Solana News: Suspicions of Pump-and-Dump Scheme Cause Price Drop

Solana (SOL) has been trending today, but not for positive reasons. Suspicions that the LIBRA token, based on Solana, is a pump-and-dump scheme have caused significant losses for investors and a 10.5% price drop for SOL over the last 24 hours. This negative attention has invalidated the ascending wedge pattern and suggests short-term bearish pressure may persist.

Solana (SOL) Trends Amid Suspicions of Pump-and-Dump Scheme

Solana has been one of the trending tokens today, but the attention has been mostly negative due to suspicions that the LIBRA token, based on Solana, is a pump-and-dump scheme. This led to significant losses for investors and caused Solana’s price to drop by 10.5% over the last 24 hours, invalidating the ascending wedge pattern. The altcoin’s failure to maintain upward momentum suggests short-term bearish pressure may persist.

Solana's First Layer-2 Chain, Solaxy, Raises Over $22 Million in Presale

Solana's first Layer-2 chain, Solaxy ($SOLX), has exceeded $22 million in presale funding, despite a broader market downturn caused by the Libra 'rug pull' incident. Investors appear unfazed by the bearish sentiment, with Solaxy seeing over $2 million in new $SOLX buys within a week. The current presale stage values $SOLX at $0.001638, with less than five hours remaining at this price before the next scheduled increase.

Alleged Manipulation in Cryptocurrency Promotion Exposed

Hayden Davis claims to have manipulated Javier Milei, a prominent figure in Argentina, by making payments to his sister Karina Milei. This alleged manipulation was revealed through leaked text messages, which showed Hayden boasting control over Javier. The scandal surfaced amidst an anti-corruption probe into the $4.6 billion LIBRA scandal, where Hayden made $100 million as the memecoin collapsed. Javier had promoted the Solana-based memecoin as a tool for small businesses, triggering a massive price surge followed by a crash that erased hundreds of millions in retail investments. Hayden and his entities, however, appeared to have cashed out before the crash.

Crypto Whale Doubles Down on SOL Long Position Despite Losses

A major crypto whale has doubled down on its long position on Solana (SOL) by depositing another $4 million USDC into Hyperliquid, a decentralized perpetual trading platform. This move signals continued confidence in an SOL rebound despite mounting losses across multiple trades. The whale has lost $6.9 million, including funding fees, from going long on Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). However, the additional deposit suggests that the whale is leveraging more capital to support its long position, betting on a price recovery.