Solana Price Braces For Potential Crash Below $100 Amid Investigation Rumors

As a researcher with extensive experience in the cryptocurrency market, I find the recent developments surrounding Solana’s price and potential investigation quite concerning. The market correction we are experiencing has already taken a significant toll on SOL, with losses of over 9%, 18%, and 22% in the past seven, fourteen, and thirty days, respectively.

As a crypto investor, I’ve noticed a significant drop in Solana’s price over the last month, aligning with the broader market downturn. The decline has heightened my worries due to recent whispers about a potential probe into the Solana blockchain platform.

Regulatory Storm Brewing? 

As a crypto investor closely following the developments in the digital currency space, I’ve recently come across some intriguing rumors regarding Solana. Notable market expert and influential figure within our community, Crypto Bitlord, dropped a hint on his social media platform X (previously known as Twitter), suggesting an ongoing investigation into Solana. With over 300,000 dedicated followers, this news has certainly piqued the interest of many in the crypto sphere. Stay tuned for further updates.

As a diligent researcher, I’ve come across whispers of an ongoing investigation into SOL. If the reports are accurate, this development could soon become a major public revelation. The build-up to this point has been a gradual process, unfolding over several weeks, and unfortunately, its timing couldn’t be less ideal.

The US is leading a widespread clampdown on the cryptocurrency sector following the collapse of FTX exchange towards the end of 2022, although no information has been given regarding which jurisdiction or agency is probing Solana specifically.

Following the FTX event, several executives from the crypto industry found themselves under investigation and faced lawsuits. Among them were high-profile names such as Changpeng Zhao, the former CEO of Binance, and Coinbase.

The situation between XRP and Ripple bears resemblance to each other, given their involvement in a intricate legal dispute concerning the sale of the digital token.

Bitlord, a notable figure in the crypto world who has backed initiatives like Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe Coin (PEPE), asserts that their influence on Solana’s price could be substantial. In response to doubters, Bitlord issued a cautionary remark: “Don’t shed tears when Solana’s value is just $3 once more.”

As a Solana investor, I’m keeping an eye on the recent rumors surrounding an alleged investigation into the project. However, since there’s been no formal confirmation from the founders themselves, any speculation at this point should be taken with a grain of salt.

Solana Price Analysis

As a researcher studying the cryptocurrency market, I’ve noticed that Solana’s price has taken a hit across different timeframes. Specifically, it has dropped by more than 9% in the last week, over 18% in the past two weeks, and a significant 22% in the previous month. However, despite these losses, trading volume for Solana (SOL) remains strong, with over $2.8 billion worth of transactions recorded within the last 24 hours, based on data from CoinGecko.

According to a report from digital asset investment firm CoinShares, significant investments have been made into various alternative cryptocurrencies (altcoins) following recent price drops. Solana (SOL) saw inflows exceeding $2.7 million. This indicates that some investors remain optimistic about SOL’s value and are taking advantage of the market downturn to make strategic purchases.

Despite reaching important resistance levels, the Solana price now confronts a significant challenge as it hovers above a key support line at $127. This level was previously a crucial point during the uptrend when Solana’s price peaked at $210 in March this year.

As a researcher studying the price action of SOL, I’ve identified $117 as the next significant mid-term support level if the selling pressure intensifies and the current support is broken. This means that the Solana token could potentially retreat to this price point for further downside movements in the market.

As an analyst, I would advise keeping a close eye on the support levels of Solana (SOL) at $109 and $102. Should the market take a bearish turn, these levels could potentially provide some cushion against significant price declines. Bullish investors aiming to prevent SOL from dipping below the psychological threshold of $100 would be wise to monitor these key support points closely.

Solana Price Braces For Potential Crash Below $100 Amid Investigation Rumors

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2024-06-25 06:53