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Solana (SOL) Tumbles as SEC Labels It a Security in Kraken Lawsuit 3m ago by

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Kraken’s SEC lawsuit rocks Solana (SOL) and the crypto market, with SOL dropping 5.53%.

Solana’s substantial trading volume amidst the dip hints at potential recovery opportunities.

MACD and RSI indicators signal bearish momentum for the SOL/USD trading pair.

The US Securities and Exchange Commission’s recent lawsuit against Kraken has sent ripples through the cryptocurrency market. The accusation, which points to Kraken’s alleged operation as an unregistered securities exchange, broker, and clearing agency, has notably affected Solana (SOL) and several other cryptocurrencies.

Here is the full list:

— Crypto Tea (@CryptoTea_) November 20, 2023

Solana’s Market Reacts to Legal Developments

In response to the SEC’s filing, SOL’s market value has experienced notable fluctuations. From a 24-hour peak of $60.92, Solana’s price fell to a low of $55.36 before stabilizing somewhat. At the time of reporting, SOL is trading at $55.97, marking a 5.53% decrease from its intra-day high.

If this bearish trend persists and the intra-day low of $55.36 is breached, the next significant support will be around $50. Conversely, a rebound from …

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