Solana

Pepe Coin

Shiba Inu

The Solana price has experienced a sharp decline over the past month in line with the broader market correction, intensifying concerns as rumors of a potential investigation into the popular blockchain platform have recently surfaced. 
<h2 id="regulatory-storm-brewing">Regulatory Storm Brewing?&nbsp;</h2> 
In a <a href="https://x.com/crypto_bitlord7/status/1805049915871011187" target="_blank" rel="noopener nofollow">social media post </a>on X (formerly Twitter), market expert Crypto Bitlord, who has a considerable following of over 300,000 people, hinted at a rumored investigation into Solana. The post read: 
<blockquote>
 We are hearing rumors that SOL is under investigation and a huge case is about to be made public. This has been brewing for weeks and couldn’t come at a worse time.
</blockquote> 
While no specific details about the jurisdiction or agency conducting the alleged investigation into Solana have been disclosed, the United States has been at the forefront of an <a href="https://www.newsbtc.com/news/solana-slides-15-can-it-recover-despite-analysts-1000-prediction/" target="_blank" rel="noopener ">ongoing crackdown</a> on the cryptocurrency industry since the collapse of the FTX crypto exchange in late 2022. 
The aftermath of the FTX incident resulted in a series of lawsuits and charges against various industry executives. Notable figures like Binance’s former CEO Changpeng Zhao (CZ) and Coinbase have faced legal scrutiny.&nbsp; 
A comparable scenario can be drawn with XRP and Ripple, as they have been engaged in a complex legal showdown over the sale of the <a href="https://www.newsbtc.com/analysis/solana-sol-dives-120/" target="_blank" rel="noopener ">digital asset</a>. 
For Crypto Bitlord, who has contributed to projects such as Shiba Inu (SHIB), Floki Inu (FLOKI), and <a href="https://www.newsbtc.com/news/solana/bearish-wave-hits-solana-sol-drops-below-140-more-losses-on-the-horizon/" target="_blank" rel="noopener ">Pepe Coin</a> (PEPE), the potential impact on the Solana price is significant. In response to skeptical comments, Bitlord warned, “Don’t cry when SOL is $3 again.” 
However, until further news emerges regarding the alleged investigation, these statements remain speculative. Solana’s founders have made no official statements regarding these rumors. 
<h2 id="solana-price-analysis">Solana Price Analysis</h2> 
The Solana price has experienced significant losses across various time frames, with declines of over 9%, 18%, and 22% in the past seven, fourteen, and thirty days, respectively. However, despite the downward trend, trading volume for SOL has remained robust, surpassing $2.8 billion in the past 24 hours alone, according to CoinGecko <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener nofollow">data</a>. 
Digital asset investment firm CoinShares <a href="https://etp.coinshares.com/knowledge/market-activity/fund-flows-24-06-24" target="_blank" rel="noopener nofollow">reported </a>notable inflows into various altcoins following the recent price weakness, with Solana seeing inflows of over $2.7 million. This suggests that despite the price decline, some investors see potential value in SOL and are strategically entering the market. 
Nevertheless, the Solana price faces a critical test as it approaches crucial support levels. Currently, SOL is trading just above a four-month support level at $127, which marked the uptrend when the Solana price reached a yearly peak of $210 in mid-March.&nbsp; 
If <a href="https://www.newsbtc.com/news/solana/solana-records-new-monthly-user-high-amidst-persistent-price-drop/" target="_blank" rel="noopener ">selling pressure</a> intensifies and this support is broken, SOL could retrace down to $117, representing the token’s next significant mid-term support level. 
Other support walls for SOL in the event of a sustained bearish move are at the $109 and $102 levels. These levels should be watched closely by bullish investors looking to prevent Solana from falling below $100. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/Hqe3vVh2/" alt="Solana price" width="1814" height="858"> 
Featured image from DALL-E, chart from TradingView.com

Solana Price Braces For Potential Crash Below $100 Amid Investigation Rumors

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