- The Indonesian government has listed Solana and Cardano as tradable assets, providing a contrasting perspective to the SEC’s scrutiny.
- Despite the ongoing scrutiny, both SOL and ADA show signs of price recovery, albeit with lingering bearish trends.
Solana (SOL) and Cardano (ADA), currently under the magnifying glass of the US Securities and Exchange Commission (SEC), have seen an unexpected glimmer of optimism stemming from Asia. With regulatory vagueness enveloping the US, Asia, particularly Indonesia, brings a breath of fresh air to the crypto community and these digital assets.
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The US SEC’s classification of Solana and Cardano as securities dealt a significant blow to both their market prices and future trajectory. But in a turn of events, Indonesia has recently declared SOL and ADA as tradable assets, as reported by WuBlockchain, providing a stark contrast to the US viewpoint.
This development brings forth several positive repercussions. Firstly, it allows crypto traders within Indonesia to trade SOL and ADA without the US’s level of regulatory scrutiny. Secondly, it bestows a sense of regulatory certainty, potentially stimulating increased trading activities. It’s noteworthy that the Indonesian government has listed 501 cryptocurrencies, many of which are considered securities by the US SEC.
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This divergence in regulatory stances and the favorable trading environment it brings, fuels renewed optimism for SOL and ADA holders. It presents a potential shift in market dynamics of these cryptocurrencies.
A look at the active user metric on DeFiLlama reveals Solana’s user base surged in May but has since declined, with approximately 100,000 active users remaining. Despite the typical reduction in engagement following SEC involvement, Solana’s network interaction remains relatively robust with around 93,000 active users at present.
Cardano’s active user metrics show a fluctuating pattern with recent decline, recording approximately 48,000 active addresses.
Despite the bearish trends, both SOL and ADA have demonstrated signs of recovery. At the time of writing, SOL is trading around $15.7, reflecting a modest increase in value. However, the Relative Strength Index (RSI) indicates that the overall trend is still bearish.
Cardano’s chart reveals a similar story. ADA is currently trading around $0.26, marking a minor price uptick. Despite this rise, the ADA’s RSI suggests that it is still entrenched in the oversold zone, indicating the bearish trend may continue for a while.
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