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

Investors in the stocks of Solana (SOL), Cardano (ADA), and Polygon (MATIC), which were adversely affected by a weekend sell-off, had cause for celebration on Monday as prices stabilized and partially recovered some of their losses.

According to CoinGecko data, SOL increased by 2.2%, ADA increased by 3.5%, and MATIC increased by 5.5%. The rise appears to have been driven by spot trading, according to futures data that showed very modest open interest and liquidations.
In recent days, the development foundations of these tokens independently produced statements in response to accusations made by the U.S. Securities and Exchange Commission (SEC), which probably increased investor confidence.

On Thursday, the Solana Foundation stated that it did not view SOL as a security, and other developers stated they did not anticipate a slowdown in Solana network development in the upcoming weeks. IOG, the company that developed Cardano, claimed in its statement on Friday that “under no circumstances was ADA a security” and that the SEC’s case had “numerous factual inaccuracies.”

Earlier in the week, the SEC named suspected tokens as securities and accused cryptocurrency exchanges Binance and Coinbase of a number of offenses, including marketing unregistered securities to American investors.

Prices for SOL, ADA, and MATIC decreased by as much as 30% on Saturday. On-chain data revealed that before the decline, trading firms Jump Trading and Cumberland moved millions of dollars’ worth of MATIC to exchanges, indicating that investors were unloading the tokens mentioned in the SEC filings.
As a result, in an unprecedented move at the time, ether (ETH) and bitcoin (BTC) both dropped only as much as 4.5%.

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