Solana struggling to regain $150...CBOE executive says

▲ Solana(SOL)

Solana (SOL), the fifth largest cryptocurrency by market capitalization, is down over 6% in the last 24 hours, falling below $150.

Solana's SOL coin, a strong competitor to Ethereum (ETH), is trading at $149.25 as of 8:46 a.m. ET today, down 6.03% from 24 hours ago, according to CoinMarketCap.

SOL price has lost 13% of its value in a week amid an overall cryptocurrency bear market.

With Solana falling to a low of $145.87 on the day, crypto analyst CreditBullet Crypto said that the price of Solana is now at a very important make or break point.

Meanwhile, according to Cryptoslate, Rob Marrocco, head of listings at the Chicago Board Options Exchange (CBOE), recently said on the ETF Store podcast, a U.S. ETF specialist, that "the possibility of a spot ETF for Solana (SOL) is unrealistic and that a futures ETF would have to come first or regulatory clarity would have to be achieved before such a product could be launched."

Lara Crigger, editor-in-chief of crypto ETF research firm VettaFi, also noted that "the SEC has little data to suggest that the market for Solana is large and transparent enough to support a spot ETF."

Previously, JPMorgan and Bloomberg have said that spot ETFs for cryptocurrencies other than Bitcoin and Ethereum are unlikely to be approved, while Bernstein's analysis suggests that the approval of an ETH spot ETF would allow other cryptocurrencies, including Solana, to be considered commodities.