Solana News: SOL Price Drops 4% Amid LIBRA Memecoin Controversy with Argentine President Milei

Solana's price fell by 4% on Friday, failing to break above the $180 resistance level due to the LIBRA memecoin controversy involving Argentine President Javier Milei. The decline in SOL transactions and network activity puts the SOL price at risk of further downside.

Solana Price Declines 4% Amid LIBRA Memecoin Controversy with Argentine President Milei

Solana price declined 4% on Friday after failing to stage a breakout above the $180 resistance level. The decline was attributed to the LIBRA memecoin controversy involving Argentine President Javier Milei. SOL transactions also plunged 60% from 58.9 million SOL on Feb 14 to hit 24.8 million SOL on Thursday. With network activity in decline, SOL price remains at risk of further downside.

Survey Suggests Majority of FTX Creditors Plan to Reinvest in Crypto, But Bias Toward Solana Enthusiasts Observed

A recent survey claims that nearly 80% of FTX creditors intend to reinvest their repayments into cryptocurrencies. However, a closer examination of the survey's methodology indicates a possible bias towards Solana enthusiasts, raising questions about whether the results accurately reflect the broader sentiment of all FTX creditors. Since the collapse of FTX in 2022, the crypto space has been deeply affected, and creditors are now preparing to receive reimbursements starting on February 18th. Despite initial bullish hype, market hopes have since waned as investors have become increasingly cautious.

Franklin Templeton Files to Create Solana ETF With Staking Capabilities

Franklin Templeton has filed to create a Solana ETF with staking capabilities. The proposal aims to provide investors with the opportunity to earn staking rewards on their SOL holdings. This new attempt comes after previous industry efforts to establish a staking ETF were withdrawn. The SEC's recent acknowledgment of relevant applications suggests a higher likelihood of approval in 2025.

Solana (SOL) Shows Signs of Recovery as Bearish Trend Loses Strength

Solana (SOL) is showing signs of recovery as the bearish trend loses strength. However, SOL's price is still under pressure, having dropped more than 8% in the last seven days and over 31% in the past 30 days. Technical indicators are pointing towards a potential recovery, but bearish trends remain dominant, with SOL trading below key resistance levels. Additionally, Solana's Total Value Locked (TVL) has reached its lowest levels since November 2024, currently at $10.3 billion after rebounding from a low of $9.90 billion on February 17. The decline in TVL reflects decreased investor confidence, which coincides with controversies surrounding the Solana ecosystem.