The News Crypto -
- At the time of writing, SOL is trading at $54.73, down 2.77% in the last 24 hours.
- The price failed to clear above $67.9 and has been facing severe selling pressure ever since.
After losing gains following a prolonged bull run, Solana (SOL), currently seems susceptible to additional falls. Perhaps influenced by the prior overall market momentum and the fear of missing out (FOMO) impact, the price of SOL skyrocketed to about $0.68 in mid-November, a level last seen in the spring of 2022.
But recently, SOL’s value retraced significantly, and it’s now trading at around $54. Kraken, Coinbase (NASDAQ:COIN), and Binance are all facing accusations from the United States SEC about their unlawful business activities in the U.S without filing as securities companies.
Many enforcement proceedings have been filed by the SEC against Kraken because of the extensive number of tokens that the SEC considers securities. The SEC’s action against Kraken, in which SOL was classified as a security, may be contributing to the fall. The project teams behind these tokens strongly disagree with the SEC’s designation of them as securities.
A digital asset exchange called BIT recently released a statement stating that they are prepared to introduce Solana (SOL) options trading in response to the massive increase in demand from institutions. Crypto community was eagerly anticipating the advancement mentioned above.
Bears Striving Hard
At the time of writing, SOL is trading at $54.73, down 2.77% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 27.42%.
Source: CoinMarketCap
The price failed to clear above $67.9 and has been facing severe selling pressure ever since. If the price manages to go past $57.2 level, then it will likely test $67.9 resistance level. On the other hand, if the SOL price goes below $52 level, then it will likely test $44.4 support level.
This article was originally published on thenewscrypto.com
