Bakkt, a New York-based derivatives exchange, took the decision to delist popular altcoins due to recent regulatory developments in the United States. The United States Securities and Exchange Commission (SEC) filed lawsuits against major crypto exchanges like Binance and Coinbase, classifying over 20 digital assets, including SOL, as securities. This resulted in other trading platforms, such as Robinhood, also ceasing their support for these assets.
Investors and traders are eager to determine SOL’s potential price movement beginning in the upcoming month amidst the aforementioned regulatory uncertainty. According to PricePredictions, which utilizes advanced machine learning algorithms, SOL will be valued at $15.84 by July 1, 2023.
Currently trading at $15.98, SOL experienced a 2.1% decline in price last week. The support level of $14.52 is considered a critical floor for the price to prevent it from falling further. $17.36 is viewed as a crucial level of price resistance where sellers are likely to emerge and limit the price from rising further.
Despite a price drop in response to the SEC lawsuits, Solana remains ranked 9th largest cryptocurrency by market worth, boasting a capitalization of $6.3 billion.
Frequently Asked Questions (FAQs) Related to the Above News
What is the reason behind Bakkt's decision to delist certain altcoins?
Bakkt decided to delist certain altcoins due to recent regulatory developments in the United States, following the SEC's lawsuits against major crypto exchanges and classification of over 20 digital assets as securities.
Has Robinhood also ceased support for the affected digital assets?
Yes, Robinhood has also ceased support for the same digital assets due to the regulatory uncertainty.
What is the current ranking of Solana in the cryptocurrency market?
Despite the recent price drop, Solana remains the 9th largest cryptocurrency by market worth, with a capitalization of $6.3 billion.
What is the predicted price of Solana on July 1, 2023, according to advanced machine learning algorithms?
According to PricePredictions, SOL is predicted to be valued at $15.84 by July 1, 2023.
What are the critical floor and resistance levels of Solana's price as of now?
The support level of $14.52 is considered a critical floor for the price to prevent it from falling further, while $17.36 is viewed as a crucial level of price resistance where sellers are likely to limit the price from rising further.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
