Solana (SOL) Struggles Post-SEC ‘Securities’ Labeling: Impact of BTC Movements

Solana (SOL) failed to experience significant upward movement after being labeled “securities” by the US SEC last Monday (5 June). The response from the Solana Foundation provided no hope for the bulls as Bitcoin (BTC) reached $25,000 over the weekend (10/11 June). At the time of writing this article, BTC was struggling to surpass $26,000 ahead of the Consumer Price Index (CPI) data for May to be announced on June 13 and the FOMC meeting on June 13/14. A bullish trend beyond $27,000 for BTC could help SOL overcome a major general barricade. Why is Solana Coin Falling? The weekend decline caused SOL to depart from the support area between $16.7 and $18.8 (aqua). The support area was also a bullish order block (OB) formed on the daily chart on March 9. The weekend decline turned SOL into a bearish trend after BTC retested $25,000, and SOL dropped below the […] The post Solana (SOL) Struggles Post-SEC ‘Securities’ Labeling: Impact of BTC Movements appeared first on COINTURK NEWS.