Solana Price Braces For Potential Crash Below $100 Amid Investigation Rumors

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Related Reading: Bitcoin Price Crashes Below $61,000: The Main Reasons While no specific details about the jurisdiction or agency conducting the alleged investigation into Solana have been disclosed, the United States has been at the forefront of an ongoing crackdown on the cryptocurrency industry since the collapse of the FTX crypto exchange in late 2022.

Currently, SOL is trading just above a four-month support level at $127, which marked the uptrend when the Solana price reached a yearly peak of $210 in mid-March.  If selling pressure intensifies and this support is broken, SOL could retrace down to $117, representing the token’s next significant mid-term support level.

The Solana price has experienced a sharp decline over the past month in line with the broader market correction, intensifying concerns as rumors of a potential investigation into the popular blockchain platform have recently surfaced.

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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: United KingdomUnited States

Topics: Crypto news Solana ( SOL) Crypto Solana blockchain Solana Solana $100 Solana Price SOLUSDT Solana Analysis Solana Ecosystem SOLUSD

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-24 @ 23:00:12 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 482 words

Reading Time: 3 minutes read

Sentences: 74 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 21375978

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Main Topics: Crypto

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