Following a setback from the Securities and Exchange Commission (SEC), Solana’s price took a dip. The SEC halted DeFi Development’s $1 billion Solana fundraise due to missing internal controls reports, leading to the withdrawal of their Nasdaq filing on June 11th. This news coincided with a 4.05% drop in Solana’s price to $159.40. However, despite this market dip, significant investor activity suggests long-term positioning.
Solana whales have significantly increased their holdings through staking contracts. Glassnode data shows over $423 million worth of SOL being deposited into exchanges within a nine-day period, indicating cautious investor sentiment. This move stands in contrast to other indicators, which point towards an overall bullish outlook for the coin.
Binance’s Long/Short ratio hit 2.40, with 70.61% of traders holding long positions, highlighting prevailing bullish expectations. Technically, Solana faces a critical test at $156 support, but could rebound to $184 if it overcomes this level, potentially triggering a 16% increase.
The SEC’s move has fueled speculation about the potential approval of a spot Solana ETF by late 2025. This optimism is further boosting both institutional and retail investors’ confidence in Solana’s future growth prospects, positioning it as a frontrunner for the next major altcoin breakout.