The post Solana Price Holds Above $180 Despite Recent Volatility and SEC Legal Updates appeared on BitcoinEthereumNews.com.

Solana price has experienced significant fluctuations, showing a notable upward trend. The token has been consistently hovering above the $180 support level after breaking through this threshold earlier in the week. This movement represents a robust recovery from its previous position, which saw the token navigating lower support levels. Solana has peaked at around $193 this week, surging by more than 3%, demonstrating strong market momentum and investor confidence. However, since then, it has experienced a slight pullback, reflecting the typical volatility seen in cryptocurrency markets Solana Price Fluctuations and Recent Performance The SEC recently updated its legal action against Binance, excluding Solana from its previous claims identifying certain cryptos as securities. This revision was filed on July 30 in a joint status report with the U.S. District Court for the District of Columbia.  This adjustment aligns with a court’s earlier decision, which concluded that secondary market sales of Binance’s BNB tokens are not securities transactions. This change might alter the U.S.’s regulatory landscape and influence the forthcoming launch of exchange-traded funds based on Solana. As of the reporting time, SOL price is trading at $180.73, with a slight decrease of 2.74% during the U.S. trading session. Over the past 24 hours, the layer 1 crypto has fluctuated between a low of $179.30 and a high of $187.30. The 24-hour trading volume for Solana has reached $2.9 billion, indicating significant activity in the market. Solana Price Chart| Source: TradingView The technical indicators of Solana reveal a consolidation pattern on the 4-hour chart, as observed on the OKX exchange. The Moving Average Convergence Divergence (MACD) is in the bearish zone, with the MACD line at 0.26, below the signal line of 1.68. However, the histogram has shrunk, suggesting a decrease in bearish momentum, which may hint at a possible reversal or…

---

Filed under: News - @ July 31, 2024 7:50 am