The New York-based stablecoin issuer – Paxos – announced a strategic expansion of its stablecoin issuance to the Solana blockchain platform, which was previously exclusive to Ethereum. Paxos said it plans to make USDP available to the public on Solana starting January 17, 2024.
This move marks a significant milestone for Paxos in the competitive stablecoin landscape, where rivals such as Circle and Tether are also racing for market dominance.
Paxos’ Solana Expansion
Paxos obtained approval from the New York Department of Financial Services (DFS) to expand USDP from Ethereum to Solana following a thorough examination. However, the company has not disclosed the duration of the review process.
In an official statement, Walter Hessert, Paxo’s Head of Strategy, commented,
“The expansion of our stablecoin platform to support Solana marks an important step towards making stablecoins ubiquitous for everyday consumers. Paxos has set the standard for oversight, reserve management, and issuance in the stablecoin market. By integrating USDP with Solana, we’re making it easier for anyone to get and use the safest, most reliable stablecoins.”
Paxos became the first crypto firm to to secure a trust charter under the newly implemented digital asset regulatory framework by DFS in 2015. The company received DFS approval to issue its first stablecoin in 2018, dubbed ‘Paxos Standard,’ which was later rebranded to USDP three years later.
Before the latest Solana expansion, Paxos only issued USDP on Ethereum due to restrictions by the DFS. Over the years, the company has roped in major financial players.
In June, Paxos entered into a partnership with online marketplace Mercado Libre to introduce the Pax Dollar (USDP) stablecoin to users in Mexico. Transactions were set to be facilitated by MercadoPago, a digital wallet app developed by Mercado Libre.
Subsequently, in August, the multinational fintech giant PayPal launched the US dollar-denominated stablecoin, PayPal USD (PYUSD), in association with Paxos.
Regulatory Hurdles
Paxos faced regulatory scrutiny when it was disclosed in February of this year that the DFS was conducting an investigation.
Although the specific reason was not initially disclosed, it seemed to be linked to its involvement with BUSD, a stablecoin created in partnership with the crypto exchange Binance. Shortly afterward, the regulator directed Paxos to cease the issuance of the token.
This development dealt a significant blow to Paxos, given that more than 95% of its revenue was derived from this partnership.
Amidst the regulatory turbulence, a relatively new crypto exchange, EDX Markets, terminated its collaboration with Paxos, which was supposed to serve as the former’s crypto custodian.
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The cryptocurrency industry added $100 billion to the global market capitalization this week, with notable contributions from top performers Moonriver (MOVR), Solana (SOL) and Optimism (OP).
Moonriver spikes 170% in a day
Moonriver traded at the mercy of the bears at the early stages of the week, but decoupled and made its fortunes as the week progressed.
The token started the week at a value of $6.6141, and continued to consolidate between $6.1253 and $6.8328.
MOVR price – Dec. 24 | Source: CoinGecko
Its breakthrough emerged on Dec. 21 amid surging social mentions and increased investor demand. Moonriver rallied 68% from $6.7233 on Dec. 21 to $11.35 the next day. But the token faced resistance at this price point, witnessing an 11.06% drop within three hours.
MOVR continued to collapse. Bears set out to trigger a full retracement of the Dec. 21 upsurge. This drop was likely triggered by selling pressure, as investors sought to dump their holdings at the 14-month-high above $11. Before this week, the last time MOVR saw $11-plus was in October 2022.
A correction did not erase all the recently accumulated gains. Moonriver held strong above the $9 psychological threshold.
The asset eventually spiked 146% on Dec. 23, breaking above multiple resistance points, and closing the day at $23.978.
Some market watchers attributed the uptrend to a similar rally engineered by Kusama (KSM), the native token of the Kusama blockchain on which Moonriver resides. The uptrend spilled into today, with MOVR rallying to a 19-month high of $44 today before witnessing resistance. Moonriver is up 170% today and 378% this week.
Solana breaches $100, flips XRP and BNB
Solana has been on a rampage for the past few months.
While some critics have projected a looming correction of the recent gains, SOL extended the ongoing run to this week. The token began the week with a 5% intraday gain on Dec. 18, closing the day above the $70 mark.
SOL price – Dec. 24 | Source: Trading View
The bears took charge the next day, but Solana defended the support at $71.78, recording its only intraday loss of 1.91%. SOL has continued to surge since then, currently up 54% from the $71.78 low.
Amid the uptrend, Solana eventually breached the pivotal $100 psychological threshold for the first time since April 2022. The crypto asset soared to a high of $118 today, but a roadblock mounted by the bears resulted in a sharp drop.
SOL currently trades for $110.07, up 14% today and 55% this week. Solana eclipsed XRP’s market capitalization earlier this week when it soared above $80, becoming the fifth-largest token. The asset further flipped BNB, securing the fourth spot, with a market cap above $47 billion.
Optimism hits new ATH
While other assets looked to recover their pre-Terra highs, Optimism aimed for the stars this week. Like Moonriver, the crypto token started the week with a slow performance, consolidating between $1.957 and $2.278 from Dec. 18 to 20.
OP price – Dec. 24 | Source: Trading View
OP’s good fortunes began on Dec. 21, a day after the broader market engineered a resurgence. Optimism’s price erupted on Dec. 21, leading to a 12.19% intraday increase. The asset successfully broke above the $2.5 resistance level on that day, setting the stage for a more substantial upsurge.
This upsurge materialized on Dec. 22, with Optimism recording a 37% gain. This represented one of its largest intraday gains this year. The rally paused the next day, with OP meeting resistance at $3.535 and registering a mild 0.43 loss.
However, Optimism witnessed increased buying pressure, rallying to a new all-time high of $3.842 today before collapsing. Despite the collapse, OP has held above the $3.5 price support. The token is up 65% today.
Solana (SOL) and its associated meme coin, Bonk (BONK), have witnessed remarkable surges in value, with SOL recording gains of over 71% and Bonk experiencing an astonishing 342% increase over the past 30 days.
The positive growth within the Solana ecosystem has resulted in a surge in demand for the flagship mobile device, Solana Saga. However, the Solana Mobile team recently addressed challenges in meeting the “overwhelming demand” and explained order cancellations and inventory management issues.
Solana Mobile Faces Inventory Mishap
Over the past month, SOL has seen a significant uptrend, inching closer to the $100 mark, a level not reached since April 2022. Additionally, Bonk has experienced an extraordinary surge reaching a trading value of $0.00001896.
Given these developments and the social buzz within the blockchain and its mobile device, the Solana Mobile team confirmed that their limited inventory of 20,000 devices worldwide has sold out, with both the US and EU markets experiencing high demand.
According to a recent statement on X (formerly Twitter), in the process of fulfilling orders, the Solana Mobile team encountered an “inventory management issue” with their third-party distributor. This issue resulted in an inaccurate representation of the available inventory.
Consequently, the team was unable to fulfill orders placed after the inventory was depleted. Additionally, orders suspected of suspicious activity, such as excessive device orders or payment risks, were flagged and subsequently canceled.
According to the announcement, the objective behind these measures is to ensure that as many users as possible can enjoy the Solana Saga mobile device.
Customers affected by the order cancellations have been promptly notified, and they will receive refunds within the coming days.
Solana’s DEX Volume Overtakes Ethereum And Arbitrum
The Solana ecosystem, together with its native token SOL, has recently achieved significant milestones. Notably, Solana’s 24-hour decentralized exchange (DEX) volume has exceeded that of Ethereum (ETH) and Arbitrum (ARB) combined, surpassing the $2 billion mark.
Additionally, Solana has emerged as the third-largest altcoin (only behind BNB) by market capitalization. These achievements reflect the growing popularity and success of Solana within the cryptocurrency market.
According to Token Terminal data, SOL’s market cap (circulating) stands at $41.05 billion, reflecting a remarkable increase of 46.98%, flipping XRP’s market cap by over $7 billion.
The revenue generated has also witnessed substantial growth, with an 80.43% increase to $2.39 million. Furthermore, SOL’s fully diluted market cap has reached $54.31 billion, showcasing a significant rise of 45.60%.
The revenue generated on the Solana platform, when annualized, amounts to an impressive $29.13 million, signifying a substantial increase of 94.75%.
Examining SOL’s financial ratios, the price-to-fully diluted ratio stands at 796.78x, indicating the market’s high expectations for future growth. However, this ratio has experienced a recent decrease of 19.3%.
Featured image from Shutterstock, chart from TradingView.com
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.
The Solana Saga smartphone has garnered the unfortunate title of the worst smartphone of the year, as declared by popular YouTuber Marques Brownlee (MKBHD).
Notably, the phone has experienced a surge in demand, leading to a sell-out, which occurred concurrently with an increase in the price of a memecoin developed on the Solana smart contract platform.
Solana Saga Phone Labeled ‘Failure of 2023’
In a comprehensive overview of the leading phones of 2023, Brownlee, a prominent YouTube personality with 18 million subscribers, labeled the Solana Saga phone as the “failure of 2023.” Despite acknowledging its commendable build quality and design, Brownlee strongly cautioned against purchasing the device, deeming it a “terrible idea.”
Notably, the Solana Saga smartphone distinguishes itself through its integration of blockchain technology, specifically tailored to enhance the experience for cryptocurrency users and developers.
The device represents an innovative fusion of advanced mobile technology with Solana’s blockchain capabilities, introducing heightened functionality and connectivity for the crypto community.
Solana Mobile recently announced that its Saga smartphone had sold out, a noteworthy accomplishment since it started shipping the Web3-enabled phones in April. One potential factor contributing to the sales surge is the incentive of receiving free BONK for purchasing the Saga, as indicated on the project’s website.
The decentralized finance (DeFi) crypto wallet Phantom specifies that the reward amounts to 30 million BONK, valued at over $620 at the time of this writing.
The Saga phone also offers additional benefits and rewards, including a free month of access to Helium Mobile, a complimentary toy, and special rewards from apps on Saga’s decentralized application (dApp) Store.
Solana Phones Prices Skyrocket
Solana Saga phone initially faced slow sales, reducing its price to $599 in August., but the situation took a turn as traders recognized an arbitrage opportunity.
A Solana phone, bundled with unclaimed BONK, recently fetched $5,000 in a resale on eBay. Other Solana Sagas are currently listed on the e-commerce platform at prices ranging from $2,000 to $10,000.
Anatoly Yakovenko, co-founder of Solana Labs, expressed earlier that the smartphone aims to bring more people into cryptocurrency. He highlighted the Saga as the first device where crypto is treated as a primary element in mobile, emphasizing the improvement it gets to the user experience of Web 3.
Yakovenko noted that without Saga, the user experience of Web 3 is challenging, particularly in terms of self-custody and security for mobile wallets, which can impede innovation and slow down user experiences in these domains.
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Solana stayed above the $67.50 support and started a fresh increase. SOL price is gaining pace and might soon attempt a move above $80.
SOL price started a fresh rally above the $72 resistance against the US Dollar.
The price is now trading above $74 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair is up nearly 8% and might rally further above the $80 resistance zone.
Solana Price Resumes Increase
In the past few days, Solana saw a downside correction from the $80.00 zone, like Bitcoin and Ethereum. SOL declined below the $77.50 and $75.00 support levels.
However, the bulls were active above the $67.50 support. A low was formed near $67.25, and the price is now attempting a fresh increase. There was a move above the $70 and $72 resistance levels. The price is up nearly 8% and there was a move above the 50% Fib retracement level of the downward move from the $79.45 swing high to the $67.25 low.
SOL is now trading above $74 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair.
On the upside, immediate resistance is near the $76.50 level. It is near the 76.4% key bullish trend line forming with support near $70.00 on the 4-hour chart of the SOL/USD pair. The first major resistance is near the $80.00 level.
The main resistance is now near $82.0. A successful close above the $82.0 resistance could set the pace for another major rally. The next key resistance is near $88.00. Any more gains might send the price toward the $92.00 level.
Another Decline in SOL?
If SOL fails to rally above the $80.00 resistance, it could start a fresh decline. Initial support on the downside is near the $72.00 level.
The first major support is near the $70.00 level or the trend line, below which the price could test $67.50. If there is a close below the $67.50 support, the price could decline toward the $65.00 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $72.00, and $70.00.
Major Resistance Levels – $76.50, $80.00, and $88.00.
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.
Blockchain-based private credit is gaining traction in 2023 as companies seek financing in a high-interest-rate environment.
According to data from RWA.xyz, blockchain-powered private loans have surged by 55%, reaching approximately $581.6 million as of Dec. 18. While this figure is below the peak of nearly $1.5 billion in June 2022, it represents a noteworthy shift as the total loans value surpassed the $4.5 billion mark.
Active blockchain-based loans value by protocol | Source: rwa.xyz
As reported by Bloomberg, the traditional private credit market remains dominant with a value of $1.6 trillion, dwarfing the emerging blockchain-based private credit sector.
Among nine RWA protocols, only one extends its services beyond Ethereum to Solana, while another operates on Ethereum’s sidechain, Polygon. Currently, Centrifuge leads in active value, boasting over $255 million in active loans and a total loan value exceeding $492 million, according to RWA.xyz data.
RWA protocols ranged by active loans value | Source: rwa.xyz
Blockchain lending, leveraging increased transparency and smart contracts, is acknowledged for reducing risks and lowering borrowing rates compared to the slower and more opaque traditional private credit market. This evolving landscape is enticing for investors, with blockchain protocols charging borrowers less than 10% APR, a significant contrast to the 15% to 20% rates prevalent in traditional finance.
Crypto giants are also entering the blockchain-based private credit space with new developments, such as Project Diamond by Coinbase Asset Management. As crypto.news earlier reported, the new product leverages Ethereum’s layer-2 scaling network, Base, and integrates Coinbase’s components, including the exchange’s Prime’s services as well as web3 crypto wallet, and Circle’s USDC stablecoin.
Currently, Project Diamond is accessible to registered institutional users outside the U.S. The launch occurs amid intense competition to integrate traditional financial assets like bonds and credit into blockchain systems. This process, known as the tokenization of real-world assets, is believed to enhance settlement speeds, reduce operational costs, and increase transparency.
Surging Value: Bonk Inu (BONK), a Solana memecoin, has seen a dramatic price increase, with a 100% rise in 24 hours and over 1,000% in the last 30 days.
Binance Listing and Risk Warning: Binance listed BONK but cautioned users about its high volatility and the need for careful research before trading.
Key Success Factors: BONK’s popularity is possibly driven by the memecoin trend, investor FOMO, and its association with the high-performing Solana network.
BONK Seems to Have no Limit
The recent sensation in the cryptocurrency market – Bonk Inu (BONK) – keeps making the headlines, with its price reaching new peaks almost daily in the past few weeks. The Solana memecoin exploded by another 100% in the last 24 hours, while its surge on a 30-day scale surpassed 1,000%. Moreover, it inches closer to the astonishing market capitalization of $2 billion.
BONK Price, Source: CoinGecko
One factor that might stand behind the latest rally is the interaction coming from Binance. The world’s leading cryptocurrency exchange by trading volume announced it will list the asset on its platform on December 15, opening the following spot trading pairs: BONK/USDT, BONK/FDUSD, and BONK/TRY.
Withdrawals will be available from December 16, while the BONK listing fee will be set at 0 BNB. In addition, Binance plans to add the memecoin as a borrowable asset on its Isolated Margin program on December 17.
Despite listing BONK on its platform, the exchange warned users that the token “poses a higher than normal risk, and as such will likely be subject to high price volatility.”
“Please ensure that you exercise sufficient risk management, have done your own research in regards to BONK’s fundamentals, and fully understand the project before opting to trade the token,” it added.
It is worth mentioning that Binance is not the first crypto exchange to announce support for Bonk Inu. Prior to that, Coinbase put the asset on its “roadmap” program and then listed it on its platform.
What Else Stands Behind BONK’s Price Explosion?
Another factor playing a role in the token’s impressive price performance could be the ongoing memecoin frenzy. Leading assets of that type, including Dogecoin (DOGE) and Shiba Inu (SHIB), are well in the green on a monthly basis, albeit charting not as substantial gains as BONK.
The FOMO (“Fear of Missing Out”) effect should also be mentioned. It is possible that many investors have joined BONK’s ecosystem after simply observing its price jump and not by conducting proper due diligence.
Last but not least, the memecoin’s success could be attributed to its connection with Solana. The latter has been among the top performers in the market this year, experiencing a price increase of 650% since January 1.
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Coinbase Supports Bonk Inu (BONK): Coinbase, a major cryptocurrency exchange, has added Bonk Inu (BONK), a rapidly popular digital asset, to its roadmap, indicating a potential official listing soon.
Price Fluctuations Post Announcement: Following Coinbase’s announcement, BONK’s price initially surged by over 15%, but later fell by nearly 20%, mirroring the broader cryptocurrency market correction.
Bonk Inu’s Market Performance: Despite recent fluctuations, Bonk Inu remains one of the top-performing memecoins, with its value increasing by about 350% in the last 30 days, and its market capitalization exceeding $630 million, ranking it third among memecoins after Dogecoin and Shiba Inu.
One of the largest cryptocurrency exchanges by trading volume – Coinbase – has decided to add support to the digital asset that has recently turned into a sensation – Bonk Inu (BONK).
The marketplace put the token on its “roadmap” on December 12. Digital currencies placed in that section mean Coinbase is just one step away from officially listing them.
The exchange has previously warned users to refrain from dealing with such experimental assets before an official announcement.
BONK’s price briefly spiked by over 15% shortly after Coinbase’s interaction. However, in the following hours, it plunged by almost 20% in resonance with the overall correction reigning in the cryptocurrency market.
Still, the Solana memecoin is far from erasing all gains registered in the past few months. It has been among the best-performing assets of its kind, with its valuation exploding by nearly 350% in the last 30 days.
BONK Price, Source: CoinGecko
Its market capitalization currently stands above $630 million, making it the third-biggest memecoin after Dogecoin (DOGE) and Shiba Inu (SHIB).
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After rising sharply from the $2.00 bottom, Helium (HNT) demonstrated a strong upswing that further fueled the market’s positive attitude and increased the momentum of the advance.
This week has witnessed bull action for the Solana-based Helium Network’s HNT coin, which has seen a 70% weekly rise to $4.86.
Based on the most recent data, HNT, which has a market cap of about $700 million and an amazing $10 billion in trading volume as of press time, quietly touched a yearly high of $5.12 over the weekend after seeing a commanding 85% price spike in only seven days.
Buyers demonstrated an upswing and were able to keep the price above both EMAs. The 200-day EMA, which shows strength in the most recent bull run, is about to cross paths with the 50-day EMA for helium. In the event that the crossing takes place, prices may reach new swing highs.
The price of helium has been more volatile this week due to a divergence in the Bollinger Bands. Indicating bull domination throughout the course of the week on the price of helium, HNT’s relative strength indicator is above its average line in the overbought area.
HNT price prediction for December. Source: Coincodex.
HNT was up from $2.73 to $5.78 in the first week of December, signifying a 70% increase in price. Just this past month, the token has increased by over 190%.
The most recent estimate for the price of Helium is that it may reach $5.75 this month, according to Coincodex.
For a network that has primarily dealt with bad press regarding its product and the transition from its proprietary blockchain to Solana, this price performance marks a turnaround.
In the cryptocurrency market, Helium, a decentralized network that launched in 2019, has made significant progress. It is now among the best performers. Concurrent with this price increase is Solana (SOL), which has risen by over 50% over the past 30 days.
On November 12, 2021, HNT reached its highest point at $55.15. On the other hand, it fell to an all-time low of $0.200 on May 29, 2020.
The lowest recorded price since the all-time high was $1.16, and the highest was $5.75. The Fear & Greed Index shows a score of 72 (Greed), and the current consensus for Helium’s price prediction is positive.
Meanwhile, analysts say the $20 monthly phone plan from Helium Mobile, which gives customers unlimited data, voice, and text, is mostly the impetus for HNT’s price increase.
According to a recent survey, the average American spends about $150 a month on phone plans alone. Helium’s newest connectivity service is expected to provide a more affordable option than traditional service providers.
Featured image from Pixabay
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.
Solana (SOL), the fourth-generation blockchain, has staged a remarkable comeback, looking at on-chain metrics. Citing Artemis data, Step Data Insights on X noted that Solana’s daily active wallets flipped Ethereum’s, the pioneer smart contract platform. This development is when SOL prices have been ripping past resistance levels in the past few months.
Solana’s Resurgence Continues, Daily Active Wallets Flips Ethereum
According to Step Data Insights, Solana’s daily active wallets currently hover at around 400,000, slightly edging past Ethereum’s. This spike in activity suggests that Solana is attracting a growing user base, and more people are keen to explore its ecosystems, comprising DeFi, NFTs, and other protocols.
Solana daily active wallets | Source: Artemis via Step Data Insights
Additional data from Artemis shows that Solana also eclipses Ethereum in the number of daily transactions. Although Ethereum leads in DeFi total value locked (TVL), Solana’s low fee and scalable environment could explain why users opt for this high-performance network.
Overall, the Solana recovery could triggered by recent favorable price action in Q4 2023. To quantify, Step Data Insights notes that SOL has risen by over 210% in the past three months. During this time, ETH’s gains have capped.
The analytic platform states that the coin only rose by 39%. To illustrate, in the last three months, SOL rose from around $17 to peak at approximately $70. Meanwhile, ETH expanded from roughly $1,500 to peak at about $2,300, recorded on December 6.
This recovery points to increasing investor confidence. However, time will tell whether SOL will extend gains in the sessions. From the daily chart, prices have been moving horizontally for the better part of H2 November to early December 2023.
The immediate resistance line is at $70. With the SOL moving inside a bull flag, any upswing above November 2023 highs will be the building block for a possible leg-up that will lift SOL to April 2022 highs of $140.
Spot Bitcoin ETF Hopes, Firedancer Lifting Solana
Altcoins, including Solana, have been racing higher as the crypto market recovers. Following a court ruling, SOL is relatively firm despite the FTX estate being permitted to liquidate the coin in the secondary markets to repay creditors.
Hopes of the Securities and Exchange Commission (SEC) approving the first Bitcoin ETF have also benefited Solana. However, the recent release of Firedancer, a validator client developed by Jump Crypto, on testnet has supported SOL.
The client will make the network more resilient and performant. Firedancer will go live in the H1 2024. Once it goes live, the new client is expected to improve Solana’s reliability.
An analyst has explained how Solana may be at risk of a correction based on the data of two SOL technical indicators.
Solana Has Recently Observed The Formation Of Two Bearish Signals
In a new post on X, analyst Ali has discussed why SOL could be at risk of seeing a retracement shortly. The analyst has referred to two technical indicators for the coin: the TD Sequential and RSI.
The first of these, the Tom Demark (TD) Sequential, is a metric generally used for spotting probable reversal points in any asset’s price. The indicator has two phases, the first of which is a nine-candles-long “setup” phase.
When nine candles of the same polarity are in following a reversal in the price, the TD Sequential setup is said to be complete, and the asset could be assumed to have reached a likely point of a trend shift.
Naturally, if the candles are green, the setup’s completion would point towards a top, while red candles would imply a bottom formation. Once the setup is over, a thirteen-candles-long countdown phase starts. At the end of these thirteen candles, another probable change of direction happens for the chart.
According to Ali, a setup phase has recently formed for Solana. Below is the chart shared by the analyst that shows this TD Sequential pattern in the weekly price of the cryptocurrency.
The trend in the 1-week price of the asset | Source: @ali_charts on X
The graph shows that the TD Sequential setup has recently been completed with green candles, implying that the price may have already reversed toward a bearish trend.
In the same chart, Ali has also attached the data for the second relevant indicator: the Relative Strength Index (RSI). The RSI is a momentum oscillator that keeps track of the speed and magnitude of the recent changes in an asset’s price.
This indicator determines whether the asset is undervalued or overvalued at the moment. When the metric has a value greater than 70, it can be a sign that the asset is overbought, while it being under the 30 mark suggests an oversold condition.
As is apparent from the graph, the Solana RSI recently broke above the 70 mark and has remained inside the territory, suggesting that SOL has been overvalued recently.
This would mean that two bearish signals are looming over the cryptocurrency’s head right now. “A spike in profit-taking could trigger a retracement to $47.6,” says the analyst. From the current price, such a potential correction to $47.6 would mean a drawdown of over 20%.
Solana’s fate may yet be averted; however, as the analyst explains, “SOL would have to print a weekly candlestick close above $68.4 to invalidate the bearish outlook and aim for $108.”
SOL Price
Solana had rallied above the $65 mark yesterday, but the asset has already seen a pullback as it’s now trading around $60.
Looks like SOL has gone through some drawdown during the past day | Source: SOLUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com
Miles Deutscher, a crypto analyst, recently shared insights on altcoins that are catching his attention for the upcoming week. In a post on X, he starts by noting the market’s recent cool-off, suggesting this phase is creating new opportunities for savvy investors. Deutscher also emphasizes the importance of staying informed and ready to capitalize on these shifts.
Top Altcoins To Watch This Week
Injective (INJ)
According to Deutscher, Injective (INJ) is experiencing a lull in hype, but this should not undermine its strong performance throughout the year. He believes that if the bullish momentum continues, INJ could reach its local highs in the $19’s. “Monitoring closely, as it runs hard when it runs,” Deutscher states, highlighting the potential for rapid gains.
At press time, INJ was trading at $15.88 after being rejected at the 0.618 Fibonacci retracement level of $17.13.
Deutscher points out that PYTH is in an interesting position with attributes favored by the market: it’s a new, shiny coin with a low float and perpetual contracts. However, competition from other Solana tokens, like Jupiter and JITO, may temporarily divert attention. For those already holding PYTH, Deutscher advises to hold but not to add more unless the price drops.
SuperFarm (SUPER)
SUPER is part of the trending gaming narrative and has been gaining attention from significant creators and influencers. Despite its volatile funding, Deutscher sees potential for a FOMO-driven price increase. “It could be one of those ‘it’s already up too much, I’m not buying’ plays,” he speculates, suggesting that late buyers might drive the price even higher.
Cosmos (ATOM)
The recent approval of the ATOM Halving proposal is a significant development for Cosmos. This change will halve the maximum inflation rate from 20% to 10%, potentially impacting ATOM’s price action (PA). Deutscher is watching this closely for signs of a developing trend.
dYdX (DYDX)
The unlocking of $524 million worth of DYDX on November 28th is a crucial event, especially since these tokens will be released on the DYDX chain, not supported by centralized exchanges (CEXs). Deutscher anticipates a complex interplay of market psychology around this event. “Watching to see if the head and shoulders pattern continues to play out,” he comments, suggesting possible price movements following the unlock.
Solana (SOL) And BONK
SOL’s struggle to break past $58 is noted by Deutscher, placing it in a “no trade zone” for now. However, a breakthrough could lead to significant gains. BONK, a Solana-based meme coin, is also on his radar due to its higher volatility and correlation with Solana’s movements.
SOL price fell below the 0.382 Fib, 1-week chart | Source: SOLUSD on TradingView.com
Vertex (VRTX)
Finally, Deutscher highlights the significant volume increase on Vertex, surpassing DYDX and Uniswap. Despite suspicions of wash trading due to low open interest (OI) compared to volume, he sees potential in Vertex and perceives a resurgence in the popularity of perpetual decentralized exchanges (DEXs).
Featured image from iStock, chart from TradingView.com
Solana rallied above the $65 resistance against the US Dollar. SOL price is now correcting gains and might even slide below the $50 support.
SOL price started a major rally above the $60 resistance before the bears appeared against the US Dollar.
The price is now trading below $60 and the 100 simple moving average (4 hours).
There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could accelerate lower below the $55.00 support zone in the coming sessions.
Solana Price Starts Downside Correction
In the past few days, Solana saw a major rally above the $60 level. SOL gained bullish momentum after it settled above $60, outperforming Bitcoin and Ethereum.
The bulls even pumped the price above the $65 level. A high was formed near $68.16 and the price recently saw a downside correction. It traded below $60 and tested $52. A low was formed near $51.23 and the price is now consolidating in a range.
There was a break below a short-term rising channel with support near $58.00 on the 4-hour chart of the SOL/USD pair. SOL is now trading below $60 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is near the $59.50 level. It is close to the 50% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. The first major resistance is near the $60.00 level.
The main resistance is now near $62 or the 61.8% Fib retracement level of the downward move from the $68.16 swing high to the $51.23 low. A successful close above the $62.00 resistance could set the pace for a larger increase. The next key resistance is near $68.50. Any more gains might send the price toward the $72.00 level.
More Losses in SOL?
If SOL fails to recover above the $60.00 resistance, it could continue to move down. Initial support on the downside is near the $55.00 level.
The first major support is near the $51.20 level, below which the price could test $50. If there is a close below the $50 support, the price could decline toward the $45 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $55.00, and $51.20.
Major Resistance Levels – $60.00, $62.00, and $68.50.
How to find the best altcoins for the next bull run? Our 2024 guide provides in-depth insights into potential market leaders.
As we edge closer to 2024, the cryptocurrency market is ripe with discussions about the next crypto bull market.
In the wake of the 2022 crypto winter, the market has seen a significant shakeup, with the total market capitalization dropping to around $1.4 trillion as of Nov. 2023 from $2.2 trillion at the end of 2021.
However, this decline hasn’t dampened the spirit of institutional investors who continue to adopt a long-term view of the market, recognizing its cyclical nature.
This coming year is expected to unfold under three key themes: a flight to quality among institutional investors through a Bitcoin ETF, Bitcoin halving, and regulatory reforms that could set the stage for the next growth cycle in the crypto world.
Amidst these changes, altcoins are attracting attention. This article delves into this question, offering insights and analysis on the altcoins that hold promise in the evolving landscape of cryptocurrency.
Signs of a crypto bull run
Growing trading volumes
What is a bull run in crypto? A crucial indicator of a bull run is a surge in trading volumes across cryptocurrency exchanges. Historical data from major bull runs, such as the one in late 2017, showcases this trend vividly.
For instance, Bitcoin’s (BTC) trading volume in December 2017 escalated to unprecedented levels, crossing $50 billion, compared to average volumes of $1-2 billion in preceding months. Similarly, Ethereum’s (ETH) trading volume mirrored this pattern, signaling widespread investor engagement.
If this pattern continues in the coming months or 2024, it could be a good sign of an upcoming bull run.
Institutional embrace
Institutional investments serve as a strong validation for cryptocurrencies. The 2020-2021 bull run was partially catalyzed by substantial investments from corporations.
Tesla’s $1.5 billion investment in Bitcoin and MicroStrategy’s continuous Bitcoin acquisitions exemplified growing institutional confidence.
Such moves not only infuse substantial capital but also enhance the legitimacy of cryptocurrencies in the eyes of retail investors.
Increased adoption and integration
A clear sign of a bull run is the growing adoption of cryptocurrencies in mainstream financial systems and businesses.
For example, during the 2020-2021 bull run, PayPal introduced crypto buying and selling, greatly enhancing accessibility for everyday users.
Similarly, major financial institutions like JPMorgan started offering crypto funds to clients, demonstrating a significant shift in the traditional finance sector’s approach to digital currencies.
Regulatory clarity and positive government stance
Regulatory developments can have a profound impact on cryptocurrency markets. A positive regulatory environment, or even hints at a more accommodating stance from governments, can trigger a bull run.
For instance, when El Salvador recognized Bitcoin as a legal payment method in September 2021, it contributed to a significant boost in investor confidence, leading to BTC reaching its all-time high in November 2021.
Similarly, upcoming announcements from the SEC regarding the approval of spot Bitcoin ETFs could add to the growth of cryptocurrencies and have a positive effect on market sentiment.
The investor psychology
Market sentiment is a critical gauge of the overall mood in the cryptocurrency ecosystem.
Tools like the Fear and Greed Index measure this sentiment by analyzing variables such as market volatility, social media trends, surveys, and market dominance.
For example, during the 2021 bull run, this index frequently exhibited high “greed” levels, reflecting strong investor optimism.
Conversely, preceding the bull run, the index displayed “fear” or “neutral” sentiments, reflecting uncertainty or balanced market conditions.
If we see a notable spike in this indicator in the coming days or months, then it could be a sign that the market is heading towards a bull run.
Preparing for the next crypto bull run
How to predict the next bull run
Predicting the exact timing of the next crypto bull run is challenging due to the market’s inherent volatility and the influence of global economic factors.
Historically, crypto markets have shown a tendency to follow Bitcoin’s halving cycles, with bull runs typically occurring every four years. However, evolving market dynamics and regulatory landscapes make precise predictions difficult.
Duration of a bull run cycle
Cryptocurrency bull runs can vary significantly in duration. Historically, they have lasted anywhere from a few months to over a year.
The length of a bull run is influenced by factors such as market adoption rates, technological advancements, regulatory changes, and macroeconomic conditions. Understanding the duration of a bull run requires analyzing these dynamic factors in real-time.
Hence, while it’s challenging to predict the exact timing and duration of the next crypto bull run, monitoring key indicators can provide valuable insights into market trends. Investors should remain vigilant and informed, considering both market signals and broader economic contexts.
What can we expect from altcoins?
Throughout 2023, the cryptocurrency market has experienced significant fluctuations, with some altcoins showing remarkable gains.
As we move into 2024, understanding if these trends will keep going means looking at how these altcoins did in 2023 and what might happen to them next.
Here are a few of the biggest gainers of 2023:
Kaspa (KAS)
Kaspa (KAS) has emerged as a standout cryptocurrency in 2023, registering a staggering 1800% gain over the year, with its price reaching $0.1291 as of Nov. 22.
This cryptocurrency operates on a unique architecture, utilizing a blockDAG (Directed Acyclic Graph) protocol to enhance its scalability and transaction speed compared to traditional blockchain systems. This technological edge has been a key driver in its impressive market performance.
In 2023, Kaspa’s price movements showed considerable volatility but with a generally upward trend.
Looking ahead to 2024, some predictions based on historical price movements and Bitcoin halving cycles suggest that Kaspa could sustain its upward trajectory.
However, as with any investment in the volatile cryptocurrency market, potential investors should consider both technical and fundamental factors before making decisions.
The future of Kaspa, while promising, will depend on broader market trends, technological advancements, and investor sentiment.
Render token (RNDR)
Render token (RNDR) has marked a significant presence in the cryptocurrency landscape with over 700% gains over the past year, trading at $3.41 as of Nov. 22.
RNDR is an ERC-20 compatible utility token underpinning the distributed RNDR Network. This network is a peer-to-peer GPU compute platform, connecting creators needing extra computational power for rendering visual content with providers offering GPU power in exchange for RNDR tokens.
Throughout 2023, RNDR has shown bullish trends. This positive outlook is bolstered by the token’s utility in the growing field of digital graphics and the increasing demand for decentralized computing resources.
However, traders should exercise caution as the market is very volatile and the price of RNDR token could collapse anytime.
Solana (SOL)
Solana (SOL), a high-performance blockchain known for its fast transactions and low fees, has seen significant growth in 2023.
The cryptocurrency’s native token, SOL, has registered a remarkable 390% increase over the last year, trading at around $55.09.
From the beginning of the year, SOL has surged, demonstrating market resilience. This growth was driven by Bitcoin’s rally, SOL’s network improvements, and increased liquid staking activities on Solana based platforms like Jito, Marinade, and MarginFi.
Looking towards 2024, Solana’s trajectory appears to be positive, but with some fluctuations expected. However, investors should remain aware of the inherent unpredictability and volatility of the crypto landscape.
The road ahead
As we anticipate the next crypto bull run, it’s essential to recognize the dynamic and ever-evolving nature of the cryptocurrency market.
Predictions suggest a possible crypto bull market in 2024, spotlighting altcoins as potential key players. While these tokens show promise, the future remains uncertain. Investors should remain vigilant, continuously educate themselves about market trends, and adapt to new developments.
The best strategy in such a fluid market is cautious optimism. Investors are advised to exercise due diligence, diversify their portfolios, and only invest what they can afford to lose.
Staying informed about regulatory changes, technological advancements, and global economic factors is crucial as these can significantly impact the market.
Remember, the journey through the cryptocurrency landscape is not just about identifying the next big token but also about understanding the underlying technologies and their real-world applications.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
AI Chatbot ChatGPT from OpenAI has forecasted a tremendous price movement for the Solana (SOL) cryptocurrency, indicating an 8x price surge for the token from its current price level.
Solana To Hit $1,000 By 2024
ChatGPT believes Solana is well positioned for a bullish run, expecting to be at the $1,000 mark by 2024. The bot’s prediction results from positive market developments and the broad use of the cryptocurrency’s blockchain.
The bot has also been seen predicting that the price of SOL could reach $1,000 by the end of 2024. This is due to the cosmic surge of innovations and widespread adoption.
Solana propelled by a cosmic surge of innovation and widespread adoption, could potentially reach a stellar price of $1000 by the end of December 2024.
Source: ChatGPT
ChatGPT‘s prospects seem promising due to several recent factors that spark growth for the cryptocurrency. The crypto’s blockchain has recently garnered strong interest from the cryptocurrency community.
Its excellent performance, minimal transaction costs, and scalability have drawn an increasing number of users and developers. This sparks increased adoption of Solana-based innovations, positioning the digital asset for a potential price increase.
In addition, the crypto asset’s increase in demand for leverage longs could also buttress this prediction. SOL reached its highest level of futures open trade since its all-time high price of $260 in November 2021.
The demand for the cryptocurrency is anticipated to increase as the Solana ecosystem grows, pushing up the asset’s price.
The crypto’s asset Total Value Locked (TVL) is not left out. Solana’s TVL recently experienced a significant surge in its TVL. Its TVL was approximately valued at $409.68 million, but now $584.59 million, indicating over a 42% increase, according to DefiLlama.
Current Market Trend Sparks Price Increase For The Cryptocurrency
Another factor that could propel the asset’s price is the current bullish sentiment of the cryptocurrency market. Without a doubt, Solana has been the market’s most optimistic large-cap cryptocurrency this year.
SOL has increased by approximately 550% since the beginning of 2023. This puts it at the fifth position among all the top 100 cryptocurrencies in terms of performance.
Last week, SOL experienced a significant price surge, reaching its yearly high of $68. Due to the general attitude of the market, the price of Solana could thrive in this conducive atmosphere.
Currently, the crypto asset is trading at approximately $60 as of writing, indicating a 0.21% increase in the past 24 hours. Its market capitalization is currently valued at $25,435,629,906, indicating the same percentage increase in the past 24 hours, according to CoinMarketCap.
SOL trading at $60 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image by iShock, chart by Tradingview.com
Mags, a popular crypto analyst on the X (formerly Twitter) platform, has offered insight into the current landscape of the crypto assets class and its future prospects as the bull market seemingly approaches.
Altcoins To Go Parabolic Again?
In a post on X, Mags put forward a bold forecast for the altcoins market capitalization and expects the value of most cryptocurrencies to go parabolic in the coming years. The crypto analyst’s bullish argument revolves around the Moving Average Convergence/Divergence (MACD) indicator on the monthly timeframe of the altcoin chart. On the highlighted chart, the monthly MACD is on the verge of making a bullish cross.
From a historical standpoint, the crypto analyst cited that a similar bullish cross occurred on the Moving Average Convergence/Divergence indicator in 2020. Following this cross, the altcoins market cap skyrocketed by more than 2,000% from $85 billion to $1.73 trillion. If this MACD cross forms again, Mags expects a similar bull run for the altcoins market.
In what seemed like a more realistic stance, the crypto analyst postulated a surge to a $7 trillion market cap by 2025, even if the altcoins experience only half of the 2020 growth. This represents a roughly 1,000% rally from the current altcoin market cap of $637 billion.
According to data provided by CoinGecko, the total cryptocurrency market capitalization stands at $1.429 trillion, with Bitcoin maintaining its place as the largest cryptocurrency (market cap of more than 700 billion).
Bitcoin Reclaims Dominance In Crypto Market
According to a recent report by Santiment, Bitcoin seems to be back to dominating the altcoins after a good run in the past month. The on-chain analytics platform highlighted that most cryptocurrencies have been witnessing a price correction at the tail end of the week.
📊 #Bitcoin price dominance is finally back, at least for the time being. #Altcoins have been retracing on the tail end of the week after the past month’s blistering hot rally. If the crowd begins to get worried and show #FUD, however, we could see some quick price rebounds. pic.twitter.com/VAcKd27WIH
Many of the tokens in the altcoin class, including recent top performers like Solana, Cardano, and Avalanche, appear to be slowing down. Nevertheless, Santiment said that swift price rebounds could occur “if the crowd begins to get worried and show FUD (fear, uncertainty, and doubt).”
Cryptocurrency market cap excluding Bitcoin on the daily timeframe | Source: TOTAL2 chart on TradingView
Featured image from Shutterstock, chart from TradingView
The Pokemon games have had some fascinating characters over the years. However, many of these individuals are often forgotten or overshadowed by the main protagonist and rivals. We’ve rounded up ten of the most intriguing and lovable Pokemon characters who deserve to make a comeback in future games, revisiting what makes them so special and where they could go next.
Zinnia
Image Source: The Pokemon Company
Having made her debut in Pokemon Omega Ruby and Alpha Sapphire, Zinnia is a character that deserves so much more attention. Not only is her design near flawless, but she also came with one hell of a battle theme to get you truly pumped. Zinnia was the starring character within ORAS’ post-game Delta Episode, which created much intrigue towards her character and story; and who could forget her beloved partner Pokemon? This girl had ‘Mons of both the small and cute variation with her Whismur, Aster, as well as powerful and menacing with her Mega Salamence.
It’s been nine years since Zinnia made her appearance, and she’s yet to show up in a mainline Pokemon game since. For someone who had ties to Mega Evolution and the secrets of the Legendary Rayquaza, this is highly disappointing. It would be great to see Zinnia return to future Pokemon titles, perhaps to research mysteries regarding a new powerful, Legendary, or Mythical Dragon Type. Bring her back, bring back her theme, and let her thrive; please, Game Freak, all I want is a Zinnia Rematch outside of Hoenn.
Silver
Image Source: The Pokemon Company
If there’s a Pokemon rival who stands out from others, it’s certainly Silver. This guy made an unfavorable first impression by stealing a Pokemon from Elm’s Lab and barging into you with some pretty harsh words. Despite his mysterious allure, the most interesting thing about Silver is the fact that he is Giovanni’s son, which explains his behavior in the earlier stages of the game.
However, as you progress through the story, Silver learns from his defeat, changes his views on Pokemon, and even gains the courage to stand up to his father. By the end of the game, Silver is on a mission to establish genuine connections with his team and become a truly great Trainer, the right way. For that reason alone, Silver is long overdue for another game appearance; we all want to see his transformation into the Trainer he wanted to be.
Lance
Image Source: The Pokemon Company
Who could forget the iconic Champion Lance? After all, this guy comes equipped with three Dragonite on his team! Aside from being one of the most badass Dragon Type Trainers in existence, Lance also holds the title of Elite Four and Champion, proving his power is no joke. Lance also has a very interesting background with his relation to Gym Leader Clair and the clan of Dragon Masters, and it would truly be incredible to see this explored more if he were to make a return to a future Pokemon title. Bring him back, Game Freak! Nobody would complain.
N
Image Source: The Pokemon Company
N is certainly one of the most mysterious Trainers who has ever made an appearance in the series. Not only does N have the fascinating ability to understand Pokemon speech due to his upbringing, but he also has a mysterious link to the Illusion Fox Pokemon, Zoroark, which makes him even more of an enigma. N just so happens to be a fan-favorite Pokemon character, and people have been eager to see him make even more appearances due to his interesting background and storyline in the B/W and B2/W2 games.
I mean, come on, this guy has a Legendary Pokemon by his side, there’s plenty of opportunity to have him make a surprise comeback in a new Region, putting a stop to more plans of those who aim to divide people from Pokemon.
Guzma
Image Source: The Pokemon Company
It’s ya boi Guzma! I struggle to think of another Team Leader who managed to draw me in from the very first encounter, such as Guzma managed to do. Perhaps it’s the amusing fact that his Team Skull are nothing more than rebels and hooligans just doing their best to be bad guys, or the fact that Guzma turns out to not be that bad at all, and instead rather misunderstood and misguided.
Guzma’s story and change of heart were quite fascinating to watch unfold, as he just wanted to be a genuinely respected Trainer. I say bring him back after having completed that goal, giving Guzma and his beloved Wimsipod a moment to shine; it’s what he truly deserves to round out his redemption ark.
Bede
Image Source: The Pokemon Company
Bede is a very interesting character whose story still feels somewhat unfinished. Starting as one of your rivals in Pokemon Sword and Shield, Bede was a Trainer who utilized Psychic-type Pokemon by choice. However, at about the halfway mark of the game, his potential was noticed by Fairy Type Gym Leader, Opal. Next thing you know, Bede’s throwing on a Gym Leader outfit, switching his team up to Fairy Types, and stepping into the role of new Gym Leader.
This was a cool little story ark for him, but felt rather sudden and rushed, with the way he just tossed his old team aside. Most importantly, I want to know about Bede’s challenges adjusting to his new role and the struggles he’s had to overcome, as well as his progression into a powerful Gym Leader for opposing Trainers to face off against. I’d love Bede to make a comeback in future titles, perhaps stepping out of Galar for a mission to help a new young Gym Leader settle into their role, or investigate a mysterious new phenomenon, much like the Steven Stone of Fairy Types.
Solana
Image Source: The Pokemon Company
Solana is one of the two playable characters in the Pokemon Ranger game, and one of the first characters who introduced that wild Pokemon could be tamed and utilized for helpful scenarios other than battling. With games such as Scarlet & Violet taking a much more open-world approach, it would be fascinating to see some new mechanics developed, such as temporarily taming Pokemon to assist you in clearing obstacles, solving puzzles, and unlocking new paths.
Nobody would be better than Solana when it comes to introducing players to how to tame Pokemon for these scenarios. This would be an amazing and nostalgic appearance for many players who grew up with the DS era of games and spent time playing the Pokemon Ranger spin-off, and given a chance to develop her character even further, with her adorable partner Pokemon, Plusle, by her side, of course.
Gladion & Lillie
Image Source: The Pokemon Company
There’s nothing quite like a classic sibling bond in video games, and Gladion and Lillie are no exception here. These two have shared anything but the cliche sibling love during their adventures, with Gladion abandoning Lillie, and running away without a trace. However, by the end of the game narrative, Gladion has shown to feel remorse for his actions and revealed that he does indeed care deeply for his sister, having left not only to escape their mother but to train so he could get stronger to protect his family.
The story concludes with Gladiona and Lillie having patched up their relationship, and moving forward in life. However, it would be incredibly satisfying to see these two make a return, with a bond stronger than we’ve ever seen. Just imagine how satisfying and entertaining it would be to go up against these two in a friendly double battle.
Wes
Image Source: The Pokemon Company
Wes is certainly an intriguing (and often overlooked) individual, starring as the protagonist of the spin-off title, Pokemon Colosseum. While Wes has an extremely mysterious past that is never completely explained in-game, this could work in favor of bringing him back in a future title.
Bringing Wes back could feature an explanation of this vague past, or even explore where he goes next following Colosseum, as his future whereabouts are never disclosed. Besides, he has the coolest partner Poekmon in the world, wielding Umbreon and Espeon as a powerful night and day duo. Who wouldn’t want to see this team in action?
Ball Guy
Image Source: The Pokemon Company
C’mon, who doesn’t love the goofy and unexpected addition of Ball Guy? This guy is pretty much a living breathing gacha machine, giving you a gift of various Pokeballs each time you visit a Gym in Pokemon Sword and Shield’s Galar Region. Ball Guy was such a fun little mechanic, and I genuinely looked forward to finding out which Pokeball I’d be getting as a freebie every time I headed into a Gym. If there’s one thing I miss from Galar’s Gym system, it’s Ball Guy.
It’s an absolute crime that this funny little fella has yet to return in the following titles. He’s like the perfect little meme character to keep things light and entertaining – I mean, just look at that wacky Pokeball face mask. How is it so hilarious and so cursed at the same time? Ball guy. That’s how.
About the author
Grace Black
Grace is a writer, digital artist, and character illustrator from New Zealand with a love for fiction and storytelling. Grace has been writing for Twinfinite for seven months and in the games industry for a year. She’s a horror enthusiast, occasional anime enjoyer, and die-hard Ghost-Type Pokemon fangirl. Her favorite video games include Overwatch 2, Life is Strange, The Last of Us, and Pokemon – all of which she will never tire of.
Security platform CertiK has released a video demonstrating a critical vulnerability exploit on Solana’s flagship Saga phone.
Blockchain security platform CertiK claimed that the Solana Saga phone has a major vulnerability that could allow hackers to create a backdoor into its software and compromise the device. Certik posted a minute-long video on X (formally known as Twitter), demonstrating how a hacker could potentially override the device during startup and gain unauthorized root access.
Ever wondered about the security of your Web3 devices?
Our newest exploration reveals a significant bootloader vulnerability in the Solana Phone, a challenge not just for this device but for the entire industry. Our commitment to enhancing security standards is unwavering. 🔐… pic.twitter.com/lHZ5W7hXzy
CertiK claimed that because of this vulnerability, the software integrity of Solana’s Android OS cannot be guaranteed. Any data stored on the phone, including crypto wallet details and private keys, can be compromised by the attackers.
The Solana Phone, known as “Saga,” is a blockchain-integrated smartphone developed and launched by Solana in April this year. The phone is designed to enhance the user experience with decentralized applications (dApps) and cryptocurrency management. Featuring a built-in hardware wallet for secure crypto transactions, it focuses on providing robust Web3 capabilities. Although the phone was priced at $1,000 at launch, it’s since been discounted by more than 40% in recent months.
Despite Certik’s claims about the device, Solana has denied any security flaws in their device, according to some sources. Several users have also shared counter-arguments to CertiK’s claims, stating that the bootloader vulnerability is common on Android devices given its open-source code.
The altcoins market has recently witnessed a resurgence of interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has resulted in a bull uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin’s resurgence.
However, the market is currently experiencing a correction as Bitcoin and Ethereum (ETH) face pullbacks after failed attempts to breach upper resistance lines. Despite this correction, crypto analyst Miles Deutscher shares insights and highlights several altcoins with potentially significant gains.
SOL Emerges As Safe Haven In Crypto Market Correction
Solana has exhibited remarkable growth, even as the broader market experiences a correction. With a 0.5% gain in the past 24 hours, SOL’s potential for further upside cannot be ignored.
Deutscher suggests that SOL may continue to benefit from the ongoing rotation of investments from other Layer-1 solutions like Avalanche (AVAX) and Fantom (FTM).
Thorchain (RUNE) has been on an impressive upward trajectory, prompting investors to consider buying on deep corrections and wicks. The primary decentralized exchange (DEX) on Thorchain, THOR, has also shown positive movement, further bolstering the growth potential.
Polygon (MATIC) has recently shown signs of strength and has generated whispers within the crypto community about a potential zero-knowledge (ZK) narrative. If this narrative materializes, MATIC, a leader in the space, could attract significant positive flows.
Within the ZK narrative, altcoins like Dusk Network (DUSK), Loopring (LRC), and Mina Protocol (MINA) are poised to benefit. Deutscher believes that each altcoin offers unique strengths and value propositions, and their performance will depend on the strength of the emerging ZK narrative.
Soteria (SEI) has gained attention as it enters the top 10 for volume traded by pairs on Upbit. Considered a “new coin,” SEI exhibits fundamentals similar to the next altcoin on the watchlist.
Tidal Finance (TIA) is a relatively new token similar to the early days of Aptos (APT). The market tends to favor new and innovative tokens, and although TIA’s rally may have started to cool off, it still holds explosive potential. With a current market capitalization of $700 million, TIA remains an intriguing opportunity for investors.
DEX And Gaming Altcoins Poised To Thrive
In addition to altcoins, perp decentralized exchange (DEX) tokens like GMX, DYDX, and Gnosis (GNS) are positioned to benefit from market volatility.
According to Deutscher, these tokens have shown a correlation between price movements and fundamental factors. If volatility persists, these tokens could present favorable medium-term investment opportunities.
YGG’s significant 61% uptrend on the daily chart over the past 30 days. Source: YGGUSDT on TradingView.com
Yield Guild Games (YGG) and Gamestarter (GMT), gaming tokens with initial upward movements, are expected to continue outperforming the broader market. These gaming tokens could witness sustained growth with the YGG conference scheduled for November 18.
While the current correction in the cryptocurrency market has led to pullbacks in Bitcoin and Ethereum, the altcoin landscape still offers potential opportunities for investors.
Solana’s continued uptrend, along with the prospects of altcoins like Thorchain, Polygon, and those associated with the ZK narrative, suggest possible avenues for growth. Additionally, emerging tokens like Soteria and Tidal Finance, perp DEX tokens, and gaming tokens may also provide favorable investment prospects.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Shutterstock, chart from TradingView.com
Avalanche (AVAX) has had a relatively quiet second half of 2023 regarding price performance and ecosystem advancements. However, the token experienced a mesmerized turnaround towards the end of October, which has seen its value rise almost vertically in the past few weeks.
Avalanche’s positive run coincides with an optimistic climate in the general crypto market, as investors appear to be more interested in various digital assets. While Bitcoin, the premier cryptocurrency, continues to hold its own above the $37,000 mark, most altcoins seem ready to take advantage of changing market sentiment.
Avalanche Displays Strength With 31% Rally – Price Overview
The Avalanche price reached a yearly low of $8.78 in late September, forming the bottom for a trend reversal. The cryptocurrency’s price has been on a bullish run since then while looking to reclaim the highs achieved at the beginning of 2023.
As of this writing, the AVAX token is valued at $18.58, reflecting a massive 31% price increase in the past 24 hours. Meanwhile, the price of the altcoin has swelled by more than 48% in the weekly timeframe.
A broader look at the Avalanche price chart further highlights the token’s strength and attractiveness over the past few weeks. According to CoinGecko data, the value of AVAX has more than doubled in the past month.
Avalanche’s positive price action – in such a short timeframe – further emphasizes the favorable sentiment currently brewing in the general crypto market. Investors have also seen other altcoins, like Solana, Ethereum, and Chainlink, go on an upward trajectory in the past weeks.
Based on data from CoinMarketCap, AVAX has witnessed more than an 85% increase in its daily trading volume. Meanwhile, the token’s current market cap of roughly $6.68 billion reflects a 31% jump in the past day.
Can AVAX Maintain Bullish Momentum To $22?
Many investors would be watching to see how far the Avalanche token can keep up with its red-hot momentum. And this makes sense, considering that the cryptocurrency was one of the best performers in the last bull market, rallying to a peak of $145.
In the short term, price action data suggests AVAX might be able to break above the psychological $20 level without much resistance. Nevertheless, investors should watch out for the $22 threshold, as it has proven to be a significant resistance zone in the past.
If Avalanche manages to breach and close above the $22 price mark, the token’s price could experience a parabolic run to $60. On the flip side, if the resistance level holds strong, the AVAX price could fall to find support at around $15.
Avalanche price continues upward trajectory on the daily timeframe | Source: AVAXUSDT chart on the TradingView
Featured image from IQ.wiki, chart from TradingView
