In a nasty surprise for Solana holders, SOL has been named as an unregistered security in the latest SEC enforcement action against Binance – now facing an uncertain future will Solana sink-or-swim?
As the aftermath of the latest ‘regulation by enforcement’ moves sets in, crypto markets are reeling as multiple top-10 projects have been named as unregistered securities by the SEC.
Uniquely, all of the major projects mentioned have been leading Proof-of-Stake cryptocurrencies.
Solana Technical Price Analysis: The Good, the Bad & the Ugly
Amid the worst hit is Solana, which endured a shocking -18.32% dump in the aftermath of the news – ruining poised technical structure.
Indeed, the seismic move down has smashed through multiple technical supports including the MA20, MA200, and lower trendline in a dramatic display.
With Solana now trading at $18.95 (a 24 hour gain of +1.66%) – price action faces a sink-or-swim moment, with a bounce likely in this support area.
The loss of moving average support could prove crushing for SOL performance, ending almost two months of steadfast support from the MA200.
Some silver lining emerges from Solana’s oscillators which showcase resilience.
The RSI sits at 40, a technical oversold signal that suggests a bounce could be due.
And the MACD provides little cause for concern, reflecting only minor bearish divergence at -0.12.
Solana Price Prediction: Will SOL hit $0?
As fundamental headwinds turn turbulent, price action could become highly volatile – yet despite the negative outlook, on the short-time frame there could be a degree of upside.
A bounce from this level would likely face an upside target back above the critical support of the MA200 at $19.60 (+3.65%).
However, downside risk from here remains a threat, with a lower support level likely to form at $16.75 (-11.42%).
This leaves Solana facing a risk: reward ratio of 0.32, a characteristic bad entry carrying triple downside risk.
What is the Best Solana Alternative?
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The company’s commitment to supporting recycling and sustainable ecosystems has already been recognized with an award at the Istanbul Blockchain Summit.
Since then, interest in Ecoterra has skyrocketed, with its pre-sale now surging past $4.88 million – as this potential has not gone unnoticed by the crypto community.
With the pre-sale raising almost $5 million, investors are keen to capitalize on the opportunity before an impending 10% price hike.
Ecoterra’s roadmap is as promising as it is ambitious, the company plans to launch across several major cryptocurrency exchanges in the third quarter of 2023.
Meetings with representatives from these exchanges took place at the Istanbul Blockchain Summit, raising the possibility of $ECOTERRA being listed on platforms like KuCoin, MEXC Global, and OKX.
Recycle2Earn Launching by End of 2023
The company is also set to release its Recycle2Earn application and the Recycled Materials marketplace in the fourth quarter.
With an estimated 11 billion tonnes of solid waste collected globally each year, the need for effective recycling practices has never been more pressing.
By investing in Ecoterra, you’re contributing to a promising Web3 project and making a commitment to a sustainable future.
So, as the clock ticks down on the pre-sale event, the question is not ‘why should you invest in Ecoterra?‘ but ‘can you afford not to?‘
Ecoterra is not just a token; it’s a mission to transform the way we approach recycling and waste management.
Participating as an early backer in this presale is a commitment to a greener, more sustainable future.
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Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
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