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Solana (SOL) token is one of the biggest losers in the crypto market with a price drop of almost 30% in the last seven days. SOL price dropped after the US Securities and Exchange Commission (SEC) declared the Solana token as well as several other altcoins securities in its lawsuit against Coinbase and Binance US.
In a worst-case scenario, the Solana Foundation could be sued by the SEC in December 2020 on the same lines as Ripple Labs. Panic to sell more investors.
Solana community and developers oppose the SEC
Solana Foundation now has react for the SEC’s classification of its SOL token as an unregistered security. In a statement, it said, “The Solana Foundation firmly believes that SOL is not a security,” adding “SOL is the native token of the Solana blockchain, a robust, open-source, community-based software project built on decentralized user depends.and developer engagement to expand and develop.
In a recent incident where a developer defied SEC legal action, saying that developers “give a shit” about what the SEC thinks, a portion of the community is already working to resolve the SEC issue. Thinking of possible ways.
The founder of Dagan Pix initiated a poll within the Solana community as to whether the blockchain should fork to avoid regulatory issues with the SEC. A total of 2,050 people took part in the poll, 39.9% answered “yes”, while 24.2% answered “stuffu” (stop the nonsense).
ok listen to me it’s time to fork $sol, SEC disappears, FTX bankruptcy could dump on itself. $BTC And $ETH Both did.
copy @SOLBigBrain
Your feedback?
— Caps² (@capsjpeg) June 10, 2023
Amazingly, the idea is backed by @HGEABC, the founder of Abracadabra. via twitter, react for voting, writing, “Bold but not really a bad idea. Community fork will get rid of Solana SEC issue. No bankruptcy dawning on you for next 3 years. ETH is a fork of ETC and doing well. If Blink twice if you agree.
A user asked the founder of Abracadabra if he could get Solana Labs co-founder Anatoly Yakovenko and his team to work on the fork. Abracadabra’s founder speculated that they “probably will” if sued by the SEC. “Then working the forks also saves them their own trouble.” Notably, the Solana Foundation has yet to respond to the survey.
Overall, however, there are mixed opinions in the community regarding the fork. It’s also worth noting that the backers don’t have any specific plans for the fork yet.
Nevertheless, according to the founder of Dagan Pix, a fork could solve not only the SEC problem, but also the FTX bankruptcy. A copy of the Solana series can be given a whole new set of rules and parameters. FTX wallet may be blacklisted and may not receive new tokens.
SOL Price Keeps Falling
At press time, the price of SOL was trading at $15.15. The 1-day chart shows crazy conditions for SOL price. The bulls need to defend the $12.82 level at all costs to prevent a drop to the December 2022 low of $8.02.
On the upside, the $16.00 level is a major resistance for now. With an RSI of 26.2, SOL is in the oversold zone and could start a recovery.
Featured image from Analytics Insight, chart from TradingView.com
