Solana’s Price Recovers Amid SEC Clampdown – How Will Charges Impact SOL? ByJimmy AkiPRO INVESTOR Updated: 18 June 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you.By using this website you agree to our terms and conditions and privacy policy.Join Our Telegram channel to stay up to date on breaking news coverage The US Securities and Exchange Commission (SEC) classified Solana ($SOL) as an unregistered security in a recent clampdown.This unexpected development has sparked fear and concern among the token holders.
$SOL experienced a significant decline of around 21.19% in the past week.However, there has been a slight recovery of 0.84% at press time.Amidst the volatile crypto market, Solana stands at a crucial juncture, grappling with an uncertain future and whether it will sink or swim.Meanwhile, investors are showing interest in yPredict, a trending AI-backed platform, as its token, $YPRED, garnered over $2.38 million in funding.
Solana Gains as Crypto Market Rally The recent crackdown by the SEC on prominent cryptocurrency projects, labeling them as unregistered securities, has created instability in the market.Among these affected projects, Solana, the layer-1 proof-of-stake (PoS) blockchain, took a significant hit, witnessing a substantial decline of 21.19% in the past week.This sudden turn of events disrupted its previously stable technical framework.However, as the crypto market keeps up its rally, Solana has managed to ride the bullish wave, recovering part of its losses.At press time, the $SOL token is trading at $14.88, indicating an uptrend of 0.84% in the past 24 hours.The asset’s value has significantly decreased, dropping by 21.19% in the past seven days and 28.05% in the last month.
The $SOL token recorded a trading volume of $281 million within the past 24 hours, with an approximate market capitalization of $5.9 billion.This recent decline in value has had a negative impact on the technical charts, showing a bearish trend.The current price of the Solana token trails below its 50-day simple moving average (SMA) of $20.22 for the short term and its 200-day SMA of $33.67 for the long term.As a result, $SOL’s performance may suffer greatly as it loses the support of its moving average, ending nearly two months of consistent backing from the 50-day SMA.
Nevertheless, Solana demonstrates resilience in its oscillators.The relative strength index (RSI) currently sits at 28.08, indicating a technical oversold signal that suggests the potential for a rebound on the horizon.Unsurprisingly, the moving average convergence divergence (MACD) reflects a weak sell signal.$SOL has found a foothold under the 23.6% Fibonacci retracement level of $15.09.However, a steady bullish momentum will help the token retrace from this point onward.Solana Pushes Back Against SEC In two separate lawsuits filed against Binance and Coinbase on June 5th and June 6th, the US SEC classified the $SOL token as a security.
This classification is based on various factors, including the anticipation of profits generated from the efforts of others and the usage and marketing of the tokens.Binance swiftly responded to the SEC’s lawsuit by criticizing the regulator as “unreasonable” and expressing disappointment in the agency’s aggressive enforcement methods.Subsequently, SEC Chairman Gary Gensler made a statement asserting that the entire business model of the cryptocurrency industry is founded on non-compliance.In an interview with CNBC, he emphasized that there is no need for additional digital currencies.
Gary Gensler said: “We as an agency are meant to be merit neutral We don’t need more digital currency, we have digital currency.It’s called the US dollar.
It’s called the Euro.It’s called the Yen.They’re all digital right now.” pic.twitter.com/4clody3ADZ — unusual_whales (@unusual_whales) June 7, 2023 On June 10th, the Solana Foundation addressed the SEC’s classification of its native token, $SOL, as a security in a statement on Twitter.The foundation disagreed with this characterization and emphasized its willingness to engage with policymakers to establish legal clarity regarding digital assets.The Solana Foundation disagrees with the characterization of SOL as a security.
We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S.
building in the… — Solana Foundation (@SolanaFndn) June 10, 2023 Meanwhile, within the Solana community, there is an ongoing debate on Twitter led by members like HGE.ABC, discussing the possibility of forking Solana.Bold but not a bad idea actually.Community fork solana will get rid of sec issue.No bankruptcy will dump on you for next 3 years continuously.$ETH is a fork of $ETC and doing well.Blink twice if you agree https://t.co/fWxbkMQ4aI — HGE.ABC (@HGEABC) June 10, 2023 They are considering whether creating a new network through a split would be the most favorable course of action, similar to Ethereum’s response after the DAO hack in 2016.Although the debate has sparked intense discussions on Twitter, it seems that Solana developers have not yet joined in.
Matías Kudelski, a cybersecurity researcher working on Star Atlas, stated that nobody within the team is currently discussing a hard fork.“I work on the largest Solana project, with more than 10 developers, and nobody is discussing [a hard fork]” said Matías Kudelski, a cyber security researcher who audits Solana’s code.https://t.co/fJXkHbR3wE — Strawberry NG News (@StrawberryNG) June 14, 2023 Following the SEC’s actions against Binance and Coinbase, the Robinhood trading app has announced that it will discontinue support for Solana, Polygon, and Cardano.Robinhood justified this decision by stating that the lawsuits created uncertainty around these cryptocurrencies.Other companies may follow suit, but every crypto organization is actively working towards restoring their respective currencies’ reputation in the meantime.In a recent analysis of these events, Matt Levine, a legal expert and contributor to Bloomberg, highlighted that the previous securities offerings of $SOL should not presently categorize the token as a security.
According to him, SEC may find it unfortunate that these tokens are now publicly traded with fewer disclosure requirements and investor protections.Meanwhile, as major crypto assets are embroiled in legal disputes with the SEC, many investors are already shifting their attention to the viral crypto project yPredict.Explore $YPRED as Value-Driven Alternative For investors seeking an alternative to $SOL, the AI-backed yPredict token, $YPRED, emerges as a suitable alternative.This innovative crypto platform leverages the power of AI and blockchain dynamics to thrive in the cryptocurrency space.The $YPRED token holds the key to unlocking the next breakthrough in the cryptocurrency world.Its prospect hinges on identifying emerging trends, generating real-time signals, recognizing patterns, and providing sentiment analysis.🚀 Embark on an extraordinary AI-powered journey with #YPredict! It’s not just a utility token, but a gateway to a world of groundbreaking products and possibilities.🌐🔬 💡 Experience unparalleled marketing excellence with our industry-leading content editor, designed to… pic.twitter.com/heQoBiRmPS — yPredict.ai (@yPredict_ai) June 12, 2023 One of the key advantages of yPredict is its ability to tackle the dominance of algorithmic trading prevalent in various financial asset classes.
Additionally, the yPredict first model has been launched and is currently available for free.📷 Exciting news! Tomorrow marks the launch of the first predictive model in the yPredict ecosystem.Say goodbye to guesswork and unlock the power of precise strategies.Stay tuned for the big reveal! #YPredict #PredictiveModel #ComingSoon pic.twitter.com/QTvXlt4Oy8 — yPredict.ai (@yPredict_ai) June 14, 2023 The presale of the $YPRED token began a few weeks ago and has achieved a significant milestone of $2.38 million in investments.
Interested investors can acquire the token at a discounted price of $0.09.Holders of $YPRED also have the opportunity to stake their tokens in pools and receive monthly rewards, making it an appealing option for long-term investment.Buy $YPRED Now Related News Solana Price’s Recent 20% Price Rebound – Is It Too Late to Buy? Discover the AI Crypto Platform with Potential for Outstanding Performance Cardano, Polygon, Solana Defend Regulatory Status Against SEC ‘Security’ Label Top 5 Altcoins Ready to Pump Soon – Huge Potential Wall Street Memes – Next Big Crypto Rating Early Access Presale Live Now Established Community of Stocks & Crypto Traders Featured on BeInCrypto, Bitcoinist, Yahoo Finance Rated Best Crypto to Buy Now In Meme Coin Sector Team Behind OpenSea NFT Collection – Wall St Bulls Tweets Replied to by Elon Musk Learn More Join Our Telegram channel to stay up to date on breaking news coverage.
