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- The SEC delays its decision on Grayscale’s Solana Trust, inviting more public input.
- Whales ramp up SOL accumulation despite ongoing regulatory uncertainty.
- Upexi and SOL Strategies invest millions into Solana, signaling strong institutional confidence.
The United States Securities and Exchange Commission has also been considering an extension of the review of the proposed rule change to list and trade shares of the Grayscale Solana Trust. This lag gives an extra window for evaluation, as the Commission did not make a decision on the legal and policy issues raised in the application.
According to the filing, the Commission’s assistant secretary, Sherry Haywood, said proceedings had been instituted, the Commission said. This will enable the Commission to receive more public input and examine the effects of treating the trust as a commodity-based product. Interested parties are given 21 days, within which they are required to present written comments, and 35 days to file any rebuttals.
As the regulatory process continued, Solana witnessed high activity in terms of whale accumulation, indicating high confidence from large investors. The network has caught significant interest in recent weeks because it is being upgraded to handle higher transaction volumes.
Institutional Demand is surging due to regulatory uncertainty
Active whales were accumulating vast amounts of SOL, with publicly listed company Upexi recently purchasing 326,347 tokens at around $135 each. This acquisition increased its total holding of 596,714 SOL, which was a strategic bet on the asset.
In another significant acquisition, 122,524 SOL was bought out by SOL Strategies earlier this month. The average purchase price was nearly $148 as the firm wanted to diversify and fill its treasury positions with Solana-based assets.
These acquisitions read positive institutional Demand driven by increased adoption of the Solana network. The ecosystem grew a lot during the past year, propelled by the success of memecoins and better scalability.
Solana prices are getting closer to a significant resistance area at $180. Analysts think that breaking this level might make SOL test its previous all-time high at $221. Further whale buying may also sustain this rally, particularly in the current sights of an altcoin market uptrend.
The postponement by the SEC on Grayscale’s Solana Trust has not slowed the market’s momentum. Major investors keep on buying SOL in a very aggressive manner, expressing great confidence in the long-term prospects of the asset.
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