Solana Price Hit by SEC Roadblock: Is Solana a Security? ETF Plans in Jeopardy
Today, the SEC and CBOE have halted the filing process for Solana ETFs due to concerns that SOL may be classified as a security. The market has reacted calmly to this news, with the Solana price increasing in the past 24 hours.
Despite the setback, VanEck has dismissed these concerns, stating that it believes SOL is a commodity. As a result, VanEck's application for a Solana ETF remains active. The SEC has maintained its stance on Solana as a security for some time, reflecting the current situation.
Looking at SOL's chart, the 30-period moving average has surpassed the 200-period average, forming a golden cross signaling a potential breakout. The relative strength index (RSI) indicates a possible short-term price increase for SOL.
Given these factors, SOL could see a rise to $160 in the coming weeks, with the possibility of reaching $200 by the end of the year, especially if rate cuts occur in September.
New Meme tokens for Market-Beating Returns
For those concerned about Solana ETFs, diversifying a portfolio with small-cap coins may be appealing. One such token, shiba Shootout (SHIBASHOOT), has generated significant interest by raising nearly $1 million in a recent sale.
shiba Shootout, an ethereum-based token, combines shiba Inu memes with Wild West motifs, creating a unique decentralized ecosystem. Members can participate in various mini-games and contests, earning rewards in SHIBASHOOT for staking and voting purposes.
The token's fixed supply of 2.2 billion SHIBASHOOT, with a portion allocated to the presale and staking, creates a bullish outlook for its value. Interested investors can join the sale on the official shiba Shootout website, securing tokens at $0.0199 each.
As the sale progresses, the token's price will increase incrementally, emphasizing the importance of acting quickly to secure tokens at the lowest price. With the sale set to conclude in the next few months, SHIBASHOOT's listing on exchanges could drive significant value growth.
By exploring alternative investments like shiba Shootout and staying informed about the evolving landscape of digital assets like Solana, investors can navigate the dynamic cryptocurrency market with confidence and strategic foresight.
