Solana Price Crash: SOL reaches $14.7, further Decline Looms Ahead?

Posted On June 10, 2023 2:09 pm

BC Game

In a recent move, the US Securities and Exchange Commission (SEC) has labeled several cryptocurrencies as securities, resulting in a wave of investor panic and a subsequent market crash. The SEC’s classification has sparked concerns and uncertainty among investors, leading them to quickly offload these tokens from their portfolios. Solana was among those tokens that were dumped in the market, and a Solana price crash occurred, sending prices down by more than 30% in the past 7 days.

Solana Price Crash: SOL down by more than 30%

Solana, a blockchain platform known for its speed and scalability, has witnessed a sharp decline in its token’s value following the SEC’s regulatory actions. The price of Solana has collapsed to $14.7, marking a significant drop of over 30% since last week.

SOL/USD 1-day chart – TradingView

exchange comparison

Solana Price Prediction: Where will Solana price reach next?

The SEC’s classification of Solana as an unregistered security has raised concerns among investors and traders. The fear of limited trading opportunities due to exchanges avoiding tokens labeled by the SEC has contributed to the downward pressure on Solana’s price. Experts predict a further drop to the range of $10-$12, heightening the uncertainty surrounding the cryptocurrency.

SOL/USD 1-day price chart – TradingView

Solana’s development team and community are actively working to address the regulatory challenges and regain market confidence. However, until there is clarity on the SEC’s stance and any necessary compliance measures, Solana’s price may continue to face downward pressure.

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