The Solana (SOL) community has found itself at the center of a storm, as the US Securities and Exchange Commission (SEC) has labeled the token as a security. This comes amid separate lawsuits filed by the SEC against Binance and Coinbase, two of the largest cryptocurrency exchanges, regarding their operation as unlicensed securities exchanges. The accusation is due in part to both platforms allowing US investors to trade in Solana and otherassets like Cardano (ADA), Polygon (MATIC), BNB, BUSD, and Cosmos (ATOM), which the SEC views as securities.
As a result of the SEC’s actions, SOL has seen a price drop of over 10% from its weekend highs above $22. Solana may face delisting from US exchanges if the lawsuits against Binance and Coinbase end in the SEC’s favor, either through a court victory or a settlement. This could lead to a tough road ahead for the cryptocurrency, as it would severely limit access for a vital buyer base.
Despite strong support around its 200-Day Moving Average at $19.43, Solana’s technicals are not particularly promising. The current downtrend has the potential to extend the bear market. If the price dips below the 200DMA, SOL could be looking at a retest of March lows near the $16 mark.
Given the uncertainty surrounding Solana, investors might want to look for alternative high-risk, high-reward crypto investment opportunities. One such strategy is participating in crypto presales, where investors purchase tokens of new projects to fund their development. If an investor can identify projects with strong potential, pre-sale investments can result in significant gains.
One example of a crypto project with promising potential, as identified by the Cryptonews team, is yPredict. yPredict is an AI-powered crypto trading and market intelligence platform that aims to provide users with institutional-grade crypto price predictions. The platform’s technology was created using top-tier AI developers and quants and will include several other features such as AI-powered signals, pattern recognition, and social/news sentiment analysis.
yPredict is currently in the midst of a presale for its native $YPRED token, which powers the platform. The presale has reached a staggering $2 million milestone, and the token will be listed on major exchanges later this year at a price of $0.12, allowing early investors a paper gain of 33%. With the rapid growth in the $YPRED presale, interested investors need to act quickly to avoid potentially missing out before the presale sells out. Considering the long-term potential upside for yPredict and its $YPRED token, this could be an attractive alternative for crypto enthusiasts in light of the regulatory challenges faced by Solana.
Source: Cryptonews
