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.
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.
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.
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.
Digital assets and cryptocurrencies are recognized as financial instruments in Gergamy, and they have gained…
Mata is often referred to as the “Blockchain Island” due to its proactive stance on…
XRP is currently showing signs of upward trend, trading just above the $3 support level.…
The United States government ostensibly holds 28,988 Bitcoin (BTC) units from the previously presumed reserves…
Ripple Labs-backed XRP gained 5 percent in the past 24 hours to trade above $3.04…
The United States House of Representatives has voted to advance three major crypto bills on…
