On Thursday, 3iQ Digital Asset Management announced the filing of a preliminary prospectus for The Solana Fund (QSOL) with securities regulatory authorities across Canada, excluding Quebec. If approved, QSOL will become the first Solana (SOL) exchange-traded product (ETP) listed in North America, trading on the Toronto Stock Exchange (TSX) under the ticker “QSOL”. First Solana […]
Arthur Hayes, co-founder of crypto exchange BitMEX, has predicted that the blockchain Aptos (APT) is poised to surpass Solana (SOL) in prominence and utility in the race for the second largest Layer 1 (L1) blockchain behind Ethereum within the next two to three years. Hayes conveyed his thoughts during a detailed interview with macro analyst Raoul Pal. Aptos Could Overtake Solana Hayes indicated that the potential for Aptos to outperform Solana and ascend as the second-ranking L1 protocol after Ethereum is significant, but did not delve into the specific catalysts behind his assertion during the conversation. He promised a more detailed exposition of his views in September. The emergence of Solana in March 2020 marked a significant milestone in the blockchain landscape. Solana was heralded as a solution to several limitations of Ethereum, particularly concerning scalability, speed, and cost-efficiency. These attributes were crucial as the Ethereum network grappled with severe congestion issues during the DeFi boom, prompting the search for viable alternatives. Related Reading: Analyst Calls Buy Signal As Solana Hits Key Support At $141 Solana’s ascent in the crypto hierarchy was notably accelerated with the launch of the memecoins BONK in December 2022 and dogwifhat (WIF) in November 2023, both pivotal moments that marked the first major departure of memecoin activities from Ethereum’s ecosystem. Both memecoins not only boosted Solana’s visibility but also attracted an array of memecoins and innovative DeFi platforms, drawn by lower transaction costs. However, similar to Ethereum, Solana faced its own challenges at the beginning of the year with network congestion as its popularity surged, demonstrating the persistent scalability issues within current blockchain infrastructures. Aptos, on the other hand, has maintained a record of zero downtime since its inception, positioning it as a robust and reliable alternative within the digital currency ecosystem. Its foundation rests on the novel smart contract programming language “Move,” developed by engineers formerly associated with Meta Platforms Inc.’s Diem project. Related Reading: Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed? Although Diem was ultimately shelved, the expertise and technological advancements have been redirected into Aptos, emphasizing its suitability for commercial use and potential for widespread adoption. However, Aptos has not yet been widely adapted. The blockchain currently has neither a popular DeFi ecosystem nor any major memecoins. APT Price Analysis This is reflected in Aptos’s market performance. Currently, Aptos (APT) has retreated 63% from its January 2023 high of $20.39, trading at $7.50 after experiencing a significant downtrend from its March peak of $19.48. The decline has taken APT below the 0.236 Fibonacci retracement at $8.39. The cryptocurrency’s trajectory has also seen it falter below the 50-week Exponential Moving Average (EMA), now at $9.25, which has emerged as a major resistance level. APT has faced multiple rejections at this threshold, underscoring its importance for any potential reversal to bullish momentum. Moreover, maintaining a position above the year’s lowest price of $7.39 is critical to stave off further losses. Featured image from YouTube, chart from TradingView.com
Certain on-chain indicators paint a bullish picture for Solana (SOL), suggesting this may be an excellent time to purchase the crypto token. This aligns with Solana’s price movement on the chart, with technical analysts predicting that an upward trend might be on the horizon. Solana Enjoying Greater Adoption Data from the market Intelligence platform IntoTheBlock shows that the number of daily addresses on the Solana network has been growing at an impressive rate. On June 11, over 1 million new addresses transacted on the Solana network. This development is significant as SOL could enjoy future price surges as more new users continue to trade on the network. Related Reading: Famous Analyst Dave The Wave Says Bitcoin Still Has Wiggle Room, Sets $300,000 Target The massive growth enjoyed by the Solana network has also translated to greater trading volume on the network, which is also bullish for the crypto token. Data from DappRadar shows that there has been a 62% increase in transaction volume on the Solana chain in the last 24 hours, with over 8.83 million transactions processed during this period. Interstingly, Solana stands tall in this metric, as no other chain has processed this many transactions during this period. Solana has also processed more transactions than every other chain in the last seven days, with over 59.55 million transactions processed within this timeframe. The growing interest in SOL has been partly thanks to the meme coin ecosystem on the network. Solana has become the go-to platform for traders looking to make massive profits from meme coins, which have so far been the best-performing crypto assets in this bull run. Solana’s reputation as the home for meme coins has even attracted celebrities like Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate to the network. Bearing this in mind, it only seems like a matter of time before Solana’s price reacts positively to its network growth and ever-increasing network activity. Time To Buy SOL? Crypto analyst Altcoin Sherpa suggested that now might be a good time to buy Solana ahead of the meteoric price rally, which it could enjoy soon enough. The analyst said he expects “bigger things” for SOL later this year. For now, he expects Solana to keep chopping between $185 and $120 and just continue to witness a “prolonged period of consolidation.” Related Reading: Bitcoin Price Prediction: Major Analysts Say BTC Is Headed For 6-Digit ATH This period of consolidation is usually a good time for investors to accumulate the crypto token, considering that coins typically enjoy a parabolic uptrend after consolidating for a while. Meanwhile, Altcoin Sherpa claimed that this period of consolidation is healthy for Solana, given the huge run it has already had, rising to a yearly high of $209 on March 18. As to how Solana can rise, Altcoin Sherpa previously predicted that the crypto token will rise above $500 this year.
A crypto pundit has declared that Dogecoin (DOGE) and Solana (SOL) have reached their “make it or break it levels.” This assessment is set to generate a wave of optimism as DOGE and SOL could be getting ready for a rebound soon. Dogecoin And Solana At Make It Or Break It Point A Crypto analyst […]
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 […]
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
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
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 […]
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 […]
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
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 is one of the biggest gainers over the past year after losing over 90% during the cryptocurrency bear market.