SOL Price Brushes Off Bearish Sentiment

• The U.S. SEC requested interested persons to provide legal views on the matter in the next 21 days.

• On-chain data shows whale investors are aggressively accumulating Solana.

The United States Securities and Exchange Commission (SEC) opted to delay the decision making on whether to approve or disapprove a proposed rule change to list and trade shares of the Grayscale Solana Trust as a commodity-based trust. The agency’s Assistant Secretary, Sherry Haywood, noted that the commission opted to institute proceedings.

“Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the commission has reached any conclusion with respect to any of the issues involved,” the announcement noted.

Meanwhile, the commission has requested all interested persons to provide their written views on the matter by the next 21 days. On the other hand, the agency issued a 35-day deadline for persons interested to file a rebuttal to any other person’s submission.

Solana Whales on a Buying Spree

The Solana network has recorded a sharp uptick in the number of non-zero wallets and whales in the recent past. The notable network developments to handle higher throughput has attracted more institutional investors. 

For instance, Upexi acquired 326,347 SOL at about $135 and now holds 596,714 SOL. Earlier this month, SOL Strategies acquired 122,524 SOL, at an average price of $148, in a bid to strengthen its treasury portfolio. The Solana network has recorded a significant adoption rate, mostly fueled by its memecoins in the past year.

SOL Price Ready for New ATH

Amid the ongoing altcoins bullish breakout, SOL price SOL price is well positioned to retest its all-time high and soon enter the euphoric phase of the 2025 bull rally.