Plunge

Solana

Parallel

The U.S. Securities and Exchange Commission (SEC) has labeled Solana as a security in its ongoing lawsuit against Solana, Coinbase, and Binance. This led to various exchanges, including Robinhood, removing SOL from their listing. This development has negatively impacted SOL&#8217;s price and prompted numerous validators on the Solana network to consider a fork as a means to protect themselves from the agency&#8217;s scrutiny. 
<h2 style="text-align: justify;" id="anticipation-of-upgrade-on-sol">Anticipation of Upgrade on SOL!</h2>
The Solana community is seriously contemplating a potential fork of the network, believing that it might ease the SEC&#8217;s examination. Additionally, a fork could potentially alleviate the selling pressure stemming from Alameda Research&#8217;s significant holdings of SOL tokens. 
Alameda Research currently owns 8.2% of the total supply of <a href="https://en.coin-turk.com/cardano-solana-and-polygon-experience-major-drops-amidst-robinhood-delisting/" target="_blank" rel="noopener" data-wpel-link="internal">SOL</a> shares and is expected to sell a significant portion of it. This could lead to a drop in Solana&#8217;s price on the charts. HGEABC, the founder of Abracadabra, was among those who shared support for a fork of the Solana network. However, within the community, there are opposing views against this idea and the concept of a fork. While Solana has made no official statement regarding the possibility of a fork, they have responded to the SEC&#8217;s classification of SOL as a security. 
Solana&#8217;s team disagrees with this classification. The foundation has also emphasized its desire for policymakers to engage constructively in providing legal clarity for entrepreneurs operating in the <a href="https://en.coin-turk.com/" target="_blank" rel="noopener" data-wpel-link="internal">digital assets</a> space. They highlighted the strength of the Solana builder community and their ongoing efforts to create innovative projects and products. 
<img decoding="async" loading="lazy" class="aligncenter wp-image-84011 size-full" src="https://en.coin-turk.com/wp-content/uploads/2023/06/solana-1.png" alt="" width="1378" height="478" srcset="https://en.coin-turk.com/wp-content/uploads/2023/06/solana-1.png 1378w, https://en.coin-turk.com/wp-content/uploads/2023/06/solana-1-300x104.png 300w, https://en.coin-turk.com/wp-content/uploads/2023/06/solana-1-768x266.png 768w, https://en.coin-turk.com/wp-content/uploads/2023/06/solana-1-1200x416.png 1200w" sizes="(max-width: 1378px) 100vw, 1378px" />
<h2 style="text-align: justify;" id="data-from-santiment">Data from Santiment!</h2>
Despite Solana&#8217;s attempts to alleviate concerns and ease fear, the overall sentiment around SOL remains negative. In fact, data from Santiment reveals a significant drop in the weighted sentiment around SOL, showing during reporting that negative comments are outweighing the positive ones. 
Parallel to the sentiment shift, SOL&#8217;s price has recorded a decline in this period. The trading volume, which recorded a temporary increase in recent days, also decreased within the same timeframe. As the Solana community navigates the potential outcomes of the SEC&#8217;s securities classification and delistings, the possibility of a fork continues to be discussed. The upcoming few days will shed more light on the community&#8217;s final decision and its impacts on Solana&#8217;s future. 
The post <a rel="nofollow" href="https://en.coin-turk.com/secs-securities-label-on-solana-leads-to-exchange-delistings-and-price-plunge/" data-wpel-link="internal">SEC&#8217;s Securities Label on Solana Leads to Exchange Delistings and Price Plunge </a> appeared first on <a rel="nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

SEC’s Securities Label on Solana Leads to Exchange Delistings and Price Plunge

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