Solana ($SOL) continues to face immense selling pressure after the well-known trading platform Robinhood opted to delist the token.

According to reports, Robinhood will liquidate approximately $26 million worth of $SOL – a decision that has prompted many investors to liquidate their own Solana holdings. 

Due to this, market participants are now looking for cheap and low-cap alternatives to $SOL to avoid similar issues related to centralized platform decisions in the future.

Bearish Implications of Robinhood Liquidations Prompt Solana Downfall

On June 9, CoinDesk reported that Robinhood would end support for all tokens listed as securities in the SEC’s lawsuits against Binance and Coinbase.

This means that Cardano ($ADA), Polygon ($MATIC), and Solana ($SOL) would be removed from the platform entirely – a move that occurred on Tuesday.

Importantly, Robinhood noted that users still holding these tokens in their accounts after the deadline would see them automatically sold at the market value.

As such, reports emerged that Robinhood had to liquidate a whopping $26 million worth of Solana in a move that caught the attention of the broader crypto community.

Crypto analyst Tristan t Go to Source to See Full Article
Author: BeInCrypto Team

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