Recently, the SEC charged Binance and Coinbase with violating US rules and regulations and also listed some tokens as securities. Since then, these tokens have maintained a bearish trend. Robinhood, one of the world’s largest trading platforms, has delisted Cardano (ADA), Solana (SOL), and Polygon (MATIC), all of which were listed as securities by the SEC. 

Since then, the prices of these three tokens have plummeted by 22.23%, 21.89%, and 22.86%, respectively, being among the top losers for the day. 

Cardano’s price dropped below the crucial ascending triangle earlier when the SEC’s crackdown surfaced. However, the bulls were believed to halt the bearish trend, but the fresh downfall triggered by the Robinhood exchange dragged the price close to the lowermost support. Presently, the price has however managed to rebound from $0.22 as it’s trading at $0.245, but the bearish influence continues to hover over the ADA price. 

Hence, the upcoming couple of days may be extremely crucial for the asset as a drop below these levels may freeze all the bulls for a while. Besides, the Solana price also faced a double-digit loss as the price trembled down below $13. It was the then when FTX exchange collapsed that led the SOL price plunge to such a drastic extent. Moreover, the possibility of revisiting single-digit levels also haunts the Solana price rally. 

The SOL price, as seen in the chart, has dropped below the decisive symmetrical triangle earlier due to the SEC’s crackdown. The squeeze continued, which pulled the price below major resistance at $15. The price is believed to drop below $10, but as the ADX is displaying some upward movement, the bearish action may wane before reaching a single-digit figure. However, it does not mean the price may trigger a rebound, as it may remain under an extended consolidation for a long time.  

Lastly, Polygon’s price also underwent a similar price action as it dropped heavily and is currently trading around $0.6. It regained the levels it traded at the beginning of 2023 but currently holds acute selling pressure, which may keep the price consolidated below the crucial support, which has now turned into resistance. 

The MATIC price is attempting very hard to sustain above major support at $0.5242, the lows from where it triggered a rebound. However, the RSI remains extremely bearish, which may restrict the bulls from raising the levels higher. Hence, the price may maintain a descending consolidation until market conditions ease but maintain its levels around $0.6. 

Robinhood, the well-known trading platform, has announced that it will no longer offer support for three specific cryptocurrencies starting June 27, 2023. The affected cryptocurrencies are Cardano (ADA), Polygon (MATIC), and Solana (SOL).

This decision comes shortly after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against major cryptocurrency exchanges Binance and Coinbase. The lawsuits alleged that ADA, MATIC, and SOL were unregistered securities, highlighting potential compliance issues.

They shared, “Earlier this week the SEC sued crypto companies Binance and Coinbase and alleged that a number of cryptocurrencies are unregistered securities. This includes Solana (SOL), Polygon (MATIC), and Cardano (ADA), which are currently supported on the Robinhood Crypto platform.”

Robinhood added, “We regularly review the crypto we offer on Robinhood,” the firm shared in an update. Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.”

Prior to the delisting of Cardano, Polygon, Solana, users have the option to withdraw their assets if they prefer not to have them sold. However, it’s important to note that the ability to withdraw these crypto assets may not be available in all states.

“Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power,” the company added.

The Solana Foundation addressed the claim that Solana (SOL) is a security on Thursday, asserting that SOL is, in fact, a community-driven project that depends on decentralized engagement from its users and developers. 

Dan Gallagher, Chief Legal Compliance Officer at Robinhood and a former SEC commissioner, had earlier said that they are “actively reviewing the SEC analysis to determine what, if any, actions to take in that regard.”

Robinhood, an American trading platform, has revealed its plans to stop supporting certain cryptocurrencies. Effective June 27, 2023, at 06:59 PM (ET), Robinhood will no longer offer services for Cardano (ADA), Solana (SOL), and Polygon (MATIC). The decision was made after a review of the platform’s cryptocurrency offerings. 

Following the U.S. Securities and Exchange Commission (SEC) labeling several cryptocurrencies as unregistered securities, Robinhood, the trading app, has informed its users that they will no longer be able to trade the above-mentioned tokens on its platform.

Attorney Bill Morgan, who often shares interesting insights about the ongoing XRP vs SEC lawsuit, took to his Twitter handle to answer a query raised by Paul Barron. 

Paul wrote on Twitter, “@RobinhoodApp  just ended support for @solana @0xPolygon @Cardano is @coinbase  next for these assets – where will Americans decide to go? 1. Self Custody 2. Sell Tokens 3. Move Off Shore.”

Replying to Paul, Bill said, “You ask if @Coinbase is next to end support for these cryptos. Coinbase only ceases trading of assets that contain the letters XRP.”

This decision comes shortly after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao, making various allegations.

The lawsuit specifically mentions Cardano (ADA), Polygon (MATIC), Solana (SOL), Cosmos Hub (ATOM), Filecoin (FIL), Decentraland (MANA), Algorand (ALGO), The Sandbox (SAND), Coti (COTI), Axie Infinity (AXS), as well as the BUSD and BNB stablecoins, identifying them as securities.

However, Robinhood has limited its delisting action to SOL, ADA, and MATIC, reassuring its users that no other coins will be affected and will remain secure on the platform.

“Any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value, and the proceeds will be credited to your Robinhood buying power,” the company said in its blog.