A controversial vote, a massive FTX token dump, and skepticism about ETF approval are making for a turbulent time for Solana (SOL-USD) and the broader crypto market. A few major catalysts are generating a good chunk of FOMO and FUD all at once.
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Solana’s governance just got a little spicier. A highly controversial vote has passed, causing ripples across the community. This vote, which has been the subject of heated debates, could significantly impact the platform’s direction and, consequently, its price.
On Sunday, Solana holders voted to give validators 100% of the priority fees by a margin of a little more than 3 to 1. The specifics of the vote are still causing waves, with some community members celebrating the decision while others are crying foul.
FTX Estate Dumps $2.6B in Solana Tokens
As if the controversial vote wasn’t enough, the FTX estate just unloaded the last of its Solana tokens—$2.6 billion worth. The sale marks the final chapter in the FTX estate’s liquidation of its Solana holdings. The market’s reaction has been mixed, with some seeing it as a necessary move to clear the decks, while others worry about the immediate price implications of such a large sale at a discount.
JPMorgan’s ETF Doubts
Adding fuel to the fire, JPMorgan (NYSE: JPM) told The Block that they have doubts on the likelihood of the SEC approving Solana ETFs anytime soon. According to the banking giant, Solana, along with other crypto assets, faces significant hurdles in gaining regulatory approval for ETFs. This skepticism from a major financial institution could dampen investor enthusiasm and further affect Solana’s price trajectory.
While some see these developments as potential setbacks, others view them as opportunities for long-term growth and stability. The community’s response to the vote, the market’s reaction to the FTX token sale, and the ongoing regulatory discussions will be critical in shaping Solana’s future.
Is Solana a Buy?
According to TipRanks’ Summary of Technical Indicators, Solana is a Buy.
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