Solana Price Hit by SEC Roadblock: Is Solana a Security? ETF Plans in Jeopardy

Altcoins Price Prediction SOL

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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Last updated: 

August 20, 2024

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The Solana price has gained by 3.5% today, reaching $146.56 as the wider market posts a 3% increase in the past 24 hours.

SOL is now up by 5.5% in a fortnight, with its action today coming amid news that the SEC is blocking Solana ETFs because it classifies the altcoin as a security.

This potentially leaves plans for SOL-based ETFs up in the air, with CBOE removing the VanEck and 21Shares ETFs from its website in the past 24 hours.

Yet VanEck has affirmed that its application for a Solana ETF “remains in play,” and given SOL’s fundamentals and recent momentum, its prospects over the medium- and long-term remain strong.

Solana Price Hit by SEC Roadblock: Is Solana a Security? ETF Plans in Jeopardy

It has emerged today that the SEC and CBOE have halted the filing process for Solana ETFs, largely as a result of the SEC’s concerns that SOL is a security.

This is potentially a big blow for SOL, yet the market’s response to the news has been very calm, with the Solana price rising in the past 24 hours.

Some of this calmness has stemmed from the fact that VanEck has basically brushed the concerns aside, with its head of digital assets, Matthew Sigel, taking to X to say that it believes “SOL is a commodity” and that its application for a Solana ETF remains live.

As such, it’s arguable that things remain basically where they were, given that the SEC has publicly regarded Solana as a security for quite some time.

That the status quo remains the same is reflected in SOL’s chart, which is an interesting position right now.

Its 30-period moving average (orange) has just risen above its 200-period average (blue), forming a golden cross that implies a breakout.

This is largely consistent with SOL’s relative strength index (purple), which despite dipping from a high position in the past few hours still has to compensate for several days spent around or below 50.

Based on this, and based on the fact that the coin’s support (green) and resistance (red) levels are about to collide, we could see the Solana price rise in the short term.

It may return to $160 in the next couple of weeks, while rate cuts in September could help push it up to $200 by the final months of the year.

New Meme Tokens for Market-Beating Returns

Anyone worried about Solana ETFs may prefer to look towards alternative investments, with any diversified portfolio recommended to hold some small-cap coins.

This includes some presale tokens, which can often rally big when they list for the first time, particularly if they’ve had a big sale.

One token on track to do this is Shiba Shootout (SHIBASHOOT), a new Ethereum-based token that has raised nearly $1 million in its recently opened sale.

Shiba Shootout is the one and only token in the market to mix Shiba Inu memes with Wild West motifs.

The main way it’s doing this is by building an online community in which members will participate in mini-games and contests, such as poker tournaments, treasure hunts and lotteries.

Winners in these games will earn rewards in SHIBASHOOT, which they will be able to use for staking and to participate in governance votes.

The hosting of these events and competitions will encourage greater involvement with the Shiba Shootout ecosystem, as well as greater SHIBASHOOT ownership.

This is all highly bullish for SHIBASHOOT, which will have a fixed supply of 2.2 billion SHIBASHOOT, with 35% of this going to its presale and another 20% going to staking.

Interested investors can join the token’s sale by heading to the official Shiba Shootout website, where they can buy SHIBASHOOT at a cost of $0.0199 per token.

This price will rise by $0.0001 with every new stage of the sale, so traders who want to lock in the lowest possible price should act quickly.

The sale will end in the next couple of months, at which point SHIBASHOOT will list on exchanges and potentially rocket.

Buy SHIBASHOOT Now