Over the weekend, a crypto trader turned 70 SOL into $3 million with a Solana-based token. However, the investor’s success story was overshadowed by the controversial launch of the memecoin that made it possible. Related Reading: Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier? Trader Makes $3 Million In Minutes A crypto trader made millions in 30 minutes after investing $9,923 in Solana-based memecoin BAKED. Lookonchain reported that a sniper spent 70 SOL to buy 81.78 million BAKED. 30 minutes later, the trader sold his holdings for 21,581 SOL, worth around $3.06 million, in 76 transactions. The feat was achieved by a seemingly “lucky” trader who previously invested and lost money in other Solana memecoins. The on-chain analysis platform concluded that the investor was likely not an insider as it had bought the tokens from Raydium’s pool instead of the Degen Fund. However, Lookonchain revealed that BAKED’s team and insiders hold over 70% of the supply. Per the report, the dev wallet spent 11.82 SOL to buy 300.72 million BAKED from the Degen Fund, where the token was launched. The wallet bought the Solana memecoin “while minting tokens and 206.9M $BAKED was added to liquidity.” 19 wallets snatched up the remaining 492.37 million tokens in one second. These wallets were created simultaneously with the dev wallet and were funded by Bitget. 15 out of 19 wallets withdrew SOL from Bitget three days ago and are suspected to be linked to BAKED’s team and insiders. As a result, 78% of the supply, worth around $15.6 million, was held by insider and dev-related wallets. The wallets spent 82.4 SOL, around $11,700, to buy 779.85 million BAKED before selling. At the time of Lookonchain’s report, the insiders had sold a small portion of their tokens and still held 76.36% of the supply. BAKED has plummeted by 58% in the last 24 hours, currently trading for $0.01260. Is The New Solana Token Launch Baked Or Burned? Crypto investors refuted the claims that the “lucky” sniper was not an insider and expressed discontent with the Solana memecoin launch. Additionally, users have called the BAKED token a scam due to an alleged lack of transparency. GUMMY investors were supposed to earn a 15% reward on BAKED tokens for staking their tokens on July 1. However, users reported they did not receive any reward after unstaking their holdings. According to Web3 Forensics, users successfully unstaked their GUMMY tokens but no investor had been able to get BAKED rewards by Monday morning. One investor considers the project’s team “held our $GUMMY hostage so we couldn’t profit off of the $BAKED launch.” Moreover, many users highlighted that GUMMY’s value has significantly decreased since they staked their holdings. Per the reports, every $1,000 staked in the token is now worth around $140. Many believe that the team behind the Solana-based tokens, including Crypto Banter’s founder Ran Neuner, used “every single investor or Community Member who trusted you.” On the official telegram group chat for the token, the team asked investors to “calm down” and “relax.” The team assured the project was not a scam and explained that none of them “got an early entry.” Moreover, the message stated that a higher price for the token meant a “better valuation for your gummy airdrop” and that the airdrop details would be announced soon. Related Reading: Bitcoin Price Blasts Past $63,000: Top 3 Reasons Ultimately, the launch didn’t receive a positive response. Several users stated they would “get away” from the GUMMY, BAKED, and Crypto Banter community as quickly as possible. Featured Image from Unsplash.com, Chart from TradingView.com
WIF has entered the breakout stage of its prevailing BARR Bottom pattern, with Solana ETF hype furthering the memecoin's upside outlook.
The realm of cryptocurrency ETFs appears to be now expanding, yet not all digital assets are poised for an easy transition into this financial product. GSR’s recent analysis of the potential for ETFs across various crypto has brought forward insights that place XRP and Cardano in a challenging position for ETF adaptation. Using a comprehensive […]
Leading asset manager and Bitcoin Exchange Traded Fund (ETF) issuer VanEck has officially filed a Spot Solana ETF with the US Securities and Exchange Commission (SEC), fueling bold growth predictions for the Solana ecosystem. Market-making firm GSR Markets recently released a report shedding light on the potential impact of a Solana ETF and highlighting the platform’s emergence as part of the “Big Three” in the crypto space. Speculation Of A Solana ETF Approval GSR’s report highlights Solana’s rapid rise within the cryptocurrency industry, positioning it as a major player alongside Bitcoin and Ethereum. With the Bitcoin ETF market already approved and Ethereum about to launch a spot ETF in the US, GSR predicts that it’s only a matter of time before Solana follows suit, potentially making the biggest impact. Related Reading: Bitcoin Miner Selling Cools Off – Is This The Breakout Moment? GSR’s analysis highlights three key technological advancements that set Solana apart from its competitors. Firstly, Solana’s proof-of-history enables validators to produce blocks efficiently, resulting in remarkable speed and scalability advantages. Second, Solana’s parallel transaction processing enables increased throughput and takes advantage of improvements in computing speed. Finally, the company said Solana’s architecture positions it to solve the “blockchain trilemma” by achieving global state synchronization at “unprecedented speeds” as hardware and bandwidth costs decline. In addition, GSR’s report addresses the likelihood of Solana securing a spot digital asset ETF. While the current regulatory framework requires a federally regulated futures market and a futures-based ETF before a spot product can be considered, GSR believes that the potential for change shouldn’t be underestimated. The company also claims bipartisan support for the crypto industry, and shifting attitudes among lawmakers indicate a more favorable environment for digital assets. A Trump administration and a liberal SEC commissioner could further pave the way for the launch of spot digital asset ETFs, creating opportunities for Solana and other cryptocurrencies, the report said. Projected Impact On SOL’s Price GSR emphasizes the importance of decentralization and potential demand in determining the next spot digital asset ETF. Factors such as permissionless participation, developmental control, token allocation, and stake characteristics contribute to a blockchain’s level of decentralization. Meanwhile, as indicated by metrics like market cap, potential demand serves as a crucial factor for issuers when assessing future inflows. GSR combines decentralization and demand scores to create an ETF Possibility score, which highlights Ethereum and Solana as leading contenders for the next spot in digital asset ETF. Related Reading: Dogecoin To The Moon? Crypto Analyst Predicts 440% Price Increase Drawing parallels to the effect of spot Bitcoin ETFs on Bitcoin’s price, GSR estimates the potential impact of a Solana ETF on SOL. Adjusting for Solana’s smaller market cap relative to Bitcoin, GSR predicts a 1.4x to 8.9x increase in SOL’s price under different scenarios. However, the report acknowledges that the impact could be even higher, considering SOL’s active usage in staking and decentralized applications. In the event of a spot ETF approval, GSR suggests that the potential upside for SOL presents a significant opportunity in the market. As investor excitement over the development became apparent, SOL’s price reached a weekly high of $151 on Thursday, but in the past few hours, SOL has dropped nearly 4% to a current trading price of $143. Featured image from DALL-E, chart from TradingView.com
Solana (SOL), a cryptocurrency renowned for its fast transaction speeds, might be on the verge of a significant comeback. Technical analysts are drawing parallels between the current price chart and a previous pattern that preceded a substantial price surge in 2022, sparking optimism for a bullish reversal. Related Reading: Don’t Sweat The Dip! Ethereum 15% Price Slump Could Spark Epic Comeback — Analyst Solana: Chart Pattern Suggests Possible Rebound The buzz among analysts centers around a descending triangle pattern visible on SOL’s current chart. This pattern, often observed during a consolidation phase after a downtrend, typically indicates a continuation of the decline. However, when such a pattern forms after a significant price drop, it can also signal a reversal. I’ve seen this movie before.$SOL pic.twitter.com/ByKj3VgSkD — Jelle (@CryptoJelleNL) June 27, 2024 Jelle, a well-known crypto analyst and investor, has been actively discussing this pattern on social media. “I’ve seen this movie before,” the analyst says, as they draw comparisons between the current chart and the one that led to SOL’s breakout in 2022. Back then, the breakout resulted in a notable price increase, and many analysts are hopeful for a similar outcome this time around. Approaching A Critical Juncture The current price action of SOL mirrors the pre-breakout phase seen in 2022. The price appears to be nearing the bottom of the descending triangle, a critical point where a breakout is anticipated. If history repeats itself, as Jelle suggests, this breakout could propel SOL upwards, potentially reversing its recent slump. However, it’s essential to approach this with a degree of caution. While technical indicators are valuable tools, they are not foolproof predictors of market behavior. The cryptocurrency market is influenced by numerous factors beyond chart patterns, including market sentiment, developments within the Solana ecosystem, and broader economic conditions. Mixed Signals And Market Sentiment Despite the inherent uncertainties, the overall sentiment surrounding SOL appears cautiously optimistic. According to recent analysis, there is a bullish leaning, with predictions suggesting a potential price increase of 16% by July 28, 2024. This forecast aligns with current technical indicators, which show a neutral Fear & Greed Index at 47 and a significant number of green days (43%) in the past month. The coming weeks will be crucial for SOL. A decisive breakout above the upper trendline of the descending triangle would serve as strong confirmation of the bullish reversal thesis, potentially igniting a new wave of investor confidence. Conversely, if SOL fails to break out of this pattern, it could lead to continued consolidation or even a renewed decline. Eyes On The Future Solana’s chart pattern has evoked a sense of déjà vu, reminiscent of the bullish surge in 2022. The big question is whether this pattern will indeed lead to a similar outcome or if it will turn out to be a case of history not quite repeating itself. Featured image from Facts.net, chart from TradingView
VanEck and 21Shares' applications seem doomed under the Biden administration. But they include a deadline that lapses when Trump would be in office, if he wins the presidency in November.
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, […]
VanEck files for the first US Solana ETF, driving SOL prices up nearly 10% as the market reacts positively.
The post Solana jumps almost 10% as VanEck files for first US Solana ETF appeared first on Crypto Briefing.
Solana has been thrown into a tailspin after a shocking revelation: its daily stablecoin volume may have been significantly inflated. Reports indicate a staggering drop – from a dizzying $75-100 billion to a mere $7 billion in a 24-hour period. This dramatic shift has unsettled the crypto community, raising serious questions about the legitimacy of Solana’s past performance and its future as a DeFi powerhouse. Related Reading: Can Terra Classic Rise From The Ashes? Analyst Foresees 1,500% Price Increase Wash Away The Hype: Inflated Figures Or Fabricated Reality? Market sentinels are pointing fingers at wash trading, a manipulative practice where investors essentially buy and sell crypto back and forth to each other, creating an illusion of high activity. This tactic inflates trading volumes, potentially misleading investors about the true level of adoption and liquidity on the platform. Amazing how Solana went from $75-100 BILLION DAILY stablecoin volume to $7 BILLION daily in 1 day!! Might it be because the data was totally fake??? Like how I’ve been talking about all these months?? And by the way even at $7 Billion 90% of the volume is still fake https://t.co/CnKWGAbjsM pic.twitter.com/ScfCgv5UhS — Wazz (@WazzCrypto) June 25, 2024 The discrepancy is too large to ignore. While some wash trading might occur on any exchange, a legitimate DeFi ecosystem shouldn’t be so heavily reliant on it. This raises serious concerns about the organic growth of Solana’s stablecoin market. The finger of suspicion falls particularly on USDC, a leading stablecoin pegged to the US dollar. Experts estimate that even with the revised $7 billion volume figure, a staggering 90% could still be inflated. This throws a wrench into Solana’s narrative as a DeFi leader, potentially shaking investor confidence. Investor Jitters And The Road To Redemption The sudden data plunge has unnerved investors who made decisions based on the previously reported figures. This could lead to a sell-off, causing short-term volatility in the Solana market. Additionally, the revelation comes at a sensitive time – just ahead of the highly anticipated Ethereum ETF deadline, which some believe could have boosted Solana’s DeFi activity further. This is a major blow to Solana’s credibility. Investors need to be able to trust the data they’re basing their decisions on. Regaining that trust will require a swift and transparent response from Solana’s development team. SOL market cap currently at $63 billion. Chart: TradingView.com Beyond The Hype: Does Solana Still Have DeFi Potential? While the data debacle undoubtedly casts a shadow on Solana’s recent performance, it doesn’t negate the platform’s strong technological foundation. Solana boasts one of the fastest and most scalable blockchains in existence, making it a technically sound option for DeFi applications. Related Reading: Injective (INJ) Price Prediction: Analyst Foresees Huge Jump To $380 The coming weeks will be critical for Solana. How the platform addresses the data controversy and implements reforms to ensure transparency will determine whether it can weather this storm and reclaim its position as a viable DeFi contender. Featured image from YouTube, chart from TradingView
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
The Solana price has experienced a sharp decline over the past month in line with the broader market correction, intensifying concerns as rumors of a potential investigation into the popular blockchain platform have recently surfaced. Regulatory Storm Brewing? In a social media post on X (formerly Twitter), market expert Crypto Bitlord, who has a considerable following of over 300,000 people, hinted at a rumored investigation into Solana. The post read: We are hearing rumors that SOL is under investigation and a huge case is about to be made public. This has been brewing for weeks and couldn’t come at a worse time. Related Reading: Bitcoin Price Crashes Below $61,000: The Main Reasons While no specific details about the jurisdiction or agency conducting the alleged investigation into Solana have been disclosed, the United States has been at the forefront of an ongoing crackdown on the cryptocurrency industry since the collapse of the FTX crypto exchange in late 2022. The aftermath of the FTX incident resulted in a series of lawsuits and charges against various industry executives. Notable figures like Binance’s former CEO Changpeng Zhao (CZ) and Coinbase have faced legal scrutiny. A comparable scenario can be drawn with XRP and Ripple, as they have been engaged in a complex legal showdown over the sale of the digital asset. For Crypto Bitlord, who has contributed to projects such as Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe Coin (PEPE), the potential impact on the Solana price is significant. In response to skeptical comments, Bitlord warned, “Don’t cry when SOL is $3 again.” However, until further news emerges regarding the alleged investigation, these statements remain speculative. Solana’s founders have made no official statements regarding these rumors. Solana Price Analysis The Solana price has experienced significant losses across various time frames, with declines of over 9%, 18%, and 22% in the past seven, fourteen, and thirty days, respectively. However, despite the downward trend, trading volume for SOL has remained robust, surpassing $2.8 billion in the past 24 hours alone, according to CoinGecko data. Digital asset investment firm CoinShares reported notable inflows into various altcoins following the recent price weakness, with Solana seeing inflows of over $2.7 million. This suggests that despite the price decline, some investors see potential value in SOL and are strategically entering the market. Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10? Nevertheless, the Solana price faces a critical test as it approaches crucial support levels. Currently, SOL is trading just above a four-month support level at $127, which marked the uptrend when the Solana price reached a yearly peak of $210 in mid-March. If selling pressure intensifies and this support is broken, SOL could retrace down to $117, representing the token’s next significant mid-term support level. Other support walls for SOL in the event of a sustained bearish move are at the $109 and $102 levels. These levels should be watched closely by bullish investors looking to prevent Solana from falling below $100. Featured image from 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 […]
Bitcoin has broken below the immediate support of $64,602, increasing the risk of a fall to the crucial $60,000 price level.
Crypto and some key sub-sectors, like decentralized finance (DeFi) or non-fungible token (NFT) trading or minting, remain dynamic. While activity is highly influenced by price, other changes are settled not by how prices gyrate but by time. Uniswap Users Are Increasingly Posting Small Trade Sizes Events in Uniswap, a leading decentralized exchange (DEX) on Ethereum, draw the interest of Token Terminal, a blockchain analytics platform. Related Reading: Here’s Why The Worldcoin (WLD) Price Surged Over 15% In One Day To Reach $3 According to Token Terminal, a curious trend is happening in Uniswap: While the Ethereum ecosystem is expanding and expected to grow even more, trade sizes on Uniswap are shrinking rapidly. Over the last two years, the average trade size on the popular DEX has fallen from around $30,000 registered in 2022 to roughly $1,000 at press time. Commentators speculate that this trend could point to increasing adoption, especially among retailers. Compared to institutions or crypto hedge funds that might want to trade huge chunks, most retailers lack those resources. They are more comfortable with lower trade sizes. This observation makes sense, especially with the explosion of meme coins deployed on the mainnet or layer-2 platforms like Base. Though Uniswap first launched on the Ethereum mainnet, it is also available on Base, Arbitrum, and Polygon. It enables the trading of tokens in a low-fee environment. On these platforms, market participants can trade on smaller sizes since they know the fee impact will be lower than on the mainnet. Another perspective suggests that the rise of competing DEXs built on alternative blockchains like Solana and BNB Chain might be drawing activity away from Uniswap. Modern blockchains like Solana offer faster transaction speeds and lower fees. With Ethereum processing 15 TPS at optimum, the higher scalability and interoperability with the first smart contracts platform can appeal to some traders. DEX Users Rapidly Climbing As Ethereum Finds Regulatory Clarity The decline in trade size comes surprisingly alongside a surge in overall DEX activity. Another Token Terminal report shows that monthly active traders across leading DEXs, including Uniswap, stand at 11.2 million. It is roughly 3 million short of the all-time posted in December 2021. This observation suggests that though more traders post smaller sizes, more users are keen on exploring and participating. Related Reading: XRP Faces Extended Bearish Pressure At $0.4937 Amid Market Weakness Even as Uniswap’s average trade size falls, analysts are bullish on the protocol and UNI, its native token. The platform plans to launch Uniswap v4 while Ethereum now has regulatory clarity, especially with a spot Ethereum exchange-traded fund (ETF) on the way. Feature image from Adobe Stock, chart from TradingView
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 […]
3iQ was a leader in getting some of the first crypto ETFs past the finish line and listed on the TSX
Solana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the recent correction. After rallying to as high as $210 in Q1 2024, the coin is now sliding, facing strong headwinds, plunging, and following the performance posted by Bitcoin and Ethereum. Is This The Best Time To Buy Solana? Even amid this deep retracement, Raol Pal, a macro analyst, thinks this is the best time for investors and traders to consider Solana. In a post on X, Pal said traders may look at loading the coin, citing the candlestick arrangement in the daily chart. Looking at the SOLUSDT chart, it is clear that the coin is moving sideways and inside a broader flag after the spike to over $200 in March. However, what’s emerging amid the cool-off is that the zone between $120 and $125 is a support to watch out for. Related Reading: Altcoin Massacre? Prices Plummet 40-90%, Recovery Stalled — Analyst At press time, SOL is changing hands at around $130, down approximately 40% from the March 2024 highs. If bears of late May 2024 press on, it will be interesting to see how prices will react at this level. From Pal’s position, the analyst expects prices to bounce back from this level and resume the uptrend from last year. The problem is that there won’t be any guarantee that prices will shoot higher from this support zone. Technically, a close above $190 and preferably $190, could mark the resumption of the next leg up, quashing bears. On-Chain Activity Shrinking As Ethereum Set For More Institutional Support Whether this will pan out in the coming weeks or months is unclear. How SOL performs is primarily tied to market developments and on-chain activity, among other factors. Although Solana is fast emerging as a preferred choice for meme coin issuers, there has been a marked drop in on-chain activity in recent days. Notably, Ethereum layer-2 solutions like Base, Arbitrum, and Optimism appear to be taking over. Related Reading: Bitcoin Battles $64,515 Support Level, Can It Hold or Will Bears Prevail? Solana offers higher scalability than Ethereum, meaning transaction fees are low. When on-chain activity drops relative to other cheaper platforms, it could mean the demand for SOL is falling, which is a net negative for prices. At the same time, the revival in the stock market, which has seen indices like the S&P 500 rally, could draw investors’ attention to cryptocurrencies. Additionally, with the United States Securities and Exchange Commission (SEC) on the brink of approving a spot Ethereum exchange-traded funds (ETF), more capital will flow to ETH. Feature image from Shutterstock, chart from TradingView
The crypto market has been stirred by the emergence of a new meme coin named “Trump Coin” (ticker: DJT) on the Solana blockchain, bearing former US President’s initials. Launching with a reported market cap of $73 million according to SolScan, the coin’s legitimacy and provenance remain mired in mystery as the crypto community seeks clarity. […]
Bitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.
CoinShares’ latest weekly report highlighted a notable shift in crypto investment products, with the sector experiencing its most significant outflows in three months. Last week, investors pulled $600 million from the market, with Bitcoin products bearing the brunt, facing $621 million in outflows. Meanwhile, short-Bitcoin products saw nearly $2 million in inflows, reflecting the bearish […]
The post Bitcoin sees $621 million outflow as investors react to Fed’s cautious stance appeared first on CryptoSlate.
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
Solana’s price action has been declining in the past 30 days, and the crypto recently retreated to $141.3, its lowest price in the timeframe. Interestingly, this decline has seen Solana hit a major support level, which could turn the tide in its price action for the next 30 days. According to a social media post […]
This week’s Crypto Biz explores the corporate battle between Riot Platforms and Bitfarms, Tether’s $1 billion budget for startups, Ripple Labs’ new custodian deal, and more.
Bitcoin and several altcoins are getting sold into rallies, increasing the risk of a downside breakdown.
As the cryptocurrency market experiences its typical ebb and flow, Solana (SOL) draws particular attention from analysts who anticipate significant movements in its price. Currently, Solana is trading just below $150, but recent analyses suggest a potential for a substantial increase. Related Reading: Solana’s Tough Climb: SOL Price Struggles to Find Solid Ground Solana Eyes Major Surge As Key Technical Patterns Emerges According to well-known crypto analyst Ali, Solana would surge higher by 53%, with Ali pointing to an ascending triangle pattern that could be a sign of a coming bull rally. This pattern is usually bullish, indicating that Solana could see significant gains if it can keep its momentum going and break above this upper resistance level. On Solana’s chart, Ali recommends watching $143 support and $178 resistance in the short term. Such levels are important in defining the short-term direction of the asset in the market. #Solana is set for a major 53% price move! Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the $SOL trend. pic.twitter.com/SB9tJ6D02u — Ali (@ali_charts) June 12, 2024 The support could turn resistance and vice versa. If the price holds from the support or breaks past the resistance, this would trigger the anticipated bullish price action. Ali said such a breakout from those technical levels could spur more than 50% higher in Solana’s market value, aligning with how other assets have behaved with similar patterns seen previously. Currently trading just above $146, Solana has experienced a 7.6% drop, adding to a nearly 20% loss from the previous week. A prominent crypto analyst commented on this trend, suggesting that Solana will likely continue experiencing fluctuations between $185 and $120, indicating a prolonged consolidation phase. This stabilization is viewed as a natural correction following its recent significant rally. The analyst remains optimistic about the future, “expecting bigger things later.” $SOL: I think SOL is just going to keep chopping around personally between $185 and $120. It’s a big range overall but I think we just continue to see a prolonged period of consolidation. It’s healthy to see this after that huge run to be honest, expecting bigger things later pic.twitter.com/aGNtVnBgDP — Altcoin Sherpa (@AltcoinSherpa) June 12, 2024 Network Activity Fuels Optimism The optimism for Solana’s price increase is not solely based on technical analyses. NewsBTC has recently cited on-chain data from IntoTheBlock, which shows that daily active addresses on Solana increased by about 1.1 million on the 11th of June. This type of high level of network activity usually foreshadows price increases since it suggests an increased use case and actual adoption by users. The cultural impact on Solana’s market position is also noteworthy. So far, not only investors have eyed the network, but also celebs – Australian rapper Iggy Azalea, Caitlyn Jenner, and Andrew Tate have all hit the platform, among others. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? This celebrity endorsement can help increase the curiosity and hype concerning SOL, which in turn will more likely increase the number of users and more likely investors who will adopt Solana. Featured image created with DALL-E, Chart from TradingView
Amidst a wave of bullish sentiment sweeping across Solana and the cryptocurrency market, well-known cryptocurrency analyst and trader Crypto Jelle has offered insights on the price action of SOL, issuing a warning for SOL that there will likely be a substantial decline that might bring the price of the digital asset back to $140. Crypto […]
An analyst has explained how Solana could be setting up for a major 53% move based on a Symmetrical Triangle pattern forming in its price chart. Solana Has Been Travelling Inside A Symmetrical Triangle Recently In a new post on X, analyst Ali Martinez discussed a pattern that has recently taken shape in Solana’s daily price chart. The technical analysis (TA) pattern in question is a “Symmetrical Triangle,” which, as its name implies, looks like a triangle. The triangular shape comprises two converging trendlines, with the upper line joining successive lower highs and the lower one connecting higher lows. A key feature of this pattern is that these lines approach each other at roughly the same slope (hence the “symmetrical” in the title). Related Reading: Why Is Bitcoin Stagnant Despite ETF Inflows? Report Answers Like other TA patterns, when the asset price consolidates in the region bounded by these trendlines, resistance will probably be at the upper level and support at the lower one. A break out of either of these lines can suggest a continuation of the trend in that direction. Naturally, a break above the triangle could be a bullish signal, while a decline under the pattern could lead to a bearish outcome. Similar to the Symmetrical Triangle, there are other triangle patterns in TA. A couple of popular ones include the Ascending and Descending Triangles. These patterns differ from the Symmetrical Triangle in that one of their trendlines is parallel to the time axis. Now, here is the chart shared by the analyst that shows the Symmetrical Triangle that the 1-day price of Solana has been trading inside over the last few months: As the above graph shows, Solana has been closing in at the tip of this Symmetrical Triangle pattern recently. As consolidation becomes tighter, a break out of the pattern naturally becomes more probable. As mentioned earlier, which of the two lines the breakout happens from sets the direction the potential price move would go. “Keep an eye on the $143 support and $178 resistance levels to gauge the direction of the SOL trend,” notes Ali. Related Reading: Is Bitcoin Overheated Right Now? This Metric Suggests No From the chart, it’s apparent that Solana is currently floating near the bottom line, so a retest could be coming up soon. If bullish momentum has to return for the coin, this retest must be successful. Moves resulting from a breakout of a Symmetrical Triangle may be the same length as the triangle’s height. In the case of this Solana Symmetrical Triangle, the height represents a price swing of 53%, so Ali believes that a breakout would also set the coin up for a move of a similar scale. SOL Price Solana hasn’t had the best times during the last few weeks, as its price is now down to $149. It remains to be seen whether a potential upcoming retest of the Symmetrical Triangle support would change the coin’s fate. Featured image from Shutterstock.com, charts 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.
Bubblemaps’ analysis claims a handful of wallets purchased 30% of the supply of the memecoin DADDY before Andrew Tate promoted it online.