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Tag: Solana

  • New Record as Blockchains Reach 220M Active Addresses: a16z

    New Record as Blockchains Reach 220M Active Addresses: a16z

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    A new “State of Crypto” report by venture capital firm Andreessen Horowitz (a16z) shows that the blockchain space achieved all-time highs for usage and activity.

    According to the paper, 220 million addresses interacted with a blockchain at least once in September 2024, a figure three times higher than that recorded at the end of 2023.

    Solana Has Largest Number of Active Users

    Most of the activity came from Solana, which logged 100 million active users, followed by NEAR, which had 31 million. Coinbase’s Layer 2 (L2) network, Base, was third, with 22 million wallets engaging it at least once, while 14 million interacted with Justin Sun’s Tron network.

    For its part, Bitcoin cataloged 11 million unique users, followed in sixth place by Binance’s BNB Chain, which had a million fewer.

    Additionally, interest in Solana among blockchain builders reportedly grew by 11.2% from a more modest 5.1% in 2023. There was also enthusiasm for Base, with its total share of builders jumping 10.7% from last year’s 7.8%.

    Likewise, the number of crypto founders interested in the Bitcoin ecosystem went up to 4.2%, a slight uptick from the 2.6% that showed any attraction to the network in 2023.

    Another notable revelation from the a16z study is the explosive growth of stablecoins, which have outperformed traditional payment systems. In the second quarter of 2024, they processed $8.5 trillion in volume, more than twice Visa’s $3.9 trillion in the same period.

    Commenting on the report, a16z researcher Darren Matsuoka said stablecoins have become the crypto ecosystem’s standout “killer app,” driven primarily by minimal transaction fees. He pointed out that sending USDC on L2 networks like Base now costs less than a penny, a stark contrast to the hefty $44 average fee for international wire transfers.

    Crypto’s Growing Role in U.S. Politics

    Further, the paper indicated that crypto has become a major political issue, with the U.S. elections due in the next few weeks.

    Both Donald Trump and Vice President Kamala Harris have made overtures to the crypto community to varying degrees. A recent survey from Galaxy Research shows that while Trump is more favored, the community is optimistic that Harris could be more supportive of the industry than Biden has been.

    Data from Google Trends shows swing states such as Pennsylvania and Wisconsin had seen a rise in search interest for cryptocurrency, placing them among the top five states with the highest growth in crypto curiosity.

    Other key battlegrounds where crypto interest went up include Michigan and Georgia, with the opposite happening in Arizona and Nevada.

    According to a16z, one cause of the increased fascination with digital assets is the listing of spot Bitcoin and Ethereum ETFs. Together, these products currently have nearly $90 billion in on-chain holdings.

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    Wayne Jones

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  • Solana (SOL) Set For Critical Encounter With $154 Resistance Level

    Solana (SOL) Set For Critical Encounter With $154 Resistance Level

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    Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

    Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

    In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

    In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

    Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

    Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

    Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

    Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

    Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

    He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

    In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

    His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

    Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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    Semilore Faleti

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  • Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details

    Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details

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    Popular crypto analyst Peter Brandt has unveiled a bullish outlook for Solana predicting the prominent altcoin may be set for a significant price surge in future weeks. This price forecast comes in a glaring contrast to Brandt’s recent prediction where the analyst had expressed fears over Solana suffering a major price fall.

    How High Can Solana Go?

    Earlier this week, NewsBTC reported Brandt’s prediction of SOL slipping to $80 if the altcoin failed to defend a support level around $120. Notably, SOL had presented a down price movement for the majority of the week trading as low as $128 on Thursday.

    Albeit, the fifth largest cryptocurrency has turned the corner in the last 48 hours, reaching a peak price of $151 on Friday. Peter Brandt noted this upward price action as Solana holding the $120 price level which the altcoin has consistently done over the last six months.

    However, Brandt postulates that SOL may now be gunning for a “sizeable” advance. While the expert analyst did not provide a specific price target, investors could anticipate a major upswing as Brandt expects price movement over the next 72 weeks.

    This period of time is expected to include the crypto bull run for which SOL has been tipped to be an outstanding performing asset. In the last bull run, the altcoin emerged as the top market gainer rising by over 1500% to attain an all-time high of $260. Interestingly, aside from long-term gains, Solana investors could also expect an immediate price rise, especially as Q4 approaches. 

    With Bitcoin tipped to embark on a bullish trend starting in October, Solana, alongside other cryptocurrencies, would likely be influenced by the crypto market leader which may result in substantial gains for the altcoin. 

    Notably, SOL moved around $22 to $112 in Q4 2023, registering a 400% profit as Bitcoin climbed from around $27,000 to $44,000 within the same period. If the prominent altcoin repeats previous actions, it could rise to around $725 by December and $2,175 in the next year.

    SOL Price Overview

    At the time of writing, Solana trades at $145.16 with a 2.20% gain on the past day. The token’s price reflects a steady performance over the last few weeks with gains of 4.62% and 3.03% over the past seven and thirty days respectively. Meanwhile, Solana’s daily trading volume is up by 23.07% and is valued at $3.17 billion. 

    Solana

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    Semilore Faleti

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  • Solana Flashes Buy Signal As Analysts Predict Rally For The Altcoin

    Solana Flashes Buy Signal As Analysts Predict Rally For The Altcoin

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    Este artículo también está disponible en español.

    Solana (SOL)recently flashed a buy signal, suggesting that now might be a great time to accumulate the altcoin. This development comes as crypto analysts, including Ali Martinez, predicted a significant price surge for Solana. 

    Solana Flashes Buy Signal

    Ali Martinez revealed in an X (formerly Twitter) post that the TD sequential has presented a buy signal on Solana’s daily chart, indicating that the altcoin could rebound from the lower boundary of the parallel channel toward the middle or upper boundaries. The crypto analyst mentioned that the altcoin has been consolidating within this channel since April earlier this year. 

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    Martinez also provided insights into how Solana could rise if this rebound happens, revealing that the middle and upper boundaries are positioned at $154 and $187, respectively. Martinez has been bullish on Solana, as he had earlier predicted that Solana would reach $1,000 in this bull run. 

    Meanwhile, Martinez warned that Solana witnessing a sustained close below the channel’s lower boundary at $126 could invalidate this trade setup and trigger a significant price correction for the altcoin, causing it to drop to as low as $110 or even $90. 

    Martinez isn’t the only analyst who has predicted that SOL will enjoy a price recovery and rally soon enough. Crypto analyst The Moon also recently suggested that the altcoin could rally to as high as $155, depending on how things play out. The crypto analyst noted that Solana is trading within a descending triangle, which he highlighted in the accompanying chart. 

    Based on this, he stated that $155 is a possible target for the altcoin. However, Solana could also suffer more downside pressure and drop to as low as $112.5. A drop to this price level, however, provides an opportunity for investors to accumulate more Solana at such lows, especially with the altcoin still likely to reach a new all-time high (ATH) at some point in this market cycle. 

    SOL Could Drop To As Low As $80

    Crypto analyst Crypto Kaleo has provided a much more bearish outlook for Solana, predicting that the altcoin could drop to as low as $80 before it reaches a new ATH. The last time Solana dropped to the $80 range was in January earlier this year, just before it climbed above $100, a support level it has maintained ever since. The accompanying chart, which the crypto analyst shared, shows that Solana could rise to as high as $375 after this corrective move.

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    Crypto analyst Unknown Trader had made a similar prediction to Crypto Kaleo, highlighting between $77 and $83 as ideal areas to place spot bids for Solana. However, while Crypto Kaleo believes that SOL’s drop to the $80 range will happen sometime between now and October, Unknown Trader’s accompanying chart showed that the price correction won’t happen until next year. 

    At the time of writing, Solana is trading at around $127, down almost 1% in the last 24 hours, according to data from CoinMarketCap. 

    SOL price fails to reclaim $130 | Source: SOLUSDT on Tradingview.com

    Featured image created with Adobe Stock, chart from Tradingview.com

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    Scott Matherson

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  • Top 10 Solana (SOL) Ecosystem Projects by Development Activity

    Top 10 Solana (SOL) Ecosystem Projects by Development Activity

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    TL;DR

    • Due to recent growth, Solana and its projects have gained popularity.
    • Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.

    The Unsurprising Leader

    Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.

    The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days. 

    Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).

    Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.

    Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.

    JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.

    The Missing Ones

    It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.

    However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization –  currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.

    BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.

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    Dimitar Dzhondzhorov

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  • Solana On watch: SOL Price Could Crash To $90 If This Happens

    Solana On watch: SOL Price Could Crash To $90 If This Happens

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    Este artículo también está disponible en español.

    As the first week of September concluded, the Solana (SOL) price settled at $124, raising concerns for investors as the fifth largest cryptocurrency risks breaching the critical $100 threshold. 

    According to market analyst Ali Martinez, recent technical analysis indicates that a sustained close below the channel’s lower boundary at $126 could trigger a significant price correction for Solana, potentially dropping to $110 or even $90.

    Solana Price Challenges

    In a social media update, Martinez elaborated on the current market conditions, noting that the TD Sequential indicator had previously presented a buy signal on the daily chart. This suggested a possible rebound for Solana from the lower boundary of its trading channel towards higher levels at $154 and $187. 

    However, the broader market’s ongoing selloff has invalidated this bullish signal, causing Solana to suffer losses of approximately 20% over the past two weeks and 13% in the last month.

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    Despite these challenges, there remains a glimmer of hope for Solana’s recovery. Martinez pointed out a historical pattern indicating that Solana typically experiences a price upswing in the two weeks leading up to its “Breakpoint event”. 

    In 2021, the cryptocurrency surged by 35%, the following year it increased by another 35%, and in 2023 it soared by 60%. With only 16 days left until the 2024 “breakpoint event,” the analyst suggests that this trend of the past few years could continue, which would mean a significant recovery for the token.

    If the historical pattern holds, Solana could potentially rally 35% towards $167, but remain just below the upper limit of its current channel at $187. However, as Martinez pointed out, the key is for SOL to recover and consolidate above the $126 level in the coming days to avoid further declines.

    Influx of Capital From FTX Creditors And Historically Bullish Q4

    Further adding some sense of hope for SOL investors, the fourth quarter post-Bitcoin (BTC) Halving events has historically shown bullish trends, suggesting a potential market recovery that could also benefit SOL significantly. 

    Adding to this hopeful outlook, the now-defunct crypto exchange FTX is set to distribute over $16 billion in cash to creditors affected by its collapse. This influx of capital into the market could signal a substantial return, particularly impacting four key cryptocurrencies.

    Analyst OxNobler highlights that a majority of the affected FTX clients are retail investors, indicating that a significant portion of the recovered funds is likely to re-enter the crypto market. 

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    The expectation is that a substantial share of these funds will flow into Bitcoin and other dominant cryptocurrencies such as Ethereum (ETH), Solana, and Binance Coin (BNB). The anticipated return of capital not could stabilize the market but also present an opportunity for price increases across these assets.

    However, it remains to be seen if this is indeed the case, but if it is, it could be a much-needed catalyst for the market following the strong sell-off activity that the largest cryptocurrencies on the market have experienced in recent months. 

    The 1D chart shows SOL’s price trending downwards. Source: SOLUSDT on TradingView.com

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • Solana $260 Target Beckons As Price Nears All-Time Highs

    Solana $260 Target Beckons As Price Nears All-Time Highs

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    Recently, a significant amount of interest—both positive and negative—has been placed on Solana. Experts are highly optimistic about SOL, and crypto analyst Alan Santana once showed his doubt over the token by stating that it might be due for a heavy fall.

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    Divergent View On The Stability Of Solana

    Solana has been impressive regarding the stability within this wild market. A crypto expert named Jelle has echoed the same notion as he referred to the wonderful chart of SOL and explained how this digital asset could reach $260.

    His explanation showed that SOL was easily creating higher lows compared to struggling giants such as Bitcoin and Ethereum. This resiliency, considering a range-bound movement just below its record high, suggests that SOL could be in for a breakout.

    This stands in great contrast to what Santana expressed. His analysis brought out a repetitive trend in the price history of Solana. He gave examples of SOL having short-term surges in price—two to three weeks—then sharp drops. This has happened multiple times before, and now, as it seems Santana reckons such a pattern is in the making again.

    Potential Downturn And Key Levels

    He said it’s possible that SOL could return to its January 2024 trading range. According to him, most altcoins, including Ethereum, are already returning to the baseline prices amid this year’s market correction. He said Solana could do the same, thus making it revisit its January lows, or even lower.

    It is based on historical patterns and key price dynamics. Essentially, Santana’s analysis states that despite the current SOL stability and optimistic projections, there could be a major pullback ahead. The possibility thereby adds some risk to investors banking on SOL as a stable bet in the current market.

    Solana is currently trading at $139. Chart: TradingView

    The Debate Over Solana’s Future

    These opposing views of Solana’s future reflect a general uncertainty within the cryptocurrency market. If Jelle is bullish about SOL, assuming a heavy price surge, Santana stands on the other side with his bearish outlook, suggesting caution. This contrast between the analyses symbolizes the greater unpredictability of the crypto space.

    These competing opinions show that Solana remains at the center of market volatility. Since the market is poised for volatility, it will be interesting to see if Solana breaks out for $260 or continues the fall. The ball is rolling, and Solana’s next moves will determine its fate.

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    Investor Caution And Market Dynamics

    For the moment, the debate on Solana price action does reflect broader uncertainty in the cryptocurrency market. Investors and traders are required to keep their guard up to balance the views that exist for both a bullish and bearish view of the situation. As this situation develops, Solana will be part of such performances that could see its price going either way.

    Featured image from Pexels, chart from TradingView

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    Christian Encila

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  • Solana Price (SOL) Gains Traction: Poised for Further Increase?

    Solana Price (SOL) Gains Traction: Poised for Further Increase?

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    Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

    From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
    As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

    In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

    Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

    Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

    At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

    In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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  • Solana Frenzy: Big Buyers Fueling Rally On Top Crypto Exchanges

    Solana Frenzy: Big Buyers Fueling Rally On Top Crypto Exchanges

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    Driven by a mix of positive elements, Solana (SOL) is seeing a spike in trading activity. This covers big buy orders, institutional investors’ savvy purchasing approach, and the expected release of SOL-based exchange-traded funds (ETFs).

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    Whales Consolidate SOL discretely

    Trading data shows a notable increase in trading volume among key exchanges including Binance, Coinbase, Gate.io, and OKX. However, a more in-depth analysis by Coinact.gg, which is a real-time trading research programme, indicates a pattern that is very intriguing: a “Major TWAP” signal for SOL.

    Big investors, notably financial institutions, typically employ a strategy known as Time-Weighted Average Price, or TWAP for short. It is common practice to spread out a large buy order over a certain time period in order to lessen the impact it has on the market price.

    The implication of this is that institutional players are purposefully accumulating SOL without causing big price movements, which is a classic indicative of a long-term positive outlook.

    ETF Hype Ignites Investor Interest

    In addition, the announcement that probable SOL-oriented exchange-traded funds (ETFs) might hit the market by the middle of March 2025 is generating curiosity among investors. As a result of the Chicago Board Options Exchange (CBOE)’s recent submission of proposals to list exchange-traded funds (ETFs) offered by VanEck and 21Shares, the bitcoin community has been filled with excitement and speculation.

    SOL market cap currently at $66 billion. Chart: TradingView.com

    Solana Price Forecast

    A number of analysts are projecting a continuous rise in SOL price; others estimate a 17% gain by August 10th under underlying cautious optimism. Additionally showing a positive trend are technical indicators.

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    Measuring general market mood, the Fear & Greed Index comes out as “Fear” (29).  This implies that although investors are largely hopeful about SOL’s possibilities, certain fundamental issues remain present in the larger crypto industry.

    SOL price seen soaring this coming August. Source: CoinCodex

    The disparity seen in Binance’s trade statistics relative to other exchanges raises some questions. More research is required to find the cause of this varying behaviour as it could points to a distinct market dynamic acting especially on  Binance.

    ETFs’ promise of easily available, regulated SOL investing choices is drawing a fresh generation of investors, especially those previously reluctant to negotiate the complexity of cryptocurrency exchanges. The sustain 8% price rise for SOL in the weekly timeframe reflects this higher demand enabling network to pedal its way back to the $142 field.

    Fueled by a convergence of favourable circumstances, Solana’s future seems bright. Positive outlook is presented by institutional investor interest, the possibility of regulated ETFs and recent price rise.

    Featured image from Pexels, chart from TradingView

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    Christian Encila

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  • Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert

    Colossal Buying Pressure For Bitcoin And Solana As FTX Plans $16B Distribution, Expert

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    In a significant development for the cryptocurrency industry, FTX, the exchange that collapsed in November 2022 under the leadership of convicted Sam Bankman-Fried, is preparing to distribute a staggering $16 billion in cash to its customers, which could lead to significant gains for Bitcoin (BTC) and Solana (SOL) prices. 

    Crypto researcher Xremlin has predicted that a considerable portion of this cash will flow back into the crypto market, serving as a catalyst for growth towards the end of the year. 

    FTX $16 Billion Cash Injection 

    In a recent social media post, Xremlin highlighted the significance of the distribution, emphasizing that it involves returning $16 billion in cash to individuals already involved in the crypto space. 

    Xremlin believes that a significant portion of this money will be reinvested in the market, specifically in purchasing various tokens, including Bitcoin and Solana, creating significant buying pressure and price growth for both cryptocurrencies.

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    The source of this massive cash injection can be traced back to FTX’s agreement with US government agencies, where assets acquired with misappropriated customer funds were sold. These assets encompassed investments in cryptocurrencies, tech companies, venture funds, and real estate. 

    Following the sale of shares in AI startup Anthropic, where FTX had previously invested $500 million, the distressed exchange found $6.4 billion in cash. It is important to note that the amount also includes assets controlled by debtors and liquidators.

    However, the distribution has faced dissatisfaction among some clients due to settling customer claims based on lower cryptocurrency prices from November 2022, when FTX filed for bankruptcy. 

    For instance, clients holding 10 Ethereum’s native token ETH in their accounts will receive approximately $12,000 in cash, significantly lower than the asset’s current worth of around $29,000 as ETH trades at $2,900. 

    Despite objections, the court has approved creditor voting on the liquidation plan, and if passed by the necessary number of votes, the plan will be implemented after final court approval.

    Buying Frenzy For Bitcoin, Ethereum, And Solana?

    Key dates to watch for further developments include August 16, 2024, which marks the deadline for FTX customers to vote on the bankruptcy wind-down payments, and October 7, 2024, when Judge John Dorsey will consider approving the FTX bankruptcy plan.

    If the current plan is approved, clients can expect payouts to begin by the end of Q3, potentially providing much-needed liquidity for token purchases. This timing coincides with the US elections, which could contribute to increased market volatility. 

    Consequently, FTX payouts could serve as an additional factor fueling a bullish trend in the crypto market as it finds itself in significant price declines.

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    Bitcoin has fallen over 21% in the past month at one end of the market, from a high of $71,000 to a current trading price of $56,400. Meanwhile, Solana surpasses BTC’s losses with a 22% drop in the same time frame, currently trading at $134.

    The 1-D chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

    Furthermore, it is expected that the ongoing selling pressure from the US and German governments witnessed over the past month could continue for the rest of the year, and the cash injection from FTX to crypto investors could help mitigate the expected selling pressure.

    The researcher points out that since most affected FTX customers are retail crypto investors, a significant portion of the money is expected to flow back into cryptocurrencies. Bitcoin, Ethereum, and Solana are likely to receive the most liquidity. 

    Featured image from DALL-E, chart from TradingView.com

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    Ronaldo Marquez

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  • Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed

    Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed

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    In the first quarter of the year, Solana-based meme coins have emerged as the frontrunners, surpassing Ethereum’s meme coin ecosystem and artificial intelligence (AI) tokens, according to a recent report by market data platform CoinMarketCap. 

    This shift in popularity signifies a change in dynamics within the cryptocurrency market, with meme coins gaining traction and challenging previously dominant narratives such as smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs).

    Solana Ecosystem Dominates Growth Chart

    The CoinMarketCap report highlights that the Solana ecosystem has consistently topped the growth chart for the past eight months, with over 20 new tokens introduced in Q2 alone. 

    Ethereum’s ecosystem followed closely behind with 14 new tokens, while Derivatives and Stablecoins witnessed relatively lesser growth with 5 and 4 new tokens, respectively. This surge in Solana-based token offerings indicates a growing interest in the network and its potential.

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    Solana’s meme coin ecosystem, in particular, has gained significant momentum in price performance and popularity since October 2023. Although Ethereum remains the dominant blockchain, Solana’s growing prominence suggests a noteworthy trend in the crypto space.

    Interestingly, SOL memes have significantly outperformed ETH memes, delivering an average return of 8,469% compared to 962% for Ethereum, as seen in the chart below. 

    Top Solana and Ethereum meme coins winners. Source: CoinMarketCap

    As “speculative capital” from other chains rushed into Solana, attracted by the explosive rallies of tokens like dogwifhat (WIF) and Bonk Inu (BONK), more meme coins experienced price surges, attracting additional attention and capital. 

    The top winners in the meme coin space include the cat characters MEW, POPCAT, and Book of Meme (MEME). These tokens have outperformed even the most popular ones like WIF, BONK, Ethereum’s Pepe coin (PEPE), and Shiba Inu (SHIB).

    Notably, political memes also emerged as a popular subcategory, with the leading MAGA (TRUMP) meme coin gaining over 5100% year-to-date, largely due to vocal support for crypto from former President Donald Trump and the acceptance of crypto for campaign donations.

    Ethereum Tops Fee Income Rankings

    Despite Solana’s significant gains, Ethereum continues to dominate the Layer 1 (L1) smart contracts market, representing 62.11% of the major L1s. The report notes that Ethereum’s recent milestone was propelled by the SEC’s approval of Ethereum Spot ETFs. 

    However, Binance Smart Chain (BNB) and Solana have also gained traction, adding $42 billion and $18 billion to their market share among L1 networks. Solana currently leads with over 1.6 million active daily addresses, followed by BNB with 1 million active addresses.

    Related Reading

    In Q2, Ethereum experienced record low gas fees, reaching levels not seen since 2020 due to the growing adoption of Layer 2 solutions and the market excitement surrounding Solana-based meme coins. 

    Despite representing 62% of the market cap among major L1s, Ethereum accounted for 70% of the daily revenue, generating approximately $2.7 million. Solana ranked second with around $900,000 in daily revenue.

    According to Lookonchain, Ethereum topped the fee income rankings in the past year with $2.728 billion, followed by Bitcoin with $1.302 billion. 

    Other notable networks include Tron ($459.39 million), Solana ($241.29 million), Binance Smart Chain ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million).

    Solana
    The 1-D chart shows SOL’s price volatility experienced in the past few days. Source: SOLUSD on TradingView.com

    Despite both platforms experiencing success in various financial metrics and growth charts, Solana’s native token, SOL, has significantly outperformed Ethereum’s ETH token. 

    As of the current trading price, SOL is valued at $143.25, showcasing a year-to-date growth of 650%. ETH has seen a more modest surge of 68% during the same time frame, currently trading at $3,310.

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • Solana Searching For Direction: Will SOL Break Free Or Fall Flat?

    Solana Searching For Direction: Will SOL Break Free Or Fall Flat?

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    Solana (SOL) finds itself stuck in neutral. Once a frontrunner in the 2023 crypto bull run, SOL’s price has been range-bound between $155 and $170 for the past few days, leaving investors cautiously optimistic but undeniably perplexed.

    Technical Tug-of-War: Bulls Vs. Bears

    Technical indicators paint a conflicting picture for the high-speed blockchain darling. The dreaded “death cross” – a bearish signal formed when the 50-day moving average dips below the 200-day average – has materialized, suggesting a potential short-term price decline. However, the Relative Strength Index (RSI) remains neutral, hinting at some underlying buying pressure, albeit weak.

    The social media front isn’t much clearer. Mentions and discussions surrounding Solana have dipped, indicating a decline in public interest. Additionally, trading activity has plummeted by over 50%, mirroring the community’s lukewarm engagement.

    Whispers Of Opportunity

    Despite the prevailing uncertainty, there are glimmers of potential for bullish surges. The derivatives market reveals an interesting dynamic. While the overall long/short ratio suggests investor indecision, some major exchanges like Binance and OKX see a more optimistic outlook with higher long positions.

    Furthermore, recent price spikes have triggered short liquidations, indicating that short-sellers might be getting squeezed out, potentially paving the way for a short-term rally. This phenomenon highlights the inherent volatility of the crypto market, where sudden bursts of bullish momentum can catch bears off guard.


    Solana Price Projection

    Looking ahead, analysts offer a mixed bag of predictions. Some, like the report from CoinCodex, predict a bullish surge to $185 by July 10th. However, this optimism clashes with the bearish technical indicators and the “greed” reading on the Fear and Greed Index, which could signal overvaluation.

    The path forward for Solana hinges on several factors. External influences, like regulatory decisions or broader market trends, could significantly impact its price. Additionally, the success of upcoming projects on the Solana blockchain could reignite investor interest and propel the token value upwards.

    Solana’s current predicament is a microcosm of the broader cryptocurrency market. While innovation and potential abound, uncertainty and volatility remain constant companions. Investors in the Solana ecosystem, along with the rest of the crypto world, are left in a wait-and-see mode, eagerly awaiting the next move in this intricate game of digital value.

    Featured image from Live Wallpaper, chart from TradingView

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    Christian Encila

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  • Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion

    Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion

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    Solana (SOL) is rapidly gaining the attention of institutional investors, who are increasingly showing a strong interest in this crypto token. This trend underscores the possibility that Solana could be the next in line to launch its Spot ETF, a development that could significantly impact the crypto token’s price. 

    Solana Investment Funds Record Year-To-Date Inflows Of $29 Million

    According to CoinShares’ latest weekly report, Solana investment products currently boast a year-to-date (YTD) net inflows of $29 million. Last week, these funds saw net inflows of $8 million. Meanwhile, these Solana funds have recorded net inflows of $19 million this month alone. 

    Related Reading

    This development highlights the significant demand for Solana among institutional investors. It also strengthens the case for SOL as the next crypto asset to have its own Spot ETF following the approval of the Spot Ethereum ETFs. 

    Fund issuers are bound to weigh the popularity of other crypto tokens (besides Bitcoin and Ethereum) when deciding which Crypto ETF to apply for next. Solana is undoubtedly the clear favorite, as it has recorded the most YTD flows among other crypto investment funds, excluding Bitcoin and Ethereum. 

    The demand for Solana among these institutional investors is also evident, given how notable institutions like asset management firm Pantera Capital actively bidded and purchased some of the discounted SOL tokens, which formed part of FTX’s bankruptcy estate. 

    Brian Kelly, founder of digital assets investment firm BKCM, had recently predicted that a Solana Spot ETF was likely next in line, considering that Bitcoin, Ethereum, and Solana are the ‘Big 3’ for this cycle. As such, it is only logical that a SOL ETF comes next since Bitcoin and Ethereum Spot ETFs have been approved. 

    Asset manager Franklin Templeton also backed the Solana narrative, predicting that the crypto token would soon become the third-largest crypto token by market cap behind Bitcoin and Ethereum. Meanwhile, Bloomberg analyst James Seyffart also weighed on the possibility of a Solana ETF being next, stating that this fund will see more demand than other digital assets besides Bitcoin and Ethereum. 

    Digital Asset Products Record Third Consecutive Week Of Inflows

    Last week was a good one for crypto asset investment products in general. These investment products recorded net inflows for the third consecutive week, with $1.05 billion flowing into these funds. Most of these inflows went into Bitcoin investment products, which recorded net inflows of $1.01 billion last week.

    Related Reading

    Meanwhile, Ethereum recorded $36 million in net inflows last week. This figure represents the highest inflow that Ethereum investment products have seen since March. CoinShares noted that this was likely an early reaction to the approval of the Spot Ethereum ETFs in the United States. 

    Besides Solana, which saw a net inflow of $8 million, Litecoin, XRP, and Chainlink were the other altcoins that recorded notable flows, with $2.8 million, $400,000, and $600,000 flowing into these crypto assets, respectively. 

    SOL price recovers amid institutional interest | Source: SOLUSDT On Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Solana On The Brink? Price Stalemate At Crucial $140 Support

    Solana On The Brink? Price Stalemate At Crucial $140 Support

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    Solana (SOL), the high-speed blockchain network, is facing a balancing act. While experiencing a short-term price bump, analysts warn of a potential plunge if a key technical level crumbles.

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    Bullish Flicker Amidst Bearish Gloom

    SOL’s price has seen a recent uptick of 3.60%, currently hovering around $162. However, this seemingly positive movement comes against the backdrop of a broader downward trend. Analysts attribute this shift to a change in market sentiment.

    Meanwhile, the altcoin’s RSI is 48, which denotes a neutral position. As a result, SOL has room to move in either direction because it is neither overbought nor oversold.

    A drop in trading activity has been observed, which is typical of periods of consolidation. A spike in trade volume following a breakout should confirm the trajectory of the trade.

    Lifeline Or Looming Abyss?

    Crypto analyst Alan Santana emphasizes the significance of the Exponential Moving Average 100 (EMA 100) as a critical support level for SOL. The EMA 100 acts as a technical indicator, reflecting the average price over the past 100 days.

    Historically, SOL has found support at this level during bullish periods. In September and October 2023, price breakouts above the EMA 100 signaled positive market sentiment. However, the recent trend reversal has cast a shadow over this once reliable indicator.

    A Potential Price Plunge

    Santana warns that a drop below the current EMA 100, sitting at roughly $140, could trigger a significant downturn for SOL.

    This breach could instill fear among investors, potentially leading to a sell-off and pushing the price even lower. The analyst cautions of a possible plunge below $100 if such a scenario unfolds.

    Solana: Beyond The Technical

    While the technical analysis paints a concerning picture, it’s crucial to remember the inherent volatility of the cryptocurrency market.

    Solana is now trading at $162. Chart: TradingView

    Short-term predictions based on technical indicators may not always hold true. Other factors, such as industry news, regulations, and broader market trends, can also play a significant role in price movements.

    Related Reading

    For instance, a positive regulatory stance towards cryptocurrencies could boost investor confidence and lead to a price increase, even if technical indicators suggest a downtrend.

    Conversely, negative news surrounding a blockchain hack or security vulnerabilities could trigger a sell-off, defying bullish technical signals.

    The Road Ahead

    Solana’s future trajectory remains uncertain. Will the $140 price point become a launchpad for a recovery, or will it crumble, sending SOL tumbling down deeper?

    Featured image from Pngtree, chart from TradingView

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    Christian Encila

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  • Crypto market cap hovers $2.45t as Bitcoin, Solana, Ethereum, Dogecoin face downward pressure

    Crypto market cap hovers $2.45t as Bitcoin, Solana, Ethereum, Dogecoin face downward pressure

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    Digital assets continue to struggle as the crypto market cap dips 1.28%. It currently hovers at around $2.45 trillion — a 94.5% change one year ago.

    In what could be a knock-on effect from the traditional market, which saw the Japanese yen tumble to a 34-year low against the U.S. dollar, leading cryptocurrencies such as Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) all saw their prices drop in the last 24 hours. 

    Bitcoin

    Per data from CoinMarketCap, Bitcoin is currently priced at $63,284, which is a 2.32% drop from 24 hours ago.

    In that period, the number one crypto recorded a trading volume of $22.89 billion, which was the second-highest amount in the last 24 hours.

    BTC 24-hr price chart | Source: CoinMarketCap

    While Bitcoin’s price is still more than 118% higher than it was at the same point a year ago, it is in the red over several other time frames.

    For instance, the current price signifies a 10% dip over 30 days, a 6.7% drop across a fortnight, and a more modest 1.3% loss in the last seven days.

    Solana 

    On its part, Solana — fifth on the list of the biggest cryptocurrencies by market cap — saw its price go down by more than 4% in 24 hours.

    Currently, the coin is changing hands at $137.21 and has a 24-hour trading volume just north of $2.4 billion.

    Crypto market cap hovers $2.45t as Bitcoin, Solana, Ethereum, Dogecoin face downward pressure - 2
    SOL 24-hr price chart | Source: CoinMarketCap

    SOL has not fared any better over different time frames either.

    The current price represents a 25.6% drop from where it was 30 days ago, per data from CoinGecko.

    It also marks a nearly 8% dip across 14 days, as well as a 2.6% loss over 7 days.

    Ethereum

    Ethereum seems to have bucked the general negative trend, albeit rather modestly. At the time of writing, it was trading at about $3,137, which is a 0.23% uptick over the last day.

    The slight bump was accompanied by a 24-hour trading volume of $10.26 billion, making ETH the third most traded cryptocurrency after Tether and Bitcoin.

    Crypto market cap hovers $2.45t as Bitcoin, Solana, Ethereum, Dogecoin face downward pressure - 3
    ETH 24-hr price chart | Source: CoinMarketCap

    Ethereum’s gains over seven days are more significant, with the current price being a 4% improvement on where it was a week ago.

    However, the bearish sentiment that seems to have washed over the crypto market in the last month has not spared ETH either. It has lost more than 12% of its value in that time.

    Dogecoin

    Dogecoin — the largest meme token — also shed some of its value in the last 24 hours.

    The dog-themed coin shed nearly 3% of its price in that time. Trading at about $0.1451, Dogecoin’s value is also more than 30% lower than its level from a month ago.

    Crypto market cap hovers $2.45t as Bitcoin, Solana, Ethereum, Dogecoin face downward pressure - 4
    DOGE 24-hr price chart | Source: CoinMarketCap

    Its performance is reflected among other meme coins, including Pepe (PEPE), Dogwifhat (WIF), and Shiba Inu (SHIB), which are all currently in the red, with losses ranging between 2.82% and 7.87%. 

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    Julius Mutunkei

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  • Digital Asset Investment Products Witnessed $126M Outflows Amid Investor Caution

    Digital Asset Investment Products Witnessed $126M Outflows Amid Investor Caution

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    Investor hesitancy continued as digital asset investment products witnessed a modest sum of $126 million in outflows last week.

    This reluctance could potentially be due to the stall in positive price trends. While trading volumes increased slightly from $17 billion to $21 billion compared to the previous week, activity in ETP/ETFs decreased relative to the overall market.

    Investor Hesitancy Prevail

    In the past month, these investment vehicles accounted for 40% of total volumes on reputable exchanges, but last week, they represented only 31%, reflecting caution among investors, according to the latest report by CoinShares.

    The latest downturn comes a week after digital asset investment products’ year-to-date inflows reached a fresh peak of $13.8 billion, massively exceeding the $10.6 billion established in 2021.

    In terms of regions, the United States suffered the most significant outflows to $145 million, trailed by Canada and Switzerland with outflows of $6 million and $5.7 million, respectively. Over the same period, Sweden also noted outflows of $.5.2 million. On the other hand, investors in Germany perceived recent price declines as a chance for investment, resulting in inflows of $29 million last week.

    Meanwhile, Brazil and Australia settled with $3 million and $1.6 million in weekly inflows.

    Another Good Week for Altcoins

    Bitcoin experienced outflows of $110 million but maintained positive inflows of $555 million for the month, while Short-bitcoin strategies ended their three-week streak of outflows, recording minor inflows of $1.7 million, likely capitalizing on recent price declines.

    However, it was Ethereum that faced the most setbacks, with outflows totaling $29 million last week, marking its fifth consecutive week of outflows. Investment products providing exposure for Solana also saw outflows of $3.6 million last week.

    The rest of the altcoins had another successful week. CoinShares list featured “esoteric names” such as Decentraland, Basic Attention Token, and LIDO, which attracted inflows of $4.9 million, $2.9 million, and $1.8 million, respectively.

    The regulars – Litecoin, Polkadot, and XRP – also noted inflows of $1.6 million, $0.8 million, and $0.3 million, respectively, over the past week.

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    Chayanika Deka

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  • Top cryptocurrencies to watch this week: BTC, SOL, PEPE

    Top cryptocurrencies to watch this week: BTC, SOL, PEPE

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    Bitcoin (BTC) and Solana (SOL) were two of the leading assets impacted by last week’s crypto market downturn. Meanwhile, Pepe (PEPE) experienced a steeper price drop.

    This price crash reverberated throughout the entire cryptocurrency market, with the global crypto market cap losing over $280 billion over the last seven days in a massive 10% drop to $2.32 trillion at the time of writing.

    Here is an overview of how some of the most impacted cryptocurrencies performed over the week:

    BTC, SOL and PEPE prices – April 14 | Source: Santiment

    BTC slips to 1-month low

    Interestingly, Bitcoin began the week favorably, attempting to build on the momentum it recorded from April 3 to 7 last week. The premier crypto asset reclaimed the $70,000 threshold on April 8 for the first time in over a week, surpassing the $72,000 and closing the day with an impressive 3.25% increase.

    However, the bears took control of the scene the following day, pushing BTC below the $70,000 mark and triggering a 3.45% loss, essentially erasing the gains recorded on Monday. The hotter-than-expected U.S. inflation data exacerbated the downward spiral. Bitcoin mustered a comeback when it dropped to the $68,318 support at the 21-day EMA. 

    A resurgence of strength saw Bitcoin recover the $71,000 zone, but the resistance that ensued hedged against any further rally. The rest of the week was marred by a consistent price decline, as tensions surrounding the looming Iran-Israel conflict contributed to the bearish pressure.

    Bitcoin saw three consecutive days of declines from April 11 to 13, culminating in a shocking crash to a one-month low of $61,596 on April 13. Despite recovering from this floor, BTC remains in a downtrend, down 8% over the past two days as it struggles to reclaim and retain the $65,000 territory.

    SOL breaks below 50-day EMA

    Solana’s start to the week was not as significant as Bitcoin’s, but its subsequent price decline was much steeper. Despite only seeing a modest 0.67% rise on April 8 as BTC led the market to a short-term recovery, SOL crashed 4.63% the following day when BTC triggered a downtrend.

    Similarly, its April 10 recovery only saw a 0.56% increase, with the rest of the week introducing one of the biggest price slumps for Solana this year. From April 11 to 13, Solana recorded a discouraging 21.19% drop, giving up the Fibonacci support levels at 0.618 ($171.09), 0.5 ($161.11) and 0.382 (151.14) in the process.

    More significantly, Solana’s three-day downward spiral resulted in a collapse below the crucial 50-day EMA stationed at $162.30 as of April 12. SOL closed below this level for two consecutive days. The last time the asset witnessed this event was in September 2023.

    Solana has also relinquished the psychological supports at $150 and $140, trading for $139.94 at the reporting time. The cryptocurrency is down 24% this week, having lost $19 billion from its market cap since April 8. 

    PEPE CCI drops to 9-month low

    Pepe did not escape the bloodbath recorded in the broader market this week.

    The frog-themed meme coin eventually dropped to a one-month low below the $0.000004 support. Its gains at the start of the week surpassed Bitcoin’s, but so did its losses — a testament to the heightened volatility in the meme coin market.

    The meme coin surged 4.30% on April 8, reaching a high of $0.00000796, before it eventually dropped 9.28%, giving up not just the Monday gains, but most of the value it picked up last week.

    After two days of a mild recovery push, Pepe saw a more substantial 19% intraday drop on April 12. This collapse marked its largest intraday decline in nearly a year (the last time Pepe saw such a price crash was when it dropped 30.47% on May 8, 2023, shortly after its launch).

    Following the 19% collapse on April 12, Pepe slumped by another 14.86% the next day.

    Despite a mild price increase today, Pepe still trades below $0.000006, changing hands at $0.00000525. The meme coin has dropped 29% this week, with its commodity channel index (CCI) crashing to -245, the lowest value in nine months.

    Such a dramatically low CCI suggests that Pepe is largely undervalued, with ample room for growth. The last time the asset’s CCI hit this level, it witnessed three more months of consistent declines, dropping to a low of $0.00000061 on Oct. 19, 2023, before it eventually recovered.


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    Wahid Pessarlay

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  • 50% of Solana’s Recent Token Launches Revealed as Malicious Scams: Report

    50% of Solana’s Recent Token Launches Revealed as Malicious Scams: Report

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    Despite network outages, Solana has witnessed a flurry of projects launched on top of its blockchain. Such a trend typically depicts a growing demand. But the latest report paints a different picture.

    These fraudsters were found to be capitalizing on users’ heightened risk appetite, fueled by FOMO amidst a market-wide resurgence.

    • In a report shared with CryptoPotato, blockchain security company Blockaid revealed that 50% of recent pre-sale token launches on Solana have been malicious. The strategies employed by fraudsters within the popular Layer 1 ecosystem closely resemble those observed in other cryptocurrency platforms.
    • This includes leveraging social engineering platforms such as Telegram, Twitter, and Discord to trick users into engaging with malicious addresses or websites.
    • The ongoing meme coin frenzy as well as the potential for quick profits amidst market volatility further exacerbated the vulnerability of inexperienced and novice users to these scams.

    “Scammers capitalize on the excitement surrounding meme coins to lure investors, exploiting fear of missing out (FOMO) and the promise of lucrative returns.”

    Presale Token Scams. Source: Blockaid
    • Firstly, in February and March of this year, Blockaid’s threat intelligence team observed a significant surge in the uptake of pre-sale tokens, which quickly increased from a few tens to hundreds of purchases.
    • This surge was largely driven by the exponential growth of legitimate meme coins.
    • The team also claimed that Solana’s ecosystem may lack adequate security measures, essentially leaving it vulnerable to exploitation by scammers.
    • In fact, the security firm’s data indicates that even popular projects have been targeted by these groups, highlighting the continued threat posed by pre-sale scams within the cryptocurrency industry.
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    Chayanika Deka

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  • Market Expert Reveals Why Solana Price Is Poised To Go Higher

    Market Expert Reveals Why Solana Price Is Poised To Go Higher

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    A cryptocurrency analyst, who accurately foresaw the market’s bottom in 2018, is now focusing on Solana, foreseeing a price bottom for the cryptocurrency and identifying its next target after reaching it. 

    Solana To Rise Above $200 After Hitting This Bottom

    In a Wednesday X (formerly Twitter) post, a crypto analyst identified as ‘Bluntz’ has highlighted a potential price bottom for Solana. Following up on the previous forecast on April 4, where he predicted that Solana would hit a bottom at or below $160 before pushing back up, Bluntz revealed in his new post that the next price bottom would be $162. 

    The crypto analyst anticipates that Solana’s price will hit a bottom at $162 before it begins to move higher, suggesting a possible bullish rebound for the cryptocurrency. Sharing several price charts illustrating Solana’s price movements between March and April 2024, Bluntz uses the Elliot wave theory as a technical pattern to guide his predictions.

    The Elliott wave theory is a unique form of technical analysis which predicts price movements by observing and identifying recurrent long-term price patterns related to persistent changes in investor sentiment and psychology.  

    In his earlier post, Bluntz shared a price chart which indicated that Solana’s next leg up after hitting the predicted price bottom would be $224. He estimated the timeline for this significant surge, predicting that the cryptocurrency could jump to $224 before April 22. 

    Solana is now trading at $151. Chart: TradingView

    Price Update On Solana (SOL)

    Lately, the price of Solana has been on a major downward trend, recording double-digit losses for the past few weeks. At the time of writing the cryptocurrency is trading at a price of $151.15, marking a 12.32% decrease in the last 24 hours and a 13.93% drop in the past week, according to CoinMarketCap. 

    This continuous decline has been attributed to the congestion issues Solana’s network currently faces. Earlier in April, Solana had fallen victim to a network outage, resulting in about 75% of transactions on the network failing. This caused a major disruption in the blockchain’s operations, raising concerns among investors and the broader crypto community. 

    Following the blackout, the price of Solana plummeted significantly and has continued on a downward trend. Despite scheduling April 15 for a network resolution, the cryptocurrency’s value has not shown any positive response. 

    It’s also important to note that Solana’s current price has dropped way below the previously stipulated bottom of $162 predicted by Bluntz. The possibility of a bullish rebound for the cryptocurrency remains uncertain, as more doubts have been raised concerning the network’s ability to handle significant transaction volumes. 

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Forget Q1 Slump: Solana Explodes Over 300% Amid DEX Boom

    Forget Q1 Slump: Solana Explodes Over 300% Amid DEX Boom

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    In the first quarter of 2024, Solana became the clear leader thanks to a notable increase in the amount of Decentralized Exchange (DEX) and Decentralized Finance (DeFi).

    In addition to its remarkable rise in DEX and DeFi sectors, Solana’s dominance was further solidified by its scalability, low transaction fees, and robust infrastructure.

    The massive increase in DEX volume signifies a substantial rise in trading activity within the SOL ecosystem. This trend aligns with the broader adoption of DeFi, with Solana establishing itself as a major player in the space.

    This remarkable increase is described in detail in a new report titled “State of Solana Q1 2024” by on-chain analytics company Messari.

    The research states that throughout the last three months, The altcoin’s average daily spot DEX volume increased by over 300% to $1.5 billion.

    Solana DEX Volume Skyrockets

    Solana’s DeFi total value locked, a metric that represents the total value of cryptocurrency locked within DeFi protocols on a blockchain, surged by over 200% to nearly $5 billion, placing it fourth among all networks. This indicates a growing appetite from investors for DeFi projects built on Solana.

    Stablecoin Adoption On Solana On The Rise

    Another bright spot for Solana in Q1 was the significant growth in its stablecoin market capitalization, which jumped by 50% to nearly $3 billion. This surge was primarily driven by USDC, the leading stablecoin, whose market capitalization on Solana increased by an impressive 110% to slightly above $2 billion.

    This growth reflects a rise in trust and adoption of stablecoins on the Solana blockchain, which are cryptocurrencies pegged to the value of traditional assets like the US dollar, offering stability in a volatile market.

    SOL market cap currently at $77.5 billion. Chart: TradingView.com

    Solana Price Volatility A Concern

    Despite the positive indicators, the report also acknowledges some potential drawbacks. While the high trading volume is a positive sign, the fact that meme coins are a major contributor raises questions about the long-term sustainability of this growth.

    Meme coins are often known for their erratic price movements and lack of underlying utility. Their dominance in Solana’s DEX volume might indicate a speculative bubble rather than genuine growth based on solid projects.

    At the time of writing, SOL was trading at $174, reflecting a 12% decrease in the last seven days. This price volatility is a common concern in the cryptocurrency market, and Solana is not immune to it.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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