5 Reasons Why Solana Might be Dethroned Soon
The post 5 Reasons Why Solana Might be Dethroned Soon appeared on BitcoinEthereumNews.com.
The Solana price is 0.3% to $135 in the U.S. Trading session on Friday. The overhead selling pressure can be attributed to major SOL unstacking, delay in U.S-based SOL ETF, Security Vulnerabilities, etc. With the SOL price at risk of prolonged correction, other emerging currencies could attempt to dethrone Solana soon. Is Solana Losing Its Edge? 5 Reasons It Could Be Dethroned Soon The Solana price daily chart shows an aggressive correction from $162 to $132— an 18.7% decrease within three weeks. The bearish reversal signals the continuation of a six-month consolidation trend and the dominance of sellers to drive the current price movement. Here are five reasons SOL could lose its position as the 5th largest cryptocurrency. Solana ETF Approval Faces Delays Following the success of Bitcoin and Ethereum ETFs(Exchange-Traded Fund) in the U.S. market, the crypto participants expected Solana to be the next best candidate. However, the U.S. The Securities and Exchange Commission (SEC) has delayed its approval for several reasons, including concerns over regulatory compliance and market risks. Furthermore, the senior ETF analyst at Bloomberg, Eric Balchunas, stated “Yes, near-zero chance in 2024, and if Harris wins, there’s probably near-zero chance in 2025, too. Only hope IMO is if Trump wins.” If the approval of SOL ETF faces prolonged delays, it could dampen investor enthusiasm, potentially leading to bearish sentiment toward Solana’s native cryptocurrency. Security Vulnerabilities and Scams This week, Indian cricket fans were targeted by attackers who hacked a prominent X account and attempted to promote the Solana-based token ‘HACKERS”. While this attempt failed to gain traction, the incident raised concerns about the ecosystem’s security. Such scams could strongly affect the user’s trust and shift them toward more secure blockchains, negatively affecting Solana price. FTX/Alameda Unstaking Solana According to Lookonchain data, the bankrupt FTX/Alameda-linked wallet address…
Filed under: News - @ September 13, 2024 7:28 pm