Solana (SOL) has experienced a significant surge in performance over the past 24 hours, with an 11.03% increase on daily charts and a 12.07% rise on weekly charts. This comes after SOL faced a decline earlier this month when it was mentioned in a lawsuit by the SEC against Coinbase.
Alongside Cardano (ADA), Polygon (MATIC), and other cryptocurrencies, Solana was labeled as an “unregistered security” by the SEC. This regulatory crackdown in the United States has raised concerns about several leading crypto projects, including SOL. Despite these challenges, Solana appears to be rebounding.
Furthermore, Solana’s recent rally occurred when the token was delisted from Revolut, a European exchange and payments company. Revolut has also removed Cardano (ADA) and Polygon (MATIC) from its platform, which aligns with the tokens mentioned in the SEC’s lawsuit.
Solana’s Recent Updates
Solana’s (SOL) recent surge in value coincides with an announcement from its NFT support provider that it will be discontinuing its operations. The platform attributes its decision to challenging macroeconomic conditions. This development represents a significant setback for SOL’s development and ecosystem.
Popular crypto exchange OKX recently added Solana (SOL) to its “Dual Investment Structured Product.” With this addition, users have new ways to interact with the OKX ecosystem. Dual Investment is a product that allows users to increase profits by choosing a major crypto pair. Users can buy or sell an options contract and get paid in either cryptocurrency by subscribing to a Dual Investment product. The OKX development might have played a hand in SOL’s positive sentiment, as other developments have been against the project.
The price of SOL is likely to remain volatile in the near term. However, the long-term outlook for Solana is positive. The Solana blockchain has a number of advantages that could make it a leading platform for decentralized applications. As the Solana ecosystem continues to grow, the price of SOL could eventually recover and reach new highs.