• Solana (SOL) has been enduring a macro bear market since reaching its ATH in November 2021.
• The network is showing signs of a decreased rate of decline, thanks to improved fundamentals like the introduction of Saga smartphone.
• Solana now faces regulatory scrutiny in the United States due to SEC’s recent actions.

Solana (SOL) Under Fire

The Solana (SOL) network has been suffering from a macro bear market since it reached its all-time high (ATH) of approximately $260 in November 2021. Despite an earlier relief rally this year, the digital asset’s price failed to surpass its previous levels on FTX. However, there are positive signs that the rate of decline is decreasing, thanks to improved fundamentals such as the introduction of the Saga smartphone.

Crypto Tony’s Bullish Case for SOL

Renowned digital asset analyst Crypto Tony recently stated on Twitter that bulls must succeed in converting resistance at around $16.20 into a support zone and maintain their position above it if they hope to secure a potential price rebound for SOL. According to his analysis, if successful, Solana could increase by 19 percent and reach around $19.20 in weeks ahead.

Market Sentiment Analysis

Over the past seven months, total value locked within the Solana ecosystem has been stable at around $250 million – an indication that we may have found a bottom for SOL’s price movements. Moreover, it seems that many exciting DeFi projects have emerged on top of the SOL blockchain including Marinade Finance, Orca DEX, Solend, Raydium and Lido Finance amongst others – each with substantial on-chain activity taking place every day.

Rising Regulatory Pressure

Unfortunately for holders and investors alike, recent SEC actions have caused regulators to take notice of SOL’s activities and this could lead to further complications down the line should any issues arise from their investigations into US-based projects built atop SOL technology. As such investors should remain vigilant when considering any investment decisions related to SOL going forward as regulatory compliance issues could lead to setbacks or even complete shutdowns depending on what transpires during these investigations.


Overall it appears that despite some headwinds from regulators and bear markets hitting hard over recent months, there are reasons for optimism surrounding SOL given its improving fundamentals and potential upside gains once bullish sentiment returns – providing bulls can push prices beyond key resistance levels mentioned earlier by Crypto Tony (@CryptoTony_).