Solana (SOL) was recently in the spotlight after the US Securities and Exchange Commission (SEC) adjusted its complaint regarding the classification of SOL. The network also ranked as the second largest revenue-generating crypto project on Monday. Following this, some market watchers shared their predictions regarding the token’s recent performance. Some highlighted that a recent rejection of a key level could plunge the prince to $150 before it’s ready for a massive rally. Analysts Set New ATH Targets For Solana On Tuesday, crypto trader Yoddha forecasted his price target for Solana this cycle based on its performance over the years. According to his chart, SOL saw a 96% drop from its all-time high (ATH) during the last bearish rally. After the retrace, the token saw a 343-day accumulation period. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? This period was followed by a 600% surge to the yearly high above $200 seen in March. According to Yhodda, SOL is in an accumulation zone again, moving within a falling wedge pattern. The chart suggests to the trader that the token’s price could skyrocket over 455% in the coming months, hitting the $1,000 mark this bullish run. Meanwhile, analyst Inmortal Crypto highlighted that SOL rejected the weekly opening (WO) price of $190, which traded above last week’s WO. To the trader, if SOL’s price doesn’t hold the $180 support level, it could potentially drop to retest the monthly opening (MO) of $147 before resuming its climb. Poseidon, another pseudonym analyst, shared a similar opinion. He stated that investors “will have a chance to buy SOL below $150 again” before it rallies to $500. According to Crypto Jelle, SOL broke out of “the re-accumulation structure” this month. Per the chart, a similar structure preceded the price expansion that led to Solana’s ATH. Jelle considers that Solana “looks ripe to push higher” and will enter a “mania-like stage” once it gets moving. He also suggested that SOL will be scaling out aggressively” after it breaks above its ATH. Nonetheless, he set the token’s final target to $600, disagreeing with those expecting a new ATH above $1,000. “People expecting $1000+ are in for a rude awakening I’m afraid,” said the analyst. SOL Price Stays Still Despite Bullish News On Tuesday, Solana and its community received bullish news after the US SEC amended its complaint in the lawsuit against crypto exchange Binance. The regulator filed an amendment regarding its “Third Party Crypto Asset Securities” complaint, stating that there is no imperative need for the court to rule on “the sufficiency of the allegations regarding those tokens at this juncture.” Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So Additionally, Lookonchain revealed that Solana was the second-largest revenue-generating crypto project on July 29. The network generated $940,000 in revenue in the previous 24 hours, surpassing Ethereum’s $844,300 revenue. Despite the news, SOL’s price didn’t register any notable performance, hovering between the $177 and $183 price range. As of this writing, Solana is trading at $182, a 0.3% price drop from yesterday and a mild 2.5% surge in the last week. Featured Image from Unsplash.com, Chart from TradingView.com
A crypto analyst has predicted a massive 2,900% increase to $18 for the XRP price, the native token of the XRP Ledger. Despite previous bearish sentiment and price declines, the analyst maintains an optimistic outlook on XRP’s potential, outlining an ambitious timeline for this dramatic rise in value. Timeline For XRP Price To Hit $18 […]
The proof-of-concept showed that real-time monitoring of stablecoin reserves could be achieved with cooperation among regulators, technologists and issuers.
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Steady growth in the market cap of many stablecoins highlights investors’ interest in all aspects of the crypto market.
Following her announcement of a historic proposal to supercharge the US dollar and pay down the national debt by establishing a strategic Bitcoin reserve, US Senator Cynthia Lummis (R-WY) officially introduced the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act” in the Senate on July 31. The legislation aims to establish a […]
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The price action happened as Iran's leadership reportedly ordered retaliatory attacks against Israel, increasing concerns about a broader conflict in the Middle East.
Bitcoin Layer 2 solutions could significantly enhance transaction speed, reduce costs, and expand Bitcoin's utility, fostering broader adoption.
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According to pseudonymous crypto trader Mags, the altcoin market broke out after 525 days of accumulation and will likely resume an uptrend.
On-chain data shows the total number of sharks and whales on the XRP network has seen a sharp increase recently, a sign that could be bullish for the asset’s price. XRP Sharks & Whales Have Witnessed Their Count Go Up Recently According to data from the on-chain analytics firm Santiment, the shark and whale wallets have registered a notable jump over the past five weeks. The indicator of relevance here is the “Supply Distribution,” which tells us about the number of addresses that currently belong to a given wallet group. Related Reading: Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data The addresses are put into these cohorts based on the number of coins that they are carrying in their balance right now. Investors who own between 1 and 10 XRP, for example, fall inside the 1 to 10 coins group. In the context of the current discussion, the 10,000+ coins group is of interest. The cutoff for this cohort converts to around $6,500 at the current exchange rate. This amount in itself isn’t high, but the upper range of the group stretches to infinity, so it should also include heavyweight investors like sharks and whales. The sharks and whales are considered key investors in the market, so their behavior can be to keep an eye on, as it may end up affecting the cryptocurrency’s price. Naturally, the whales are the more influential of the two, due to their larger size. Now, here is a chart that shows the trend in the XRP Supply Distribution for the 10,000+ coins cohort over the past few months: As displayed in the above graph, the XRP Supply Distribution for this wallet group has observed a rapid increase recently. More specifically, around 2,390 addresses of this size have popped up on the network in just the past five weeks. This would suggest that entities like the sharks and whales have been busy accumulating the cryptocurrency. Following the latest increase, the indicator’s value has reached the 279,400 mark, which is the highest that it has been in about six months. From the chart, it’s visible that the indicator’s value had been observing a downtrend earlier in the year, alongside which, the asset’s price had also been riding bearish momentum. The indicator reached a bottom in April, which is around when the asset’s drawdown also slowed down. And since the recent uptrend in the Supply Distribution of the sharks and whales has appeared, the XRP price has also felt the return of bullish winds. “The correlation between these wallets and XRP’s market value has been undeniable throughout 2024,” notes Santiment. Related Reading: Minimal Bitcoin On-Chain Resistance Ahead: Price Set For New ATH? Given the pattern, this indicator should be monitored in the near future, as a continued rise in it could spell a bullish outcome for the cryptocurrency. XRP Price XRP has enjoyed a rally of around 5% during the past 24 hours, which has taken its price to the $0.65 level. Featured image from Dall-E, Santiment.net, chart from TradingView.com
In a scathing criticism, Brad Garlinghouse, the Chief Executive Officer (CEO) of financial giant, Ripple, has publicly condemned the United States Securities and Exchange Commission (SEC) over its sudden retracement from the legal tussle with Binance, the world’s largest cryptocurrency exchange. The Ripple Chief in his criticism of the SEC’s strategy charged that the regulatory […]
The market capitalization of stablecoins increased by 2.1% to $164 billion in July, the highest level since April 2022.
Two artists have taken legal action to demand clarification from the SEC over the status of NFTs.
Bettors on the leading prediction market largely favor the Republican Party in the upcoming 2024 U.S. presidential election.
Coinbase’s layer-2 blockchain hosts approximately 80% of Uniswap’s monthly active traders.
The Office is calling for the creation of a new law to deal with digital replicas.
Federal Reserve Chair Jerome Powell suggested on Wednesday that the central bank might reduce interest rates at its upcoming September meeting if the current trend of easing inflation continues. This announcement comes as recent data indicates a decline in inflation closer to the Fed’s 2% target, while unemployment has risen slightly above 4%. Powell said: […]
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PEPE bulls have encountered challenges in their attempts to push up the meme cryptocurrency’s price over the past week. Notably, PEPE has experienced a decline of approximately 4% in the last 24 hours alone, with a more substantial drop of 6.5% over the course of the past seven days. The selling sentiment surrounding PEPE has increased significantly since the middle of July. Throughout this period, the meme coin has struggled to break above resistance at $0.0000126, facing repeated failures each time it approached this critical price point. A deeper analysis of market behavior reveals that this prevailing selling sentiment can be largely attributed to a notable shift in the composition of PEPE investors. There has been a strong increase in the number of short-term holders, accompanied by a corresponding decrease in long-term holders. Jump In Short-Term Holders According to on-chain data from IntoTheBlock, short-term PEPE holders have increased noticeably in the past 30 days. This observation is derived from IntoTheBlock’s Balance by Time Held metric, which follows the variation over time of the balance in wallet addresses and groups them into holders, cruisers, and traders, depending on their average time. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge Notably, this metric shows that the balance in the wallets belonging to the trader cohort has increased by over 31% in the past 30 days. This is interesting because the trader cohort is made up of those who generally hold their assets for less than a month before selling. The behavior of this cohort suggests a shift towards more speculative trading, as these investors are looking to capitalize on quick market movements rather than committing to long-term. On the other hand, the balance in cruiser addresses have fallen by 6.24% in the same timeframe. Cruisers are those addresses that hold their tokens for between one to twelve months before selling. This decrease in the balance of cruisers suggests many long-term holders have been selling their PEPE tokens in the past 30 days. What Does This Mean For PEPE? The influx of short-term holders is creating a more volatile environment for PEPE. Currently, they account for 20% of the entire circulating supply of PEPE. As these investors tend to buy and sell quickly based on market fluctuations, they are more likely to create frequent price swings. This increased volatility is making it challenging for PEPE to maintain a stable upward trajectory. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash At the time of writing, PEPE is trading at $0.00001135. Although the crypto is still up by 42% from a 2-month low of $0.000007975 recorded on July 5, the upward trajectory has been stalled by the activity of short-term holders. PEPE now finds itself trading around a two-week significant support of $0.00001133. A bounce above this price point would enable PEPE to resume its uptrend and continue approaching the $0.00002 threshold. Featured image created with Dall.E, chart from Tradingview.com
Fred Rispoli, a prominent pro-XRP lawyer, has once again taken to X to reinforce his earlier prediction that today—July 31, 2024—would mark a significant turning point in the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). Just yesterday, Rispoli posted, “I’m running out of time to hit my 7/31 […]
A potential rate cut in September could boost crypto market liquidity and investor confidence, driving up Bitcoin prices and ETF inflows.
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The use of the CBDC on the cryptocurrency exchange will enhance security and, it hopes, attract merchants.
In this week's issue of CoinDesk's newsletter on blockchain tech, we examine U.S. Senator Cynthia Lummis's call for a national "Bitcoin Strategic Reserve." We've also got photos from the Bitcoin Nashville conference, where it seemed like nearly everyone was talking about staple-gunning layer-2 networks onto the original blockchain.
Tether Holdings announced a record-breaking net profit of $5.2 billion for the first half of 2024. according to its recently released second-quarter attestation conducted by BDO, a leading global independent accounting firm. Meanwhile, the firm reported a net operating profit of $1.3 billion in the second quarter, marking its highest quarterly profit to date. The […]
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Bitcoin bulls have held the $65,000 level, but BTC and altcoin charts show it's too early for traders to expect a short-term trend reversal.
The company said its $97 billion exposure to U.S. Treasuries would put it 18th in the ranking among countries.
Miner revenues soar 50%, pushing Bitcoin hashrate higher and reducing selling pressure from miners’ reserves.
The Fed's interest rate decision could significantly influence crypto markets, affecting investor sentiment and economic dynamics globally.
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