The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Franklin Templeton spot Solana ETF on Wednesday.
Traders didn’t respond to the announcement immediately, with the Solana price trading more than 4% over the last 24 hours.
US SEC Postpones Franklin Templeton Solana ETF Approval
According to the latest US SEC filing, the commission has delayed the decision to approve or deny Franklin Templeton Solana ETF application for another 60 days.
Franklin Templeton spot Solana ETF was delayed as the SEC seeks more time to further evaluate whether the proposed ETF meets listing and trading requirements under CBOE BZX commodity-based trust shares rule, as per the filing. SEC stated,
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, and the issues raised therein.
CBOE BZX Exchange filed the request to list and trade Franklin Templeton Solana ETF on March 12.
However, it was published in the Federal Register on March 19. The final date for the SEC to approve it is November 14.
However, the SEC could approve the ETF earlier, as the final date to either approve or disapprove the Grayscale Solana ETF is October 10.
SEC Delayed Franklin Solana ETF Twice
The decision was first delayed by the SEC on April 29, seeking a longer period to approve the ETF.
Moreover, the commission further delayed its decision on June 17 as the commission started proceedings to approve or disapprove the proposed rule to list and trade as commodity-based trust shares.
Notably, the SEC has delayed its decision on all Solana ETF applications from issuers, including Fidelity, VanEck, 21Shares, Canary, Grayscale, and Bitwise.
Meanwhile, Bloomberg ETF analysts have maintained their 95% odds for approval.
Bloomberg senior ETF analyst Eric Balchunas pointed out that the latest S-1 amendments signaled emerging signs of approval by the SEC soon.
Notably, the SEC approved Rex-Osprey Solana Staking ETF (SSK) listing on Cboe under the Investment Company Act of 1940.
The fund provides the investors with exposure to Solana, while also generating staking rewards for them.
Solana Price Maintains Upside Momentum
Solana price continued its upside move as the PPI inflation cooled. The price was trading at $222.75, with a 24-hour low and high of $214.16 and $225.51, respectively.
However, the trading volume has slightly decreased by 2% in the last 24 hours. This indicates uncertainty among investors ahead of the US CPI inflation release.
Massive buying was also noted in the derivatives market, with the total SOL futures open interest skyrocketing over 9% to $15.50 billion in the last 24 hours.
Solana treasury firm Sol Strategies (STKE) going live on Nasdaq has also promoted a strong price action today.
Meanwhile, SOL futures OI on CME and Binance climbed more than 8% and 11%, respectively. This indicates derivatives traders are extremely bullish amid SOL ETF approval anticipation.
Popular analyst Rekt Capital pointed out that Solana will continue to outperform Ethereum as ETH retraces for this healthy retest.
Analyst Skew SOL price chart has become one of the strongest, but the performance needs to continue into Friday for a move towards $250.
