As the cryptocurrency landscape continues to evolve with numerous layer-1 and layer-2 blockchains, the decentralized finance (DeFi) platform Drift is making significant advancements on the Solana (SOL) blockchain. Recently, Drift announced a successful $25 million Series B funding round led by crypto venture firm, Multicoin Capital. This funding will help propel Drift’s vision of becoming […]
Berachain was among the most hyped crypto projects at Token 2049, as investors are awaiting its mainnet launch before the end of 2024.
Solana (SOL) is trading at $145.02, and investors are buzzing with speculation about its potential gains in 2025. Since hitting its low at $8 in June 2023, SOL has surged over 1,400% to its March high of around $209 this year, demonstrating incredible growth and resilience in a volatile market. Related Reading: Spot Solana ETFs […]
A critical warning has been issued for users of Solana-based decentralized finance (DeFi) platforms about a malicious Chrome extension known as “Bull Checker.” This alert was issued by Jupiter, a leading decentralized exchange aggregator on the Solana blockchain, following investigative collaboration with cybersecurity experts and community support. A Warning for All Solana Users Jupiter’s research […]
The Solana meme coin ecosystem has been one of the major talking points in this bull run, as crypto investors continue to bet on tokens that launch from the meme coin generator Pump.fun. However, Solana traders might be having a rethink as data from the on-chain analytics platform Dune shows a dwindling interest in these […]
Ethereum and Solana registered net inflows last week despite a price correction among most cryptocurrencies. According to the most recent Digital Asset Fund Flows Weekly Report published by CoinShares, the cumulative inflows into these investment products reached an impressive $176 million over the week. This positive trend was consistent across all regions, with each registering […]
In a major turnaround, Solana (SOL) has managed to bounce from a 6-month low of $109 to consolidate above the $150 mark in the past 24 hours, solidifying its status as one of the best performers in the market year-to-date. The recent market rally has breathed new life into Solana, but according to crypto analyst Miles Deutscher, this is just the beginning. In a detailed social media post, Deutscher revealed 10 reasons why he believes SOL is poised for a staggering 5x to 10x upside move, with the potential to reach the $1,000 price point. Reasons Why Deutscher Is Mega Bullish On Solana Deutscher’s first point centers on Solana’s consistent relative strength throughout the market cycle. The analyst contends that SOL has maintained its position and garnered significant mindshare, particularly within the meme coin sector. Deutscher also emphasizes the role of attention in driving price action, noting that Solana’s prominence was underscored during the recent Bitcoin conference, where it ranked second only to BTC regarding mindshare, creating a positive feedback loop, and fueling SOL’s ascent. Related Reading: Bitcoin Price Soars Above $62,000 Again: Top 3 Reasons Deutscher also draws attention to Solana’s status as a “thriving crypto hub,” likening it to a premier casino where meme coins—akin to games—flourish, with the SOL token serving as the exchange medium. This dynamic ecosystem, he suggests, contributes to the overall value accrued within the Solana network. Another key factor in SOL’s favor, according to Deutscher, is its market cap differential from that of Ethereum (ETH). With Ethereum having a significantly higher market cap valuation, SOL benefits from “speculation opportunities,” especially as its metrics continue to outperform Ethereum’s. Deutscher points out that a potential repricing of ETH could further boost SOL’s market cap, potentially leading to a valuation of $1,320 or $660 per SOL. In addition, the analyst noted that SOL is currently on the verge of breaking through SOL/ETH resistance on the weekly chart, which he believes “After that, it’s clear skies ahead. Booming DeFi, Revenue, And Institutional Adoption Delving deeper into Solana’s ecosystem metrics, Deutscher highlights its leading position in decentralized finance (DeFi) user growth, surpassing established chains like Bitcoin and Tron. The network’s Total Value Locked (TVL) has surged to new highs, reaching $5.367 billion, while its decentralized exchange (DEX) volume has outpaced Ethereum on a rolling 30-day basis. Moreover, Solana’s revenue generation has surpassed that of major players in the crypto industry, like Ethereum, underscoring its prominence in the crypto sphere. Related Reading: Toncoin Rally Above 4-Hour 100-Day SMA Puts TON On The Path To $7.6 Deutscher also praised Solana’s latest upgrade, Firedancer, which aims to increase scalability, network efficiency, and institutional compatibility, as a major milestone for the blockchain and another reason to be bullish on the token’s prospects. The analyst also noted that asset management giant Hamilton Lane had launched a fund on the network, as NewsBTC reported in July, signaling growing institutional interest in the Solana ecosystem. Finally, the prospect of a spot Solana ETF, as proposed by VanEck, could potentially usher in a new wave of institutional capital, paving the way for further adoption and growth within the Solana ecosystem. At the time of writing, SOL was trading at $153, down 6% from Thursday’s weekly high of $163. Featured image from DALL-E, chart from TradingView.com
A crypto analyst has reignited the debate between Ethereum (ETH) and Solana (SOL), evaluating which cryptocurrency was more superior. Considering recent market trends and performances of both altcoins, the analyst has finally identified a clear winner in the competition. Solana Wins Battle Against Ethereum In a recent X (formerly Twitter) post, legendary crypto trader and analyst, Peter Brandt drew a comparison between Solana and Ethereum, spotlighting their fundamental characteristics, strengths and weaknesses. Based on his analysis, Brandt suggests that it was inevitable that one will be recognized as the clear winner or superior blockchain and cryptocurrency. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The ‘Clear Winner’ Sharing a price chart of Solana/Ethereum, the analyst offered a critical view of Ethereum, highlighting several vulnerabilities that are plaguing the blockchain. Despite being the second largest cryptocurrency by market capitalization, Brandt has described ETH as a difficult network to use, likely attributing this to its slow transaction speeds. He stated that Ethereum was expensive, cumbersome, and flawed. Moreover, the analyst has cast doubts on Ethereum’s claim to decentralization, suggesting that the blockchain was not as decentralized as it presents itself to be. On the other hand, Brandt praised Solana for its numerous strengths and noteworthy characteristics. The analyst points out that Solana’s ability to offer high speed transactions at a fraction of the cost of Ethereum was impressive. Brandt also disclosed that Solana’s network was easier to use, making it more accessible to developers and users. Additionally, the analyst highlights that Solana maintains a strong technical base, possibly referring to the blockchain’s unique Proof Of History (PoH) consensus mechanism. From the analyst’s perspective, Solana’s strong fundamentals and superior functionalities gives it a significant edge over Ethereum. He concluded his analysis with a bold prediction, stating that Solana could gain 100% in value relative to Ethereum in the months ahead. This underscores the analyst’s belief that Solana could potentially outperform Ethereum in the market. While Brandt’s comparison of Ethereum and Solana may suggest a bias against Ethereum, the analyst has clarified that he actually does not dislike ETH. ETH Forms Death Cross While SOL Surges To $160 A crypto analyst identified as ‘KickEx’ revealed in an X post that Ethereum and Bitcoin are forming a death cross on their respective price charts. The analyst notes that ETH’s recent market crash has led to the formation of a worrisome technical pattern. Related Reading: CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level KickEx has disclosed that if the death cross pattern plays out, Ethereum may experience a massive price decline in the liquidity range of around $2,000 per coin. At the time of writing, the cryptocurrency is trading at $2,682, reflecting a 10.84% increase, according to CoinMarketCap. While Ethereum’s price faces a potentially bleak future outlook, Solana has been performing relatively well in the market. The cryptocurrency recently hit the $160 price level, marking a rise of over 10%. Although the cryptocurrency has since retreated to $157, Solana continues to show strong bullish signals amidst market downtrends. Featured image created with Dall.E, chart from Tradingview.com
Solana, Bitcoin, Ethereum, and the broader crypto market experienced a tumultuous start to the week, with one of the most severe price crashes since the collapse of FTX. While macroeconomic factors were primarily responsible for this downturn, substantial sell orders from Jump Crypto, a division of the prominent Chicago-based quantitative trading firm Jump Trading Group, also played a significant role. In the 10 days leading up to the crash, Jump Trading transferred $277 million worth of ETH to various exchanges, significantly intensifying selling pressure across the cryptocurrency market. Additionally, Jump Trading liquidated 11,500 ETH (valued at approximately $29 million) from its holdings in Lido Finance, further contributing to its extensive sell-off. This aggressive selling activity by Jump Trading has sparked widespread speculation regarding the firm’s potential full-scale withdrawal from the crypto sector. What Jump’s Rumored Exit Could Mean For Solana These movements have ignited speculation within the community regarding Jump’s potential withdrawal from the sector, a scenario that could have profound implications for specific projects, especially Solana. Jump Crypto has been deeply involved with Solana, not least through its development of the Firedancer validator client, which is set to become one of the most crucial components of the Solana network infrastructure in the near future. Related Reading: Solana (SOL) Jumps 39% From Crash Low, But Is This Rally Sustainable? Jonah van Bourg, a crypto analyst and host of the 1000x podcast, has provided an exposition on what the rumored exit of Jump’s crypto activities could mean for Solana. Van Bourg explains, “Jump’s rumored exit will impact Solana and Firedancer. Here’s my take: Jump would not build Firedancer for free. Based on what I have heard, I think it’s reasonable to assume that Jump received millions of units of locked SOL as compensation for their multiyear effort building a complex validator client.” The implications of Jump’s potential exit are multifaceted. Van Bourg suggests that despite the rumors, Jump is unlikely to completely sever ties with Firedancer or Solana immediately due to the “megacontracts” involved that include extensive legal documentation. This suggests a structured, rather than abrupt, transition, which may stabilize immediate impacts but introduces long-term uncertainties. “In other words, Jump can’t (and shouldn’t) walk away. Thus, Jump will probably continue to develop & support Firedancer for some time,” Van Bourg adds. Related Reading: Solana (SOL) Bounces 30% Amid Market Recovery, Analysts Remain Bullish Furthermore, the expert speculates on the financial motivations underlying Jump’s future involvement, “They will not be doing so out of an altruistic desire to design the decentralized utopia of the future, as Mustache Warrior would often claim (in an insult to everyone’s intelligence). Instead, this is unquestionably about vesting 8-10 figures worth of compensation.” Despite this, Van Bourg remains bullish on Solana in the near term, suggesting that fears of a massive sell-off by Jump are overblown. “I am not worried about Jump unloading their mammoth position anytime soon. I remain bullish SOL and have been accumulating on dips for some time,” he declares. Yet, he also pragmatically acknowledges the possibility of Jump reducing its position strategically post-Firedancer contract expiration, “once the Firedancer contract sunsets, it would be irrational to assume that an economic actor as savvy as Jump wouldn’t exit their length, especially at higher prices. This is precisely what they [probably] just did with their ETH and ETH ecosystem deals.” At press time, SOL traded at $154.17. Featured image from Chainalysis, chart from TradingView.com
In a recent flare-up on X, notable voices from both the Ethereum and Solana communities clashed over various criticisms directed at the Solana blockchain. Flip Research, a X handle aligned with pro-Ethereum viewpoints, outlined several perceived flaws in SOL’s architecture and operation, raising questions about the blockchain’s reliability, usability, and future potential in institutional settings. […]
Despite growing rumors that the world’s largest asset manager may file a spot Solana ETF (exchange-traded fund) with the US Securities and Exchange Commission (SEC), BlackRock executive Samara Cohen has dismissed the possibility, at least in the near future. BlackRock Pours Cold Water On Solana ETF Hopes In a recent interview with Bloomberg, Samara Cohen, […]
Solana liquid staking tokens are increasing the network’s onchain activity as its TVL crosses $5.5 billion.
Solana (SOL) is currently one of the high-flyers in the crypto market. The crypto token recently recorded one of the most gains following the market-wide rebound. Crypto analyst Rekt Capital, however, suggested that the crypto token is just getting started, revealing key levels to watch as Solana eyes higher prices. Key Levels To Watch For Solana’s Price In an X (formerly Twitter) post, Rekt Capital highlighted $180 and $202 as key price levels to watch for Solana’s price. The analyst claimed that a successful retest of the $180 price level as new support could continue an upward trend over time for Solana. SOL could rise above $200 in the short term as it moves further to the upside. However, the crypto token would need to break the resistance at $202 as it looks to break its all-time high (ATH) of $260. Related Reading: Will Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why $90,000 Is Possible Following the recent market-wide rebound, Solana had risen above $180, a three-month high for the crypto token. Although the crypto token has dropped below this price level again, another rise above $180 will help SOL establish that price range as new support and prime it for further moves to the upside. As highlighted by Rekt Capital, the $135 and $122 price levels have already been established as solid support for the crypto token. Rekt Capital’s analysis follows crypto analyst Ali Martinez’s recent prediction that Solana could skyrocket and rise to as high as $1,000. Martinez stated that early signs of a breakout from a bull pennant suggest a potential 900% rally ahead for Solana. Crypto analyst Javon Marks also offered a bullish prediction for Solana, stating that the crypto token will rise to $233 and then $450. He made this prediction based on SOL’s bullish structure, which he noted also recently confirmed a hidden bullish divergence. Marks explained that this divergence could send Solana’s price back above $204 and lead to a price rally of over 40% to $233.8 as prices “hold broken out of a much larger resisting structure.” The analyst also suggested that this bullish divergence will cause Solana’s price to rise to $450. Enough Reasons To Be Bullish On Solana There are enough reasons to be bullish on Solana, especially considering how the crypto token has earned the status of being among the ‘big 3’ alongside Bitcoin and Ethereum in this bull run. Solana’s dominance in this market cycle is one reason market participants anticipate that a Spot Solana ETF will likely be approved next. Solana’s price appears to be reacting to such expectations, with fund issuers VanEck and 21Shares filing to offer Spot Solana ETFs. If they eventually launch, these funds could contribute to more parabolic price gains for SOL, considering the Spot Bitcoin ETFs’ impact on BTC’s price. Related Reading: Dogecoin Falling Wedge Pattern: Crypto Analyst Predicts Breakout To $0.22 The steady rise in Solana’s total value locked (TVL) also paints a bullish picture for the crypto token. Data from DeFiLlama shows that Solana’s TVL has been rising significantly since the start of the year and has continued to hit new highs. The network’s TVL currently stands at $5.21 billion, the third highest among all chains. At the time of writing, Solana is trading at around $173, down over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
A crypto analyst has predicted that Solana (SOL) is set to rally by 1,000% this bullish cycle. According to his analysis, SOL is preparing for a mega surge to new all time highs of $1,800. Solana Sets Sight On $1,800 Price Increase In a recent X (formerly Twitter) post, Ali Martinez, a prominent cryptocurrency analyst, expressed bullish sentiment regarding Solana’s future price outlook. According to Martinez, Solana is poised for a significant price surge, potentially reaching an impressive $1,000, marking new all-time highs. Related Reading: Here’s Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It The crypto analyst’s optimistic forecast for Solana is rooted in the cryptocurrency’s recent price movements. Sharing a price chart illustrating SOL’s price action from late 2023 to the end of 2024, Martinez predicted a maximum bullish surge to $1,800 for the altcoin. The analyst also based his bullish projections on early signs of an identified technical bull pennant pattern in Solana’s price chart. A bull pennant is a continuation pattern that often signals the extension of continuation of an upward trend after a period of consolidation. For Solana, this unique pattern suggests that SOL may be gearing up for a substantial bullish breakout this year. In accordance with his analysis, Martinez foresees Solana experiencing a whopping 900% rally by the end of 2024. This price surge would signal a major milestone for the cryptocurrency, considering Solana has only been able to rise as high as $259.96 in 2021. While Martinez has maintained a bullish stance on Solana’s price outlook, the analyst also cautioned that his projected surge will not happen instantly. He disclosed that the flagpole for the bull pennant pattern took about 184 days to form, during which Solana climbed from an initial price of $11 to $192. Given this gradual price progression, Martinez revealed that there will be multiple corrections or temporary price dips for SOL along its path to its $1,000 price target. One of the said corrections is expected at the breakout point of $167, suggesting that Solana may drop to this level before it can reach new highs. After this slight correction, SOL is expected to continue on a bullish upward trajectory, potentially reaching $1,000 in due time. SOL Price Analysis Solana has been on a bullish trend over the past month, steadily approaching the $200 price mark. The cryptocurrency has witnessed substantial gains, recording an increase of approximately 14.71% in the last seven days, according to CoinMarketCap. Related Reading: Will Bitcoin Reach A New All-Time High? Crypto Analyst Reveals Why $90,000 Is Possible At the time of writing, SOL price is trading at $177.56, underscoring the cryptocurrency’s strong fundamentals amidst market volatility. In a more recent X post, Martinez disclosed that Solana’s TD sequential is now presenting a buy signal on the hourly chart. According to the indicator, this suggests that it might be a good time to purchase Solana, as the price is expected to increase soon. Featured image created with Dall.E, chart from Tradingview.com
The Solana price has been on an incredible run in recent weeks, returning above $170 to close what has been a positive seven-day period for the market. Interestingly, the altcoin appears to be on the verge of an even bigger move, according to a popular crypto analyst on the X platform. SOL Price Could Rally […]
After falling below the $121 price mark last week, the Solana has shown a strong rebound. The SOL price is up 19% from the local low. But the current setup of the Solana price suggests the potential for an even stronger upward breakout, similar to that of summer 2021, according to popular crypto analyst Daan de Rover, better known as Crypto Rover. From the end of July 2021 to the beginning of November 2021, SOL rallied by more than 1,100%. The chart shared by Rover displays Solana’s price action on a weekly timeframe, showcasing the formation of a descending triangle pattern similar to 2021. A descending triangle in this setting can be considered a continuation pattern, often leading to a breakout to the upside, especially following a prior uptrend. Currently, SOL is trading around $141. The base of the triangle, acting as a support zone, is between approximately $120 and $130. Meanwhile, the descending upper trendline currently caps the price. Related Reading: Bonk Inu (BONK) Skyrockets 10%, Dethroning WIF As Solana’s Largest Meme Coin If the Solana price breaks above this descending trendline, Rover predicts that Solana could repeat history and explode beyond $800. “SOL will go parabolic soon,” Rover asserted via X. However, investors need to monitor the $120 support level closely. A sustained move below this could invalidate the bullish scenario, whereas a strong upward push through the triangle’s upper boundary could set the stage for the anticipated rally. Potential Catalyst: Solana 2.0 Makes Major Progress A potential catalyst for the breakout comes from the Jump Crypto team. The Solana network is about to get a major infrastructure update with the new Firedancer client which is currently being developed. @CantelopePeel, an engineer at Jump Crypto, shared via X today, “Full Firedancer client built its first accepted block on Solana testnet.” Full Firedancer client built its first accepted block on Solana testnet. pic.twitter.com/T7FgkbHT8N — CANTELOPEPEEL (@CantelopePeel) July 10, 2024 He added, “Of course what you are not seeing here is that Firedancer built another 3 blocks after this, got skipped, then detected that it had mismatched against the rest of the cluster, and then summarily shutdown (gracefully, of course).” Related Reading: Solana Mirroring 2021 Bullish Pattern, Crypto Analyst Reveals The transparency in detailing both successes and hurdles reflects the ongoing complexity to scale the technology. “Fixing that is a tomorrow problem! Still a ton more to do, but hey at least you can see it on the blockchain now!” he added. This introduction of the Firedancer client to the Solana ecosystem is probably the biggest technical update thus far. Helius Labs CEO Mert Mumtaz expressed his enthusiasm for the progress via X, noting, “Firedancer has been achieved internally. No one is ready for this. Accelerate.” His remarks underscore the disruptive potential of the new client. He further elaborated on the significance of this development: “Firedancer is the 2nd Solana client (the software that nodes run) — and arguably one of the most performant pieces of open source software ever created. Solana 2.0 if you will.” On Monday, Jump Crypto announced a new bug bounty initiative targeting Firedancer v0.1, nicknamed Frankendancer. As reported by Bitcoinist, this security initiative invites developers and ethical hackers to probe the client for vulnerabilities. The initiative comes with a substantial $1 million prize pool, facilitated through the cybersecurity platform Immunefi. At press time, SOL traded at $142.82. Featured image from Shutterstock, chart from TradingView.com
On Thursday, VanEck filed an application for the inaugural US-based spot Solana Exchange-Traded Fund (ETF). This move has sparked considerable interest among investors and analysts alike. GSR, a prominent market maker, has released an in-depth analysis entitled “Is Solana Next?” which projects an extraordinary potential increase in SOL’s price, possibly by up to nine times, […]
The Solana Foundation recently launched two new tools to facilitate the integration of Web3 capabilities into mainstream platforms and the adoption of blockchain. In a series of social media posts, the foundation launched “Actions” and “Blockchain Links” (Blinks), which, according to the announcement, is a step forward in allowing developers to build blockchain functionality into websites and social media platforms. Alongside these developments, the Solana ecosystem continues to expand its tooling and services, with notable advancements in transaction cost reduction and network efficiency. Seamless Web3 Transactions? Actions, one of the newly introduced tools, allows users to engage in Web3-native transactions, including asset transfers, non-fungible token (NFT) interactions, voting, betting, and tipping content creators. Complementing Actions, Blinks allows developers to format any Action into a shareable link, transforming websites and social media platforms into practical entry points for blockchain interactions. These tools reportedly provide an important bridge between traditional web applications and decentralized finance (DeFi), facilitating the integration of blockchain capabilities into everyday digital experiences. Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why In addition, to optimize transaction costs, Light Protocol and Helius Labs recently launched a testnet for ZK Compression on the Solana network. ZK Compression uses zero-knowledge proofs and call data to reduce the cost of transactions on the network. By minimizing the amount of on-chain data stored, ZK Compression enables considerable fee savings by reducing the computational demand of Solana transactions. Mert Mumtaz, CEO of Helius Labs, estimates that ZK Compression can cut the cost of airdropping tokens to one million users on Solana from $260,000 to just $50, providing a compelling, cost-efficient solution. Mumtaz further stated: example cost difference: take an airdrop to 1,000,000 users. This today would cost over $260,000 for state alone. Now, it’s $50 — 5,200x cheaper. But a token account is just one example of this — *everything* on Solana is an account, meaning everything can be scaled. ZK Compression On Solana While ZK Compression has garnered praise for its cost-saving potential, critics from the Ethereum community argue that it functions as a Layer 2 (L2) solution, contrary to Solana’s anti-Layer 2 ethos. Some skeptics contend that ZK Compression essentially operates as an L2 feature or a validity-based rollup. Adam Cochran, VP of Operations at SBT Partners, stated that ZK Compression is an L2 solution. In response, Anatoly Yakovenko, Solana’s co-founder, highlighted that ZK Compression addresses many issues commonly associated with Ethereum-based L2 solutions. Yakovenko emphasized its independence from security council multisigs, chain ID switches, governance tokens, and external sequencers while ensuring Solana validators receive transaction fees. SOL Price Analysis SOL experienced a temporary dip on Monday, with its price reaching a low of $122. However, crypto analyst “Skew A” has examined SOL’s 4-hour chart and pointed out its rebound, surpassing the recovery of other large tokens. According to “Skew A,” specific factors need to be considered when assessing SOL’s potential uptrend and price recovery. Firstly, SOL’s price movement above the 1-day 200MA (Moving Average) is a positive signal. This suggests the token’s value is trending above the average price over the past 200 days, indicating a potentially bullish sentiment. Furthermore, confirmation of SOL’s upward trend would involve observing higher highs (HH) above $150. Related Reading: 10x Your Crypto Portfolio: Top Analyst Highlights 4 Altcoins To Buy In the past 24 hours, SOL has notably recovered with a 9% increase, bringing its current trading price to $138. This upward movement positions the token favorably as it aims to surpass key resistance levels on its path toward consolidating above the significant milestone of $200. To reach the $200 mark, SOL must overcome and successfully breach major resistance walls at $150, $162, $174, and $186. These levels represent significant hurdles that must be surpassed before potentially breaking through the crucial $200 threshold. It remains to be seen whether the ongoing momentum and positive developments within the Solana ecosystem will sustain SOL’s current recovery and enable it to retest the higher price levels achieved in recent months. Featured image from DALL-E, chart from TradingView.com
The Solana bearish price action might be coming to a close, as many cryptocurrencies have started to show mixed price action in the past 24 hours. Dialing the price action further back shows Solana has been mostly bearish and has been on a price decline since the beginning of the month. Notably, the crypto recently reached a 30-day low of $123.96, representing a 29% decline from a monthly high of $174.65. However, some proponents remain undeterred and are still looking forward to a bullish Solana on the long run. Particularly, an interesting prediction from crypto analyst Crypto Patel puts the price of Solana rising to $1,000 in the long term. Solana To $1000? Crypto Patel, mostly known for his Bitcoin takes, recently dropped a brief analysis on social media platform X regarding Solana’s price trajectory. According to his Solana/TetherUS 1 week timeframe chart, Solana’s price formation on the long-term seems to lead up to a surge towards $1,000. Notably, the chart shows the formation of a giant cup and handle pattern, which is generally considered a bullish pattern. Related Reading: Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash? Solana has been on a U-formation since 2022, with a recent six-month surge since October 2023 completing the other side of the U cup. However, the pattern shows a prevailing neck line resistance around SOL’s current all-time high of $259, leading to the start of the handle pattern. According to the technical analysis, this handle pattern is expected to be completed sometime around late 2025. Following its completion, Solana will have the opportunity to break through this neckline resistance at some point in 2026, which would initiate a surge to new all-time highs. The first price target is around $430, and the second is just above $1,000, representing gains of 220% and 640%, respectively, from the current price levels. As explained above, the analyst’s technical analysis is more of a long-term outlook than on a short-term price prediction. This serves more as a strategic roadmap for the next few years. Related Reading: SkyBridge Capital’s Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins It’s important to note that while Crypto Patel’s final SOL price target might be ultra-bullish, the path to attaining it looks very tough. Surprisingly, the analysis suggests that Solana could fall to as low as $46 during the formation of the handle pattern, a price that might not resonate well with Solana bulls. At the time of writing, Solana is trading at $136 and is 9% in the past 24 hours as the bulls look to undo a month long price decline. According to price history, investors can look forward to Solana kickstarting a bullish price action in July. This is because Solana has registered price increases in July for the past six years. Featured image created with Dall.E, chart from Tradingview.com
With the Bitcoin price drop from the $70,000 level to below $64,000, meme coins have understandably suffered as a direct result of this. During this time, meme coins, both large and small, have seen their prices drop significantly, raising concerns about whether the meme coin summer is over. However, going by previous crashes, there may […]
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 […]