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
Mike Novogratz, the CEO and founder of Galaxy Digital, shared his insights on the current state of the cryptocurrency market. According to Bloomberg, Novogratz predicts that Bitcoin (BTC) will likely remain within a relatively narrow trading range for the current quarter as the adoption of cryptocurrencies in traditional finance continues to evolve. Stagnant Crypto Market Per the report, Novogratz described the current phase in the crypto market as a consolidation period. He emphasized that Bitcoin, Ethereum (ETH), and other cryptocurrencies, including Solana (SOL), are expected to consolidate. This consolidation phase suggests that the Bitcoin price will likely trade within a range of approximately $55,000 to $75,000 until significant market events drive prices higher. Related Reading: On A Tear: Toncoin Outshines Bitcoin With Price Surge And Social Buzz The crypto market has experienced a period of stagnation following the historic bull run witnessed in the past two quarters. This surge was fueled by the launch of spot US Bitcoin exchange-traded funds (ETFs) and the Bitcoin Halving, which reduced the supply of new BTC. However, Bitcoin’s price trend reversed due to diminishing optimism surrounding interest rate cuts by the Federal Reserve (Fed), amid consistently strong economic indicators. According to Novogratz’s analysis, if his predictions hold, Solana could continue to consolidate within its current trading range of $120 to $150. This consolidation has been observed over the past month, indicating a period of stability for the cryptocurrency. Similarly, Ethereum’s price has closely mirrored Bitcoin’s movements and has traded between the $2,870 and $3,200 levels. Ethereum recently failed to consolidate above the significant $4,000 mark reached in mid-March. As a result, Ethereum has experienced a period of price consolidation within the range above. Bitcoin Volatility Persists Novogratz acknowledged the tailwinds that propelled the market during the fourth quarter of 2023 and the first quarter of 2024. Galaxy’s CEO believes that these tailwinds will likely persist throughout the current quarter and possibly the next unless there are significant developments, such as the Fed initiating rate cuts due to an economic slowdown or until the regulatory landscape becomes clearer after the upcoming election. Moreover, Novogratz noted a significant shift in counterparties’ willingness to lend crypto for extended periods without collateral, a trend that was not prevalent just six months ago. He emphasized that engagement in the crypto space has reached a new level, with growing interest from individuals and institutions alike. Related Reading: CPI Preview: Bitcoin Price Poised To Surge If Projections Hold True On Tuesday, Bitcoin experienced a 2.7% decline, trading at $61,400. Since achieving a record high of $73,700 on March 14, the largest cryptocurrency in the market has undergone a 16% decline. Despite this, Galaxy Digital reported notable first-quarter results, with net income more than tripling to $421.7 million. Featured image from Shutterstock, chart from TradingView.com
As Bitcoin (BTC) continues its upward trajectory, regaining its bullish momentum after brief range-bound price action and inching closer to its all-time high (ATH) of $73,700, crypto analyst Miles Deutscher shared insights on several altcoins to watch for potential gains this week. Altcoins With Strong Potential First, Deutscher observes a robust recovery in Bitcoin following its recent dip below the $65,000 level on April 3rd. The analyst notes that Bitcoin’s structure appears positive, with $73,8000 being the critical level to watch as it represents the previous ATH and the cryptocurrency’s last resistance before further gains. According to Deutscher’s analysis, BTC’s ability to break through this level could signal further upward momentum for the market leader. Related Reading: Polygon (MATIC) In Buy Zone That Earlier Led To 112% & 87% Surges Despite recent network congestion issues, Deutscher remains optimistic about Solana’s long-term prospects, as it is the first of several altcoins on the analyst’s radar this week, promising further gains on top of its already 23% uptrend over the past month. The analyst highlights that sentiment around Solana has deteriorated slightly but emphasizes that these issues are unlikely to significantly impact the medium to long term. Next on the list, Deutscher identifies BTC’s equivalent to non-fungible tokens (NFTs), Ordinals, as a strong performer within the BRC-20/BTC narrative ecosystem. With the Bitcoin halving scheduled for the last half of April just days away, Deutscher remains bullish on the ORDI token ahead of the event. While the narrative surrounding the halving remains relatively quiet, Deutscher continues to suggest that Ordinals stands out as a leader in the space. Orion And Altlayer Deutscher has expressed interest in Altlayer, an altcoin closely associated with the EigenLayer protocol, due to recent rumors surrounding the upcoming EigenLayer airdrop. According to the analyst, Altlayer’s proximity to the airdrop and its involvement in the restaking narrative contributes to its appeal. Given these anticipated developments, Deutscher sees a potential boost for the token as the market prepares for the airdrop. The token is up 14% in the last month alone and over 4% in the previous 24 hours. Similarly, Deutscher highlights ORN as the first restaking rollup on EigenLayer and emphasizes the limited opportunities to get exposure to EigenLayer before its official launch. This factor, combined with Orion’s rebranding to LUMIA, has attracted positive market sentiment, the analyst said, noting that recent weeks have demonstrated the market’s positive response to token rebrands, further increasing Orion’s potential. Dogecoin’s ‘Doge Day’ Next on the altcoin watchlist, Deutscher notes the upcoming “Doge Day” on April 20, which has historically seen increased interest and speculation surrounding the dog-themed meme coin. According to the analyst, the possibility of Elon Musk tweeting about the meme-inspired cryptocurrency has fueled expectations for potential price moves. Deutscher suggests monitoring DOGE for strength and considering it as a viable short-term trading opportunity. Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Finally, Deutscher points to previous instances where early altcoins airdrop participants experienced initial selling pressure, followed by potential rebounds. Wormhole’s native token, W, is facing a similar scenario as the token has fallen over 30% since trading began on April 3. Deutscher advises watching how the token reacts around the significant support level of $1. Once the initial selling pressure potentially subsides, Deutscher notes that a positive reaction can be expected, but whether the $1 support holds will be key to determining the cryptocurrency’s next moves. Featured image from Shutterstock, chart from TradingView.com
Wormhole, a cross-chain communication protocol enabling the transfer of assets between blockchains, recently launched an airdrop campaign for its newly issued governance token, W. Early users were rewarded with 617 million W tokens, and the protocol also released a roadmap outlining its plans. Wormhole Protocol Unveils Roadmap According to the protocol’s roadmap, W aims to become a native multi-chain token, leveraging the advantages of both the Solana and Ethereum Virtual Machine (EVM) chains. Initially launched as a native SPL token on Solana, W will reportedly leverage Solana’s performance, offering increased performance, scalability, low transaction costs, and fast settlement times. Related Reading: Crypto Expert Encourages Investors To Buy The Dip As Bitcoin Price Falls To $64,000 After the Solana debut, W will be extended to all Wormhole-connected EVM chains using Wormhole Native Token Transfers (NTT). This framework allows W to continuously roll out across Solana, the Ethereum mainnet, and Layer 2 (L2s) without liquidity fragmentation. The open-source NTT framework allows projects to control token behavior on each chain, including token standards, metadata, ownership/upgradability, and custom features. Cross-Chain Governance System Wormhole also introduces a governance system where token holders on any supported chain can create, vote on, and implement governance proposals. This approach allows maximum participation in the Decentralized Autonomous Organization (DAO) by providing a frictionless user experience for token holders distributed across multiple chains. As announced, W holders can lock and delegate their tokens on Solana and EVM chains, allowing them to participate in governance decisions. The Wormhole DAO, composed of W token holders, will oversee the Solana, Ethereum mainnet, and EVM L2s governance system. Wormhole, developed by Jump Crypto, a division of Jump Trading Group, has been under development for several years. Despite encountering challenges, including a significant hack in February 2022 resulting in a loss of approximately $320 million, the protocol has continued to evolve. Furthermore, the recent listing of the W token on major exchanges such as Crypto.com and the future support planned by Coinbase on April 4 further validate its progress. W’s Debut On OpenBook The W token debuted on the Solana-based decentralized exchange (DEX) OpenBook at $1.66, with a market capitalization of $2.98 billion and a fully diluted value of $16.5 billion. However, the token’s market capitalization and fully diluted value have since fallen to $2.2 billion and $12.5 billion, respectively, according to updated data from CoinGecko. Trading volume for W has remarkably increased, reaching $555,937,593 in the last 24 hours, representing a staggering 25,732,359.60% surge. Related Reading: Fear Grips XRP Market As Liquidations Top $6 Million – Details Following the airdrop, some users openly shared their sell-offs of the W token on social media platforms, resulting in a 23% price drop. At the time of writing, the token is trading at $1.32. Featured image from Shutterstock, chart from TradingView.com
Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This notable performance has outpaced the top 10 largest cryptocurrencies in terms of market capitalization. The latest surge in SOL’s price has allowed it to surpass its resistance level on the daily chart at $184. The remaining hurdle of $201 now stands as the final barrier to prevent further gains for the cryptocurrency. However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous all-time high of $259, achieved during the market’s bullish run in November 2021. SOL Price Expected To Breakout And Target All-Time Highs One analyst, “Jelle,” highlights SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the token’s future. The analyst predicts that the SOL price will continue to rise and potentially exceed $250 by the summer. Related Reading: Bitcoin is “Overheating” For The First Time Ever Before Halving Similarly, another analyst using the pseudonym Mikybull points out that SOL is currently consolidating within a symmetrical triangle pattern on a daily timeframe. According to the analyst, a breakout from this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous all-time high levels at around $255. Supporting SOL’s renewed bullish momentum, CoinGecko data reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% surge compared to the previous day, indicating a notable surge in market activity. Solana Metrics Demonstrate Growing Investor Interest According to data from Token Terminal, Solana’s key metrics further highlight the use and adoption of its blockchain among investors. Starting with market capitalization, the fully diluted market capitalization is $99.32 billion. This figure represents the total market value if all tokens were in circulation. The fully diluted market capitalization over the past 30 days has increased by 70.0%. On the other hand, the circulating market cap, which only considers the tokens currently in circulation, is valued at $77.05 billion. It has witnessed a 30-day growth of 71.3%. Examining fees generated through transactions on the Solana network, the 30-day fees amount to $51.46 million. This represents a notable surge of 220.7% within 30 days, highlighting increased network usage and demand. When annualized, the fees reach $626.15 million. Related Reading: 7 Days Of Crypto: Key Events That You Should Keep An Eye On This Week In terms of revenue, Solana has seen positive growth. The 30-day revenue is $25.73 million, reflecting a significant increase of 220.7% over the past month. When annualized, the revenue amounts to $313.08 million, showing the sustainable income generation within the Solana network. It remains to be seen if these metrics and bullish momentum will sustain SOL’s path to its current all-time highs. Featured image from Shutterstock, chart from TradingView.com