According to Blockworks, the U.S. Securities and Exchange Commission (SEC) has asked issuers of spot Solana ETFs to update their S-1 filings — a move interpreted by experts as a signal that approval might be closer than expected.

SEC Requests Updates: A Green Light Ahead?

The SEC’s request came shortly after delays in processing applications from major firms such as Bitwise and 21Shares. While no altcoin spot ETFs have been approved yet, there is growing optimism that Solana, XRP, and others could soon follow in the footsteps of Bitcoin and Ethereum.

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This regulatory step suggests that momentum is building. Bloomberg senior ETF analyst Eric Balchunas predicts that approvals may occur within the next two to four months.

A Potential Launch in July?

Balchunas speculates that a basket of spot products — including Solana, XRP, Ethereum, and Bitcoin — could launch as early as July.

“There will be an avalanche of spot products. The impact won’t be as large as Bitcoin’s, but a billion-dollar inflow for Solana or XRP would be significant,” Balchunas told.

Following the news, Solana’s price spiked by 4%, from $158 to $164. Companies exposed to Solana, like DeFi Development Corp., saw a 17% increase in stock prices, while SOL Strategies shares rose by 8.4%, according to Nasdaq data.

All eyes now turn to the SEC’s next move — a decision that could reshape the altcoin investment landscape.

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SOL Strategies Provides Update on SOL Purchases

As part of this investment, SOL Strategies purchased 122,524 SOL for a total of $18,250,730 USD, at an average price of $148.96 per SOL.

In a statement, the company’s CEO Leah Wald said, “Following the initial $20 million tranche from the ATW facility, we have strategically acquired SOL. These purchases directly support our three-pillar strategy: enterprise-grade validator operations, strategic SOL holdings, and Solana technology innovation.”

SOL Strategies provides infrastructure and investment solutions for decentralized applications (dApps) operating on the Solana network. The company aims to support Solana validators and contribute to the growth of the blockchain ecosystem.

Notable Weakness in Solana Network Activity

While SOL Strategies demonstrates its confidence in Solana, on-chain data reveals that investor interest in the Solana network has been weakening, with a clear decline in transaction activity.

Over the past 24 hours, both the number of daily active addresses and transaction volume have dropped significantly. The active address count fell to 3.2 million, which could indicate several possibilities:

• Investors may have sold their SOL and bridged to other blockchain networks.

• Alternatively, there could be a broader decline in demand for SOL.

Liquidity Outflows from Solana Ecosystem

Liquidity is also flowing out of Solana-based projects. This trend is confirmed by the drop in Total Value Locked (TVL) — a key metric that reflects the amount of SOL staked in the network and the overall health of its ecosystem.

At the beginning of May, TVL was at $8.039 billion, but has since dropped to $7.825 billion.

This implies that roughly $214 million worth of SOL has been unlocked and re-entered the market.

Such large-scale unlocks increase circulating supply and add downward pressure on the SOL price.

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