Investigation Rumors Spark Market Concerns Crypto analyst Crypto Bitlord, with 328,000 followers on X (formerly Twitter), recently claimed that Solana (SOL) is under investigation. Although unconfirmed, this rumor has already caused SOL’s price to drop. If true, Solana could experience a selloff similar to XRP’s fate after its SEC lawsuit.
Widespread Worry Despite the lack of verification, Bitlord’s post has gained over 600,000 views, indicating significant concern among investors. The analyst warned that many investors might be caught off guard, recalling his involvement in the failed project MOLLY, which raised $5 million.
Market Impact If the investigation is confirmed, Ethereum could benefit. Recently, the US SEC ended its investigation into Ethereum, allowing for spot Ethereum ETFs. Comparatively, Solana could face prolonged consolidation similar to XRP’s experience with the SEC.
Current Price Analysis The analyst predicts that SOL’s price could fall below $10 if the investigation is publicized. Solana has already seen a 20% decline in the last two weeks, trading around $127. With a fully diluted valuation of about $73 billion and a daily trading volume of around $2.5 billion, Solana has been correcting over the past three months.