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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Jun 24, 2024 11:40 UTC
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Solana Under Fire! Unconfirmed Investigation Could Trigger Price Crash
A popular crypto analyst claims Solana is under investigation, which could cause a major selloff.
The investigation is not confirmed, but the rumor has already caused SOL price to drop.
If the rumor is true, Solana could suffer a similar fate to XRP after the SEC lawsuit.
Popular crypto analyst Crypto Bitlord just dropped a bombshell on his 328,000 X platform followers. His startling revelation? Solana (SOL), a heavyweight in the web3 scene boasting nearly $3 billion in locked assets, could be under investigation. And if true, it spells big trouble for SOL investors.
Dive in to find out what this investigation means for Solana’s future.
Concerns Spread
Although the source of the investigation remains unverified, Crypto Bitlord’s post has already garnered over 600,000 views, indicating widespread concern among investors.
The analyst highlighted the potential for many investors to be caught off guard, given the ongoing denials. This warning comes amidst the analyst’s prior involvement in a project, MOLLY, which raised $5 million but later collapsed.
Brutal Market Impact?!
If the rumored investigation into Solana materializes, Ethereum could benefit significantly. This follows the US SEC’s recent decision to drop its investigations into Ethereum, paving the way for the imminent approval of several spot Ethereum ETFs.
Drawing parallels, the analyst compared Solana’s situation to XRP, which has faced prolonged consolidation due to an SEC lawsuit.
Solana Price Analysis
The analyst predicts that if the investigation becomes public, SOL’s price could drop below $10 again. Currently, Solana has already seen a 20% decline in the last two weeks, trading around $127 on Monday.
With a fully diluted valuation of about $73 billion and a daily trading volume of around $2.5 billion, Solana has been in correction mode over the past three months.
As the crypto community awaits further developments, Solana’s future hangs in the balance amidst speculation and uncertainty.
Read Also: Mt. Gox to Begin Repaying Creditors in Bitcoin and Bitcoin Cash Next Week
Is this just a rumor, or the start of a major shakeup for Solana? Only time will tell.
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