The conclusion of the Ripple case significantly affected the cryptocurrency market, especially Ethereum. Meanwhile, Solana faced negative news.
Impact of the Ripple Case
The conclusion of the Ripple case has led to a significant rise in Ethereum (ETH), which especially benefited from the recent announcement of a $5 billion reserve. While Bitcoin (BTC) remains stable, Solana has encountered unfavorable circumstances that impacted the markets as the trading week concludes.
Updates on Solana
Previously, it was reported that the Solana treasury company, led by Joe McCann, was planning a billion-dollar purchase of SOL Coins. However, the public offering to raise funds for the Solana treasury was canceled shortly after the announcement due to significant losses incurred by McCann’s hedge fund. Nevertheless, Solana continues to remain popular and a strong network in the smart contract space.
Solana Price Dynamics
As of the time of writing, the SOL Coin has surpassed the $168 mark and is eyeing the $188 resistance level amidst an overall positive market sentiment. If Bitcoin does not experience a sudden downturn, and Ethereum hovers around $4,000, SOL Coin might test its resistance area. Investors should be cautious of potential downturns during low trading volumes over the weekend.
Thus, the cryptocurrency market situation remains volatile. Solana's future depends on various factors, and the anticipation of new news plays a critical role.
