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The U.S. Securities and Exchange Commission (SEC) officially rejected two spot ETF applications for Solana 
$172 (SOL). This decision has sparked tension in the cryptocurrency market, causing Solana’s price to stabilize at the critical $240 level.
How Does the SEC’s Decision Affect the Cryptocurrency Market?
The SEC’s negative response to Solana’s ETF applications has led to volatility across the market. Currently, no progress is expected with spot cryptocurrency ETFs. Nate Geraci, President of the ETF Store, stated, “There will be no movement on spot crypto ETF applications until new leadership arrives.” This situation has increased investors’ impatience with the SEC’s decisions.
As Solana’s price remains steady at $240, it has been noted that XRP has surpassed this level, pushing Solana down in market capitalization rankings. Analysts predict that Solana could technically rise to between $290 and $300. However, the SEC’s rejection may apply downward pressure on these expectations.
New SEC Chair and Future Prospects
Experts in the cryptocurrency industry suggest that the appointment of Paul Atkins as SEC chair could mark a significant turning point in market policies. The potential change in the new administration’s stance on spot cryptocurrency ETFs creates hope among investors. However, the current state indicates that uncertainty will persist.
According to information shared by Eleanor Terret, the SEC’s approach to handling not only specific applications but all cryptocurrency ETFs has come under criticism. Previous decisions regarding Bitcoin 
$103,039 ETFs support this stance.
In conclusion, the SEC’s approach to the cryptocurrency market continues to influence forecasts. The future of Solana’s price will depend on both SEC decisions and regulations brought by new leadership. Investors are closely monitoring these developments to evaluate potential opportunities.
