Solana Price Analysis: SOL Co-Founder Sued for Allegedly Stealing Millions in Staking Rewards
The Solana price has fallen by 1.5% in the past 24 hours, dropping to $192.80 as the cryptocurrency market declines by 2.5% today.
SOL is still reacting to the news that Stephen Akridge is facing a lawsuit from his ex-wife, who is suing the Solana co-founder for allegedly stealing millions in staking income.
This news comes as SOL remains down by 21% in the past month, although the altcoin – the sixth-biggest token in the market – holds on to a 90% increase in a year.
And with the market still arguably at the earlier stages of a bull cycle, the Solana price is likely to see a strong resurgence in the coming weeks and months.
Solana Price Analysis: SOL Co-Founder Sued for Allegedly Stealing Millions in Staking Rewards
Akridge’s ex-wife, Elisa Rossi, filed her suit in a San Francisco court, with her lawyers claiming Akridge used his knowledge of Solana to siphon away 100% of Rossi’s staking rewards.
According to Bloomberg, Solana co-founder Stephen Akridge was sued by his ex-wife Elisa Rossi, accusing him of stealing "millions of dollars" in rewards generated by Elisa's SOL staking, and seeking claims including breach of contract, unjust enrichment and fraud.…
— Wu Blockchain (@WuBlockchain) December 28, 2024The claim covers the period between March and May 2023, after Rossi filed for divorce from Akridge in February of the same year.
Neither Solana Labs nor Akridge has commented on the case, which Rossi filed on Friday, sending the Solana price from approximately $193 to $183 in a few hours.
It has since recovered, but as its chart below reveals, it remains relatively weak.
Its 30-period average (orange) fell below the 200-period average (blue) over the weekend, signalling further falls which arrived last night.
Things have since stabilized a little, and it now looks like SOL could be close to a recovery, with its relative strength index (purple) climbing from 30 to just over 50 today.
This may signal a return of strength, although SOL’s volume is still only at $2.8 billion today, down by around 80% from the highs it witnessed towards the end of November.
This could suggest that Solana has already peaked, although a more optimistic interpretation is that the market is going through a lull before the inauguration of Donald Trump later next month.
Trump’s return to the White House may help lift the market again, just as his election did in early November.
#BITCOIN HISTORY IS REPEATING, here’s why
In 2016-2017, when Trump won the U.S. elections, we saw a similar dump.It’s due to the uncertainty before the inauguration, as only then will investors officially know that Trump is in power.Once Trump is in, the real fun begins. pic.twitter.com/T0IqrH91dG
And with regards to Solana, 2025 could very well bring the launch of the first Solana ETFs, which seem likelier now that the pro-crypto Paul Atkins will become the SEC Chairman next month.
In such a context, the Solana price could reach $250 by the end of February, and $350 by H1 2025.
New Altcoins Offer Big Gains
Solana is likely to be one of the best-performing major tokens of 2025, yet it certainly won’t be the only alt to enjoy strong gains next year.
We’re also likely to see newer, small-cap alts do very well, including some of the bigger presale coins, which can rocket once they list for the first time.
One very promising presale token right now is Solaxy (SOLX), which has raised close to $7 million in its ongoing token offering.
Is @SOLAXYTOKEN the next 10X meme coin?
SOLAXY TOKEN – Presale
https://t.co/GR9YK45OyQ pic.twitter.com/NQMnZvkNUC
Solaxy is exciting because it’s on the brink of launching Solana’s first layer-two network.
As such, it will help Solana users avoid failed transactions, outages and congestion, which continue to affect the layer-one network during periods of peak traffic.
SOLX will be Solaxy’s native token, and will accordingly serve as payment for transactions fees.
This will give it plenty of utility, with the coin likely to experience rising demand in parallel with Solaxy’s growth.
And given that holders will also be able to stake it, it could see substantial price rises over time.
Investors can join its sale by going to its official website, where SOLX currently sells at $0.001584.
They should act quickly, since this price will rise multiple times before the sale ends, at which point it will list on exchanges and potentially surge.
