Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
It has been a remarkable week for Solana [SOL] as it posted +20% gains after fronting an impressive recovery since 28 September. But the recovery faltered along the $24-price mark, setting it into a consolidation above $23.
Read Solana’s [SOL] Price Prediction 2023-24
Solana co-founder Anatoly Yakovenko recently highlighted the lack of proper regulatory frameworks as the biggest challenge for the blockchain industry.
He believed that the best way to overcome this roadblock was for regulators to implement a proper regulatory framework that would ensure compliance.
SOL showed a minor price correction for the past few days. At press time, it was trading at $23.37.
Its price rose nearly 30% following the news of Ripple [XRP] securing a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July. But it couldn’t maintain its price rally for long.
The U.S. District Court of the Southern District of New York ruled in its judgement that the sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence, it is not a security in this case. But the court also ruled that the institutional sale of the XRP tokens violated federal securities laws.
The crypto industry lapped up the judgement instantly, generating a price rally across tokens. But the coins couldn’t sustain the price rally.
Solana’s reputation as an “Ethereum killer”
Even as SOL is touted to be the “
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Author: Suzuki Shillsalot
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