Garantex, a Russian crypto exchange under US sanctions, accused Tether of attacking the Russian crypto market. 

According to the exchange’s Telegram announcement, Tether has frozen several USDT wallets on the exchange, which are worth over $28 million. 

USDT Holders in Russia are At Risk

Garantex stated that USDT stablecoins in user wallets are at risk. Several USDT funds held by users in the exchange have been frozen. To manage the situation, Garantex has temporarily halted all operations. 

Co-founder Sergey Mendeleev stated that this action disrupts Russia’s international trade carried out with digital assets. 

“We temporarily suspend the provision of all services, including cryptocurrency findings, for a while while we are solving this problem with the whole team. We fight and don’t give up!” Garantex wrote on Telegram. 

Further, he warned that the freeze creates difficulties for businesses and financial institutions that depend on crypto to settle international payments. 

Back in December, Russia’s Finance Minister confirmed that the country has been increasingly using Bitcoin and other cryptocurrencies for international trade amid sanctions. 

“While we discussed easing tensions and relaxing sanctions, we were deceived once again. Suddenly, the paradigm shifted: earlier, sanctions were merely glossed over, but now they block without trial or investigation. This is exactly the reality I have warned about for at least two years, yet neither the Central Bank nor the professional community listened,” — wrote Mendeleev.

Mendeleev stressed that the disruption affects Russia’s economic engagements on a broader scale. Western sanctions have forced digital currencies to play a vital role in international settlements. The current incident further complicates those processes. 

The exchange’s claim draws attention to mounting regulatory pressure and a growing conflict between US authorities and market players operating in Russian jurisdictions.

Garantex Sanction Explained

State Duma deputy Anton Gorelkin added his perspective on the incident. He pointed out that Tether’s decision reflects a broader trend of pressure applied by Western regulators on crypto infrastructure amid ongoing sanctions. 

Gorelkin highlighted that centralized stablecoins like USDT remain particularly exposed to outside control. Despite the blockade, he expressed confidence that it is impossible to completely shut down the Russian crypto market. 

Garantex first encountered regulatory challenges in April 2022. US authorities imposed sanctions following the intensification of the conflict between Russia and Ukraine. 

Officials charged the exchange with failing to comply with anti-money laundering and counter-terrorism financing rules. US agencies claimed that Garantex played a role in laundering over $100 million linked to hacker groups and dark web transactions.

In March of last year, law enforcement agencies from the US and UK began an investigation into Garantex. They reviewed crypto transactions totaling more than $20 billion made using USDT. 

This probe reflects the ongoing tensions between regulators and crypto operators in sanctioned environments.

Solana’s price has faced significant struggles in recent weeks, particularly in its attempt to breach the key resistance of $183. The altcoin’s inability to break through this level has caused a pullback, leaving it trading at around $150. 

The recent market conditions, marked by a Death Cross, suggest more downward pressure could be ahead.

Solana Faces A Death Cross

Solana recently experienced its first Death Cross since October 2023, ending a 17-month streak of Golden Cross formations. The Death Cross occurs when the 200-day exponential moving average (EMA) crosses over the 50-day EMA. Historically, this is a bearish signal for the asset, as it suggests weakening momentum and potential further declines. 

This technical indicator raises concerns about Solana’s ability to recover and may trigger additional selling, contributing to a downward spiral. The appearance of the Death Cross often indicates that sellers are in control of the market, and the price may continue to slide. 

The overall macro momentum of Solana has also shown signs of weakening. A significant indicator of this shift is the decrease in new addresses interacting with the Solana network. The number of new addresses has dropped to a 4-month low, signaling a lack of new investor interest. 

This decline suggests that Solana is losing traction in the market, as investors do not see an immediate incentive to pour capital into the altcoin. As the number of new participants decreases, Solana faces a risk of further stagnation. 

SOL Price Needs A Boost

At the time of writing, Solana’s price stands at $149, about 23% away from the critical resistance of $183. While the altcoin remains above $137, it will struggle to regain upward momentum unless it can breach this resistance level. Without a reversal at this level, Solana could remain trapped within its current downtrend.

Given the bearish technical factors, Solana may struggle to maintain its current price level. The next key support for Solana lies at $131. If the downtrend continues, a drop to this level could be imminent. Losing support at $131 could lead to further declines, with a potential drop to $120 in the short term.

The only way to invalidate this bearish outlook is if Solana can capitalize on the broader market recovery. If the altcoin can breach $161, it would be a strong sign that it is gaining strength again. A successful flip of this resistance into support could set the stage for a move past $183 and a reversal of the current downtrend.

Ethena (ENA) has recently experienced a price uptick of 17%, following a challenging start to the year. This rise, however, comes after significant losses that started early in 2025, exacerbated by a massive token unlock event in the last 48 hours. 

Despite some positive movement, ENA still faces major hurdles in securing a sustained breakout.

Ethena Faces A Bearish Event

The market sentiment surrounding Ethena has been marked by increased selling activity, especially in the days leading up to the March 5 token unlock. Within a 24-hour period before the event, approximately 149 million ENA tokens, worth around $60 million, were sold.

This was in response to the expectation that the unlock, which involved $833 million worth of tokens, would flood the market, affecting the supply-demand balance and driving down prices.

Token unlock events often result in price declines, as the influx of new tokens dilutes the value of existing ones. This dynamic has spooked many investors, especially those who held large amounts of ENA, leading to a sharp rise in balances held on exchanges. Many opted to sell in an attempt to prevent further losses, further contributing to the downward pressure on the price.

Ethena’s overall momentum has also been negatively affected by the actions of long-term holders (LTHs). The Mean Coin Age (MCA) indicator has shown a significant downtick. This signals that LTHs began liquidating their positions even before the broader market reacted.

LTHs are considered the backbone of any cryptocurrency. Thus, their selling behavior is often a sign of weak sentiment toward the asset. 

The decrease in the MCA reflects the loss of confidence among these long-term holders, adding further pressure to Ethena’s price. When LTHs exit their positions, it often signals a broader market reluctance to hold, which can keep the price in a downtrend for an extended period.

ENA Price May Face Some Challenges

At the time of writing, Ethena’s price stands at $0.404, just under the resistance level of $0.434. Despite a 17% rise, this move was not enough to reverse the broader downtrend. For ENA to break free of the current market conditions, it needs to breach the $0.434 barrier and sustain higher levels decisively. 

If the bearish sentiment persists and the aforementioned factors worsen, Ethena could see a decline toward the $0.326 support level. Should this support fail, further downside risk remains, with the price potentially slipping as low as $0.259, confirming the bearish outlook.

However, if investor sentiment shifts and there is a concerted effort to accumulate ENA at these lower prices, a breakout could be on the horizon. A successful breach of $0.434, followed by a flip into support, would set ENA on a trajectory toward $0.602. This scenario would invalidate the bearish thesis and provide a path for long-term recovery.