Solana News: Stagnation Around $128 Mark Amid Bearish Overhang and SOL Futures Debut

In recent news related to Solana (SOL), the cryptocurrency has faced resistance around the $128 mark despite several bullish factors. Additionally, SOL futures have debuted on CME Group, marking a significant milestone for the blockchain network. However, bearish sentiment persists due to recent SOL unlocks by Alameda Research.

Solana Faces 50-Day Resistance as SOL Futures Debut on CME Group

Solana (SOL) stagnated around the $128 mark on Monday despite multiple bullish catalysts. The recent SOL unlocks by Alameda Research, ahead of FTX creditor repayments, have created a persistent bearish overhang since early March. SOL futures debuted on CME Group with $5M volume on its fifth anniversary.

Solana Deletes Controversial Ad Criticized for Gender Issues

The team behind blockchain network Solana has deleted a controversial advertisement posted on its X account after immense backlash over political messaging around gender identity. The more than two-and-a-half-minute ad for the Solana Accelerate conference, posted on March 17 with the caption “America is back. Time to Accelerate,” depicted a man as “America” in a therapy session who said he was having thoughts “about innovation” such as crypto. The therapist responds he should do “something more productive, like coming up with a new gender” and later says the man should “focus on pronouns.” As the conversation meanders on, the man snaps and launches into a monologue amid swelling patriotic music, saying he wants to “build onchain and reclaim my place as the beacon of innovation.”

Solana’s Marketing Misstep: Ad Removed Amid Crypto Community Outcry

An advertisement meant to promote Solana’s blockchain technology sparked widespread backlash for being divisive and politically charged. The crypto community, emphasizing inclusivity and neutrality, found the ad offensive. Featuring a young man discussing technology and gender, the video was deleted by Solana after just nine hours of posting, but snippets remain online. Many industry figures criticized the commercial, with some calling it bad.

Solana Removes Offensive Ad Following Backlash

Solana’s now-deleted “America is Back—Time to Accelerate” ad received immense criticism from the community for being labeled as ’cringe’ and ’offensive.’ The ad, posted on March 17, depicted a man named ’American’ in conversation with a consultant who detects him with ’rational thinking syndrome.’ The video showed the consultant guiding him to focus on gender identity and social constructivism, but ’American’ expressed dissatisfaction, yelling out ’I want to invent technologies, not genders.’ Following the intense community backlash, Solana removed the ad.