Solana drops to zero after SEC lawsuit declares SOL as security. Investors shift to Ecoterra, which raised $4.9 million. What is Ecoterra?

Solana holders were unpleasantly surprised when SOL was identified as an unregistered security in the latest SEC enforcement action against Binance. Now, with an uncertain future, the question remains: will Solana sink or swim?

Crypto markets are in turmoil as multiple top-10 projects, including all the major Proof-of-Stake cryptocurrencies, have been identified as unregistered securities by the SEC in the aftermath of the latest “regulation by enforcement” moves.

Solana Technical Price Analysis: The Good, the Bad & the Ugly

Among the worst hit is Solana, which suffered a shocking 18.32% drop in the aftermath of the news, ruining its poised technical structure.

The move down broke through multiple technical supports, including the MA20, MA200, and lower trendline, in a dramatic display.

With Solana now trading at $18.95 (a 24-hour gain of 1.66%), price action faces a sink-or-swim moment, with a bounce likely in this support area.

The loss of moving average support could prove crushing for SOL performance, ending almost two months of steadfast support from the MA200.

Some silver lining emerges from Solana’s oscillators, which showcase resilience.

The RSI sits at 40, a technical oversold signal that suggests a bounce could be due.

And the MACD provides little cause for concern, reflecting only minor bearish divergence at -0.12.

Solana Price Prediction: Will SOL hit $0?

As fundamental headwinds turn turbulent, price action could become highly volatile. Yet, despite the negative outlook, there could be a degree of upside on the short-time frame.

A bounce from this level would likely face an upside target back above the critical support of the MA200 at $19.60 (+3.65%).

However, downside risk from here remains a threat, with a lower support level likely to form at $16.75 (-11.42%).

This leaves Solana facing a risk: reward ratio of 0.32, a characteristic bad entry carrying triple downside risk.

What is the Best Solana Alternative?

Through its unique Recycle-to-Earn (R2E) mechanism, Ecoterra rewards individuals and organizations that recycle, aiming to reduce carbon footprints and promote a more sustainable world.

The company’s commitment to supporting recycling and sustainable ecosystems has already been recognized with an award at the Istanbul Blockchain Summit.

Since then, interest in Ecoterra has skyrocketed, with its pre-sale now surging past $4.88 million – as this potential has not gone unnoticed by the crypto community.

With the pre-sale raising almost $5 million, investors are keen to capitalize on the opportunity before an impending 10% price hike.

Ecoterra’s roadmap is as promising as it is ambitious, the company plans to launch across several major cryptocurrency exchanges in the third quarter of 2023.

Meetings with representatives from these exchanges took place at the Istanbul Blockchain Summit, raising the possibility of $ECOTERRA being listed on platforms like KuCoin, MEXC Global, and OKX.

Recycle2Earn Launching by End of 2023

The company is also set to release its Recycle2Earn application and the Recycled Materials marketplace in the fourth quarter.

With an estimated 11 billion tonnes of solid waste collected globally each year, the need for effective recycling practices has never been more pressing.

By investing in Ecoterra, you’re contributing to a promising Web3 project and making a commitment to a sustainable future.

With the pre-sale event coming to a close, the question isn’t ‘ why should you invest in Ecoterra? ‘ but ‘ can you afford not to?

Ecoterra isn’t just a token; it’s a mission to change the way we think about recycling and waste management.

Participating in this presale as an early backer is a commitment to a greener, more sustainable future.

Join the green revolution today. Secure your $ECOTERRA token before the next price increase and contribute to preserving our planet for future generations. Your wallet and the planet will both be grateful.

Buy ECOTERRA Here

Disclaimer: The cryptocurrency projects promoted in this article are not financial advice from the author or publisher. Cryptocurrencies are highly volatile investments with significant risks, so always do your own research.

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