Solana down 15% in past seven days amid claims of alleged SOL investigation

  • Solana is allegedly under investigation per analyst Crypto Bitlord. 
  • Crypto analysts and Solana holders slam the news on X. 
  • SOL extended losses on Monday, down over 15% in the past seven days. 

Solana holders and crypto analysts on X slammed influencer Crypto Bitlord behind the X handle @crypto_bitlord7 for his hot take on Solana and an alleged investigation. 

The analyst said in a recent tweet that the alleged investigation has been brewing for “some weeks now,” and the crypto community on X heavily critiqued the influencer for his claim. Some analysts have labeled the claim as a rumour and called out Crypto Bitlord. 

Alleged Solana investigation rumor or fact? 

Crypto Bitlord took to X to share news of an alleged investigation into Solana that has been brewing for weeks and said, “We are hearing rumors that $SOL is under investigation.” 

The tweet on X has invited the ire of several crypto analysts and Solana proponents on the social media platform. 

Solana recently extended losses and noted a 15% dip in price in the past seven days. Crypto Bitlord’s claims combined with the price action of SOL gave the issue weight among market participants. 

Crypto analyst Evanss6, behind the handle @Evan_ss6, believes the community is witnessing the “death of Solana” and shared a bearish stance on the asset.

Luke @toroscrypto agrees with Crypto Bitlord and supports his take with a thesis from a few weeks ago predicting that “Solana could end up as this cycle’s LUNA.” 

Do Kwon’s Terraform Labs sister tokens LUNA and UST collapsed in the previous cycle, resulting in a slew of bankruptcies among crypto lenders. 

Analyst Ricki.sol of MonkeDAO, behind the X handle @rickicryptostix, calls the Solana investigation “nonsense” and dismisses Crypto Bitlord’s claim. 

Solana Labs did not immediately respond to FXStreet's request for comment. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Three reasons why Chainlink could rally

Three reasons why Chainlink could rally

Chainlink has noted accumulation by large wallet investors for the past two weeks. Nearly $110 million in LINK has been withdrawn from exchanges in this time period. LINK sustained above $13 on Sunday, extending gains by nearly 1%. 

More Chainlink News

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple rallied over 19% in the past seven days per CoinGecko data. The altcoin broke past resistance at $0.50 on the one-year anniversary of Judge Analisa Torres’ XRP ruling. 

More Ripple News

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin extended gains post the shooting at the rally of US Presidential candidate Donald Trump. The former President is a pro-crypto candidate, and a report by Fortune shows that Trump’s chances of winning the race increased after the Saturday events.

More Bitcoin News

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH. An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week. 

More Ethereum News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows. On-chain analytics indicate that whales are accumulating BTC during dips, potentially foreshadowing an imminent rally in the days ahead.


Read full analysis