The Solana network’s native cryptocurrency, SOL, has been on an upward surge in the past three days, climbing from around $180 to over $210. Having failed to break its previous low of $162.74, the coin, which is currently ranked 5th in the crypto market with a total supply of 441 million and a market capitalization of over $88 billion, SOL is showing no signs of stopping. Will Solana Continue To Surge Upward? At the time of writing, Solana has been up by 6.25% trading around $198 in the past 24 hours, and has broken above the previous resistance level of $195. The price is also trading above the 100-day moving average on the 4-hour chart of the SOL/USD pair. If the price continues to move upward, it might break above its major resistance level of $210 and move even higher to create a new high for the year. All these can be seen in the image below: Looking at the chart with the help of the RSI (Relative Strength Index) indicator in the image above, we can see that the RSI line is trending above the 50 level. This is an indication that the price of SOL is still in a bullish zone and could even surge further upward. A further look at the 4-hour timeframe chart with the help of the MACD indicator, we can see that the MACD is on the bullish side as the MACD line, the signal line, and the MACD histogram are all trending above the zero line. Finally, using the bull vs bear power histogram indicator, it appears buyers have taken over the market with powerful momentum and are ready to push the price even higher. We can confirm this in the image below: With the momentum that Solana is moving with, there is a possibility that it could break above its previous resistance level of $210.27. If this manages to happen we could see prices soaring higher especially with the level of demand momentum in the market Could SOL Dip? If the price of Solana fails to break above the resistance level of $210, it could start a downside correction to its initial support level of 162. If the price closes below this support level, it could decline even further and probably start a downward trend. Featured image from YouTube, chart from Tradingview.com
Panelists at a BUIDL Asia summit said racist meme coins can be handled with a light touch.
On Wednesday, the future of Solana may have been clouded by United States Southern District of New York’s Judge Katherine Polk Failla with her decision against Coinbase’s motion to dismiss. The ruling enables the Securities and Exchange Commission (SEC) to advance its case against the crypto exchange giant. The case centers on allegations that Coinbase […]
Solana flipped Ethereum in weekly stablecoin transfer volume as investors chase after yield, airdrops and high returns from the memecoin frenzy.
On March 19, Trezor’s X suffered a security breach that exposed the account’s 200,000 followers to a fake crypto presale. After the alarms were raised, most crypto users stayed vigilant while the hardware wallet company regained control. Trezor’s team recently published a preliminary report addressing the concerns. The post also explained the elaborate phishing scam […]
Cryptocurrency traders constantly look for the next big project to yield significant profits. However, not all of their investments result in massive gains. A recent report by Lookonchain revealed that a trader lost more than $1 million within three days. Related Reading: Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention When Buying High Doesn’t Result In Selling Higher According to the blockchain research platform Lookonchain, a crypto trader lost 6,039 SOL over the last three days after FOMO-buying a memecoin. Per the report, the trader bought Slerf (SLERF) for 4,958 SOL, worth around $1 million. The different transactions occurred when the price hovered between $0.8 and $1.4 on its launch day. A couple of hours later, the trader sold its SLERF tokens, losing 2,793 SOL after the token’s price plunged to the $0.4-$0.6 range, for a loss of $564,000. This #FOMO buyer sold all $SLERF at a loss of 6,039 $SOL($1.15M) again. Then he deposited all his $SOL to #Binance and may no longer trade #MEMEcoins.https://t.co/ubHQwYoM54 pic.twitter.com/RIJkDF103C — Lookonchain (@lookonchain) March 21, 2024 Seemingly, the fear of missing out made the trader buy SLERF a second time when the price neared its all-time high (ATH) of $1.30. The address bought 3 million Slerf at $1.17, spending 19,133 SOL, worth around $3.152 million. At the time, the pending question was whether the trader would profit from this second attempt or lose more money. As Lookonchain reported, the FOMO buyer sold all their SLERF tokens at a loss again, losing 6,039 SOL, worth $1.15 million. The Slerf token, which has been all over the news for its dramatic launch, saw a significant price decrease of 52.39% from the ATH registered the day after launch. At writing time, SLERF is trading at $0.6351, an 18.4% decrease in the past 24 hours. oh fuck#Slerf #Slerfthesloth #slerfsup $slerf pic.twitter.com/MZes6fVjHN — Slerf (@Slerfsol) March 22, 2024 A second trader lost 3,731 SOL, worth $775,000, just one hour after buying 790,236 SLERF at its ATH price. The trader then doubled down on its bet and bought another 650,000 SLERF. Unluckily, the token’s price plummeted after both purchases. Is The Crypto Presale Meta Hand In Hand With FOMO? To paint an even bigger picture, another crypto trader lost money yesterday after buying a different ‘presale meta’ memecoin. Although the figures are more modest than the other two cases, this trader bought SMOLE and lost 371 SOL. Later, the address spent 2,549 SOL to buy SLERF. This guy always buys high and sells low. He lost money on $SMOLE twice in just 20 minutes, with a total loss of 371 $SOL($70K). Then he spent all 2,549 $SOL($484K) to buy $SLERF.https://t.co/X4aRpNrZuC pic.twitter.com/oZlWkyKD8B — Lookonchain (@lookonchain) March 21, 2024 SMOLE, despite only being out for one day, has already seen massive criticism and a 17.1% price drop. At writing time, the memecoin is changing hands at $0.0001499, a 70.39% decrease from its highest price of $0.0005086. As this might suggest, FOMO seemingly drives memecoin traders’ decisions during this presale meta. The trend has seen hundreds of millions of dollars sent to memecoins, most of which report millions in losses for investors. 2024 is a #FOMO #YOLO kind of year go for it ! pic.twitter.com/AT8iMZchdQ — Crypto Damus (@AstroCryptoGuru) March 20, 2024 Despite experienced traders being able to profit from this trend, the current numbers hint at a considerable amount of traders losing massive figures while trying to catch the next memecoin to go “turbo parabolic,” even if it doesn’t have a long-term roadmap. Related Reading: Trezor X Account Hacked: How Much Was Taken In The Fake Crypto Presale? SOL is trading at $172.25 in the 1-day chart. Source: SOLUSDT on Trading.view.com Featured Image from Unsplash.com, Chart from TradingView.com
The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater. Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network. Related Reading: Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April Solana’s Dominance: Coingecko Study Insights According to a study by Coingecko, as a result of Solana’s nearly 50% share of global chain-specific interest, and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market. Currently priced at $191, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly $85 billion, and its 24-hour trading volume amounted to $9 billion. Bitcoin price action. Chart: TradingView The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation. Ethereum, on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it. SOL seven-day price ascent. Source: Coingecko Factors Driving Solana’s TVL Increase Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi) total value locked (TVL) rising by nearly 80% in the previous month alone. Related Reading: DeFi Turmoil: Over $5 Million Wiped Out In Liquidations Amid Ethereum Price Drop This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly $4 billion. Source: Defillama Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network. Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly $3.7 billion. Additionally, the network achieved an all-time high of $1.6 million in total daily fees, with fee income of $3.61 million. Featured image from Pexels, chart from TradingView
The scalability debate within the Solana ecosystem has reached a fever pitch, fueled by pointed discussions on X (formerly Twitter) among leading figures in the blockchain space. At the heart of the debate is the question of whether Solana, a blockchain celebrated for its high throughput and low transaction costs, can maintain its performance and […]
Solana’s SOL has surged to a new all-time high of 0.05797 against Ethereum, according to Tradingview data. This price performance follows its recent surge above the $200 mark for the first time since November 2021, coinciding with the blockchain record-breaking network activity. The price uptick has propelled Solana’s market capitalization to an unprecedented high of […]
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Memecoins soared past $55 billion in market cap, up 11% as traders doubled down on SHIB, WIF, BONK, and newcomer CORGIAI
After BOME's impressive success, see why users are eagerly placing their SOL in a subsequent pre-sale, involving wallet transfers.
Crypto community members' opinions were split, with one saying “profit is profit” and another saying that the trader “fumbled” generational wealth.
The dominance war is on. CoinMarketCap data shows that Solana and BNB Chain, two popular smart contracts platforms after Ethereum, are emerging as strong contenders. In a post on X, one crypto analyst notes that SOL and BNB, the native currencies of Solana and BNB Chain, respectively, have been growing, subsequently expanding the market caps of their respective platforms. However, even with this price uptick, it has yet to attain the 5% level, a target for proponents of the two platforms. Will Solana Flip BNB To Fourth? When the analyst shared the screenshot on March 14, BNB Chain, powered by Binance Coin (BNB), held a slight lead with a 3.34% dominance, while Solana trailed behind at 2.72%. Related Reading: Solana Smashes Major Resistance Levels, New All-Time High Imminent? However, Solana has been on a tear. Not only is the coin outperforming Bitcoin and Ethereum, but it has been expanding rapidly, faster than BNB in the past few trading weeks. When writing, CoinMarketCap data shows that SOL is trading above $170, a multi-month high. Moreover, it is up 11% on the last trading day and 20% in the previous trading week. At this valuation, SOL’s market cap is up 12% to over $75 billion, cementing its position at fifth, trailing BNB. On the other hand, BNB remains at fourth, behind USDT–the most liquid stablecoin whose market cap stands at over $103 billion. BNB is up 2% the previous day but double digits in the past week of trading. Overall, the lack of inactivity, especially on the last trading day, means its total market cap, at over $90 billion, is stable, only adding 2% on the last day. When comparing the performances of Solana and BNB, the former has the upper hand. For example, from September 2023, SOL gained over 200% versus BNB. BNB pared losses from January, but the revival in Solana, considering the success of meme coins, means SOL might extend gains in the future. Solana Rally On FTX’s Bankruptcy Case Proceedings, BNB Shakes Off Regulatory Woes As the competition intensifies, the future remains uncertain. It’s unclear whether SOL will overtake BNB to claim the second most dominant smart contract spot after Ethereum. However, at the time of writing, what’s certain is that the spike in on-chain activity on Solana and the unfolding events around the FTX bankruptcy case could bolster SOL prices. Therefore, it’s highly probable that Solana’s dominance might catch up with BNB as the race to the 5% level intensifies. Related Reading: Brace For Impact: MicroStrategy Is Planning Another $500 Million Bitcoin Purchase In November 2023, Binance settled with United States regulators, including the Securities and Exchange Commission (SEC), agreeing to pay a $4.3 billion fine. As part of the deal, their co-founder, Changpeng Zhao, also had to resign as CEO. While BNB prices initially plunged, the token recovered steadily from the $300 level. Feature image from Shutterstock, charts from TradingView
Can SOL sustain the momentum after breaking above a 23-month high? Decentralized application volumes surged, but there’s a catch.
Network data shows Solana underperformed competing chains, but SOL bulls are confident that the altcoin’s price will rise higher.
Solana becomes the 4th largest crypto by market cap despite a major network outage on Feb. 6.
The broader altcoin market also showed signs of rebounding from oversold levels, one analyst noted.
The phrase is only rolled out when things break on the popular blockchain.
SOL corrected alongside the wider crypto market sell-off, but data points to more concerning reasons for the price drop.
Traders were moving capital from SOL to stablecoins suggesting profit taking, one analyst said in an interview.
BNB Chain saw an uptick in deposits and activity, but is the fresh momentum sustainable?
Value locked on the blockchain’s applications has more than doubled since November.
The price of Ethereum is down against Bitcoin and Solana at levels not seen in years, prompting some critics to predict Ether’s “death” on social media.
Bitcoin takes a back seat on low timeframes as ETH and SOL claw back crypto market cap share from BTC.