• 18 June, 2024
News

As SOL Approaches the Mark of $16.45, Optimistic Signs Begin To Appear on the Horizon

He DOJ has opened an investigation into two brothers, Ian and Dylan Macalinao, who are behind Saber protocol. Saber is a decentralized exchange built on the Solana blockchain that allows users to trade crypto assets securely.

The DOJ’s investigation follows allegations that the developers edited the Total Volume Locked (TVL) on Solana-based projects, causing billions of dollars of funds to be double-calculated multiple times. This inflated the usage statistics and made it appear as if their project had more users than it actually did.

The developers also created 11 pseudonymous identities across various platforms in an attempt to mask their activities. The DOJ is looking into these activities to determine whether any violations of federal securities or criminal laws have taken place.

The investigation is ongoing, and it remains to be seen if the Macalinaos will face charges. In the meantime, Saber protocol continues to operate on Solana’s blockchain and users are encouraged to exercise caution while using it.

It is important to remember that when dealing with any cryptocurrencies or digital assets, caution must be taken and thorough research conducted before using them. The US Department of Justice’s investigation into Saber protocol is a reminder of the risks associated with crypto trading and investing.

What do technicals suggest about SOL?

The technicals suggest that SOL is in a strong uptrend, with the price of the asset steadily increasing over the past few months. The relative strength index (RSI) is hovering around 60, indicating an overall neutral sentiment for the asset. Volume has also been consistently high and this suggests that there is increasing interest in SOL from investors.

The SMA (20) line, which is a good indicator of short-term trend strength, has been steadily trending upwards. This indicates that the uptrend is likely to continue in the near future. With more institutional investors entering the market, SOL could be well-positioned for further price appreciation in the coming months.

Source: Tradingview

At the time of writing, the price of SOL/USD is $16.45, suggesting that the market remains relatively undeterred by the investigation. Investors should keep this in mind and assess their risk before committing to any investment.

Overall, it appears that SOL has strong fundamentals and is a good asset to consider for both short-term and long-term investing. However, investors should always remain aware of the risks associated with trading cryptocurrencies and be sure to conduct thorough research before entering any positions.

Conclusion

SOL is a digital asset that has seen strong growth over the past few months. There are currently ongoing investigations into Saber protocol and its developers, but this does not seem to be affecting SOL’s price movements in any significant way. The technical indicators suggest that the asset is well-positioned for further price appreciation in the near future.

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