Solana (SOL) has been on a rollercoaster ride of late, with its its value seeing erratic shifts and even retreating in many instances. Related Reading: ARB Market Plummets 14%, But New Developments Could Reverse The Trend For Solana, the sharp swings in the market have presented a difficult picture; nevertheless, experts still have optimism. They see this as a passing phase even with the downward pressures. The altcoin’s technical developments point to an interesting future. At the time of writing, SOL was trading at $150, down 6.2% and 17.1% in the daily and weekly frames, data from Coingecko shows. Even within the turmoil, the recent trading volume of $9.80 billion over the past 24 hours demonstrates a notable degree of activity and investor interest. Technical Indicators And Bullish Patterns Ali Martinez, a famous crypto analyst, recently talked about Solana’s possible return, which makes dealers and buyers very interested. Martinez’s study indicates on Solana’s 4-hour chart a bullish megaphone pattern developing. This trend, which shows growing volatility, usually comes before significant price increases. I know, the dip keeps dipping! However, #Solana might be forming a bullish megaphone on the 4-hour chart. The recent correction to the 61.8% Fibonacci level and oversold RSI suggest it could be a good time to buy $SOL. Consider placing your stop-loss around $156-$154 and… pic.twitter.com/ylnaPAf2EV — Ali (@ali_charts) August 1, 2024 One of the main signs that could validate Solana’s positive outlook is the digital asset’s adaptation to the 61.8% Fibonacci retracing level. Highly important in technical analysis, the Fibonacci retrace aids in the estimation of probable support and resistance levels. Especially the said level is viewed as a tipping point when normal market fluctuations are expected. To reduce risk, Martinez recommends establishing a stop-loss order between $156 and $154, therefore guaranteeing that, should the price fall to this predefined level, holdings are instantly liquidated. This approach seeks to minimize possible losses and set investors to profit from the anticipated increasing trend. Conversely, Martinez’s take-profit objective is from $200 to $259, therefore providing a significant profit margin for those ready to negotiate the present dynamics of the market with measured risks. Long-Term Prospects And Strategic Positioning Although the market for cryptocurrencies is inherently volatile, Solana’s long-term prospects are very bright. SOL is selling at a 14.59% discount to its expected estimate for the next month based on data from the crypto prediction tool CoinCheckup. This underperformance points to possible undervaluation, thereby offering investors ready for a comeback a window of opportunity. From what CoinCheckup can tell, prices will go up by 2.91 percent over the next three months. This is the start of a healing time. Even though this projected rise is small, it sets the stage for bigger ones. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? Things are looking up for Solana: prediction data show it is poised to rally 80% over the next six months. This projection is probably based on the notion that the network will improve, more people will use it, and the market will be growing. Featured image from Chainalysis, chart from TradingView
While the Federal Reserve has no plans to issue a CBDC or digital dollar, the possibility of one has persisted as a conservative talking point.
Senator Cynthia Lummis introduced the bill on July 31, which would direct the US government to start a reserve Bitcoin fund.
Senator Cynthia Lummis introduced the bill on July 31, which would direct the US government to start a reserve Bitcoin fund.
Senator Cynthia Lummis introduced the bill on July 31, which would direct the US government to start a reserve Bitcoin fund.
As the 2024 US presidential race heats up, a new frontier for political betting has emerged in the crypto world. Platforms like Polymarket, Kalshi, and PredictIt are seeing a surge in wagers on election outcomes, even as US regulators crack down on these activities. At the heart of this trend is Polymarket, a decentralized finance […]
Despite the crypto market’s signals of a potential intense pullback, the market is likely to turn around in the coming weeks. Further, the potential upcycle in Bitcoin from $60,000 could kickstart the next altcoin rally. Witnessing an intense correction phase during the market pullback, the altcoin segment could outperform top names if the market recovers. …
Robert Kiyosaki, the famous author of Rich Dad Poor Dad has taken to X to share an important message on the current market events. While the market is crashing, he still sees an opportunity for investors and entrepreneurs. On Friday, the Dow Jones index crashed by 600 points, the Nasdaq plunged by 2.4%, and the …
Recent data indicates that U.S. inflation might be on the rise again. New figures reveal that the Producer Price Index (PPI) has increased, reaching levels not seen in the past 15 years. As inflation starts to rise again, it could impact various financial markets, including cryptocurrencies. Core PPI Inflation Rises Sharply In June, core Producer …
The crypto markets are plunging as the Bitcoin price dropped and marked lows close to $60,500 in the early trading hours. This appears to have caused havoc within the markets as the global market capitalisation has dropped below $2.2 trillion. The bears have taken over the rally to a large extent, which exhibits the possibility …
Amid the growing adoption of cryptocurrency, the Federal Bureau of Investigation (FBI) has highlighted a worrying trend: scammers masquerading as legitimate cryptocurrency exchange employees. While this scamming process might be old news, the report revealed these scammers might have employed new tactics, highlighting the evolving methods by which these malicious actors attempt to breach user […]
In a recent interview with Fox News, former President Donald Trump voiced support for using Bitcoin as a tool to help pay down the United States’ $35 trillion national debt as he positions himself for a potential 2024 presidential re-election, while also signaling a notable shift in the Republican party’s stance on digital assets. Trump’s Strategy To Tackle $35 Trillion Debt With Bitcoin “Crypto is a very interesting thing, very high level in certain ways, intellectually very high level,” Trump said. The former president acknowledged the rapid growth and adoption of cryptocurrencies globally, warning that if the US does not embrace the technology, countries like China will move ahead and seize the initiative. Related Reading: Research Firm Predicts Bullish Bitcoin Breakout For Q4: 4 Key Reasons Trump’s recent comments echo proposals from Republican figures such as Wyoming Senator Cynthia Lummis and former House Speaker Paul Ryan, who have floated the idea of the US government investing in Bitcoin holdings to help pay down the national debt. While Trump didn’t offer any new specifics, he did hint at the possibility of the government simply “handing out a little crypto check” or “handing them a little Bitcoin” as a way to pay down the $35 trillion debt. Genesis Triggers $1.6 Billion In BTC And ETH Transfers Bitcoin, the largest cryptocurrency by market capitalization, briefly dipped below the $63,000 level, reaching a weekly low of $62,440 as news of the Genesis distributions hit the market. According to the announcement made by Genesis on August 2, the firm has commenced making distributions to creditors pursuant to its Chapter 11 bankruptcy plan. As part of the initial distribution, BTC creditors will receive 51.28% of their holdings in-kind, while ETH creditors will receive 65.87% of their ETH holdings. On the other hand, creditors of other altcoins, excluding Solana (SOL), will receive an average of 87.65% of their holdings, while Solana creditors will receive 29.58% of their holdings. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA The distributions have already begun, with wallets linked to Genesis Trading moving 16.6K BTC ($1.1 billion) and 166.3K ETH ($521.1 million) in the past hour, according to market intelligence platform Arkham. Interestingly, billionaire investor and crypto supporter Mark Cuban has reportedly received $19.9 million in ETH from the Genesis Bankruptcy, further highlighting the implications of the firm’s downfall. The firm also disclosed that creditors have established a $70 million litigation fund to pursue claims against various third parties, including Digital Currency Group (DCG), Genesis’ parent company. At the time of writing, the largest cryptocurrency on the market has managed to regain the $63,100 level after falling towards the $62,000 zone on Friday. BTC is currently down 0.8% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com
While Grayscale’s spot Ether ETF experienced substantial outflows, other ETFs are showing different trends.
While Grayscale’s spot Ether ETF experienced substantial outflows, other ETFs are showing different trends.
While Grayscale’s spot Ether ETF experienced substantial outflows, other ETFs are showing different trends.
In a surprising twist, former President Donald Trump has agreed to a debate with Vice President Kamala Harris following her Democratic nomination. This development, announced late Friday on Trump’s Truth Social platform, marks a significant shift in the 2024 presidential race dynamics. This debate is grabbing headlines because it’s the first time a former president …
Introduction In the rapidly evolving world of blockchain technology, smart contracts stand out as one of the most transformative innovations. Smart contracts are agreements that run by themselves. The contract’s rules are written as code. These contracts enforce the agreement’s terms when specific conditions are met, without needing middlemen. Smart contracts form the core of …
The much-anticipated launch of Ethereum (ETH) spot ETFs in the U.S. hasn’t led to a rise in ETH’s price. In fact, the price has fallen since the ETFs were introduced. Noting this trend, well-known economist and global strategist Peter Schiff has pointed out that both Ethereum and Bitcoin have dropped significantly, while gold has stayed …
Former NBA player Scottie Pippen launched the Game 5 Ball (BALL) project, a real-world asset (RWA) project to tokenize the “legendary 1991 Game 5 championship ball.” After the launch, Pippen and the project were accused of rugging over 100 Ether (ETH) and being involved in other crypto scams. Now, Game 5 Ball’s team claims an […]
Data shows the sentiment around XRP and Bitcoin is quite bullish currently, something that can actually be to the detriment of their prices. XRP & Bitcoin Among Coins Observing Positive Sentiment Right Now According to data from the analytics firm Santiment, the top cap cryptocurrencies are mainly observing the investors hold a bullish outlook. The indicator of interest here is the “Weighted Sentiment,” which basically tells us about the net sentiment around an asset that’s currently present on social media platforms. Related Reading: Bitcoin Makes Third Retest Of Historical Support, Analyst Sounds Alarm The “weighted” in its name comes from the fact that it weighs the sentiment present in the market (the Sentiment Balance) against the amount of discussion that’s happening on social media (the Social Volume). Because of this feature, this indicator’s value only registers a spike when not only is the crowd tending heavily towards one side as determined by Santiment’s machine-learning model, but also a large amount of posts/threads/messages exist on social media expressing such sentiment. The advantage of this adjustment is that the indicator is better able to portray what the actual situation in the market is like, as it doesn’t go by the opinion of only a few users (as would be the case in periods where traffic is low). Naturally, positive spikes in the Weighted Sentiment imply investors are bullish right now, while negative ones imply a bearish market. Values around zero suggest either there aren’t enough discussions happening on social media or the users as a whole are simply neutral. Now, here is a chart that shows the trend in this indicator for the five top assets in the sector, Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), and Solana (SOL), over the past few months: As displayed in the above graph, Bitcoin, XRP, Solana, and Ethereum, all have seen the Weighted Sentiment spike into positive territory recently, and these levels have so far persisted into the latest market downturn. This would imply that social media users hold a bullish sentiment around these coins right now. Bitcoin and XRP particularly stand out in terms of this, as the indicator for them is at the highest levels in 17 months and 14 months, respectively. Related Reading: Ethereum Seeing High Exchange Outflows, But Watch Out For This Bearish Signal BNB is the only cryptocurrency out of these that has the Weighted Sentiment in the negative territory, although the investors currently only hold a slightly fearful sentiment. This negative sentiment may actually play into the favor of BNB, however, as markets have historically been more probable to move in the opposite direction to what the crowd is expecting. Naturally, this means that the highly positive sentiment around Bitcoin and XRP could be bearish for their prices instead. XRP Price XRP has extended its drawdown during the past 24 hours with a drop of 6%, which has taken its price to $0.57. Featured image from Dall-E, Santiment.net, chart from TradingView.com
With a bearish note this week, the selling pressure in the crypto market increases at a quick pace. Bitcoin price takes a nosedive, falling from the peak of $70,000 to under $62,000. As the bears pick up pace, the pressure over the critical support levels warns of a crash ahead. Will the 10% drop this …
Crypto traders claim that Dogwifhat will “likely retest” the critical support level as its price and open interest have both plummeted since July 27.
Crypto traders claim that Dogwifhat will “likely retest” the critical support level as its price and open interest have both plummeted since July 27.
Crypto traders claim that Dogwifhat will “likely retest” the critical support level as its price and open interest have both plummeted since July 27.
Decentralized smart contract platform Fantom has undergone a transformation, rebranding itself as Sonic Labs in preparation for the upcoming launch of Sonic, an Ethereum Virtual Machine (EVM). The rebrand was officially announced via X on August 1, with Sonic Labs now fully operational across all platforms. Fantom’s Transformation Into Sonic Labs This rebranding marks a […]
The Solana price has been rocked by the latest bombshell revelations surrounding the collapse of crypto exchange FTX. According to a whistleblower claiming inside knowledge of FTX’s operations, the now-bankrupt company is secretly holding a massive stash of Solana tokens – up to 8% of the entire SOL supply. Triggering Fears Of Massive Sell-Off By the numbers, if these allegations are true, this would equate to approximately 46.5 million SOL tokens worth about $7 billion at the current market price, which is $155 at the time of this writing. Related Reading: Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA “I’m not saying Solana will go to zero, but if this news is true and FTX starts to sell the tokens in the open market, then it could dump the price of Solana significantly,” warned a crypto user who spread the news on social media site X, known only as Wise Advice. In the wake of the news, Solana’s price plummeted below the critical $160 support level, dropping over 9% in the past two weeks and nearly 4% in the past 24 hours as rumors of FTX’s secret SOL holdings circulated. Solana Price Risks Freefall The revelations come on the heels of the FTX estate’s previous sell-off of discounted SOL tokens to repay creditors affected by the exchange’s collapse. Just two months ago, Bitcoinist reported that the estate offloaded a $2.6 billion trove of SOL at around $102 per token. Venture capital firms like Pantera Capital and Figure Markets scooped up large portions of this discounted SOL allocation. It is worth noting that these tokens remain subject to a multi-year vesting period, limiting their immediate impact on Solana’s market dynamics. On the other hand, the alleged hidden FTX stash, if true, could overshadow the impact of these sales and pose a formidable challenge to the Solana price in the near term. Related Reading: Bitcoin Down But Not Out: BTC To $700,000 Highly Probable Says Analyst With the potential for over $7 billion in Solana tokens to eventually hit the market, the cryptocurrency’s price may face intense selling pressure that could undermine its bullish prospects. Still, it is imperative to note that these are only rumors and have not been confirmed by the exchange’s bankruptcy state, and that no further information has been released on the matter, including whether the state overseeing the exchange’s repayment operations plans to sell these tokens to repay creditors, if true. Potential $140s Plunge In terms of immediate price action, crypto analyst Pratty Crypto has highlighted several technical factors that could signal further downside continuation for the cryptocurrency in the coming days. Pratty Crypto contends that Solana is facing a “lot of confluence” that points to a potential move towards the $140 zone. This includes Solana trading at a discount to the previous quarter’s mid-range, testing a key quarterly open level, and retracing 62% of its recent price run-up. In addition, Pratty Crypto warns that the deeper Solana’s price goes into the $130-$150 order block, the less likely it is to hold, potentially leading to more substantial losses. Featured image from DALL-E, chart from TradingView.com
Ripple recently expressed optimism about a “fair” ruling in the remedies phase of the lawsuit, anticipating that the central ruling—that XRP is not a security—will remain unchanged. This confidence comes after Ripple’s landmark win against the SEC last year, which provided regulatory clarity for XRP. The highly anticipated closed-door meeting has been rescheduled to August …
Technology commentator Edward Zitron claims OpenAI will need to make several changes to “survive” beyond two years, but some industry executives disagree.
Technology commentator Edward Zitron claims OpenAI will need to make several changes to “survive” beyond two years, but some industry executives disagree.
Technology commentator Edward Zitron claims OpenAI will need to make several changes to “survive” beyond two years, but some industry executives disagree.