• Altcoins have experienced a surge in value due to the impact of the SEC lawsuit, but Solana (SOL) has yet to see an increase in its price.
• Despite a bearish trend for SOL, stakers remain optimistic and the number of stakers on the Solana network has increased over the last month.
• The protocol Cardinal, which successfully raised $4.4 million in seed financing, is gradually shutting down operations.
Altcoin Surge: Why is Solana Missing Out?
The SEC lawsuit against cryptocurrencies has had a major impact on the altcoin sector. While other coins designated as securities by the SEC have seen a resurgence in their prices, Solana’s (SOL) price continues to decline. Despite this bearish trend, however, SOL stakers remain optimistic that things will turn around soon.
According to CryptoQuant data, since reaching its low point on June 14th , the Crypto Securities Index (which tracks coins designated as securities by the SEC) has experienced an impressive 22% increase. Similarly, during this same period of time, Bitcoin (BTC) and Ethereum (ETH) have also seen an impressive 16% surge within their Commodities Index . This includes coins such as Avalanche (AVAX), Polygon (MATIC), and of course Solana (SOL).
Solana Price Decline
Although other altcoins are experiencing increases in their prices due to the SEC lawsuit , SOL remains largely unaffected and continues to experience bearish trends . Since June 4th , SOL’s price has dropped by 16.4%. Momentum for sellers remains high while lower lows continue to be formed – indicating a general downward trend for SOL’s price at press time . However, despite these declining numbers , SOL stakers remain hopeful that better times are ahead for their coin .
Cardinal Protocol Shutdown
Unfortunately , not all news regarding Solana/s ecosystem was positive . In July 2022 , Cardinal – a protocol spearheaded by both Solana Ventures & Protagonist – announced that it would be gradually closing down operations after successfully raising $4 . 4 million in seed financing earlier that year .