SOL Price Rises Despite SEC Delay

The proposed spot Solana (SOL) exchange-traded fund by Fidelity Investments is delayed as the SEC requests public comments and rebuttals within specific time frames. Analyst James Seyffart views interactions between the SEC and issuers/exchanges positively, indicating potential approval down the line.

Solana faced resistance at the 50-day moving average, but bulls are defending the price above the 20-day moving average. A breakout above $159 could lead to a rally to $185, while a drop below $144 could signal bearish momentum towards $130.

On the 4-hour chart, SOL/USDT formed a bearish descending triangle pattern, with a potential target of $129 on a break below $144. However, buyers aim to invalidate this setup by pushing the price above the downtrend line, targeting $192 on a close above $159.

Read more at Cointelegraph: SOL Price Rally Brews Despite SEC’s Solana ETF Delay