SOL ETF Approval May Come Early, Solana Activity Soars

TL;DR

• SSK’s impressive debut of $33M in volume places pressure on SEC for more Solana ETFs to be approved quickly.
• The number of network daily active addresses has risen to 14,63M. This is a sign that users are becoming more interested in the platform and its services.

Solana ETF Coming Earlier?

SEC is moving more quickly than anticipated on applications for the spot Solana ETF (SOL). According Two sources with knowledge of the issue say that the SEC requested fund issuers update their S-1 filings by the end on July. Updates must contain information about staking, in-kind transaction and other details.

The Commission may decide to act sooner than October 10, even though it has until that date to reach a decision. It appears that this shift in timing is connected with the approval of REX Solana Staking ETF SSK. The fund began trading under the Investment Company Act of 1940.

Launch of SSK raises urgency for other filings

SSK is now a major ETF, and has an advantage against other ETFs under consideration. The fund was the first Solana stake-fund available to U.S. Investors. The SEC previously approved similar products to try to limit early access. The same was true for spot Bitcoin and Ethereum exchange-traded funds.

A person with knowledge of the situation said that the fact that there is an active Solana ETF may increase the pressure on SEC to approve any additional submissions immediately. According to a person familiar with the matter, the existence of an active Solana ETF could increase pressure on SEC officials to approve additional filings without delay.

First Solana ETF has a strong trading start

As CryptoPotato reportedSSK was listed last week. Its first trading day saw a $12 million inflow. The data of Bloomberg analyst Eric Balchunas shows that the volume was also $33 Million. This early number reflects a growing interest for investment products relating to Solana.

Data from the on-chain shows that network use has increased dramatically. Santiment’s data shows that the number of daily active addresses on 7 July reached 14,63 million. Only a few days before, the number of active addresses had been below 5 millions.

In the meantime, Solana’s price is stable despite the increase in activity. SOL’s price was $150.06, down 1.48 % in 24 hours.

In the past week, prices have increased by 0.61%. Trading volume sits above $4.28 billion. Investors and fund managers may be interested in the long term if activity continues to increase on the network.