged its feet for years on Bitcoin ETFs, before approving the first batch last year.
As such, Solana holders needn’t be too concerned, with the coin’s chart today showing that the coin remains on an upwards curve.
Its relative strength index (purple) has been climbing since early April, and given how long it was below 50, it still has time to remain in an elevated, bullish position.
Source: TradingViewIndeed, SOL’s 30-day average (orange) also points to ongoing gains, seeing as how it’s about to climb over the 20-day (blue) and form a golden cross.
We could therefore see several more weeks of sustained rallies for the Solana price, despite the SEC delaying over ETFs.
This is partly because the market as a whole is recovering in the face of an improved tariff situation, but also because Solana remains one of the strongest alts in the market in terms of fundamentals.
It boasts a total value locked of $9.2 billion, making it the second-biggest layer-one network in the crypto ecosystem.
The Solana price could therefore reach $200 in the next few weeks, before topping $300 by Q4.
A New Solana-Based Token for Big Gains
Solana has also been the home of several hugely successful meme tokens in the past year or so, yet there’s one new Solana-based token that will bring rock-solid fundamentals when it launches in the next month.
This is Solaxy (SOLX), which has the distinction of being Solana’s first layer-two network.
SOLX has raised $38.5 million in its presale, which will now end in 26 days.
This figure makes Solaxy’s sale one of the biggest of the past few years, while another sign of its popularity comes from its follower count on X, which now numbers over 75,000.
This suggests that Solaxy has plenty of momentum behind it, with the platform promising to provide ultra-low transaction fees and ultra-fast confirmation times once it launches.
It will enable traders to avoid the delays and congestion that can still affect Solana, even after recent upgrades.
It will also provide instant bridging between itself and Solana, making for a seamless experience for traders and DeFi users alike.
Holders of SOLX will also be able to stake the token for passive income, and given that you will need SOLX to pay for Solaxy’s transaction fees, demand for the token could be very high.
You can still buy it as part of its presale at the Solaxy website, where it now costs $0.00173.
As noted above, the sale will end in 26 days, at which point the token will list on exchanges, and potentially rally.
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