Is Solana SOL Facing Legal Issues Prominent Crypto Analyst Suggests a Major Revelation is Imminent
Crypto Bitlord, a popular crypto analyst, has informed his large following that Solana (SOL), a leading web3 ecosystem, is currently under investigation. This investigation could potentially lead to a significant decline in the value of the altcoin over the course of several weeks.
Despite not providing an official source for this information, Crypto Bitlord’s announcement has garnered attention from investors, with his post receiving over 600,000 views. The analyst expressed concern for Solana, stating, “If what we heard is true, start praying for Solana.”
The analyst also noted that many investors may be caught off guard by this news, as denial of such allegations is common. Additionally, it is worth mentioning that the analyst’s reputation has been tainted in the past, as they successfully raised $5 million for the MOLLY project, which later experienced a significant drop in value.
If the rumors of a Solana investigation turn out to be true, the Ethereum network is expected to benefit greatly. This is supported by the fact that the US Securities and Exchange Commission (SEC) recently dropped its investigations into Ethereum and has already approved several spot Ethereum exchange-traded funds (ETFs) for listing.
The Solana ecosystem could potentially face a fate similar to Ripple-backed XRP, which has been in a state of consolidation for several years following an SEC-led lawsuit.
Looking at the market, the crypto analyst predicts that the price of SOL could drop below $10 if the rumored case becomes public. Currently, SOL has already experienced a 20% decrease in price over the past two weeks, trading at around $127 on Monday.
With a fully diluted valuation of approximately $73 billion and a daily average traded volume of around $2.5 billion, SOL has been undergoing a correction phase for the past three months.
In conclusion, Solana’s future remains uncertain as it faces a potential investigation that could have significant implications for its value. The crypto market will be closely monitoring the situation, especially considering the potential impact on Ethereum and other cryptocurrencies.