rewrite this title SEC Asks for Revised S-1 Forms in Solana ETF Push: What Next for SOL Price?

The United States Securities and Exchange Commission (SEC) has requested prospective fund managers seeking to offer spot Solana (SOL) exchange-traded funds (ETFs) to amend their S-1 forms within the next week. According to people familiar with the matter, the U.S. SEC intends to make comments on the amended submission of the S-1 forms within the next 30 days.

The agency has, ostensibly, requested the prospective spot Solana ETF issuers to update their submissions in regards to the in-kind redemptions. Additionally, the agency requested the fund managers to update their filings accordingly on the staking approach. 

Spot Solana ETF Approval Imminent?

As Coinpedia reported, some of the fund managers seeking to offer spot Solana ETFs include Fidelity Investments, Grayscale Investments, VanEck, Franklin Templeton, 21Shares, Canary Capital, and Bitwise Asset Management.

The recent move by the U.S SEC signals a high chance of approval of spot Solana ETF potentially by July. Following the SEC’s move, Polymarket’s traders now predict that there is a 91 percent chance a spot Solana ETF will be approved by the end of this year.

The willingness by the U.S. SEC to create clear crypto regulations has attracted more institutional investors in the digital asset and web3 space.

What Next For SOL Price?

Following the announcement, SOL price jumped over 5 percent on Tuesday to trade about $164 during the mid-North American session. The large-cap altcoin, with a fully diluted valuation of about $98 billion and a 24-hour average trading volume of around $4.2 billion, has been following a similar bullish fractal pattern to Ethereum (ETH) amid rising FOMO crypto traders.

According to crypto analyst Ali Martinez, SOL price has been preparing for a parabolic rally in the near future. Moreover, on-chain data shows institutional investors, led by SOL Strategies, have been aggressively accumulating more SOL in the recent past.