Solana’s momentum bolstered as SEC’s amendments no longer consider SOL a security

The recent developments in the legal fight between the United States SEC and Binance brought optimistic news to the crypto community.

The regulator has decided to revise its complaint against exchange Binance, seeking not to have to prove that assets such as Solana and Polygon are securities.

Initially, the SEC’s complaint alleged that some third-party digital tokens were securities.

The statement hurt market sentiments, forcing the likes of Robinhood to adjust their cryptocurrency portfolios.

Meanwhile, the SEC’s latest move comes after multiple court orders. Firstly, the court suggested that Binance Coin (BNB) and BUSD secondary sales aren’t securities. 

The BNB ruling meant relief for other tokens mentioned in the regulator’s initial filings, including Solana, Cardano, and MANA,

With the latest updates, these assets do not need judicial validation to determine their ‘securities’ statuses. The parties will meet within the coming month for a briefing about the amendment motion.

Market response: SOL ready to break past $200

Solana has maintained impressive price actions lately, signalling news surges past the hurdle at $180 and $188 before exploring new peaks beyond $200.

SOL climbed past $192 on Monday, July 29, as Bitcoin touched the $70K mark.

The upswing pushed Solana past the 76.4% Fibonacci retracement of the recent decline from $188 to $121.

Stability beyond the $188 hurdle will open the doors for SOL to hit $200. The nearest resistance stands at $205, coinciding with the 123.6% Fibonacci extension of the $188 to $121 price dip.

A decisive daily candle close beyond $200 would push SOL past $205, setting the stage for another solid upswing.

The next crucial hurdle is$220, beyond which Solana could smoothly sail towards $232. Continued bullish actions will see the altcoin hitting $250.

However, broad market movements remain crucial in shaping SOL’s upcoming trajectory.

Failure to overcome the $205 resistance will trigger near-term corrections. The nearest support stands at $180, and losing it will call for the first robust barrier at $165.

A decline below this foothold could spark massive slumps in SOL prices.

The alt can dip towards the support at $150 and the 50-d SMA before hitting the primary uptrend Launchpad at around $120.

Current SOL price action

Solana traded in the red on Tuesday as the crypto market lost Trump-induced steam.

SOL 1D Chart on Coinmarketcap

The alt dropped approximately 5% in the past day, trading at $183 during this publication.

Nevertheless, the ongoing slide could be a usual phenomenon in crypto after notable price jumps.

Further, analysts remain confident about Solana’s future, forecasting massive surges for the altcoin.

Chris Burniske predicts a massive uptrend that takes SOL prices past $1,000.

Solana remains a hot token, and expected spot ETFs and friendly regulation could see SOL hitting the anticipated levels past $1,000.

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