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Solana Skyrockets 8% Daily, Bitcoin Taps New 9-Month High: Market Watch

The latest developments in the European banking sector pushed bitcoin north once again, with the asset surging past $28,500 for the first time since June 2022.
A few altcoins have marked notable gains as well, with Solana leading the race.
Bitcoin’s New Local Peak
Bitcoin finished one of its best weeks in a while after it surged from $20,000 to around $28,000 within the past seven days. This came amid the growing banking issues in the US, which later extended to Europe.
One of the Old Continent’s largest banks – Credit Suisse – announced being acquired by Switzerland’s biggest bank – UBS – in a deal worth $3.25 billion (60% less than what the former was worth last week). Both parties claimed that the goal of the deal was to “secure financial stability and protect the Swiss economy.”
Bitcoin reacted positively to the news, surging past $28,000 for the first time in nine months. It went to a new local peak of $28,500 before it retraced by $500 and has since bounced off once more.
Its market capitalization has increased to well beyond $530 billion, while its dominance over the alts has further soared to 46%.
SOL Soars by 8%
As the BTC dominance chart demonstrates, most alternative coins have been recently outperformed by bitcoin. The past 24 hours are yet another example, even though most alts are still in the green.
Solana is among the few exceptions with a massive daily surge. SOL is up by 8%, which has helped it reclaim $23. The other notable gainers from the larger-cap alts include CRO, VET, and STX.
In contrast, Ethereum, Binance Coin, Cardano, Polkadot, Tron, and Avalanche have painted insignificant gains. MATIC, Ripple, Dogecoin, Shiba Inu, and Litecoin, on the other hand, are with minor losses.
The total crypto market cap has added almost $20 billion in a day and is back at $1.180 trillion.
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Robinhood to Delist Cardano, Solana, and Polygon after SEC Crackdown

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.”
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Pro-XRP Lawyer Answers if Coinbase Will End Support for Solana, Polygon and Cardano

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.
You ask if @Coinbase is next to end support for these cryptos. Coinbase only ceases trading of assets that contain the letters XRP https://t.co/Xpo1EiOaEs
— bill morgan (@Belisarius2020) June 9, 2023
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.
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Solana (SOL) Sees 86% Monthly Growth in Active Network Addresses: Details


Solana (SOL) outperforms Ethereum (ETH) with 86% growth in active addresses
On-chain analytics firm Nansen highlighted remarkable growth in active addresses for the cryptocurrency market in May. Nansen says that May was an incredible month for growth in crypto. It occurred as active addresses hit a new all-time high in May, with many chains seeing double-digit growth in active addresses.
May was an incredible month for growth for crypto. They say we’re in a bear market, but the numbers say otherwise!
Solana: 9.5M (+86%)
BNB Chain: 12.4M (+14%)
Ethereum: 4.7M (-4%)
Optimism: 1M (+22%)
🆕 TRON: 12.1MWhat were these addresses doing and how have things progressed? pic.twitter.com/4caCV5ms8l
— Nansen 🧭 (@nansen_ai) June 9, 2023
Nansen examines the growth in active addresses for major blockchains. Solana led the pack with an 86% increase in active addresses, coming in at 9.5 million. The Orca, Stepn and Raydium protocols contributed significantly to the increase in active addresses on the Solana blockchain.
BNB continues to be one of the most active chains in the ecosystem. Outside of Binance, PancakeSwap topped the chart as the most-used entity on BNB in May. Nansen reports that on May 31, TRON addresses accomplished nearly 11 million transactions in a single day, and in the last seven days, nearly 15 million USDT transfers were made.
Solana Foundation reacts to SEC allegations
In landmark lawsuits against Binance and Coinbase, two of the biggest cryptocurrency exchanges, the SEC named SOL and 12 other tokens as unregistered securities. The Solana Foundation has now responded to the SEC’s allegations, about three days later.
According to Fortune Magazine, a Solana spokesperson stated that “the Solana Foundation strongly believes that SOL is not a security.”
The largest exchange by trading volume, Binance, and its CEO, Changpeng Zhao, were the targets of the SEC’s action on Monday. The SEC said that Binance sold customers unregistered securities and flagrantly failed to adhere to U.S. securities legislation.
The next day, the SEC sued Coinbase, the largest exchange in the U.S., alleging in a similar manner that it had been acting as an unregistered broker, securities exchange and clearing agency.
Robinhood just announced that it would be delisting several cryptocurrency assets, including Solana.
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