Solana etf approvals unlikely in 2024 and their effects on SOL price

Projections indicate delayed etf approvals: Solana ETFs will probably not launch until 2024 due to the SEC’s regulatory scrutiny. Their concern about Solana’s classification impacts investor expectations and dampens potential market responses historically seen during ETF announcements for Bitcoin and Ethereum.

Solana shows impressive total value locked metrics: Despite ETF uncertainties, Solana’s Total Value Locked reached an all-time HIGH of 11.72 billion USD, reflecting robust network activity. The on-chain trading volume peaked at 13.21 billion USD, indicating sustained investor interest and potential for long-term growth.

Declining demand may affect SOL’s price: In early December, SOL trades showed a drop to around 237 USD amid reduced demand. A notable decrease in spot netflows to 15.37 million USD could lead to significant selling pressure, potentially pulling SOL back to the 156 USD support level.