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Solana (SOL), one of the leading contenders in the race to topple Ethereum as the largest smart contracts and DeFi ecosystems, found itself once again in hot soup with regulators in the United States. The Securities and Exchange Commission (SEC) implicated SOL in the new lawsuits targeting Coinbase and Binance crypto exchanges. According to the SEC, SOL has been existing as an unregistered security.
Following the news regarding the lawsuits, Solana alongside other implicated tokens like Cardano (ADA) dumped massively. SOL’s value has since shrunk by 28.5% in 14 days and 23.5% over the last 30 days.
With support at $14.50 and $12.50 staying intact, it is possible Solana price will reclaim the ground lost above $20. For now, SOL is trading at $15.46, up 20% from its most recent lowest price point of $12.88 on June 11.
Solana and Cardano find Refuge in Asia as Regulatory Pressure Intensifies in the US
Solana and Cardano investors have a reason to smile, following the recent development from the Asian region. First, the city of Hong Kong’s commitment to providing a strict yet clear regulatory framework for cryptocurrencies, SOL, and ADA could find a haven in the city.
Nevertheless, that is not the biggest Solana booster, according to media platform AMB Crypto, the Indonesian government, unlike the US, has listed SOL and ADA as tradable assets.
The country’s latest proclamation carries significant benefits for Solana and Cardano. To begin with, it empowers domestic crypto traders to deal with these assets with less regulatory attention than their U.S. counterparts.
Furthermore, it introduces an element of regulatory certainty that was missing before, possibly spurring more trading engagements. Notably, the Indonesian government has recognized 501 cryptocurrencies, covering most of the assets the US SEC classifies as securities.
If the SEC manages to prove SOL and ADA are actually securities tokens, the market dynamics of these two cryptos could change drastically. Data from DefiLlama revealed intriguing user activity patterns for Solana and Cardano.
Starting with Solana, user activity spiked notably in May, only to taper off later. On average the smart contracts network managed to sustain around 100,000 active users.
Despite the potentially discouraging news of SEC involvement, Solana’s user engagement managed to stay fairly resilient. The platform recorded around 93,000 active users at the time of this analysis.
Solana Price Initiates Recovery – $20 SOL Incoming
Solana price sits above support at $14.50, reinforced by an ascending trendline. A buy signal may come into the picture if the Moving Average Convergence Divergence (MACD) line in blue crosses above the signal line in red.
The subsequent breakout beyond the short-term $16 resistance could see SOL price reclaim the hurdle at $18.50. Such a move would also propel Solana price above the 50-day exponential Moving Average (EMA).
Moreover, it would pave the way for the coveted move above $20 and toward $30, respectively.
The On-Balance-Volume indicator, on the other hand, reveals that Solana investors are returning. Note that as they pump more money into SOL markets, momentum will also build momentum – a situation likely to make the climb above $20 quicker.
The dilapidated conditions in the crypto market may make it difficult for SOL price to sustain an uptrend for a longer period. Therefore, investors should be open to changing strategies mid-way to ensure they avoid sudden pullbacks and capitalize on the price swings.
yPredict – Crypto’s All-In-One AI Ecosystem
As part of the portfolio diversification strategies, investors have been participating in some of the best crypto presales in the market. Presales allow ordinary people access the rare opportunity of being angel investors, whereby they get tokens at heavily discounted prices.
Like the explosion of generative artificial intelligence in 2023, yPredict’s presale has within record time hit $2.48 million. The ecosystem promises an all-time platform bringing together developers, traders, quants, and analysts.
Purchasing YPRED, the token powering the ecosystem takes only a few steps, especially if investors have crypto in their wallets. According to yPredict’s website, ETH, MATIC, BNB, and USDT are the cryptos accepted as payment for the tokens. Investors can also use various bank cards to participate in the presale.
What is yPredict?
yPredict is a decentralized platform based on the Polygon blockchain. It aims to provide traders an advantage in the constantly evolving crypto market.
Leveraging artificial intelligence (AI) and machine learning (ML), this up-and-coming ecosystem offers unbiased insights and price forecasts for a multitude of coins and tokens, aiding traders in making informed decisions.
Key features of the yPredict platform include live trading signals, market sentiment analyses, advanced technical indicators, and automatic chart pattern detection.
This insightful approach empowers traders to identify trends at an early stage. It also provides them the opportunity to strategize actions that optimize their return on investment.
However, yPredict’s AI capabilities extend beyond just forecasting. The platform offers an array of advanced tools, including real-time signals, breakout alerts, pattern identification, and sentiment analysis drawn from social and news sources.
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Additionally, it establishes a decentralized marketplace for AI trading models. Here, industry experts can generate ongoing income by offering their predictive models or data research as trading signals.
Powering the yPredict platform is its proprietary ERC-20 token, YPRED. Users need YPRED tokens to access yPredict’s comprehensive feature set. The token can also be staked to earn token rewards.
With more than 29,000 individuals engaged in the project’s official Telegram channel, the anticipation and excitement surrounding yPredict are tangible, setting the groundwork for potential expansion in the future.
Some renowned traders and analysts, including Michael Wrubel, have expressed their positive outlook on the yPredict initiative.
Meanwhile, with the presale now in stage 6 and selling 1 YPRED token for $0.09, investors have a very tiny winder to grab the tokens before the price hikes to $0.1. YPRED is expected to list on exchanges at $0.12, giving investors a 25% paper gain if they buy at the prevailing price.
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