SOL: Solana, Cardano and Other Tokens Stabilize as Foundations Contest “Security” Status

The price of Solana (SOL), in addition to a number of other cryptos including Cardano (ADA) and Polygon (MATIC) seem to have stabilized from their SEC-fueled drop. The stability is the result of responses released by the managing foundations of these tokens against allegations made by the Securities and Exchange Commision (SEC).

The SEC had described these tokens as securities in its lawsuit against Binance – an allegation which has now been described by their foundations to be “factually inaccurate”.

SOL, ADA and MATIC dropped by 29%, 28% and 29% respectively last week as a result of the SEC lawsuit, but the worst of the selloff seems to have already happened. The native token of Binance (BNB) has also been managing to stabilize after falling by nearly 23% last week as the lawsuit was announced. The ultimate impact of the lawsuit, however, remains to be seen – as the SEC continues to ramp up its regulatory pressure on the industry.

(About Solana)

Solana is a high-performance blockchain and cryptocurrency designed to address scalability and efficiency challenges faced by existing blockchain networks. It was created by Anatoly Yakovenko and launched in March 2020. Solana aims to provide a decentralized platform that can handle a high volume of transactions quickly and cost-effectively. Solana's architecture incorporates several innovative technologies to enhance scalability. It utilizes a system of parallel processing called Tower BFT (Byzantine Fault Tolerance), which enables the network to process transactions concurrently across multiple nodes. This parallelization allows Solana to handle thousands of transactions per second, making it one of the fastest blockchains in the cryptocurrency space