{"id":319957,"date":"2023-06-12T08:00:15","date_gmt":"2023-06-12T02:30:15","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=319957"},"modified":"2023-06-12T00:35:54","modified_gmt":"2023-06-11T19:05:54","slug":"solana-prices-take-a-u-turn-as-foundation-argues-sols-security-label","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/solana-prices-take-a-u-turn-as-foundation-argues-sols-security-label\/","title":{"rendered":"What Solana did after foundation argued SOL&#8217;s &#8216;security&#8217; label"},"content":{"rendered":"<ul>\n<li><em>The brains behind the project did not agree with the security tag of its token.<\/em><\/li>\n<li><em>While the price increased, traders opted for pessimism.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Solana [SOL]<\/span><span style=\"font-weight: 400;\"> Foundation has responded to the classification of the project\u2019s native token as a security. In its 10 June official reply, the foundation sparingly argued that the blockchain\u2019s mission was to build exceptional products, further highlighting how it was surprised that the U.S. regulator mentioned the token.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Solana Foundation disagrees with the characterization of SOL as a security. We welcome the continued engagement of policymakers as constructive partners on regulation to achieve legal clarity on these issues for the thousands of entrepreneurs across the U.S. building in the\u2026<\/p>\n<p>&mdash; Solana Foundation (@SolanaFndn) <a href=\"https:\/\/twitter.com\/SolanaFndn\/status\/1667578529612017666?ref_src=twsrc%5Etfw\">June 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 SOLs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<h4><b>Ready to evaluate the conditions<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Recall that debates erupted from the crypto community regarding the SEC\u2019s decisions to label some of the top tokens as unregistered securities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the foundation noted that it was not in its place to go into a brawl with the SEC. Instead, it noted that it was ready to engage the agency to provide regulatory clarity on operating in the country. Solana Foundation said,\u00a0<\/span><\/p>\n<blockquote><p>\u201cWe welcome the continued engagement of policymakers as constructive partners in regulation to achieve legal clarity on these issues\u201d<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Following the response, SOL experienced a <\/span><a href=\"http:\/\/ambcrypto.com\/solana-prices-dive-42-within-a-week-will-there-be-a-quick-recovery\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">turnaround<\/span><\/a><span style=\"font-weight: 400;\">. And according to CoinMarketCap, the token value surged by 6.16% in the last 24 hours. This suggests that investors might be undeterred by regulatory concerns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before the recent recovery, SOL\u2019s price initially <\/span><a href=\"http:\/\/ambcrypto.com\/ada-matic-sol-face-the-music-as-robinhood-delists-tokens\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">decreased<\/span><\/a><span style=\"font-weight: 400;\"> by 22% on account of the proscription. But based on the SOL\/USD four-hour chart, buyers have been influential in pushing up the price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, bulls were able to regain confidence by building support at $15.29. This continuous buy pressure led the SOL price to exchange hands at $15.62.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although the Relative Strength Index at 32.94 suggests proximity to bearish momentum, it still depicts a recovery from the 14.56 value on 10 July. However, if SOL was to edge higher than its current price, it would require additional buying pressure.<\/span><\/p>\n<figure id=\"attachment_319960\" aria-describedby=\"caption-attachment-319960\" style=\"width: 1354px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/SOLUSD_2023-06-11_11-57-10.png\"><img decoding=\"async\" class=\"size-full wp-image-319960\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/SOLUSD_2023-06-11_11-57-10.png\" alt=\"Solana [SOL] price action\" width=\"1354\" height=\"697\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/SOLUSD_2023-06-11_11-57-10.png 1354w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/SOLUSD_2023-06-11_11-57-10-300x154.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/SOLUSD_2023-06-11_11-57-10-1024x527.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/SOLUSD_2023-06-11_11-57-10-768x395.png 768w\" sizes=\"(max-width: 1354px) 100vw, 1354px\" \/><\/a><figcaption id=\"caption-attachment-319960\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h4><b>Shorts are not impressed<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In the derivatives market, traders haven\u2019t yet swayed from open short contracts on SOL. According to Coinglass, the SOL funding rate was down to -0.039%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, when the funding rate is positive, it means the perpetual price is higher than the spot price. Thus, long-positioned traders would be willing shorts to keep their positions open.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But since SOL\u2019s funding rate was negative, then it means that more shorts paid longs to hold their position.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/solana-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Solana Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p>Despite the SOL uptick, the weighted sentiment remained in the <a href=\"https:\/\/app.santiment.net\/charts\/L2vYQvPU__sCl\" target=\"_blank\" rel=\"noopener\">negative region<\/a>. For context, the sentiment describes the social volume linked to texts, either optimistic or otherwise about an asset.<\/p>\n<figure id=\"attachment_319961\" aria-describedby=\"caption-attachment-319961\" style=\"width: 1100px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-11-at-12.26.27.png\"><img decoding=\"async\" class=\"size-full wp-image-319961\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-11-at-12.26.27.png\" alt=\"Solana weighted sentiment and SOL funding rate\" width=\"1100\" height=\"829\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-11-at-12.26.27.png 1100w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-11-at-12.26.27-300x226.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-11-at-12.26.27-1024x772.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Screenshot-2023-06-11-at-12.26.27-768x579.png 768w\" sizes=\"(max-width: 1100px) 100vw, 1100px\" \/><\/a><figcaption id=\"caption-attachment-319961\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">When the weighted sentiment is up, it means that the average perception around a token is in favor of a price increase. Therefore, SOL\u2019s position infers that the sentiment toward the token had not yet changed from the period it lost a chunk of its value.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In its public reply to the regulator, Solana Foundation mentioned the token is not a security. Did this confident response play a role in SOL&#8217;s uptick?<\/p>\n","protected":false},"author":72,"featured_media":319976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-319957","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Solana did after foundation argued SOL&#039;s &#039;security&#039; label - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Solana [SOL] Foundation has responded to the classification of the project\u2019s native token as a security. 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