SEC Drops Solana from Securities List: What This Means for SOL Price
Solana has fallen by 5% in the past 24 hours, with the SOL price slipping to $182 on a day when the crypto market has lost nearly 3%.
This dip still puts SOL up by 3% in a week and by 29% in a month, with the altcoin holding onto a handsome 630% increase in the past year.
Today’s movement also comes after the Securities and Exchange Commission amended its legal complaint against Binance, meaning that the presiding court will no longer have to rule as to whether Solana and nine other tokens are securities.
This could be bullish for Solana, and if the SEC permanently abandons the position that SOL is a security, it could pave the way for a Solana-based ETF.
After taking a hit in the past day, SOL’s chart gives the impression that it’s ready to bounce back very soon.
Its relative strength index (purple) has rebounded from 30 earlier this morning to just over 40 as of writing, suggesting a return of momentum.
On the other hand, the coin’s 30-day average – which has been falling for the past 24 hours – seems to suggest that it may have to fall further before we see a concerted recovery.
This probably won’t involve too much of a loss, however, given that SOL’s support level (green) has held up pretty well over the past week or so.
And it’s entirely arguable that the aforementioned SEC news points to a not-too distant future in which the SOL price begins to rise vigorously, with some traders expecting the SEC’s move to be a precursor to a Solana exchange-traded fund.
SEC no longer classing Solana as a security = probably a stronger chance of an ETF getting approved for it eventually https://t.co/cySXB5B9xV
— Nacho Trades (@NachoTrades) July 30, 2024
It’s not clear when a SOL ETF would arrive, yet the probability of such an ETF is
Read more on cryptonews.com
