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Tag: SOLUSDT

  • Solana Stablecoin Volume Reaches Record High Of $300 Billion In January

    Solana Stablecoin Volume Reaches Record High Of $300 Billion In January

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    According to the latest on-chain data, the Layer-1 network Solana has hit a significant milestone in terms of the transfer volume of stablecoins this month.

    Solana Overtakes Tron In Stablecoin Transfer Volume

    Data from the blockchain analytics platform Artemis shows that the stablecoin transfer volume on Solana has already surpassed $300 billion in January. This is the largest transfer volume recorded by stablecoins on the Layer-1 blockchain in a single month.

    To put this figure into context, the Solana network registered $297 billion in stablecoin volume in the entire December. Meanwhile, the blockchain’s stablecoin transfer volume was about $11.56 billion in January 2023, reflecting an over 2,500% growth in the past year.

    Stablecoin transfer volume across various blockchains in the past year | Source: Artemis

    From the chart above, it is clear that Solana’s stablecoin activity has been on a steady rise since October, increasing by more than 650% in the past few months.  This growth has also impacted the network’s share in the stablecoin market, with Solana now boasting about 32% market share.

    Unsurprisingly, Ethereum leads the market for stablecoins, with its transfer volume already reaching almost $317 billion in January. Meanwhile, the Tron network trails Solana in third place, with a stablecoin volume of roughly $240 billion.

    On Thursday, January 18, Paxos revealed the launch of its regulated stablecoin, USDP, on the Solana network. According to DefiLlama data, USDC remains the dominant stablecoin on the Layer-1 network, with a market cap of over $1 billion.

    SOL Price Overview

    Despite Solana’s burgeoning network activity, the price performance of its native token SOL has somewhat dampened in the past few weeks. As of this writing, the Solana token is valued at $92, reflecting a 0.6% decline in the last 24 hours.

    This sluggish performance in the past day underscores the altcoin’s challenges since the turn of the year. After reaching a multi-month high of $124 at the end of 2023, the SOL price has largely struggled to hold above the $100 mark.

    According to data from CoinGecko, the Solana token is down by more than 5% in the past week. Meanwhile, the coin has declined by about double that figure since the beginning of 2024.

    Nevertheless, SOL maintains its position as the fifth-largest cryptocurrency in the sector, with a market capitalization of more than $40 billion.

    Solana

    Solana price faces downward pressure on the daily timeframe | Source: SOLUSDT chart on TradingView

    Featured image from Dreamstime/Aivaras Sakurovas, chart from TradingView

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

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    Opeyemi Sule

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  • SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?

    SOL Price Reaches Make-or-Break Levels – Can Solana Pump Again?

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    Solana is moving lower from the $120 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $80 support.

    • SOL price started a fresh decline from the $120 resistance against the US Dollar.
    • The price is now trading below $102 and the 100 simple moving average (4 hours).
    • There is a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could continue to move down toward the $85 support or even $80.

    Solana Price Faces Uphill Task

    After a steady increase, Solana bulls struggled to clear the $120 resistance. SOL price formed a short-term top and started a fresh decline below the $112 support, like Bitcoin and Ethereum.

    There was a steady decline below the $105 level. The bears pushed the price below the $100 level. It tested the $91.50 support. A low is formed near $91.38, and the price is now consolidating losses. There is also a key contracting triangle forming with resistance near $102 on the 4-hour chart of the SOL/USD pair.

    SOL is now trading below $102 and the 100 simple moving average (4 hours). Immediate resistance is near the $97.40 level. It is close to the 50% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.

    The first major resistance is near the $100 level or the 76.4% Fib retracement level of the downward move from the $103.39 swing high to the $91.38 low.

    Source: SOLUSD on TradingView.com

    The main resistance is now near $102. A successful close above the $102 resistance could set the pace for another major rally. The next key resistance is near $112. Any more gains might send the price toward the $120 level.

    More Losses in SOL?

    If SOL fails to rally above the $102 resistance, it could continue to move down. Initial support on the downside is near the $92.00 level.

    The first major support is near the $85.20 level, below which the price could test $80. If there is a close below the $68 support, the price could decline toward the $74.50 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

    Major Support Levels – $85, and $80.

    Major Resistance Levels – $97.40, $102, and $112.

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

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    Aayush Jindal

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  • Crypto Analyst Says A Solana Price Will Climb To $750, Here's When

    Crypto Analyst Says A Solana Price Will Climb To $750, Here's When

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    Crypto YouTuber Jake Gagain has shared his “insane price prediction” for Solana (SOL) as he said that the crypto token will climb to $750. The crypto analyst didn’t stop there as he also provided a timeframe for when this price level would be attained. 

    Solana Price To Rise To $750 In 2025

    Gagain said that he expects Solana to hit this price level by 2025 in an X (formerly Twitter) post. In the accompanying video, he outlined several reasons for this bullish sentiment. For the first, he alluded to the fact that the Solana network happens to be “quicker, safer, and much more affordable” than Ethereum. 

    According to him, more users from Ethereum and other networks are likely to migrate to the Solana network as more projects get built on it. This is based on his expectation that Solana will be the “top competitor” for Ethereum in the next bull run. Gagain further asserted that SOL will end up becoming the third largest token by market cap, only behind Bitcoin and Ethereum.

    The second reason why the analyst is bullish on SOL is because of how it has impressively recovered from the FTX scandal. Solana was at the heart of it as the crypto exchange’s founder, Sam Bankman-Fried (SBF), was one of the token’s biggest backers. SOL dropped below $10 as a result of this while being in the middle of a bear market. 

    However, it has recovered nicely since then, climbing above $100 towards the end of last year. That is why Gagain believes that the crypto token could go as far as hitting its all-time high of $260 and surpassing it. 

    SOL price drops to $95 | Source: SOLUSD on Tradingview.com

    SOL Is Also Making Its Way Into The Traditional Market

    Jake Gagain also highlighted the fact that Solana was making its way into the traditional market as another reason he was so bullish on SOL. Solana’s entry into the traditional market is said to be happening through its partnerships with notable brands. One of them, which the crypto analyst mentioned, was its partnership with Shopify. 

    Back when the partnership was confirmed, NewsBTC highlighted how it could help onboard more users into crypto and specifically into the Solana ecosystem. The network was projected to see more activity, considering the number of users Shopify already has. 

    Interestingly, the number of transactions Solana records daily is another reason why Gagain is most bullish on SOL. Network activity is known to be another factor that can affect a token’s price. 

    At the time of writing, SOL is trading at around $95, down over 2% in the last 24 hours, according to data from CoinMarketCap.

    Featured image from Analytics Insight, 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.

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    Scott Matherson

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  • Was Solana A Q4 2023 “Bubble” That Has Popped?

    Was Solana A Q4 2023 “Bubble” That Has Popped?

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    The crypto market has recently been a roller coaster, especially in H2 2023. Solana, a high-throughput blockchain, emerged as one of the best performers in the top 10 coins by market cap.

    In Q4 2023, Solana soared, reaching highs of around $125 before cooling off to spot rates. However, some think the uptrend is over, with SOL edging lower under increasing liquidation pressure.

    The Solana Bubble Has Popped, Is This True?

    Lido.eth, while taking to X on January 7, said Solana is a “Q4 2023 bubble” that has “already popped.” The analyst added that this formation doesn’t mean SOL is “worthless or won’t be used anymore.” However, based on Lido.eth’s assessment, the Solana “growth story has ended,” calling serious questions into the project’s immediate potential. 

    In H2 2023, Solana grew on renewed interest in the high-performance blockchain. Propelled by rising activity in decentralized finance (DeFi) and non-fungible token (NFT) scenes, SOL reversed losses recorded in November 2022.

    Moreover, as the crypto community tracked the Securities and Exchange Commission (SEC) and whether they would approve the first spot Bitcoin ETF, altcoins, including SOL, became major beneficiaries.

    Arthur Hayes, the founder of the cryptocurrency exchange BitMEX, also believes that the Solana rally is over. In December 2023, Hayes tweeted that he had rotated funds from Solana to Ethereum, citing “divine inspiration.” The BitMEX co-founder also said ETH may rally to reach $5,000 but without giving a specific timeline as to when this lofty target will be reached.

    SOL Remains In An Uptrend, Back To $125?

    Despite these bearish sentiments, some Solana supporters believe the platform has a “bright future.” They point to the upcoming launch of the Firedancer client. 

    This validator client will make the network more robust and increase efficiency. It will aim to decentralize Solana further, making it more reliant by eliminating weak points resulting from client concentration. From a price action perspective, continuing the overall crypto uptrend could also buoy SOL prices in 2024.

    Looking at the Solana price chart, the uptrend remains, but sellers dominate, at least in the short term. To quantify, SOL is down 30% from the December 2023 peak when it topped at around $125. 

    Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

    With prices trending inside the bear bar of January 3, sellers have the upper hand from an effort-versus-result perspective. For the uptrend to resume, there must be a clear, high-volume close above $100. If not, steep losses below $85 might trigger a sell-off that could price toward $60 or worse.

    Feature image from Canva, chart from TradingView

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

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    Dalmas Ngetich

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  • SOL Price Prediction – Why Solana Could See Sharp Downside Thrust

    SOL Price Prediction – Why Solana Could See Sharp Downside Thrust

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    Solana is moving lower from the $115 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $68 support.

    • SOL price started a fresh decline from the $115 resistance against the US Dollar.
    • The price is now trading below $100 and the 100 simple moving average (4 hours).
    • There is a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could continue to move down toward the $80 support or even $68.

    Solana Price Starts Downside Correction

    After a steady increase, Solana bulls struggled to clear the $115 resistance. SOL price formed a short-term top and started a fresh decline below the $105 support.

    There was a steady decline below the $100 pivot level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $71 swing low to the $108 high. The price is now showing a few bearish signs from the $115 resistance zone, like Bitcoin and Ethereum.

    SOL is now trading below $95 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair.

    Source: SOLUSD on TradingView.com

    If there is a fresh increase, immediate resistance is near the $92 level and the trend line. The first major resistance is near the $100 level or the 100 simple moving average (4 hours). The main resistance is now near $105. A successful close above the $105 resistance could set the pace for another major rally. The next key resistance is near $115. Any more gains might send the price toward the $125 level.

    More Losses in SOL?

    If SOL fails to rally above the $92 resistance, it could continue to move down. Initial support on the downside is near the $80 level.

    The first major support is near the $72 level, below which the price could test $68. If there is a close below the $68 support, the price could decline toward the $50 support in the near term.

    Technical Indicators

    4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

    4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

    Major Support Levels – $80, and $68.

    Major Resistance Levels – $92, $100, and $105.

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

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    Aayush Jindal

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  • SOL Price Corrects Gains But The Rally Is Far From Over – Here’s Why

    SOL Price Corrects Gains But The Rally Is Far From Over – Here’s Why

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    Solana rallied above the $100 and $110 levels. SOL price is now correcting gains, but the bulls might remain active near the $100 level.

    • SOL price started a fresh rally above the $100 resistance against the US Dollar.
    • The price is now trading above $100 and the 100 simple moving average (4 hours).
    • There is a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
    • The pair could start a fresh rally unless there is a close below the $100 support.

    Solana Price Remains In Uptrend

    In the past few days, Solana saw a major upward move above the $90 and $100 levels, unlike Bitcoin and Ethereum. SOL even rallied above the $120 level.

    A new multi-week high was formed near $126.13 and the price is now correcting gains. There was a move below the $115 and $112 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high.

    SOL is now trading above $100 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $102 on the 4-hour chart of the SOL/USD pair.

    Source: SOLUSD on TradingView.com

    On the upside, immediate resistance is near the $112 level. The first major resistance is near the $120 level. The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $132. Any more gains might send the price toward the $145 level.

    More Losses in SOL?

    If SOL fails to rally above the $120 resistance, it could continue to move down. Initial support on the downside is near the $100 level.

    The first major support is near the $90 level or the 61.8% Fib retracement level of the upward move from the $67.25 swing low to the $126.13 high, below which the price could test $80. If there is a close below the $80 support, the price could decline toward the $68 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 – $100, and $92.

    Major Resistance Levels – $115, $120, and $125.

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

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    Aayush Jindal

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  • Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device's Value

    Solana Saga Orders Scrapped As $30 Million BONK Token Package Overshadows Device's Value

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    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.

    The 1-day chart shows BONK’s price correction. Source: BONKUSDT on TradingView.com

    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%. 

    Solana
    SOL’s price inching closer to the $100 mark on the daily chart. Source: SOLUSDT on TradingView.com

    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.

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    Ronaldo Marquez

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  • SOL Price Soars 8%, Solana Indicators Suggest Breakout Above $80

    SOL Price Soars 8%, Solana Indicators Suggest Breakout Above $80

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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.

    Source: SOLUSD on TradingView.com

    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.

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    Aayush Jindal

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  • Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?

    Solana Dominates Ethereum In Daily Active Wallets, SOL Back To $140?

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    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. 

    Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView
    Solana price trending upward on the daily chart | Source: SOLUSDT on Binance, TradingView

    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. 

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction

    SOL Price (Solana) Close Below $50 Could Spark Larger Degree Correction

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    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.

    Source: SOLUSD on TradingView.com

    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.

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    Aayush Jindal

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  • Solana Price Prediction: ChatGPT Forecasts $1,000 In 2024

    Solana Price Prediction: ChatGPT Forecasts $1,000 In 2024

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    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.

    Solana
    SOL trading at $60 on the 1D chart | Source: SOLUSDT on Tradingview.com

    Featured image by iShock, chart by Tradingview.com

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    Godspower Owie

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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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  • 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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  • XRP Price To Go Parabolic, Here’s When

    XRP Price To Go Parabolic, Here’s When

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    On Wednesday, October 25, a prominent cryptocurrency analyst Dark Defender revealed that the price of XRP will go parabolic in the future, highlighting how it is going to happen and when it is expected to happen. 

    Crypto Analyst’s XRP Price Projection

    The XRP analyst recently took to X (formerly Twitter) to share his predictions and optimism on the XRP price going parabolic and how it is going to happen.

    In the Dark Defender X post, there are two crucial support levels and three resistance levels for the digital asset, which include $0.52 and $0.46 for the support levels, while the resistance levels are $0.66, $1.88, and $5.85. 

    According to him, the XRP price could be on its way to surpass the $1 mark if it manages to break through the $0.66 resistance level. And when this happens, the next resistance level will be $1.88. 

    The analyst’s recent projection presents a 210.64% price surge if the XRP price breaks through the $1.88 resistance level, which will see the cryptocurrency potentially heading toward the coveted $6 mark.

    One interesting thing about the analyst projections is the fact that his projections are based on an examination of the XRP’s weekly market trajectory over the past two years.

    According to the chart posted by Dark Defender, the trends that were evident prior to the July surge seem to be resurfacing, suggesting a potential bullish run for XRP between 2024 and 2025.

    So far, the XRP analyst is not the only one who believes in a potential price for XRP. Several other experts have shown increased credence about the XRP’s potential price surge this year.

    In September, Wells Fargo manager Shannon Thorp predicted the price of XRP could go as high as $500, presenting a bullish concept for the cryptocurrency.

    XRP traded at $0.55 | Source: Tradingview.com

    Another prominent figure in the crypto space who has expressed his optimism about the XRP price potential is CryptoInsight, drawing comparisons to the Bitcoin fractal from 2017. This is because the question that has been swelling among the crypto community is whether XRP will mirror the 2017 Bitcoin fractal in the coming weeks.

    Leaving the result open-ended, he speculated that there is a possibility that XRP will outperform following a five-year period of consolidation.

    According to CryptoInsight, this is because most of the cryptocurrencies now basically began their bull market after surpassing their previous peak, but the XRP seems to have plummeted due to the SEC’s lawsuit on Ripple being dropped. 

    However, a recent rally has shown a significant 13% surge in the price of XRP over the past week, with a trading volume of $2.3 billion. The cryptocurrency is currently trading at $0.55 as of the time of writing.

    With XRP’s recent growth, the cryptocurrency seems to have surpassed some of the leading altcoins in the crypto market, such as Solana (SOL) and Chainlink (LINK).

    Featured image from AltcoinsBOX, chart by Tradingview.com

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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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  • 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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  • 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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