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Tag: Solana

  • Solana Priced at $328? Grayscale SOL Shares Soar

    Solana Priced at $328? Grayscale SOL Shares Soar

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    Solana’s price is flying high again on crypto exchanges. However, regulated investors value SOL tokens at an astounding premium in Grayscale Solana Trust (GSOL).

    The average SOL price on crypto exchanges was just under $62 Saturday afternoon U.K. time, according to data from CoinGecko. That puts the smart contract blockchain platform up over 49% in the seven-day window.

    Furthermore, Solana is soaring over 180% on the 30-day scale after a stunning “Uptober” rally in crypto prices across the board.

    Grayscale Solana Fund Shares Soar

    But on Grayscale’s SOL fund, the DeFi blockchain’s tokens are doing even better. According to AAII, the fund provides a “cost-effective and convenient way to invest in SOL tokens (“SOL”) while avoiding the complication of directly holding SOL.”

    Leaving no stone unturned, an X.com crypto sleuth took a look at the cryptocurrency hedge fund’s numbers Friday and did the math. Here’s what “jay on X” discovered:

    So, while retail traders, third-world denizens, and total “degens” are buying 1 SOL for $62 on crypto exchanges like Binance and KuCoin, smart money is buying 0.38 SOL for $125.

    When you do the math, that comes out to $328 for each Solana token. This reveals that institutional investors are happy to pay the Grayscale premium to get Solana from a regulated, custodial Solana ETF fund.

    Tradfi Demand for SOL Running High

    Jay concluded in the ensuing discussion:

    “it gives us a gauge of demand from trad-fi, and its crystal clear trad-fi wants to bid $SOL”

    Here’s the kicker: Just a day after “jay on X” posted their discovery, GSOL is trading at $202 per share, with the same 0.38 SOL per share. That’s a going price of $531 for 1 SOL token in Grayscale’s Solana ETF in OTC markets on Saturday.

    There are currently 304,427 shares outstanding for a total assets under management of $6,344,128 in the Grayscale SOL fund. Here’s where people have been buying Solana the most over the past three weeks.

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    Wesley M

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  • Solana soars over 175% despite ongoing FTX troubles

    Solana soars over 175% despite ongoing FTX troubles

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    Coinciding with the crypto market’s newfound bull run, Solana (SOL) has made significant strides, rising by over 175% in the last 30 days.

    The recent crypto market upturn has not only propelled Bitcoin (BTC) to an 18-month-high but also triggered massive gains for Solana, effectively pushing it over the $20 billion market cap milestone. 

    FTX wallets unstake $160M in SOL

    Recently, analysts at Lookonchain reported a substantial unstaking of $160 million worth of SOL from FTX-linked wallets. This move resulted in a dip in the price of Solana’s native SOL token, dropping to around $40, before orchestrating a recovery. Despite this significant unstaking event, Solana’s price is still holding strong.

    Popular crypto trader, Bluntz, observed a consistent selling pattern by FTX, ranging between 250k-700k SOL daily for the past two weeks. Surprisingly, this selling pressure hasn’t deterred SOL’s price, suggesting a robust absorption capacity. The analyst anticipates a further Solana price surge once this selling pressure subsides.

    Solana price analysis

    The latest data from CoinGecko shows Solana exchanging hands for $60.39, representing a 183% increase over the past 30 days.

    With a circulating supply of 420 million SOL, its market cap stands at $25.2 billion.

    Solana’s exceptional growth in 2023 positions it among the top three layer-1 blockchains, challenging Ethereum and Binance Chain with its unique technology and growing user base.

    The journey of Solana in 2023 showcases a compelling narrative of growth, overcoming market challenges, and demonstrating resilience.


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    Ogwu Osaemezu Emmanuel

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  • Solana Breaks Past $54 On Steady Price Momentum

    Solana Breaks Past $54 On Steady Price Momentum

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    Solana is distinguishing itself in the crypto market, with a remarkable 50% monthly gain and an extraordinary 450% year-to-date increase, contributing to the overall surge in optimism.

    This trend is further amplified by Bitcoin’s ascent beyond $37,000 and its ambitious aim to reach $40,000 by year-end. Solana’s standout performance adds a notable dimension to the current positive sentiment prevailing in the cryptocurrency space.

    In an early morning rally, Solana broke the $50 barrier, marking its highest point since May 22, 2022. This exceptional performance underscores growing confidence in the crypto space, with Solana’s breakout signaling its prominence in the current market rally.

    The huge increase in the price of SOL can be ascribed to the significant advancement of BlackRock’s application for an Ethereum exchange-traded fund (ETF). This observation signifies an increasing acknowledgment and approval of assets built on the Ethereum platform, which in turn contributes to the favorable trajectory of the overall cryptocurrency market and has a specific influence on the performance of Solana.

    Solana: Navigating The FTX Liquidation Wave And Post-Conference Surge

    In particular, this upsurge also transpired during the ongoing liquidation of SOL tokens by the bankruptcy estate of FTX. Just this September, the Delaware Bankruptcy Court granted approval for the disposal of the assets of the defunct exchange, comprising 55.75 million SOL.

    Following its annual conference, Solana saw an impressive price spike that demonstrated its durability in the face of uncertainty surrounding FTX Group, a major SOL token holder that is currently experiencing financial turmoil.

    SOL market cap at $22.7 billion on the weekend chart: TradingView.com

    SOL’s increasing trajectory looks to favor FTX creditors notwithstanding FTX’s contradictory declarations regarding its investment. SOL’s current trading range may be able to recover the losses incurred by FTX exchange users, according to Thomas Braziel, CEO of 117 Partners.

    The Founder of FTX Group, Sam Bankman-Fried, is facing legal action for allegedly embezzling client monies, which is why this is happening.

    Solana Enjoys Sustained Upward Trajectory 

    Meanwhile, Jacob Canfield, a well-known figure in the realm of cryptocurrency trading, has provided an analysis elucidating his belief in the continued upward trajectory of the Solana price surge. Canfield expressed his belief that Solana is poised to maintain its position as one of the most influential entities in the ongoing bull market cycle.

    In another development, the declining trend of Solana’s total value locked (TVL), reflecting the amount deposited in its smart contracts, has reversed after six consecutive weeks. In the last three days alone, Solana’s DApps deposits have experienced a 10% increase.

    Although the current level of 11.1 million SOL remains below the pre-FTX exchange bankruptcy level of 30 million SOL, this recent upward trend indicates that the Solana network may have passed its worst period.

    SOL TVL. Source: DefiLlama

    In the upcoming days, the trajectory remains dynamic and uncertain as the intricate dance between bulls and bears unfolds. A substantial downturn could be in the cards for Solana if the bears persist, testing a critical support at $38.77 within the current month.

    On the flip side, failure to sustain prices above $54.01 and a bearish takeover may lead to a loss of momentum, resulting in a descent to the $46.83 support level.

    However, should the bulls maintain control and keep the price above $54.01, the market is positioned for a robust upswing, potentially challenging the $57.84 resistance. Furthermore, a breakthrough past the $60.06 mark could pave the way for a sustained rally towards the upper resistance of $65.08.

    Will SOL Reach $60 This November?

    As Solana breaks past the $54 mark, anticipation looms over whether SOL will surge to $60 within the current month. The recent momentum shift and positive trends in total value locked (TVL) and DApps deposits suggest an optimistic outlook for Solana.

    Investors are closely monitoring the developments, eager to see if the cryptocurrency can maintain its upward trajectory. The coming days hold the key to whether Solana will achieve the $60 milestone, marking a significant chapter in its market performance.

    (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 Pixabay

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    Christian Encila

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  • FTX token and other Sam Coins surge after Bankman-fried’s conviction 

    FTX token and other Sam Coins surge after Bankman-fried’s conviction 

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    Altcoins linked to Sam Bankman-Fried see a significant surge, as the FTX token soared over 200% in a week.

    Despite the recent conviction of Sam Bankman-Fried on multiple counts of fraud and conspiracy, the altcoins closely associated with the FTX founder saw a major upswing during this week’s market rally. The so-called ‘Sam Coins’ have seen major gains this week, despite the negative sentiment around them throughout the month-long trial. 

    Leading the charge in this altcoin resurgence is FTX’s proprietary token, FTT, which has seen a meteoric rise of 200% in a week and a 75% increase in just 24 hours. Speculation around the potential revival of FTX, spurred by acquisition interests from companies like Bullish, seem to be fueling investor optimism.

    FTX token daily price chart

    The silver lining for ‘Sam Coin’ holders

    Other cryptocurrencies that Bankman-Fried supported, such as Serum (SRM), Oxygen (OXY) and Maps (MAPS) have also experienced significant growth, despite less clear narratives driving their rallies. Serum’s SRM token, heavily promoted by Bankman-Fried, has increased over 33% in the past week. Maps.me’s MAPS token, another beneficiary of the FTX founder’s investment, has risen 14% in 24 hours.

    Oxygen, another venture supported by Alameda Research, saw a minor dip on Friday but has maintained an overall weekly gain exceeding 25%.

    While the broader altcoin market, including Ripple (XRP), Cardano (ADA) and Dogecoin (DOGE), has also seen gains, the increases have been modest in comparison, not surpassing 5% over the same 24-hour period.

    Notably, Solana stands out among the Bankman-Fried affiliated coins, showing a remarkable 214% increase since November 2022, even as others like OXY, MAPS and SRM remain in the negative over the year, despite the recent rally.

    Analysts attribute this renewed ‘risk-on’ sentiment in the crypto markets to a combination of factors, including optimistic projections for Bitcoin and Ethereum ETFs and speculation that the Federal Reserve’s rate hikes might be plateauing. This has led to significant gains for Ether and Bitcoin rising 15.5% and 7% respectively over the last week, although the two have been overshadowed by the leaps in smaller tokens.


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    Mohammad Shahidullah

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  • Solana Whale Deposits $11M In SOL To Binance, Bearish Signal?

    Solana Whale Deposits $11M In SOL To Binance, Bearish Signal?

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    Data shows a Solana whale has deposited SOL worth $11 million to Binance, which could be bearish for the asset’s price.

    Solana Has Enjoyed Sharp Bullish Momentum During The Past Month

    Since the start of Bitcoin’s rally towards the $35,000 level, the cryptocurrency market as a whole has been having a good time. Among the assets, Solana has particularly stood out, as its returns have been one of the highest.

    During the last 30 days, SOL has observed an exceptional rally of more than 84%, leading to its price surpassing the $43 mark. The chart below shows how the asset’s trajectory has looked like during this period.

    The value of the coin seems to have been rapidly going up in recent weeks | Source: SOLUSD on TradingView

    From the chart, it’s visible that Solana had managed to rise as high as $47 at the start of the month, but the coin registered a bit of a pullback soon after. The asset has since recovered 9% from these local lows, although it’s yet to make a full retrace. However, momentum appears to be building for the coin, as it has grown by 3% during the past day.

    In this sharp rally during the past month, Solana also improved its standing in the cryptocurrency sector, as it claimed the 7th position on the market cap list.

    Solana Market Cap

    Looks like SOL has a market cap of $24.4 billion at the moment | Source: CoinMarketCap

    Naturally, as with any rally, profit-taking can be something to look out for, as it can lead towards a local top formation. It would appear that a whale may be attempting to do precisely that.

    SOL Whale Has Deposited A Large Amount To Binance Today

    According to data from the cryptocurrency transaction tracker service Whale Alert, a large transaction has been spotted on the Solana blockchain during the past day.

    This transfer saw 249,999 SOL move across the network, worth approximately $10.8 million when the transaction was executed. Given the large amount involved, it’s likely that a whale entity was behind it.

    Generally, transactions can be something to watch, as they can sometimes have noticeable effects on the market, how the price would be affected by the move of a whale naturally depends on what they intended to do with it.

    In the current case, the transfer moved from an unknown wallet (likely the whale’s address) to a wallet attached to a central platform: the Binance exchange.

    One of the main reasons an investor might transfer their coins from their self-custodial wallet to one of these central entities is for selling purposes, so it’s possible that the whale wanted to sell here and harvest the profits they would have amassed in the latest rally.

    The cryptocurrency price could end up feeling some resistance shortly if selling was indeed the goal in the mind of this whale.

    Featured image Shutterstock.com, chart from TradingView.com

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    Keshav Verma

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  • Solana trading volume surges amidst market rally

    Solana trading volume surges amidst market rally

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    Solana (SOL) becomes the most traded altcoin in US exchanges this year. 

    Solana (SOL) is witnessing a dramatic climb in trading volume, outshining other altcoins on exchanges accessible in the United States over the current year.

    Leading exchange, Coinbase strategically increased its holdings by acquiring 2.2 million SOL tokens on Oct. 18. Since then, SOL is up by over 35%. In contrast, South Korea’s prominent exchange, Upbit, sold nearly 4 million SOL tokens.

    SOL’s monthly price chart

    What’s driving Solana (SOL)?

    A surge in network activity, particularly within liquid staking token protocols such as Jito, has contributed partially to Solana’s price acceleration, according to the data from Kaiko Research. As a prominent alternative Layer 1 (alt L1) blockchain, Solana is frequently juxtaposed with Ethereum (ETH), and the recent months have seen Solana outshine its counterpart. The comparative ratio of SOL to ETH has escalated from 0.011 in September to approximately 0.025, surpassing pre-FTX crisis levels.

    Coinbase has spearheaded the net buying spree, with market purchases of Solana tokens since the rally’s inception. While Binance initially trailed, it soon ramped up market buying, reaching a cumulative volume delta (CVD) of 1.9 million since that date.

    In the broader context, SOL has outperformed other popular altcoins such as Dogecoin (DOGE), Litecoin (LTC), Polygon (MATIC) and Ripple (XRP) in trading volumes across exchanges available in the U.S., securing its position as this year’s favored alternative digital asset among U.S. traders.

    SOL is up by nearly 75% in a month. 


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    Mohammad Shahidullah

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  • Bitcoin Consolidates Around $35K, SOL Leads Altcoin Rally, SBF Found Guilty: This Week’s Recap

    Bitcoin Consolidates Around $35K, SOL Leads Altcoin Rally, SBF Found Guilty: This Week’s Recap

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    This week has seen a whirlwind of events. Bitcoin’s price seems like the only stable thing in the industry right now, however hilarious that may be. That said, the cryptocurrency is still up throughout the past seven days, but not as much as last week. SBF was found guilty, Solana (SOL) is exploding, and whatnot. A lot happened this week, so let’s dive in.

    Starting with BTC’s price, the cryptocurrency is trading at slightly below $35K at the time of this writing, marking an increase of 2.5% for the last seven days. That’s not bad, but it’s not nearly as good as the performance of the previous week.

    It’s worth noting that Bitcoin tapped a new 18-month high at around $36K earlier this week, but the bulls were unable to sustain the price there, and it subsequently retraced to where it’s currently trading at.

    More importantly, though. Sam Bankman-Fried, the man once touted to be crypto’s savior, was found guilty in the trial, and he’s facing a lot of years in jail time.

    That’s right – SBF was found guilty of all seven charges of fraud. Each one of them carries a different sentence, but the combined maximum is up to 120 years in prison. The judge has yet to determine the exact sentence. and SBF’s attorney has already said that they will maintain his innocence by any means necessary.

    Solana (SOL), meanwhile, is having the time of its life. The cryptocurrency exploded by a whopping 24% in the past seven days and is now trading near $40. This comes despite fears by many that FTX will be offloading huge numbers of the token in a bid to repay its creditors.

    All in all, it was a very eventful week. It’s interesting to see if the next seven days will be as exciting or, who knows – perhaps even more than that. It’s crypto, after all.

    Market Data

    Market Cap: $1.336B | 24H Vol: $77B | BTC Dominance: 50.8%

    BTC: $34,762 (+2.5%) | ETH: $1806 (+1.9%) | BNB: $228(+1.6%)

    This Week’s Crypto Headlines You Better Not Miss

    Guilty: Inside Sam Bankman-Fried’s Verdict and Everything You Need to Know. Sam Bankman-Fried lost his trial. The former chief of the once-leading FTX exchange was found guilty on all seven counts. He is now facing a total of some 120 years in prison.

    Bitcoin Explodes to 18-Month Peak, Leaving $150 Million in Liquidations. Bitcoin’s price exploded to an 18-month high earlier this week, and it tapped the important level of $36K. However, the price has since retraced, and it triggered millions worth of liquidated long and short positions.

    Solana Surpasses Polygon in Daily DEX Volume Amid Price Rally. The recent rally in Solana’s price pushed the cryptocurrency above Polygon in terms of daily DEX traded volume. This is according to the most recent on-chain data.

    Visa Successfully Completes Digital Hong Kong Dollar Pilot Program. This initiative focuses on tokenized deposits using central bank digital currencies (CBDCs), with an attempt to revolutionize interbank business-to-business payments.

    Here’s Why Solana (SOL) Price is Up 80% in a Month, Outpacing Bitcoin and Ripple (XRP). Solana (SOL) is this week’s best performer. The reason behind the staggering rally seems to be hidden in the fact that the team rolled out the Firedancer update on the testnet.

    SEC Issues Subpoena to PayPal Over its PYUSD Stablecoin. The United States Securities and Exchange Commission issued a subpoena to PayPal. The development has to do with the fact that PayPal launched the PYUSD stablecoin.

    Charts

    This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

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    George Georgiev

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  • Are Ethereum Venture Capitalists Losing Hope In ETH?

    Are Ethereum Venture Capitalists Losing Hope In ETH?

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    Ethereum venture capitalists (VCs) are “not stupid” and know that investing in the world’s largest smart contract platform won’t result in the “multiples” they desire, according to a crypto user. Going by the handle R89Capital, claims that VCs are now looking at Ethereum layer-2 assets as vehicles to exit the market, dumping “Ponzi tokens.”

    Ethereum VCs Exiting ETH For “Ponzi” Tokens?

    The user opines that the primary reason why ETH prices may not surge in multiples like emerging tokens, including meme coins like PEPE, for instance, is because of the relatively large market cap. 

    According to trackers on October 31, ETH has a market cap of over $215.8 billion and is the second largest after Bitcoin (BTC). Typically, coins with higher market caps are harder to manipulate and usually have found more institutional adoption than emerging tokens. 

    Ethereum price trends to the upside on the daily chart | Source: ETHUSDT on Binance, TradingView

    This is because projects with higher market cap are more liquid, have more name recognition, and have seen more adoption. Even so, while they are easier to buy in the second market due to the higher levels of liquidity, they tend to be less volatile than low market cap tokens. 

    These low-market tokens can also be held for speculative reasons primarily due to their upside potential, especially in trending markets. This means that low-market tokens, regardless of the issuing platform, appeal to profit-seeking speculators, not due to underlying fundamentals.

    R89Capital aligns with this preview to allege that VCs, looking to recoup their investment, are launching Ponzi tokens on general-purpose layer-2 platforms before dumping them for ETH and eventually exiting for USD. 

    In this case, Ponzi tokens, as claimed, are low-market coins that can be meme coins or other well-marketed projects. These tokens have higher upsides, are liquid enough, and can be sold for ETH in layer-2 decentralized exchanges or popular ramps like Binance or Coinbase. 

    The Ethereum Technical Debt: Scaling Remains A Big Issue

    Still, R89Capital didn’t mention which layer-2 projects are “Ponzis” but said the primary reason ETH is capped is due to Ethereum’s technical debt.

    Over the years, Ethereum developers have been launching new products and scaling solutions, of which the transition from a proof-of-work to a proof-of-stake system and adoption of layer-2 solutions stand out. Even so, scaling remains a challenge impacting user experience, especially when token prices begin rallying. 

    It is not unusual for gas fees on Ethereum to spike to double-digits in a bull market, discouraging deployment while catalyzing migration of some transactions to competing platforms like Solana or layer-2 scaling solutions like Base or Optimism.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Top 4 Must-Watch Bitcoin And Crypto Events This Week

    Top 4 Must-Watch Bitcoin And Crypto Events This Week

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    In a week brimming with anticipation, the Bitcoin and crypto market is poised to witness a series of significant events that could steer the trajectory of digital assets. From pivotal price action in Bitcoin to crucial decisions by the US Federal Reserve (Fed), and from landmark trials to influential crypto conferences, the week is packed with developments that could have substantial implications for investors and the crypto industry alike.

    So here’s a detailed look at the top four events that are expected to capture the market’s attention in the coming days.

    #1 Bitcoin At $40,000 This Week?

    Bitcoin’s recent performance has been nothing short of impressive. The leading cryptocurrency marked its highest weekly close since May 2022, with a 15% gain last week. The bullish sentiment is further fueled by the anticipation of a spot Bitcoin ETF. Currently, Bitcoin is in a consolidation phase, but renowned technical analyst, “Titan Of Crypto,” believes there’s more to come.

    Sharing a chart, he said via X:

    Bitcoin at $40,000 next week? BTC is trying to break out from both bullish pennant and the inside bar’s range. Tenkan starts pointing up. If the following conditions are matched: Kijun follows Tenkan, daily candle manages to close above the range and stay above $34.5k. [Then,] Bitcoin could teleport to $40k in a blink of an eye.

    Bitcoin price prediction | Source: X @Washigorira

    #2 Fed Rate Decision And FOMC

    The Federal Open Market Committee (FOMC) is set to make its rate decision on Wednesday, November 1, 2023, at 2:00 pm, followed by a press conference with Fed chair Jerome Powell at 2:30 pm. The consensus among analysts is that the FOMC will maintain the target range for the federal funds rate at 5.25 to 5.5. The CME FEDWatch tool supports this, with 96.2% expecting no change.

    CME FedWatch tool
    CME FedWatch | Source: CME

    Notably, market conditions have become far more fragile than they were a year ago. The Fed needs to navigate their battle against inflation carefully as it can’t afford a severe recession.

    Bank of America commented on the upcoming meeting, stating, “We still do not expect a hike in November, as the Fed is clearly worried about the extent of financial tightening. But today’s robust spending and inflation data keep a December hike on the table.”

    Goldman Sachs economists added, “Fed officials appear to have signaled that they will not be hiking at their November meeting next week… the story of the year so far has been that economic reacceleration has not prevented further labor market rebalancing and progress in the inflation fight.”

    #3 Sam Bankman-Fried’s Trial Nears End

    The high-profile trial of Sam Bankman-Fried, related to the collapse of the FTX exchange, is nearing its conclusion. As the trial resumes on Monday, October 30, 2023, Bankman-Fried will continue his direct examination by his defense lawyer, presenting an alternative narrative to the testimonies of former employees and witnesses against him.

    Following this, the government will cross-examine him, potentially leading to a rebuttal case by the prosecution. This part of the trial is expected to consume most of the week, with the jury likely to make a decision by next week’s end.

    #4 Solana Breakpoint Conference

    Solana’s annual Breakpoint conference is set to kick off today in Amsterdam, the Netherlands. The event, which runs from October 30 to November 3, will feature Solana Labs CEO Anatoly Yakovenko, key project leaders from the Solana ecosystem, and speakers from Stripe and Visa.

    Historically, Breakpoint has been a platform for significant announcements. Last year, Solana Labs unveiled a $100 million social media fund and a $150 million blockchain gaming fund. This year, there’s buzz around RNDR – Render Network’s team, which is expected to launch Render 2.0 soon. The entire conference will be livestreamed on X and Solana’s YouTube channel.

    At press time, Bitcoin traded at $34.555.

    Bitcoin price
    Bitcoin price rise above $34,500, 1-day chart | Source: BTCUSD on TradingView.com

    Featured image from Matt Noble / Unsplash, chart from TradingView.com

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    Jake Simmons

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  • FTX And Alameda Addresses Move $80 Million In Crypto Over The Past Week – Details

    FTX And Alameda Addresses Move $80 Million In Crypto Over The Past Week – Details

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    According to the latest on-chain data, wallet addresses linked to the now-bankrupt FTX exchange and Alameda Research have transferred substantial amounts in crypto assets over the past week. This series of funds movement was first brought to the limelight by prominent blockchain analytics firm Nansen, who reported that more than $60 million had been moved.

    However, further on-chain revelation shows that nearly $80 million has been moved from FTX- and Alameda-linked addresses in the previous week.

    Nansen Uncovers FTX And Alameda’s $60 Million Transfer

    On Friday, October 27, Nansen disclosed – via a series of posts on X (formerly Twitter) – that FTX has been transferring millions in digital assets, including Chainlink (LINK), Solana (SOL), Ethereum (ETH), Polygon (MATIC), etc, to various exchange addresses. 

    Prior to this development, the analytics firm initially reported that around $8.6 million were moved to a Binance address. According to the latest Nansen data, FTX subsequently moved $24.3 million in various tokens to different addresses on Coinbase and Binance. 

    The now-defunct exchange would later transfer 943,000 SOL (worth around $32 million) from its cold storage wallet on Friday. Based on Nansen’s data as of October 27, the total funds moved from FTX and Alameda wallets was above $60 million.

    Has There Been More Transfers?

    On Saturday, October 28, another blockchain data tracker, Lookonchain, offered an update on the recent transfer activities of the FTX- and Alameda-associated addresses. In a post on the X platform, the analytics platform revealed that FTX and Alameda moved an additional $20 million in crypto assets on Saturday.

    FTX assets transfer in the past week | Source: Lookonchain/x

    According to Lookonchain, FTX addresses transferred 309,185 SOL (worth around $10 million), 2 million Band Protocol tokens (equivalent to $3.15 million), 3.82 Perpetual Protocol tokens (worth about $2.3 million), amongst other crypto assets. Using Lookonchain’s data, this brings the total value FTX has moved this week to $78.7 million.

    While the purpose of these transfers is unknown, it remains to be seen whether they are associated with the exchange’s bankruptcy proceedings. And it comes after the FTX estate recently staked $122 million worth of Solana tokens.

    FTX exchange has been looking to conclude its pending Chapter 11 court case, with a recent proposal offering customers more than 90% of their missing assets toward the end of Q2 2024. Meanwhile, former CEO Sam-Bankman Fried is currently on trial for seven counts of fraud-related offenses.

    FTX

    Solana price at $32.30 on the daily timeframe | Source: SOLUSDT chart on TradingView

    Featured image from iStock, chart from TradingView

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    Opeyemi Sule

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  • Solana Price Could Reach $3,211 By 2030, VanEck Forecasts

    Solana Price Could Reach $3,211 By 2030, VanEck Forecasts

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    SOL, the native token of the Solana blockchain, has been one of the biggest winners in the crypto market lately, delivering another positive price performance over the past week. This impressive price action reflects the increased interest in the altcoin and the recent shift in the climate of the general crypto market. 

    Interestingly, asset management firm VanEck is amongst the latest entities showing interest in the Solana token and the altcoin’s prospects.

    VanEck Predicts Potential 10,000% Rally For Solana

    In a report published on Friday, October 27, prominent asset management company VanEck created different valuation scenarios for the SOL token. This price projection revolved around the current capability and potential of the Solana blockchain.

    In a base case, VanEck believes that Solana can hold a 30% share in the smart contract market, a significant increase from the network’s current market share. Using this valuation framework, the asset manager projects SOL price to reach $335 by 2030.

    Comparatively, Ethereum can achieve a 70% market share of value transmitted across open-source blockchains, according to the report. This projection makes $11,800 a possible destination for ETH’s price by 2030.

    Nevertheless, VanEck presented a bull case for SOL in its analysis, putting forward a $3,211 price target for the altcoin in the best possible scenario. The asset management firm said:

    Were Solana to avoid Ethereum’s event horizon and achieve Ethereum-like dominance, our bull case reveals $51.8B in revenues and a $3,211 price target in 2030.

    It would take the Solana token a massive 10,000% price rally to reach $3,211 from the current price point. Now, it is worth mentioning that there was also a pessimistic scenario for SOL in the VanEck report, with the token projected to trade below $10 in a bearish case.

    VanEck, one of the world’s largest asset management firms, has been an active participant in the cryptocurrency space over the past few years. The financial behemoth is one of the few companies looking to launch a Bitcoin spot exchange-traded fund in the United States.

    SOL Price Overview

    As earlier inferred, Solana has been on an upward trajectory over the past few weeks. Since initial concerns of a significant sell-off by FTX have subsided and the general market sentiment has improved, the altcoin’s price performance has been positive.

    As of this writing, the SOL token is valued at $32.19, reflecting a 2% in the last 24 hours. However, the cryptocurrency has maintained most of its recent profits on the weekly timeframe, with a 14% price jump in the past seven days.

    Solana price continues ascent on the daily timeframe | Source: SOLUSDT chart on TradingView

    Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView

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    Opeyemi Sule

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  • FTX And Alameda Research Sell $13.35 Million Of Assets, What’s Their Strategy?

    FTX And Alameda Research Sell $13.35 Million Of Assets, What’s Their Strategy?

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    Addresses related to FTX, the bankrupt crypto exchange, and Alameda Research, the trading wing associated with the exchange, have cumulatively transferred $13.35 million of assets to Binance, a crypto exchange via Wintermute Trading, over the last 24 hours. 

    Related Reading: Linqto’s Ray Fuentes Reveals The Factors That Could Drive A Ripple IPO In 2024

    FTX Sells $13.35 Million Of Coins

    According to Lookonchain, an on-chain tracker, FTX and Alameda Research last deposited COMP, the governance token of Compound, and RNDR, the native token of Render, on October 26, an indicator that the project is actively liquidating assets after finding approval in late September 2023.

    FTX transfer tokens to Binance| Source: Lookonchain on X

    COMP prices are relatively stable at spot rates, steadying at a key resistance level. The token is also up 20% from October 2023 lows and is within a bullish formation, moving inside the range established from June to July 2023. Even so, for the uptrend to take shape, traders expect more gains that would push the token above September 2023 highs at $50, a psychological level.

    COMP price on October 26| Source: COMPUSDT on Binance, TradingView
    COMP price on October 26| Source: COMPUSDT on Binance, TradingView

    On the other hand, RNDR is extending gains, marching higher when writing. To illustrate, the token is up 60% from September lows, with bulls remaining resilient, looking at the formation in the daily chart. Bulls have been shaking off bear attempts as they target to reclaim May 2023 highs at around $2.9. This is a critical liquidation line that, if broken, could see RNDR register new 2023 highs.

    FTX received court approval to sell tokens and repay creditors in September 2023. Judge John Dorsey of the U.S. Bankruptcy Court in the District of Delaware approved the motion, allowing FTX to sell up to $100 million of tokens weekly, including Bitcoin and Solana, to repay its creditors.

    Then, the exchange said the proceeds from the sale would be used to repay its creditors in a “fair, orderly, and efficient manner.” As part of this, FTX will also liaise with creditors to develop a distribution plan.

    FTX Is Bankrupt And SBF Is Under Trial In Manhattan

    FTX went bankrupt in late 2022, triggering a series of liquidations that saw leading crypto assets slump to worrying levels, including Bitcoin and Ethereum. By Q4 2022, Bitcoin was changing hands at around $16,000, worsened by sentiments that saw crypto users rush to exchanges, withdrawing their coins, worrying that there would be a contagion.

    The leg down, however, marked the last phase of the bear run since asset prices spectacularly recovered in Q1 2023 before closing H1 2023 with solid gains. The Sam Bankman-Fried (SBF) trial in a Manhattan court is ongoing while FTX managers search for ways to make creditors whole. SBF is blamed for mismanaging the crypto exchange and pilfering user funds into billions.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Solana Price Surge: Analysts Predict Target Zones Of $69 – $123 In Coming Months

    Solana Price Surge: Analysts Predict Target Zones Of $69 – $123 In Coming Months

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    Solana price (SOL) has recently showcased an impressive performance, setting new records as it regains its bullish momentum. 

    After experiencing a significant decline since July 14, SOL has emerged as one of the top-performing cryptocurrencies, trailing only behind Pepecoin (PEPE) and Chainlink (LINK) in terms of gains in the past 24 hours. 

    With sustained upward movement, SOL has surged by 8.9% in the past day, 39% in the past week, a remarkable 51% in the last two weeks, and 68% in just 30 days.

    Solana Price Potential Unveiled

    The recent surge in Solana price has caught the attention of crypto enthusiasts and analysts alike. The 8.9% increase in the past 24 hours has propelled SOL to outperform most other cryptocurrencies in the top 100 list. 

    On this matter, renowned crypto analyst “Titan of Crypto” has shed light on the anticipated target zones for Solana in the months ahead. 

    According to the Titan of Crypto’s in-depth analysis, SOL has the potential to achieve a price range between $69 and $123. These projections reflect the optimistic outlook surrounding Solana’s future performance and market prospects.

    However, despite recently attaining a new yearly high for 2023 and surpassing its monthly resistance level, Solana’s price faces several obstacles that could impact the realization of these projections in the upcoming months. 

    It is important to note that Solana’s price has reached levels not witnessed since the collapse of the FTX crypto exchange back in November 2022. These factors contribute to the existing resistance that Solana needs to overcome for the anticipated scenario to materialize.

    SOL’s Next Resistance Level Presents 9% Upside Potential

    What is particularly encouraging for Solana bulls is the potential for further growth in the near term, despite the upcoming challenges that may lie ahead for the cryptocurrency’s price. 

    Currently, the next significant resistance level stands at $36.86. If the current bullish momentum continues, there is a possibility for another leg-up of approximately 9% once this resistance is breached.

    Should Solana successfully surpass this hurdle, the subsequent obstacles for SOL are positioned at $37, $39, $43, and $46 in the months to come. However, for the token to solidify the breakout of its monthly resistance and sustain the upward trend, it is crucial to achieve a monthly close above the $32 mark.

    This emphasis on a monthly close above $32 serves as a key metric to confirm the bullish momentum and support the ongoing upward trajectory of Solana. Market participants will be closely monitoring these developments to assess the token’s ability to maintain its positive momentum and overcome potential challenges in the future.

    SOL’s sustained bull run on the daily chart. Source: SOLUSDT on TradingView.com

    According to CoinGecko data, the current Solana price stands at $33.00. The trading volume for the past 24 hours amounts to $1,668,696,328.50. With a total supply of 420 million SOL tokens, Solana’s market capitalization is valued at $13,631,609,298. 

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Solana’s Largest DeFi Protocol Restricts Access to UK Users

    Solana’s Largest DeFi Protocol Restricts Access to UK Users

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    Marinade Finance, the largest decentralized finance (DeFi) protocol on the Solana blockchain, has recently initiated a process to block access for users based in the UK.

    This decision follows a similar action by Orca Finance and is responding to “compliance concerns” related to the Financial Conduct Authority (FCA) regulations.

    Marinade Finance Blocks UK Users

    Marinade Finance, the largest DeFi protocol on the Solana blockchain, has begun blocking access to users in the region, a restriction coming in response to the recent regulations from the FCA.

    The landing page for UK users attempting to access Marinade Finance now displays a warning message. However, it clarifies that UK clients can still perform specific actions, stating, “Users may withdraw liquidity, claim delayed tickets, or delay unstake via our SDK.”

    This action by Marinade is not a standalone occurrence. Orca Finance, known to be the biggest decentralized exchange on Solana, has also put geo-blocking measures in place for users in the UK.

    The new restriction is uncommon on centralized platforms due to geo-restrictions infrequency and the absence of know-your-customer (KYC) checks on decentralized protocols.

    Marinade Finance currently boasts a substantial presence on the Solana blockchain, with a total value locked (TVL) of $248 million across its native and liquid staking products. The Solana blockchain holds approximately $350 million in total assets, according to data from DefiLlama.

    Marinade Finance also offers competitive annual yields, including 8.15% for native staking and 7.7% for liquid staking, with native staking introduced earlier this year.

    The Implications of FCA’s Regulations on Crypto in the UK

    The latest guidelines by the Financial Conduct Authority (FCA) have garnered significant attention within the crypto sector. The new rules aim to regulate promotional campaigns of crypto-based products and services. However, these changes have unintentionally caused multiple entities to reassess their business strategies in the region.

    The move by Marinade Finance reflects broader trends in the crypto industry’s response to FCA regulations. Centralized crypto platforms such as Bybit and PayPal have withdrawn from the UK market. Luno has gone so far as to block some customer investments in crypto. Binance, one of the world’s largest cryptocurrency exchanges, has temporarily stopped accepting new UK customers.

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  • Year-to-Date Inflows to Solana Hit $74 Million as SOL Price Shot Above $30: CoinShares

    Year-to-Date Inflows to Solana Hit $74 Million as SOL Price Shot Above $30: CoinShares

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    Market sentiment has experienced a significant upturn, with a noticeable trend in digital asset investment products attracting inflows for four consecutive weeks, accumulating a total of $66 million. This recent four-week streak of inflows has now reached $179 million.

    Following a recent increase in prices, the total Assets under Management (AuM) have surged by 15% from their September lows, reaching nearly $33 billion, marking the highest point since mid-August, according to the latest CoinShares report.

    Solana’s Inflow Streak Continues

    The European asset manager revealed that Solana is the most popular altcoin this year so far, even in the face of challenges such as its affiliation with the FTX and Sam Bankman-Fried, which sent its price to a massive downward spiral as well as recurring outages that halted the layer 1 blockchain several times last year.

    However, with the broader market showing signs of recovery, investors are now rekindling their interest in the altcoin.

    CoinShares’ data suggest that Solana saw an additional $15.5 million inflows last week, pushing its year-to-date inflows to $74 million, representing 47% of total AuM.

    This is in stark contrast to Ethereum, which recorded outflows of $7.4 million. In fact, it was the only altcoin to see outflows last week.

    Investors Remain Cautious Despite Inflows

    Although the most recent inflows are likely driven by the anticipation of a spot Bitcoin ETF launch in the US, they pale in comparison to the initial surge of capital that followed BlackRock’s announcement in June, where four consecutive weeks of inflows reached a staggering $807 million.

    CoinShares said this discrepancy suggests that the more modest inflows this time, despite the positive developments stemming from the Grayscale vs. SEC court ruling, reflect investors embracing a more cautious stance.

    “While the most recent inflows are likely linked to excitement over a spot bitcoin ETF launch in the US, they are relatively low in comparison to June announcements, suggesting more caution from investors this time around.”

    A significant 84% of these inflows were directed towards Bitcoin investment products, propelling the year-to-date total to $315 million during the same period.

    Over the week, the surging prices had led to an influx of $23 million into short Bitcoin positions, but these positions were pared back substantially, with net inflows totaling just $1.7 million by the week’s end, indicating a waning confidence among short sellers.

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  • Solana Barrels Close To $32: Critical Levels Traders Should Watch

    Solana Barrels Close To $32: Critical Levels Traders Should Watch

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    Solana (SOL) has recently surged to a crucial price level, setting the stage for a pivotal moment that will shape its foreseeable future. This cryptocurrency’s price trajectory is now at a crossroads, as it eases off the recent bullish breakout that captured the attention of investors worldwide.

    Trading at $31.40 on CoinGecko, the cryptocurrency has experienced a 0.6% gain over the last 24 hours, accompanied by an impressive seven-day rally of 28.6%. Despite this promising trajectory, several key resistance and support levels are shaping the future of SOL.

    While the $30 mark remains a vital resistance level for SOL, the cryptocurrency is also facing significant barriers at the $25 and $35 thresholds. Historically, $25 has proven to be both a support and resistance level, potentially offering a safety net for any immediate downward movements.

    Conversely, breaching the $35 threshold could signify a major breakthrough for SOL, propelling it to new highs and solidifying its bullish course in the market.

    SOL price action in the last week. Source: Coingecko

    Analyzing SOL’s Technical Patterns 

    Amidst these price fluctuations, the emergence of the “golden cross” pattern on SOL’s price chart has captured the attention of market analysts and investors alike. In technical analysis, the golden cross occurs when a short-term moving average crosses above a long-term moving average, indicating a potential bullish trend. 

    Its presence within SOL’s current price movements signals an optimistic outlook, with the potential for sustained upward momentum.

    Despite the optimistic indicators, recent developments within the Solana ecosystem have cast a shadow on SOL’s potential trajectory. News of Marinade Finance, the largest protocol on the Solana network, halting operations for users in the United Kingdom due to compliance concerns has reverberated throughout the cryptocurrency community. 

    The move reflects the protocol’s commitment to adhere to the regulatory framework outlined by the United Kingdom’s Financial Conduct Authority (FCA). This development has introduced an element of caution and potential volatility into SOL’s otherwise promising market performance.

    SOL market cap currently at $13.278 billion. Chart: TradingView.com

    RSI Reinforces The Bullish Narrative 

    Further fortifying the bullish sentiment surrounding SOL is the surging Relative Strength Index (RSI). Currently on the rise, SOL’s RSI indicates robust buying pressure within the market.

    While an RSI above 70 is generally considered overbought, and one below 30 is deemed oversold, the current upward trajectory suggests a strong investor sentiment favoring continued upward movement for SOL in the near term.

    As Solana stands at this critical juncture, investors and analysts are closely monitoring both the technical indicators and the regulatory landscape to gauge its future performance in the increasingly dynamic cryptocurrency market.

    (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 The Independent

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    Christian Encila

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  • Solana Remains Institutional Investor Darling As Inflows Continue

    Solana Remains Institutional Investor Darling As Inflows Continue

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    Solana has gained the favor of institutional investors recently which has seen a marked increase in the amount of inflows that the altcoin has recorded. This trend has continued with last week’s numbers which show a significant amount of inflows for Solana compared to the likes of Ethereum.

    Solana Inflows Reach $15.5 Million

    According to data from the latest CoinShares report, the inflows into Solana for the last week came out to $15.5 million. This came while some altcoins such as Ethereum saw outflows for the week. For context, Ethereum outflows reached $7.4 million in the same time frame.

    As a result of the latest round of inflows, the total Solana Asses under Management (AuM) has reached $74 million. This means that the Solana AuM is up 47% year-to-date, compared to Ethereum’s which has dropped continuously this year, climbing to $119 million in outflows year-to-date.

    Cardano is another altcoin that saw inflows for the week but to a lesser degree. Its inflows were $0.1 million, bringing its total AuM to $24 million, with a $6 million increase year-to-date. Other investment products saw $0.9 million, leading their AuM to reach $76 million.

    Multi-asset products, however, went the way of Ethereum with outflows of $0.6 million. This brings its AuM to $1.17 billion, a $31 million decrease year-to-date.

    SOL price sitting at $29.20 | Source: SOLUSD on Tradingview.com

    Bitcoin Dominates Inflows

    For the same week, Bitcoin once again came out ahead in terms of inflows, with numbers topping that of Solana. The leading cryptocurrency saw $55.3 million in inflows, bringing its AuM to $24.205 billion. The asset’s month-to-date inflows are currently sitting at an impressive $111.9 million.

    In the same vein, Bitcoin’s year-to-date inflows have also remained on the high side with $315 million in inflows so far. This has further solidified its position as the leading asset with the most interest from institutional investors so far.

    Short Bitcoin products were also not left out of the inflow trend. Its weekly inflows sit at $1.6 million, while the month-to-date inflows came out to $4.5 million. Its year-to-date inflows sit at $46 million, bringing its AuM to $99 million. In total, the AuM of crypto investment products is nearly $33 billion.

    “Following recent price appreciation, total Assets under Management (AuM) have risen by 15% since their lows in early September, now totalling nearly US$33bn, the highest point since mid-August,” the CoinShares report said.

    CoinShares also notes that the inflows could be linked to the excitement and anticipation of a Spot Bitcoin ETF being approved by the US Securities and Exchange Commission (SEC). However, the numbers are much lower compared to when asset manager BlackRock first announced that it had filed for a Spot Bitcoin ETF.

    Featured image from Outlook India, chart from Tradingview.com

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    Scott Matherson

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  • Solana On Fire With Over 34% Rally Within A Week – Details

    Solana On Fire With Over 34% Rally Within A Week – Details

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    The cryptocurrency industry has demonstrated a strong positive trend throughout the course of the week, with leading cryptocurrencies experiencing substantial increases in their market value. Moreover, the price of Solana (SOL) has exhibited superior performance compared to prominent cryptocurrencies, experiencing a notable increase of more than 34% in value over the course of one week.

    Solana is a widely recognized Layer-1 network renowned for its scalability. The Solana network is characterized by its rapid confirmation times and has a thriving ecology and community. Over the course of the previous 24-hour period, there has been a notable increase of 15% in the trading volume of the SOL cryptocurrency, accompanied by a positive trend in its price.

    Even with its continued stellar performance, Solana is still making waves in the market. According to data from CoinMarketCap, as of October 21, Solana’s spot price was nearly $29, up 9% compared to its previous 24-hour price.

    Since the beginning of October, the Solana price has exhibited a confined trading range between $23 and $24, suggesting a lack of enthusiasm among investors for the aforementioned cryptocurrency. Subsequently, the coin underwent a decline in value, leading to a breach of its support level by the price.

    The SOL price had a significant gain of 25% throughout the preceding 30-day period. At the time of writing, the market capitalization of the altcoin stands at $9,740,214,861. Based on the Solana price forecast, financial analysts see a potential increase to $31 by the end of 2023.

    The current increase in SOL’s valuation is the result of multiple drivers. One key factor is the Solana ecosystem’s rapid expansion and advancement, especially in the field of decentralized finance (DeFi).

    SOL market cap currently at $12.5 billion. Chart: TradingView.com

    Frankie Candles provided the cryptocurrency community with a window into the extensive growth of the Solana network by sharing visual evidence that demonstrated the bustling activity occurring ‘behind the scenes’ within the Solana network.

    Can The ‘Ethereum Killer’ Soar Higher?

    The token has exhibited a proven trend reversal, transitioning from a bearish trajectory that commenced in July and persisted until September, to a positive trajectory. Following a significant shift in a critical level, the cryptocurrency that is believed to pose a threat to Ethereum may potentially enter a price range of $30.00, which holds psychological significance.

    Meanwhile, SOL is approaching a significant pattern testing phase. According to a seasoned macro investor, if the endeavor is successful, it may potentially pave the way for a substantial increase of 66% in value. The individual’s viewpoint is in accordance with the prevailing trend of optimism surrounding the crypto.

    Raoul Pal, a famous macro investor and market analyst, has been very positive about SOL for most of the year. The price of the token went up 171% during this time. He also said that there are some signs that the great rise could get even bigger.

    (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 Coin Culture

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    Christian Encila

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  • Solana’s Strong Recovery in 2023: SOL vs ETH Ratio Hits Yearly Highs

    Solana’s Strong Recovery in 2023: SOL vs ETH Ratio Hits Yearly Highs

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    Solana had a strong association with FTX, and the latter’s collapse last year had significant repercussions for the SOL token. However, the seventh-largest crypto-asset has pursued a strong recovery this year.

    According to Nansen’s latest analysis, SOL has been trending positively since the summer. In fact, the SOL vs ETH ratio was found to have been breaking higher, nearing highs not seen all year.

    • During the second quarter of 2023, the SEC filed regulatory complaints against Coinbase and Binance, both of which had listed SOL as a security alongside other assets.
    • As a result of these complaints, SOL experienced a significant 34% decrease in its price.
    • However, the token rebounded stronger than the other assets identified as securities by the end of the second quarter and maintained that positive momentum into the third quarter.
    • Following a brief decline, possibly attributed to the imminent liquidation of Alameda/FTX’s SOL, the crypto asset closed the quarter with a market capitalization of $8.4 billion, reflecting a 17% increase quarter-over-quarter.
    • Particularly noteworthy is SOL’s outperformance compared to assets with similar market capitalization; it climbed from the 10th to the 7th position in market cap rank over the same quarter.
    • Additionally, Solana’s DeFi TVL increased 32% QoQ to $368 million, as a recent Messari report while the growth is fueled by DeFi and liquid staking protocols rolling out points programs, led by MarginFi, Jito, Cypher, and BlazeStake, among others.
    • Moreover, the total revenue, including all fees accumulated by the protocol, jumped by 19% in USD and reached a whopping $4 million. This marked a 10% growth in SOL terms, amounting to 185,400 SOL.
    • Solana transaction fees were found to be among the “steadiest and cheapest” of all networks.
    • In the third quarter, the average non-vote transaction fee was $0.0002.
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  • CEO Is Super Bullish On Solana, Predicts SOL To 2X If This Pattern Is Confirmed

    CEO Is Super Bullish On Solana, Predicts SOL To 2X If This Pattern Is Confirmed

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    Raoul Pal, the founder of Real Vision and one of crypto frequent commentators, thinks SOL, the native currency of Solana, a smart contract platform, has “been extremely bullish all year.” In Pal’s assessment, the coin will likely double in the next few sessions, especially if there is a welcomed breakout above the immediate liquidation level. 

    Taking to X on October 20, the founder noted that SOL has rallied by 171% in 2023 alone. At the same time, looking at technical candlestick arrangements, the immediate resistance level that traders should watch out for is $30. This line, Pal thinks, marks a critical liquidation level per the “big inverse head and shoulders” pattern evident in the daily chart. 

    Solana inverted head and shoulder formation| Source: Raoul Pal on X

    In technical analysis, this pattern signals that bear momentum is slowing, and the uptrend could be around the corner. Often, it forms when prices make three lows, with the middle low (the head) being lower than the other two lows (the shoulders). 

    Pal Is Bullish On Solana, Will SOL 2x?

    Even so, as Pal notes, the uptrend will be valid once there is a high volume bullish breakout above the “neckline.” In the Solana price chart in the daily chart, the neckline is at $30, a psychological level buyers have failed to break since it was registered in July 2023. This level also marks Solana’s highest price this year.

    Solana price on October 20| Source: SOLUSDT on Binance, TradingView
    Solana price on October 20| Source: SOLUSDT on Binance, TradingView

    While Solana struggles to overcome the strong resistance by USDT (and technically USD bulls), SOL bulls have been easing past resistance levels versus Ethereum (ETH) and Bitcoin (BTC). As of October 2023, SOL bulls appear to be reversing losses posted in 2022 versus the two top coins by market cap.

    To highlight this development, SOL is trading at new 2023 highs versus Ethereum, reversing losses and edging higher as bulls flock. SOL bulls have broken two critical liquidation zones at spot levels versus Ethereum registered in January and July. Still, Ethereum remains solid from a top-down preview, up 70% versus SOL reading from the SOLETH daily chart.

    SOL breakout versus ETH| Source: Raoul Pal on X
    SOL breakout versus ETH| Source: Raoul Pal on X

    Will SOL Rally Trigger “Crypto Summer” In 2024?

    While SOL bulls double down, the Real Vision CEO thinks the coin could lead the market to a “Crypto Summer” in 2024. The uptrend could be fanned by several developments, especially on partnerships struck in the recent past.

    In early September, Visa, a global payment processor, introduced USDC settlement on Solana, citing the network’s high throughput. Through this extension, Visa hopes to “improve the speed of cross-border settlement and provide a modern option for our clients to easily send or receive funds from Visa’s treasury.”

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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