Ahmad Shadid stepped down as CEO of the Solana-based DePIN Protocol io.net on Sunday. The decision came two days before the launch of io.net’s token, IO. As a result, the crypto community was skeptical of the decision and the former CEO’s past. Related Reading: If Ethereum Fails, Blame The ‘ETH Elite’, Not Solana: Industry Leader […]
Solana and top cryptocurrencies like Ethereum and Bitcoin are struggling at spot rates. Following the plunge on June 6, prices are under pressure, cementing the position of sellers who have been dominant since late May 2024. Will The Solana Uptrend Remain? Even so, some analysts are upbeat, expecting not only altcoins to recover in the […]
In a recent flurry of heated exchanges on social media platform X, Evgeny Gaevoy, the founder and CEO of crypto trading powerhouse Wintermute, has sparked a notable debate concerning the future of Ethereum and its leadership. Gaevoy, in a pointed critique, suggested that potential failures in Ethereum would not stem from technological competition like Solana, […]
Despite the relative tepid movement in the crypto market since Bitcoin hit a new all-time high (ATH) in March, Bitcoin, Ethereum, and Solana have continued to top traditional assets, including Gold. This was highlighted in a recent report that showed how crypto assets have provided the best returns for a while now. Bitcoin, Ethereum, And Solana Outperform Traditional Assets Raoul Pal, Co-Founder of Exponential Age Asset Management (EXPAAM), shared the crypto investment firm’s latest monthly update, showing annualized returns on all major assets. Related Reading: Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price Bitcoin, Ethereum, and Solana have topped traditional assets with annualized returns of 141%, 152%, and 224%, respectively. For context, NDX, the best major traditional asset, boasts an annualized return of 17%. Thanks to this, these crypto assets have been the best-performing assets in 11 of the last 14 years. These digital assets also look on course to outperform traditional assets again this year, as they boast higher year-to-date (YTD) gains. Data from CoinMarketCap shows that Bitcoin, Ethereum, and Solana currently have YTD gains of over 67%, 66% and 70%, respectively. On the other hand, Gold, the best-performing non-crypto asset this year, has a YTD gain of 13%. The NDX boasts a YTD gain of 10%, while the SPY has recorded a YTD gain of 11%. Interestingly, while the volatility of crypto assets has been criticized at times, this has largely contributed to why they have continued outperforming traditional assets. The Director of Global Macro at Fidelity Investments, Jurrien Timmer, previously highlighted how Bitcoin has continued to record the best risk-reward since 2020. He also alluded to Bitcoin’s high volatility, stating that Bitcoin’s huge drawdowns have also come with large gains. The same can also said about crypto tokens, especially considering that a token like Solana, which dropped to as low as $10 in late 2022, is now trading above $170. More Gains Ahead For BTC, ETH, SOL Bitcoin, Ethereum, and Solana are expected to record more YTD gains as the year progresses, given that the crypto market is currently in a bull run. Recent developments in the crypto market also paint a bullish outlook for these crypto tokens. One is the increased demand for the Spot Bitcoin ETFs. Data from Farside Investors showed that these funds recorded net inflows of $886.6 million on June 4, their best day since March. Related Reading: Crypto Pundit Shares “Inevitable” Prices For Bitcoin And 5 Altcoins Meanwhile, the Spot Ethereum ETFs are expected to begin trading by July. Crypto analysts like Michael van de Poppe predict these funds could spark a significant rally for Ethereum and other altcoins. ‘Solana Summer’ also looks to be on the horizon, with the crypto token showing signs of imminent parabolic upward trend. At the time of writing, Bitcoin has broken above the $70,000 resistance level and is trading at around $71,000, up almost 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
In a technical analysis, renowned crypto analyst Gert van Lagen presented an extremely bearish outlook for Solana (SOL), suggesting that its price is poised for a substantial downside move. Van Lagen’s analysis is underpinned by the widely acclaimed Elliott Wave Theory, a methodology that seeks to identify recurring patterns and cycles in market price movements. Why The Solana Price Could Crash At the core of Van Lagen’s analysis lies a dissection of Solana’s price action over the past few years. According to his assessment, the year 2021 marked the culmination of a clean Elliott Wave trend for Solana, signaling the end of a bullish cycle. This uptrend is characterized by a specific pattern of five waves, with the final wave acting as the climactic move before a reversal. Moving into 2022, Van Lagen’s analysis identifies the unfolding of the A-wave down, which he classifies as the first leg of a prolonged bear market. Crucially, this A-wave down exhibits a distinct pattern of five subwaves, aligning with the principles of the Elliott Wave Theory. The presence of these subwaves is a key indicator that the downtrend is likely to persist, as they are believed to reflect the underlying market sentiment and psychology. Related Reading: Solana-Based GameStop Tribute Token (GME) Soars 300% Following Roaring Kitty’s Return In 2023, Van Lagen observed the formation of the B-wave, a corrective rally within the broader bear market context. Just like the A-wave, this B-wave is composed of five subwaves, adhering to the Elliott Wave Pattern for corrective movements. The identification of this B-wave is crucial, as it suggests that the overall downtrend has not yet been fully exhausted and that further downside momentum may be forthcoming. As the analysis shifts to 2024, Van Lagen’s expectation is for the C-wave to materialize. In the Elliott Wave Framework, the C-wave is the final leg of the broader bear market cycle, and its occurrence would potentially mark the completion of the ongoing downtrend for Solana. Notably, Van Lagen’s analysis also highlights the presence of bearish divergence on the weekly Relative Strength Index (RSI), a widely used momentum oscillator. Bearish divergence occurs when the price makes higher highs while the RSI fails to confirm these highs, potentially signaling a forthcoming trend reversal or a loss of bullish momentum. Related Reading: Solana Remains Institutional Investors’ Favorite, YTD Flows Ramp Up To $29 Milion Van Lagen posted via X: “I’m short on SOL –> ready for the next leg down. 2021: Finalized a clean Elliottwave up; 2022: A-wave down of prolonged bear market
Crypto analyst Crypto Jack has suggested that Solana-based meme coin Dogwifhat (WIF) could soon witness a catastrophic crash. He noted what needs to happen for the meme coin to avoid this significant price decline. How Dogwifhat’s Price Could Crash Significantly Crypto Jack mentioned in an X (formerly Twitter) post that Dogwifhat’s price needs to stay above $3.5 as failure to hold above that level could be “catastrophic” for the meme coin. He also advised crypto traders to exercise caution while trading the meme coin so they do not get caught unaware and shaken out from their positions. Interestingly, data from CoinMarketCap shows that Dogwifhat has experienced a price drop below $3.5 from its weekly high of $4. Crypto Jack’s analysis suggests that the meme coin’s catastrophic crash may have already begun, as it could well hit new lows on its way down. It is worth mentioning that Dogwifhat is still up over 24% in the last seven days, which suggests that this recent price decline might just be a brief correction as part of an upward trend that the meme coin is currently enjoying. However, thanks to this recent price decline, over $1.2 million in long positions have been liquidated in the last 24 hours, according to data from Coinglass. Not Yet Time To Be Bearish On Dogwifhat Crypto analyst CrediBULL Crypto had previously revealed his bearish expectations for Dogwifhat, claiming that the crypto token could drop to as low as $1.6. He added that he would look to short the meme coin at $3.90, as he expected it to enjoy one last push to the upside before it declined significantly. However, despite Dogwifhat already attaining this height as predicted, CrediBULL Crypto suggested in a recent X post that it wasn’t yet the right time to be bearish on Dogwifhat. He claimed that the “Hat stays on a bit longer” because he believes Solana is approaching a bounce zone, which could cause it to climb to new local highs. If that is the case, he expects WIF to continue its upward trend, making it shorting it now a wrong move. Crypto analyst and trader Ponzi Trader also suggested that Dogwifhat still has enough bullish momentum to make another run following its recent price decline. He revealed that he is betting on WIF, bouncing from its current price range. Regarding how high Dogwifhat could rally on its next leg up, crypto analyst Alex Clay predicts the bullish sentiment towards the meme coin could send its price to $6.7. Crypto analyst and trader Unipcs (Bonk Guy) is bullish on Dogwifhat and predicts that the meme coin will reach $10 while claiming it will never drop to $1 again. Featured image created with Dall.E, chart from Tradingview.com
The long-awaited approval of a spot exchange-traded fund (ETF) for Ethereum in the US seems imminent, and industry insiders are already looking ahead. Solana, a high-speed blockchain network, is emerging as a potential frontrunner for the next cryptocurrency ETF. Related Reading: US House Delivers Surprise Knockout: Sweeping FIT21 Crypto Bill Passes Brian Kelly, founder and […]
Solana started a fresh increase above the $175 resistance. SOL price is up nearly 10% and might continue to rise if it clears the $188 resistance. SOL price jumped higher and tested the $188 resistance against the US Dollar. The price is now trading above $180 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $188 resistance unless it fails to stay above $175. Solana Price Starts Fresh Surge Solana price formed a support base near the $166 level and started a fresh increase. SOL followed recent Bitcoin and Ethereum surge to move into a positive zone. There was a move above the $175 and $180 resistance levels. The price even tested the $188 resistance. A high was formed at $188.00 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $166 swing low to the $188 high. Solana is now trading above $188 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair. Immediate resistance is near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another major increase. The next key resistance is near $195. Any more gains might send the price toward the $200 level. Are Dips Supported in SOL? If SOL fails to rally above the $188 resistance, it could start a downside correction. Initial support on the downside is near the $182 level. The first major support is near the $178 level and the trend line. The 50% Fib retracement level of the upward move from the $166 swing low to the $188 high is also at $178, below which the price could test $175. If there is a close below the $175 support, the price could decline toward the $166 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $158, and $152. Major Resistance Levels – $165, $172, and $180.
This week in the crypto market is marked by critical events and strategic developments that promise to influence trends and investor sentiment significantly. Here is an in-depth analysis of the most anticipated cryptocurrencies and their upcoming milestones. #1 US Spot Ethereum ETF Deadline Looms The United States Securities and Exchange Commission (SEC) faces pivotal deadlines […]
The fifth-largest cryptocurrency is benefitting from multiple catalysts, including bustling meme coin and DeFi activity, upcoming network upgrade and increasing interest in restaking arriving to the ecosystem.
Solana (SOL), the high-speed blockchain network, is facing a balancing act. While experiencing a short-term price bump, analysts warn of a potential plunge if a key technical level crumbles. Related Reading: Floki Inu Moment Of Glory: Analysts Forecast Explosive 200% Rally Bullish Flicker Amidst Bearish Gloom SOL’s price has seen a recent uptick of 3.60%, currently hovering around $162. However, this seemingly positive movement comes against the backdrop of a broader downward trend. Analysts attribute this shift to a change in market sentiment. Meanwhile, the altcoin’s RSI is 48, which denotes a neutral position. As a result, SOL has room to move in either direction because it is neither overbought nor oversold. A drop in trading activity has been observed, which is typical of periods of consolidation. A spike in trade volume following a breakout should confirm the trajectory of the trade. Lifeline Or Looming Abyss? Crypto analyst Alan Santana emphasizes the significance of the Exponential Moving Average 100 (EMA 100) as a critical support level for SOL. The EMA 100 acts as a technical indicator, reflecting the average price over the past 100 days. ✴️ Support Weakens | Solana To Crash Below 100#SOL | #Solana A trend following system uses a moving average as the main tool to generate trading signals for a system trader; the moving average is like the holy grail of technical analysis, together with the RSI. The moving… pic.twitter.com/9d5NrjuWWR — Alan Santana (@lamatrades1111) May 14, 2024 Historically, SOL has found support at this level during bullish periods. In September and October 2023, price breakouts above the EMA 100 signaled positive market sentiment. However, the recent trend reversal has cast a shadow over this once reliable indicator. A Potential Price Plunge Santana warns that a drop below the current EMA 100, sitting at roughly $140, could trigger a significant downturn for SOL. This breach could instill fear among investors, potentially leading to a sell-off and pushing the price even lower. The analyst cautions of a possible plunge below $100 if such a scenario unfolds. Solana: Beyond The Technical While the technical analysis paints a concerning picture, it’s crucial to remember the inherent volatility of the cryptocurrency market. Short-term predictions based on technical indicators may not always hold true. Other factors, such as industry news, regulations, and broader market trends, can also play a significant role in price movements. Related Reading: Buckle Up, XRP Fans: Analyst Eyes Price Explosion To $0.65 In Next 5 Days For instance, a positive regulatory stance towards cryptocurrencies could boost investor confidence and lead to a price increase, even if technical indicators suggest a downtrend. Conversely, negative news surrounding a blockchain hack or security vulnerabilities could trigger a sell-off, defying bullish technical signals. The Road Ahead Solana’s future trajectory remains uncertain. Will the $140 price point become a launchpad for a recovery, or will it crumble, sending SOL tumbling down deeper? Featured image from Pngtree, chart from TradingView
Solana started a fresh increase above the $150 resistance. SOL price is up nearly 15% and might continue to rise if it clears the $165 resistance. SOL price recovered higher and tested the $162 resistance against the US Dollar. The price is now trading above $150 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $165 resistance unless it fails to stay above $158. Solana Price Starts Fresh Surge Solana price formed a support base near the $138 level and started a fresh increase. SOL outperformed Bitcoin and Ethereum and moved into a positive zone above the $150 level. There was a break above a key bearish trend line with resistance at $148 on the hourly chart of the SOL/USD pair. The pair even $155 resistance and spiked above $162. A new weekly high was formed at $163.76, and the price is now consolidating gains. It is holding the 23.6% Fib retracement level of the upward move from the $141 swing low to the $164 high. Solana is now trading above $160 and the 100 simple moving average (4 hours). Immediate resistance is near the $165 level. The next major resistance is near the $172 level. A successful close above the $172 resistance could set the pace for another major increase. The next key resistance is near $180. Any more gains might send the price toward the $188 level. Are Dips Supported in SOL? If SOL fails to rally above the $160 resistance, it could start a downside correction. Initial support on the downside is near the $158 level. The first major support is near the $152 level. The 50% Fib retracement level of the upward move from the $141 swing low to the $164 high is also at $152, below which the price could test $150. If there is a close below the $150 support, the price could decline toward the $138 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $158, and $152. Major Resistance Levels – $165, $172, and $180.
Crypto analyst Javon Marks has provided insights into the future trajectory of Solana (SOL) after it hit a 1,100% return. The analyst is known to have called the crypto token’s previous high correctly, which is one reason his latest prediction is worth keeping an eye on. Solana Could Rise To As High As $453 Marks mentioned in an X (formerly Twitter) post that despite its recent pullback, Solana’s price may be getting ready for another price rally. He noted that a move of over 54% may already be in the pipeline and that such a price move could open up room for another run of over 93%, which would send Solana to $453. Related Reading: Cardano Ready For 15x Move, Crypto Analyst Reveals The Major Drivers Source: X Marks predicted last year that Solana would climb above $200, which it eventually did this year, peaking at a year-to-date (YTD) high of $202. Although the crypto token has dropped significantly from that price level, Marks’ recent prediction confirms that Solana’s run isn’t done yet and will still surpass its current all-time high (ATH) of $260. Solana rising to $453 looks more feasible considering that crypto analysts like Altcoin Sherpa have predicted that the crypto token could rise above $500 by year-end. Crypto analyst Hansolar also predicted that Solana could climb to $600 in this market cycle. Meanwhile, Crypto YouTuber Jake Gagain predicted that Solana will rise to $750, although he mentioned that it will likely happen in 2025. SOL Could Become The Third-Largest Crypto Token Solana’s rise to as high as $500 could lead to the crypto token becoming the third largest crypto asset by market cap, only behind Bitcoin and Ethereum. This is possible, as a rise to $500 is almost double Solana’s current ATH. Crypto analyst Chris O also previously predicted that this would likely happen as he predicted Solana and ADA would battle for the position. Meanwhile, asset manager Franklin Templeton also sounded confident in Solana’s potential to become the third-largest cryptocurrency. In a recent analysis, the asset manager highlighted the factors that could lead to this development. One is Solana’s technology, which they think will be perfect for the sectors that will drive the next wave of crypto adoption. Related Reading: US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000 Franklin Templeton also alluded to the upcoming airdrops on the Solana network, which could bring more liquidity into the ecosystem and possibly cause a surge in Solana’s price, just like when the Jito and Pyth airdrops occurred. The asset manager also noted that meme coin activity on the network isn’t slowing, which could contribute to Solana’s rise to becoming the third-largest cryptocurrency. Solana has become the foremost network for trading meme coins, which has led to an influx of new investors into the ecosystem. Therefore, a sustained network expansion will likely reflect positively on Solana’s price sooner or later. At the time of writing, Solana is trading at around $144, up in the last 24 hours, according to data from CoinMarketCap. SOL price at $144 | Source: SOLUSD on Tradingview.com Featured image from DL News, chart from Tradingview.com
Solana, the high-speed blockchain once hailed as an Ethereum killer, finds itself in choppy waters. After reaching an all-time high of $203 in March 2024, the cryptocurrency has experienced a significant correction, currently trading at $145. Analysts warn of a potential freefall, citing both external market forces and internal ecosystem woes. Related Reading: XRP All Talk, No Action? Social Media Booms, But Price Stuck In The Bear Pit Solana’s Descent: A Shooting Star Loses Its Luster Technical indicators paint a bleak picture for Solana. Alan Santana, a prominent crypto analyst, points to the emergence of bearish candlestick patterns like shooting stars and inverted hammers, alongside declining trading volume. These signals suggest a potential loss of momentum and investor confidence. Further fueling the bearish sentiment, the broader cryptocurrency market has entered a correction phase. Bitcoin, the bellwether of the industry, has dipped from its highs, dragging other digital assets down with it. This market-wide pullback weakens the overall demand for Solana, pushing its price lower. ✴️ Solana 4X SHORT (222% Profits Potential) Solana peaked March 2024, together with Bitcoin. One month later, April 2024, a market correction was confirmed. This is confirmed by the fact that support broke, in this case we have a “cap” pattern. ➖ Notice the shooting star,… pic.twitter.com/JKynUDENJd — Alan Santana (@lamatrades1111) May 11, 2024 Solana’s Internal Struggles: Network Congestion And Founder Feuds Beyond external market pressures, Solana faces internal challenges that threaten its stability. The network has experienced periods of congestion, hindering transaction speeds and scalability. These hiccups undermine Solana’s core value proposition of being a faster and more efficient alternative to Ethereum. Adding fuel to the fire, recent public spats between founders of prominent Solana-based projects have cast a shadow of disunity over the ecosystem. Such internal conflicts raise concerns about leadership and the long-term viability of the platform. At the time of writing, Solana was trading at $145. Chart: TradingView Solana: Can It Weather The Storm? The current situation presents a critical juncture for Solana. The cryptocurrency’s future hinges on its ability to navigate these challenges. On the one hand, some analysts remain optimistic. Investment giant Franklin Templeton recently identified Solana as a potential contender for the number three spot in the cryptocurrency market, highlighting its potential for long-term growth. Related Reading: ‘Jeo Boden’ Meme Coin Soars 20% After Trump Diss – Details Additionally, the upcoming Breakpoint conference in Singapore, a major gathering for the Solana community, could serve as a catalyst for renewed investor confidence. Solana’s story is far from over. Whether it emerges from this storm as a resilient leader or fades into the background remains to be seen. The coming months will be crucial for determining the cryptocurrency’s long-term trajectory. Featured image from Reformed Journal, chart from TradingView
In a post on X, Vibhu Norby, the CEO of the Solana-based company Drip Haus, has painted a detailed picture of Solana’s recent journey through scalability challenges and significant user growth. His analysis sheds light on both the obstacles and the advancements within the ecosystem. Why Solana Is In The Best State Ever Norby begins […]
Despite the current market downtrend, crypto traders are still finding ways to make life-changing gains. This is the case of some Solana meme coin traders who recently turned $6,400 into $8 million in 24 hours. How These Solana Meme Coin Traders Turned $6,400 Into $8 Million On-chain analytics platform Lookonchain revealed in an X (formerly […]
Venture capital firm Pantera Capital successfully acquired an undisclosed amount of discounted Solana tokens in a recent auction orchestrated by the bankrupt FTX exchange managers. While specific details of the auction are not fully disclosed, Pantera Capital, alongside industry stalwarts like Galaxy Digital, had previously made significant investments in SOL tokens, totaling around $1.9 billion […]
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Solana attempted a recovery wave above the $140 level. SOL price is now struggling to clear the $160 and $170 resistance levels. SOL price recovered higher and tested the $160 resistance against the US Dollar. The price is now trading below $160 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could start another decline if it stays below $160 and $170 for a long time. Solana Price Faces Resistance Solana price started a major decline below the $170 and $160 support levels. SOL tested the $115 zone and recently started an upside correction, like Bitcoin and Ethereum. There was a decent increase above the $130 and $140 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low. It even spiked above the $155 zone and the 100 simple moving average (4 hours). However, the bears are active near the $160 zone and the 50% Fib retracement level of the downward wave from the $205 swing high to the $115 low. The price struggled and corrected gains. Source: SOLUSD on TradingView.com Solana is now trading below $160 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $170. Any more gains might send the price toward the $188 level. Another Decline in SOL? If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line. The first major support is near the $132 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $100 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 – $146, and $132. Major Resistance Levels – $155, $160, and $170.
The Wild West of cryptocurrency just got a little wilder. Solana, the blockchain known for its lightning-fast transactions, recently became a breeding ground for a peculiar phenomenon: the meme coin frenzy. While these dog-themed, cat-inspired, or just plain nonsensical tokens promised moon landings, many investors landed face-first in a crater of lost cash. Related Reading: Bitcoin Miners Strike Gold: $107 Million Profit From Runes-Fueled Minting Spree Solana Stampede: A Frenzy Of Frivolous Finance Fueled by social media hype and the fear of missing out (FOMO), a stampede of investors poured money into meme coin presales. A project with a name like “I Like This Coin” (LIKE) sprouted like weeds, promising outlandish returns. The “I Like This Coin” story, however, turned out to be a classic case of “buyer beware.” Despite an initial market cap of a staggering $577 million, the token’s value plummeted by a disastrous 90% within a mere eight hours of launch. The party didn’t stop there. Blockchain investigator ZachXBT uncovered a particularly galling trend: a dozen meme coin projects vanished into thin air after their presales, taking a combined $26.7 million from investors with them. Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M). Would avoid any future projects launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn — ZachXBT (@zachxbt) April 21, 2024 Solana Slowdown: When Meme Mania Clogs The Network The meme coin craze wasn’t without collateral damage. The massive influx of transactions clogged the Solana network, leading to transaction failures and frustrating delays. This highlighted a fundamental issue with meme coins: they often lack real-world applications and contribute little to the underlying blockchain’s development. Solana’s founder, Anatoly Yakovenko, wasn’t shy about expressing his skepticism. He questioned the very concept of meme coin presales, suggesting they were better suited for projects with strong tech foundations. Yakovenko’s comments resonated with many who saw the meme coin frenzy as a speculative bubble fueled by empty promises and social media hype. Solana is currently trading at $155.69. Chart: TradingView Meme Coin Meltdown: A Cautionary Tale For Crypto Curious Investors The rise and fall of Solana’s meme coins serves as a stark reminder of the inherent risks associated with investing in unregulated, highly speculative assets. While the allure of quick riches might be tempting, the potential for scams and rug pulls (where developers abandon a project after raising funds) is significant. Related Reading: Is The Bitcoin Bloodbath Over? Analysts Say $60,000 Is The Cycle’s Bottom The fallout from the meme coin frenzy could have lasting repercussions. Regulatory bodies might take a closer look at this corner of the crypto world, potentially leading to stricter measures to protect investors. For those interested in exploring the exciting world of cryptocurrency, the lesson is clear: conduct thorough research, prioritize projects with real-world use cases, and always remember what the sages mean when they say if it sounds too good to be true… Featured image from Pexels, chart from TradingView
The estate of the bankrupt crypto exchange FTX is preparing for another significant disposition of assets, this time involving locked Solana (SOL) tokens. Unlike prior transactions, this batch of Solana tokens will be sold through an auction process, a departure from the fixed-price sales previously conducted. According to Mike Cagney, CEO of Figure Markets, a […]
Many investors expressed worries about the crypto market corrections during this cycle. Bitcoin’s price drop has dragged altcoins with them, and, as a result, a more pessimistic sentiment has started to brew among some sectors of the crypto community. Analysts and traders have reassured investors that the market fluctuations are a normal part of the journey. Some urge the community to look at the bigger picture, as altcoins remain above levels not seen in years. Related Reading: Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment “Down”? Renowned crypto analyst Altcoin Sherpa weighed in on the matter, exploring some of the reasons and differences that make this bull cycle different from the 2020s. Time For An Altcoins Cool-Off? In an X post, Altcoin Sherpa asserted that there’s a high possibility “that altcoins are done for the next 1-4 months.” The analyst considers that, right now, most of the market needs “time to chill out and consolidate after such a big run.” Despite recently falling below the $1 trillion market capitalization, altcoins have performed remarkably in the last few months. In 2024, cryptocurrencies’ market cap, excluding Bitcoin’s, has increased by 22.79%, according to TradingView data. Altcoins market cap has also considerably surged in longer timeframes, with a 91.31% and 52.46% jump in the last six months and the past year. This “big run,” as Sherpa called it, sits the cryptocurrency market at levels like those seen in 2022. However, what worries the crypto analyst is, despite the overall performance, “many alts didn’t even run that hard over the last few months.” He illustrated his point with Chainlink’s native token, LINK. Despite the +500 days of accumulation, LINK investors only got 3-4x gains depending on when they go in. Now, the token’s price is “strongly pulling back.” Expectations for altcoins during this cycle seemingly play a significant role in the current sentiment. As one X user pointed out, LINK was anticipated to be one of the biggest winners of this cycle, Sherpa replied that he “expected more lol.” The user playfully commented, “No dino coins and new and shiny coins are the better bet.” How Did The Market Change? The previous comment highlights what appears to be a significant difference between this bull run and the 2020s. Choosing your bag has become more difficult since the market has expanded significantly. Sherpa considers that “now more than ever, it is super important to choose the altcoins that are going to run hard.” In 2020, the massive altseason made “everything go up consecutively.” This time, the liquidity is more fragmented, and “only a few sectors are pumping.” The AI and memes sectors have been the hottest topic in 2024, and layer-1 (L1) tokens, like SEI, have also performed well. “Everything else? Not great,” remarked Sherpa. The massive number of tokens, both newly launched and old ones, are finding it more difficult to “capture mindshare/attention.” Regarding retail investors, the analyst is not surprised that the default choice is memecoins instead of “trying to learn about some DeFi veRewards type of stuff. Or Oracle or L1s or modular or anything else.” The analyst suggested investors “move to real value” like ETH and SOL. He also considers that big token launches, with significant money behind them, “have some real value.” These coins, as stated in the post, have the potential to “do very well” once Bitcoin stabilizes. Sherpa’s market analysis closes with a “pretty bearish” outlook for the following months. The growing difficulty in keeping user attention and “for people to become strong users/community members” for many projects has made the market a different playground. Ultimately, the analyst pointed out that “portfolio rebalances are necessary” and said he still believes this run is not over. Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why Altcoins market cap sitting at $981 billion in the weekly chart. Source: TOTAL2 on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
Solana developers have released a version 1.17.31 update to help the blockchain network battle the congestion issues it faced over the past month. In an April 15 post on X, Solana’s Status said: “The v1.17.31 release is now recommended for general use by MainnetBeta validators. This release contains enhancements which will help alleviate the ongoing […]
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Solana tumbled and declined toward $110. SOL price is now correcting losses above $140 and facing hurdles near the $160 resistance zone. SOL price gained bearish momentum and declined below $150 against the US Dollar. The price is now trading below $160 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could continue to recover if it clears the $150 and $160 resistance levels. Solana Price Starts Recovery Solana price started a major decline below the $180 and $160 support levels. SOL declined over 20% and even tumbled below the $150 level. Finally, the bulls appeared near $110. A low was formed at $115.04 and the price is now attempting a recovery wave like Bitcoin and Ethereum. There was a decent increase above the $125 and $132 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $204 swing high to the $115 low. Solana is now trading below $150 and the 100 simple moving average (4 hours). Immediate resistance is near the $150 level. The next major resistance is near the $160 level. Source: SOLUSD on TradingView.com There is also a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the $204 swing high to the $115 low. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $182. Any more gains might send the price toward the $200 level. Are Dips Supported in SOL? If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $140 level. The first major support is near the $132 level, below which the price could test $125. If there is a close below the $125 support, the price could decline toward the $115 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 below the 50 level. Major Support Levels – $140, and $132. Major Resistance Levels – $150, $160, and $182.
Solana continues to be on the news, this time due to some projects based on the chain having a dispute. Solana-based lending and borrowing protocol MarginFi has recently been “beefing” with Solend, another lending protocol, and SolBlaze, a liquid staking platform. Amid the drama, MarginFi’s CEO and founder stepped down after some “inappropriate” X posts […]
Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through. Solana Open Interest Drops By $370 Million Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around $1.22 billion to hit a new all-time high of $2.86 billion on April 1. This translates to an over 100% increase over this three-month period. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 – Here’s When However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities. Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history. Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at $2.39 billion on April 19, down $370 million from its all-time high, which is a 12.9% decline in around a week. Source: Coinglass Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time. SOL Network Ready To Bounce Back? Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track. CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing. Following Mumtaz’s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as $175. However, the expectation is that SOL will come back with a vengeance once the network is operational again. Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above $400. If this is correct, then the present predicament will be a short-lived roadblock in Solana’s rise. SOL price drops to $176 amid network issues | Source: SOLUSDT on Tradingview.com Featured image from ByteTree, chart from Tradingview.com
Solana recently encountered a significant challenge with an unprecedented number of transaction failures. On Apr. 5, the network saw over 75% of its transactions fail, highlighting a critical issue for a network that has rapidly become a key player in the DeFi space, handling massive trading volumes. This surge in failed transactions raised concerns about […]
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Amid the renewed strength recently displayed by Bitcoin, Michael Van De Poppe, a recognized cryptocurrency analyst and trader has offered an intriguing prediction for BTC, highlighting that the crypto asset is likely to reach the $300,000 threshold in this bull cycle. Bitcoin Price Targetted At Unprecedented Heights This Cycle Over the past month, the price of Bitcoin has been consolidating and hasn’t been able to sustain its rise beyond its new peak of $73,000. However, things could soon be changing, as Michael Van De Poppe expects the coin to surge immensely in the short term. His forecast coincides with anticipation around the upcoming Bitcoin Halving expected to take place in less than 12 days, fueling optimism within the crypto community. Related Reading: 12 Days Until Bitcoin Halving: Why $100,000 Isn’t Much Further Away According to the expert, the largest cryptocurrency asset by market cap is still experiencing significant resistance. Nonetheless, if Bitcoin manages to break out of this zone, the coin could witness a progression towards new all-time highs in the coming months. Given that BTC achieved the $70,000 price level ahead of the halving event, Poppe believes that it is likely to surge to unprecedented levels, particularly topping out at $300,000 in this bull run. The post read: Bitcoin still facing crucial resistance. If this breaks, then we will be seeing a continuation towards new all-time highs. Bitcoin at $70,000 pre-halving. Likely $300,000 this cycle. Poppe underscored that the price of Bitcoin returned to $70,000 level over the weekend. As a result, he has pointed out bullish indicators that are presently occurring in the crypto landscape. The analyst also noted that the strength of the cryptocurrency markets has now exceeded our perceptions, and dips in altcoins represent opportunities for good entries. In addition, BTC’s price action demonstrates the potential to reach a new all-time high pre-halving, and the shift in favor of altcoins is on the horizon. Altcoin Season Set To Kick Off In Weeks Poppe is super bullish toward an ‘altcoin season’. However, it is important to note that altcoins’ value has frequently coincided with shifts in Bitcoin’s supremacy. But even though Bitcoin’s dominance is still at its peak prior to the halving, Poppe thinks these coins still have a lot of momentum. Related Reading: Forget Bitcoin! Altcoins Set For Explosive Growth With Potential 1,000x Returns — Analyst He advocates that a new altcoin season will undoubtedly begin in the upcoming weeks. “We always have one, we have seen Meme coins, Solana (SOL) ecosystem, and AI,” he stated. The expert’s statement suggests that the Solana ecosystem, AI projects, and meme coins in recent months have led the altcoin market. Thus, Michael Van De Poppe has contended that in the impending alt season, crypto initiatives that prioritize the tokenization of Real-World Assets (RWA), the Ethereum (ETH) ecosystem, and the Decentralized Physical Infrastructure Network (DePIN) are likely to be next, paving the way for alts this cycle. At the time of writing, the altcoin’s overall market excluding Bitcoin and Ethereum was valued at $753.47 billion. This indicates a 2% increase in the market cap in the past 24 hours. Featured image from iStock, chart from Tradingview.com
Solana (SOL), a prominent player in blockchain technology, finds itself at a crossroads. While crypto analyst Altcoin Sherpa remains bullish on its long-term potential, recent price drops and a surge in failed transactions raise concerns. Is Solana Poised For A Major Rally? Sherpa, known for simplifying complex investment strategies, suggests a buying range of $168-208 for SOL. He emphasizes a long-term approach, advocating patience over short-term price movements. This aligns with Solana’s reputation for innovation, offering a fast and scalable platform for decentralized applications (dApps). Its growing popularity and strong foundation in blockchain technology further solidify Sherpa’s optimistic outlook. $SOL: It’s very simple- buy within this $168- $208 range and don’t think too much about price for the next few months. Watch # go way higher. The end. pic.twitter.com/InCvCIRdzo — Altcoin Sherpa (@AltcoinSherpa) April 4, 2024 The analyst urges investors to exercise patience and adopt a long-term perspective while dealing with the erratic cryptocurrency market and advises against overanalyzing the short-term price fluctuations. Related Reading: Trouble Ahead? Binance Coin Futures Market Under Pressure With Negative Funding Rates By contrast, he advocates refocusing towards a broader point of view, emphasizing that significant profits could result from a less fearful response to price fluctuations within the suggested purchase frame. In light of the volatility of cryptocurrency investments, this perspective offers some degree of clarity and suggests that Solana’s value is about to see a significant increase. But, SOL Price Is On The Weak Side However, Solana’s recent price performance paints a different picture. Over the past 24 hours and the last week, SOL has experienced a slight decline. This dip comes amidst a period of high trading volume, exceeding $4.3 billion in the last day alone. While high volume can indicate strong market interest, it can also be a sign of volatility. Further dampening investor sentiment is a concerning rise in failed transactions on the Solana network. Data from Dune Analytics reveals a staggering rate – nearly three-quarters of all transactions on the SOL chain have failed since March 2024. Source: Dune Analytics While bots causing spam are attributed to most of these failures, legitimate users interacting with the blockchain for swaps or decentralized exchange (DEX) transactions could also be affected. This network congestion raises questions about Solana’s scalability, a core strength Sherpa highlights. The Road Ahead For SOL Solana’s future trajectory hinges on its ability to address these network issues. Developers are actively working on solutions, but it remains to be seen if they can effectively mitigate the problem. Addressing scalability concerns will be crucial to maintaining user confidence and attracting new ones. Total crypto market cap is currently at $2.405 trillion. Chart: TradingView The contrasting perspectives on Solana highlight the inherent volatility of the cryptocurrency market. Investors considering SOL should carefully weigh Sherpa’s long-term vision against the recent price decline and network issues. Related Reading: Dogecoin Deflates: What’s Behind The 20% Price Drop Amidst Memecoin Mania? Looking ahead, several factors will influence Solana’s future. The success of upcoming projects built on its platform and the broader adoption of blockchain technology will play a significant role. Additionally, regulatory developments and the overall performance of the cryptocurrency market could also impact SOL’s price. Solana remains a force to be reckoned with in the blockchain space. Its innovative approach and strong foundation are undeniable. However, overcoming network congestion is paramount to fulfilling its long-term potential. Featured image from Pexels, chart from TradingView
A new rug pull alert sounded on Tuesday after crypto detective ZachXBT unveiled on-chain details of an alleged hack suffered by an NFT project last month. The project’s CTO announced that a response was in the works but ultimately vanished as criticism grew. Related Reading: Trezor X Account Hacked: How Much Was Taken In The Fake Crypto Presale? Nuddies NFT, A Hack Or Rug Pull? On-chain sleuth ZachXBT revealed the alleged misuse of funds by the CTO of NFT project Nuddies NFT. In a now-deleted post, its CTO Kyle explained that the project was “derugged from its previous founder” and built differently from other NFT projects. A short investigation into how @kyledegods faked a hack and stole SOL from his project @NuddiesNFT before spending it on NFTs and lying to holders about how devastated he was about the incident. On March 3, 2024 Kyle made a post in his Discord server claiming his wallets had… pic.twitter.com/4ne6dtVyA5 — ZachXBT (@zachxbt) April 2, 2024 According to the crypto detective, Kyle faked a hack that seemingly stole the project’s funds. On March 3, the alleged culprit posted on the Nuddies NFT Discord server, informing us of the hack. The post affirmed that Kyle’s Mac was hacked despite “not clicking in any malicious link.” The CTO concluded that a “zombie process” was on his computer for an undetermined period. This “mini-program” gave control of the computer to “the hacker.” Through the TeamViewer app the attacker gained access to the project and Kyle’s wallets. The post further explained that 90 SOL, approximately $17,000 at today’s price, were taken from the Nuddies NFT creator wallet. Moreover, the hacker allegedly took control of Kyle’s Discord and stole 150 SOL, worth around $28,300, from his wallets. At the time, he claimed to be “mentally destroyed” by the loss of the project’s treasury money. SOL is trading at $188.43 in the 3-day chart. Source: SOLUSDT on Tradingview.com Nonetheless, the on-chain data compiled by ZachXBT tells a different story. Per the crypto detective’s post, the CTO allegedly lied to the holders and stole the 94 SOL, worth $12,000, when the incident occurred. The post reveals that the funds were transferred during that day from the Nuddies Royalty Wallet to an exchange deposit at 8:20 UTC. The on-chain investigator claims that a destination transaction was found using time analysis. The transaction to one of Kyle’s wallets accounted for 3.42 ETH, around $11,700, at 8:21 UTC. The ETH was seemingly used to buy two NFTs: DeGods 2921 and y00t 10991. The DeGod NFT was used as the CTO’s profile picture on X until yesterday. CTO Answers The Accusations, Then Vanishes The accusations didn’t go unnoticed by the suspect, who posted on his X account that he was “preparing the answer” with a wink face emoji. After changing his profile picture, Kyle answered some users’ questions about his credibility, to which he replied that his “conscience is clear.” Now-deleted post from Nuddies' CTO Kyle. Source: X In the early hours of Wednesday, Nuddies NFT account shared a now-deleted post informing that the creator wallet was “refilled with 12k USD.” In the post, Kyle reassured that his previous claims of intending to refill the wallet were authentic. The CTO also claimed he was “waiting for his $W airdrop” to fulfill his promise instead of selling his DeAsset. Additionally, he “stepped out” of the project after giving the access keys to two community members. Recovered excerpt from the deleted Nuddies NFT post. Source: X However, the story doesn’t end there. Kyle and Nuddies NFT’s account were deleted a couple of hours after the post. The Nuddies website seems not to be working, as reported by an X user. The project’s future is unsure as one of the community members to whom Kyle gave the access keys was unaware of the situation. Juiceddd, an NFT artist, is one of the two people in charge of the project. Related Reading: Arbitrum Beats Ethereum and Solana With 119% Surge In NFT Sales, NFT Resurgence On The Horizon? The artist explained that he was responsible for redrawing the entire Nuddies collection while adding “70+ new traits.” Moreover, Juiceddd stated that he “woke up this morning to being the owner of everything.” The artist is contemplating giving his perspective on the incident as he considers that it is generally the artist who “gets fucked” in these situations. Featured Image from Unsplash.com, Chart from TradingView.com
The team cited insufficient funds, evolving market trends, and a recent security breach for its closure.