SOL, ADA, MATIC Prices Stabilize as Foundations Hit Back on SEC Lawsuit Allegations

Investors of Solana's SOL, Cardano's ADA and Polygon's MATIC, which were impacted by a abrupt sell-off implicit the weekend, had a crushed to cheer connected Monday arsenic prices stabilized and reversed immoderate losses.

SOL roseate 2.2%, ADA was up 3.5%, portion MATIC surged 5.5%, information from CoinGecko shows. Futures data showed comparatively debased unfastened involvement and liquidations, suggesting the determination was led by spot trading.

The improvement foundations of these tokens separately released statements successful the past fewer days that deed backmost connected U.S. Securities and Exchange Commission (SEC) allegations, apt boosting capitalist confidence.

Solana Foundation said connected Thursday that it did not see SOL to beryllium a security, with immoderate developers stating they did not expect improvement atop the Solana web to diminution successful the coming weeks. Elsewhere connected Friday, Cardano developer IOG said the SEC's suit contained “numerous factual inaccuracies,” and that “under nary circumstances was ADA a security.”

On Sunday, Polygon Labs said MATIC was “developed extracurricular the U.S., deployed extracurricular the U.S.,” and “available to a wide radical of persons, but lone with actions that did not people the US astatine immoderate time.”

Earlier past week, the SEC accused crypto exchanges Binance of Coinbase of aggregate charges, specified arsenic offering unlicensed securities to U.S. investors, and named alleged tokens to beryllium securities.

These tokens were issued by foundations and companies oregon tied to respective protocols. Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) were named arsenic securities.

On Saturday, prices of SOL, ADA, MATIC fell as overmuch arsenic 30%. On-chain information suggested millions of dollars worthy of MATIC was sent from trading companies Jump Trading and Cumberland to exchanges earlier the driblet – suggesting investors were offloading tokens named successful the SEC filings.

As such, bitcoin (BTC) and ether (ETH) fell lone up to 4.5% successful an antithetic determination astatine the time.

Meanwhile, bitcoin's dominance complaint oregon stock successful the full crypto marketplace capitalization roseate aboriginal Saturday, nearing the 50% people for the archetypal clip since April 2021, according to information tracked by charting level TradingView.