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Is Solana (SOL) in legal trouble? Popular crypto analyst believes a bombshell is about to drop

Theo

Popular crypto analyst Crypto Bitlord just dropped a bombshell in front of his 328,000 followers on the X platform. His surprising revelation? Solana (SOL), a heavyweight in the Web3 scene with nearly $3 billion in locked assets, could be under investigation. And if true, that spells big trouble for SOL investors.

Dive in to find out what this investigation means for Solana’s future.

Concerns are spreading

Although the source of the investigation has not been verified, Crypto Bitlord’s post has already been viewed over 600,000 times, indicating widespread concern among investors.

The analyst stressed that many investors may be caught off guard given the ongoing denials. This warning comes in the wake of the analyst’s previous involvement in a project called MOLLY, which raised $5 million but later failed.

Brutal market impact?!

If the rumored investigations into Solana do come to pass, Ethereum could benefit significantly. This follows the recent decision by the U.S. Securities and Exchange Commission (SEC) to close its investigation into Ethereum, paving the way for the upcoming approval of several spot Ethereum ETFs.

The analyst drew parallels and compared Solana’s situation to that of XRP, which is facing a prolonged consolidation due to an SEC lawsuit.

Solana Price Analysis

The analyst predicts that SOL’s price could fall below $10 again if the investigation becomes public. Currently, Solana has already seen a 20% decline in the last two weeks and was trading at around $127 on Monday.

With a fully diluted valuation of around $73 billion and a daily trading volume of around $2.5 billion, Solana has been in correction mode for the past three months.

While the crypto community awaits further developments, Solana’s future hangs in the balance amid speculation and uncertainty.

Also read: Mt. Gox to start repaying creditors in Bitcoin and Bitcoin Cash next week

Is this just a rumor or is it the beginning of a major restructuring for Solana? Only time will tell.

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