🚨 Potential Regulatory Troubles for Solana 🚨
Rumors of an investigation into Solana have surfaced, sparking concerns over potential regulatory troubles for the popular blockchain platform. While details surrounding the alleged investigation remain vague, market experts speculate a possible crackdown similar to recent actions by US authorities in response to the FTX collapse in late 2022.
Uncertainty in the Market
- A social media post by market analyst Crypto Bitlord hinted at the rumored investigation into Solana.
- Solana could face a situation akin to XRP and Ripple’s legal battle over digital asset sales.
- Despite concerns, Solana’s founders have not issued any official statements regarding the investigation rumors.
Solana Price Performance
Amid the speculation, the Solana price has seen significant declines over various time frames, with drops of over 9%, 18%, and 22% in the past week, two weeks, and month, respectively. Despite this bearish trend, SOL’s trading volume has remained strong, exceeding $2.8 billion in the last 24 hours alone.
Investor Sentiment and Key Support Levels
- Investment firm CoinShares noted notable inflows into altcoins, including Solana, indicating investor interest despite price declines.
- Solana faces a critical test as it hovers just above a crucial support level at $127, a key marker from its peak in mid-March.
- If selling pressure mounts and this support level breaks, SOL could retreat to $117, its next significant support.
- Additional support levels at $109 and $102 will be crucial in preventing further downside for Solana.
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