The Solana price climbed 1.5% in the last 24 hours to trade for $179.90 as of 00:09 a.m. EST on trading volume that plunged 24%.
This follows news that the US Securities and Exchange Commission (SEC) withdrew its request to classify Solana, MATIC and ADA as securities as it revised a complaint in its lawsuit against Binance.
According to the SEC, tokens like $MATIC, $ADA, and $SOL were classified as securities.
However, they have retraced this from the court case against Binance, making it likely that their stance against those projects has changed.
If these are no securities, it's great news. pic.twitter.com/G2a7fzFpZq
— Michaël van de Poppe (@CryptoMichNL) July 30, 2024
This action by the US SEC suggests a change in how they will demonstrate that some tokens are, in fact, securities. Initially, the regulator had classified them as Third-Party Crypto Asset Securities.
BREAKING: 🇺🇸 SEC amends the lawsuit against #Binance. $SOL, $ADA, $MATIC, $FIL, $ATOM, $SAND, $MANA, $ALGO, $AXS and $COTI are no longer securities. 🔥
Another good news for Crypto community 🙌 pic.twitter.com/nRo6yUNOkQ
— Zia ul Haque (@ImZiaulHaque) July 30, 2024
Ripple CEO Brad Garlinghouse said the move was evidence of the regulator’s hypocrisy. Ripple CLO Stuart Alderoty also responded to the development, saying, “When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says “never mind.” But these tokens are left out to dry in the Coinbase suit. This isn’t how to regulate.”
When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says “never mind.” But these tokens are left out to dry in the Coinbase suit. This isn’t how to regulate. https://t.co/xtfLdXWoO8
— Stuart Alderoty (@s_alderoty) July 30, 2024
Solana Price Prediction
The Solana price is trading with a bullish bias, standing nearly 50% above its range low of $121.32. The odds continue to favor the upside, supported by multiple technical indicators. To begin with, the Relative Strength Index (RSI) is above the mean level of 50, showing rising momentum. Its position at 60 shows there is still more room to the north before SOL can be considered overbought.
The Moving Average Convergence Divergence (MACD) is also in positive territory, still holding above the signal line. This indicates buyer momentum still exceeds selling pressure. If the $178.36 support level holds, bulls could seize the opportunity to push the Solana price to $193.89. In a highly bullish case, the gains could extrapolate to record a new range high.
GeckoTerminal: SOL/USD 1-day chart
Conversely, the southbound RSI shows momentum falling. The MACD also hints at a possible sell signal, to be executed once it crosses below the signal line. Similarly, the MACD histograms are fading, a sign of waning bullish sentiment.
If the $178.36 gives way, the Solana price could fall through. Nevertheless, the bullish sentiment for the SOL price would only be invalidated below the $121.32 support. Such a move would also indicate a change in market structure.
Even as the Solana price defends against further downside, investors are channeling more capital into Base Dawgz (DAWGZ), a new Base meme coin presale that popular crypto YouTuber Clay Bro, with 130k subscribers, says ”could create millionaires.”
Promising Alternative To Solana
DAWGZ is the native cryptocurrency for the Base Dawgz ecosystem, and it’s already raised more than $2.7 million.
It aims to appeal to investors’ adventurous spirits, and features an image of a Shiba Inu and other meme characters all strapped with base-jumping gear and soaring through the skies after jumping off a plane.
We would like to hear from the $DAWGZ community.
Other than the presale ending early, what would you like to see being implemented by the Base Dawgz team? We are all ears to see where we could improve alongside the community. pic.twitter.com/mh9irxQU56
— Base Dawgz (@BaseDawgz) July 30, 2024
At home on the Base Chain, $Dawgz will also trade on ETH, SOL, BSC, and AVAX. It is like a base jump through the blockchains, landing wherever you choose.
This multi-chain functionality is made possible by Wormhole and Portal Bridge technology.
Base Dawgz has also implemented a unique competition-based crypto airdrop model. This feature rewards creative social engagement with $DAWGZ tokens.
Presale investors accumulate points by posting on Base Dawgz’s social media accounts. Users with the highest points win the most tokens airdropped to them.
$2.7 MILLION$DAWGZ just keeps pushing and we don't let up 💪 pic.twitter.com/200LaSt3v0
— Base Dawgz (@BaseDawgz) July 26, 2024
Token holders can also stake their DAWGZ for annual rewards of 1,044%.
To participate in the presale, you can buy DAWGZ tokens for only $0.007061 each. A price hike is coming in less than 6 days, so buy before then for the best deal.
Visit and buy Base Dawgz here.
Also Read:
How to Buy Base Dawgz Token – $DAWGZ Presale Review
Base Dawgz Price Prediction – DAWGZ Price Potential in 2024
Best Base Chain Meme Coins To Buy – 2024 Guide
Best Crypto to Watch in 2024: Top 5 Cryptocurrencies with High Potential
