Logo
Cardano Ecosystem

Finbold

07/13/2023

·

64 views


Solana jumps 40% in a month despite SEC action and delistings

Last month, Solana (SOL) and various other cryptocurrencies faced a wave of selling pressure following the Securities and Exchange Commission’s (SEC) lawsuits against major exchanges Binance and...

Solana jumps 40% in a month despite SEC action and delistings

Last month, Solana (SOL) and various other cryptocurrencies faced a wave of selling pressure following the Securities and Exchange Commission’s (SEC) lawsuits against major exchanges Binance and Coinbase

However, Solana has defied the odds and made an extraordinary comeback in recent weeks. Demonstrating resilience and strength, Solana has emerged as one of the top-performing digital assets during this period of recovery.

Solana price analysis

At press time on July 13, SOL was changing hands at $21.84, down 0.62% in the past 24 hours. 

Over the past 7 days, though, the crypto token rose more than 10%, making it the second-best performing crypto token on weekly charts after Compound (COMP). 

SOL as 2nd best-performing cryptocurrency on weekly charts. Source: CoinMarketCap

Solana’s monthly rally is even more impressive, with the cryptocurrency soaring more than 40% and adding over $1.8 billion in market cap over that period.

SOL 1-month price chart. Source: Finbold

Year-to-date, SOL capitalized on the broader market rebound alongside other digital assets, surging around 120%. 

Why is Solana surging?

Solana’s remarkable rebound comes amid pronounced bulls’ activity over the past 3 weeks, propelling the cryptocurrency out of a descending channel, as highlighted by popular market analyst Captain Faibik

This suggests that the price has moved above the downward trendline that was previously holding it back. A breakout such as this one suggests a potential shift in momentum, indicating that the SOL’s price might start moving upwards instead of continuing its previous downward trend.

On the downside, increased bullish activity also adds to the probability of sell pressure as some technical indicators such as the relative strength index (RSI) and money flow index (MFI) already imply that SOL is being overbought. 

Why did Solana struggle last month?

Being one of the biggest altcoins, Solana saw its price crash significantly last month after a number of trading platforms such as Robinhood and eToro delisted the token.

The reason behind this was the SEC’s lawsuit against Binance and Coinbase, in which the regulator alleged that SOL is unregistered security. 

Several other cryptocurrencies are also seen as unregistered securities in the eyes of the SEC, including Polygon (MATIC), Cardano (ADA), Sandbox (SAND), Flow (FLOW), and dozens more. 

While Solana’s remarkable performance may persist, it would not be unexpected to witness a correction in the near future, favoring the bears. This anticipation is supported by overbought signals on key indicators such as RSI and MFI. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

AD

@CardanoFeed - Follow us on X (formerly Twitter)

Stay informed with the latest $ADA Cardano news in real time.FOLLOW NOW!


Read Original Article on Finbold

ORIGINAL SOURCE

https://finbold.com/solana-jumps-40-in-a...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


.

More from Finbold

See more
Cardano founder slams Ethereum’s staking overhaul plans
Finbold
Cardano founder slams Ethereum’s staking overhaul plans

today at 12:19 PM

·

3 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)