Solana (SOL) has dropped sharply from its recent high at $193. This loss in value was due to a broader market downturn triggered by the decline in Bitcoin, which instilled fear across the crypto market and led to declines for various altcoins like Solana.
Solana’s price at the time of writing is $176.79, with a 24-hour trading volume of $6.44 billion. The market capitalization for SOL is currently $79.45 billion. SOL is down 0.60% over the past 24 hours, but that’s considered quite a normal correction in the market rather than something foreboding a long-term decline.
Solana (SOL) Excluded from Securities List
In a significant development, the U.S. Securities and Exchange Commission (SEC) has announced that it no longer classifies Solana (SOL) as a security. This decision is part of a broader move to amend its complaint against Binance, one of the world’s largest cryptocurrency exchanges.
However, the SEC’s decision came as a surprise to many in the cryptocurrency community. In its recent filing, the SEC notified the defendants, including Binance, of its intention to amend the complaint.
This amendment specifically addresses the classification of certain cryptocurrencies, referred to as “Third Party Crypto Asset Securities,” a term used in the SEC’s previous filings. By doing so, the SEC aims to avoid a court ruling on whether these tokens, including Solana, meet the criteria of securities.
Analyst Predicts Solana (SOL) Could Hit $600 Target
A renowned crypto analyst known in the industry, Jelle, has recently shared an optimistic forecast for Solana’s price trajectory (SOL). According to Jelle, SOL has broken out from a significant re-accumulation structure, suggesting a potential for substantial upward movement.
Jelle’s analysis indicates that SOL is on the verge of entering a ‘mania-like’ stage, a phase characterized by rapid and explosive price increases. This bullish sentiment stems from Solana’s recent technical performance, where the cryptocurrency demonstrated resilience and growth, positioning itself for a strong rally.
Jelle intends to aggressively scale out of the position once SOL surpasses its all-time highs. This would take his final target for SOL to the ambitious price of $600. This prediction is based on the technical patterns observed and how SOL has historically performed, which has shown the capability to pull off remarkable gains.
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