Solana Price Drops 9%, But Experts Say $260 SOL Is Still in Sight – Here’s How

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Solana (SOL) continues its downward trend, hovering around $139.39 and hitting an intraday low of $136.39. This marks a 13.61% decline from $157.88.

Despite this drop, some analysts predict that SOL could still reach $260 in the near future, driven by its strong fundamentals, including a high-performance blockchain capable of processing thousands of transactions per second at low costs.

Additionally, the increasing adoption of Solana’s platform by various projects and developers is expanding its ecosystem, supporting its long-term potential.

Investor confidence remains steady, with many viewing the recent dip as a temporary setback on the way to higher valuations.

The Chicago Board Options Exchange recently removed the filings for VanEck and 21Shares’ spot Solana ETFs from its website. These filings, submitted in July 2024, were under review by the U.S. SEC. However, without a Notice of Filing from the SEC, it’s speculated that the applications were withdrawn.

This development raises concerns, especially with the SEC’s cautious stance on Solana as a financial security and the lack of enthusiasm from major U.S. asset managers for Solana-based ETFs.

Forms 19b-4 for VanEck and 21Shares Solana ETFs appear to have been removed from the CBOE website.

Documents SR-CboeBZX-2024-066 & SR-CboeBZX-2024-067 aren’t accessible anymore via direct link, and are no longer visible in BZX Pending Rule Changes.

Another interesting thing is… pic.twitter.com/t81kVGJ3uH

In contrast, Brazil is moving forward with plans to launch its first Solana-backed ETF,