Tuesday 4 October 2022
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Solana Appreciated After Latest Development, What Are The Next Trading Levels?

Solana soared in double digits over the last 48 hours. The coin touched the $43 mark before it started to retrace on its chart again. In the last 24 hours, SOL just lost 0.1% of it value and stuck to its bullish price action. Owing to its recent development, Solana has displayed a price rally. Technical outlook of SOL was also bullish at press time. The altcoin witnessed an increase in buying strength. This has been influential in driving the price up. Solana has opened up permanent retail space in Manhattan. These stores are specifically dedicated to all things related to cryptocurrencies. Solana Spaces, CEO Vibhu Norby also mentioned that these physical Solana retail stores have an intention to introduce approximately 100,000 people each month to the Solana ecosystem. He also hinted that there are possibilities to open a virtual storefront soon in the future. A grant from the Solana Foundation has helped the Solana Spaces to set up a shop in Hudson Yards New York. Solana Price Analysis: Four Hour Chart Solana was priced at $42 on the four hour chart | Source: SOLUSD on TradingView SOL was trading at $42 at the time of writing. The altcoin was finally able to break past the $40 price level. Overhead resistance for the coin stood at $47. SOL has struggled to move past that price zone for couple of weeks now. For Solana to continue its bullish momentum, it has to trade above the $43 price ceiling level for a substantial period of time. Nearest support line for the coin was at $40 and $38. If the coin loses the $38 price floor, the next support line awaits the altcoin at $36. Trading volume of Solana registered a small decline which indicated that selling pressure might have been on the rise. Technical Analysis Solana displayed a fall in buying strength on the four hour chart | Source: SOLUSD on TradingView SOL had just touched the overbought price zone, however, as price gently moved south so did buying strength. Although there has been a fall in buyers, buying strength remained higher than selling strength at the time of writing. The Relative Strength Index was slightly below the 60-mark which meant that buyers exceeded sellers on the chart. The price of SOL was above the 20-SMA line, the reading indicated that buyers were driving the price momentum on the chart. SOL was also above the 50-SMA and 200-SMA line, that indicated bullish force in the market. Related Reading | Bitcoin Flirts With Hurdle At $24k, Why It Could Be In Early Days Of Recovery Solana flashed buy signal on the four hour chart | Source: SOLUSD on TradingView The altcoin reflected increased buying pressure on other indicators as well. Moving Average Convergence Divergence pictures price momentum and change in the same. MACD underwent bullish crossover and presented green signal bars which are tied to buy signals for the altcoin. Bollinger Bands depict price volatility and fluctuations in the same. The bands have opened up wide which indicated that price of the altc..

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New Milestone May Be The Kick Dogecoin Needs To Break $0.1

Dogecoin has been enjoying the love being shown to it by prominent figures in the space, such as Elon Musk and Mark Cuban. However, the digital asset has not been faring well since hitting its all-time high of $0.7 in the middle of 2021. The decline in price that followed has seen Dogecoin lose more than 90% of its value since then. But a new development has begun to paint a bullish picture for the digital asset. New Dogecoin Addresses Soar One of the reasons that Dogecoin’s price has continued to suffer has been the lack of interest from the crypto community. Despite its community still pushing the meme coin, it was not seeing enough adoption to push the value of the asset back up. That is, until now, when Dogecoin is beginning to experience a significant uptick in interest. Related Reading | Ripple (XRP) Is Up 190% From Cycle Low, But Will It Ever Reach $3? New data shows that the adoption of Dogecoin is up, given the number of addresses that are transacting on the network. Data from IntoTheBlock shows that the number of new daily DOGE addresses had grown by a whopping 256% in the last day. DOGE price continues to struggle | Source: DOGEUSD on TradingView.com Dogecoin has now hit its highest point in terms of new daily addresses, rising from its 14.4k point to the new 38.43k number. This increase in the number of people using DOGE on the network points to healthy growth for the meme coin. So despite the fact that the price of the digital asset is down by a large margin, it is enticing investors who likely see the current price of the digital asset as a prime entry point. Better Days Ahead Dogecoin has been seeing some good events happen in the last week. Besides seeing a significant jump in its daily addresses, it has also undergone an upgrade that has brought more good publicity to the meme coin. Related Reading | Why Cardano (ADA) May Breakout In A Bull Run To $1 The team announced recently that the Dogecoin website had received an overhaul. Since the meme coin has been getting a lot of bad publicity lately, leading to FUD in its community, it has pulled out all the stops in an effort to combat this. Dogecoin Core also received an upgrade with the software version 1.14.6 going live this week. This was done in a bid to strengthen the network and make transactions more efficient. On the investor side, Dogecoin holders are not faring too badly compared to others in the space. Data shows that the majority of DOGE holders are still seeing profit at 52%. This put 45% in the red and 4% of holders currently sitting in neutral territory. Long-term holder composition also continues to dominate, with 65% holding their coins for more than a year. Featured image from MarketForces Africa, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass. It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020. Daily cryptocurrency market performance. Source: Coin360The crypto and equities markets have risen in the expectation that the pace of rate hikes by the Fed will slow down in the future. Arthur Hayes, ex-CEO of derivatives platform BitMEX, believes that the Fed will not increase rates further and may eventually return to an accommodative monetary po..

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Bitcoin Breaks $24k As Exchange Whale Ratio Declines

On-chain data shows the Bitcoin exchange whale ratio has declined recently as the crypto surges above the $24k mark. Bitcoin Exchange Whale Ratio (EMA 7) Is Currently Below 0.50 As per a post from CryptoQuant, the BTC exchange whale ratio has gone down recently while the price has surged up. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top 10 Bitcoin transactions to exchanges and the total exchange inflows. exchange whale ratio = sum of top 10 inflow txs (in BTC) ÷ total exchange inflows (in BTC) Here, the ten largest transfers are considered as they generally belong to the whales. Thus, when the value of the ratio is high, it means whales are making up for a large part of the total inflows right now. Since investors usually send their BTC to exchanges for selling purposes, this trend can be a sign that whales are dumping at the moment. and hence can be bearish for the crypto’s price. On the other hand, low values of the metric can suggest whales are currently occupying a normal amount of the total inflows. Such a trend could be either neutral or bullish for the coin’s value. Now, here is a chart that shows the trend in the 7-day exponential moving-average Bitcoin exchange whale ratio over the past month: The EMA-7 value of the metric looks to have been down in recent days | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange whale ratio (EMA-7) has been below a value of 0.50 for seven out of the last eight days. The 0.50 mark is the dumping threshold for the EMA-7 version of the metric and as the indicator has been below this value recently, the selling pressure from whales has been low. While the ratio has gone down, BTC’s price has enjoyed some upwards momentum as the coin surged up above the $24k mark earlier today. BTC Price At the time of writing, Bitcoin’s price floats around $23.5k, down 1% in the last seven days. Over the past month, the crypto has gained 15% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has observed some upwards movement during the last couple of days | Source: BTCUSD on TradingView Around ten days ago Bitcoin had recovered above $23k, but only a few days later the crypto’s price again started to go downhill. However, in the last couple of days, the coin enjoyed some sharp upwards momentum as it retook $23k. Earlier today, BTC even broke above $24k, though it wasn’t long before the crypto saw a slump and came down to the current level. Featured image from Karl-Heinz Müller on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Pro-Russian groups raised only 4% of crypto donations sent to Ukraine

According to data from crypto analytics firm Chainalysis, users have sent more than $2 million in crypto to 54 pro-Russian groups since Feb. 24, a fraction of that received by many wallets controlled by the Ukrainian government. In a Friday blog post, Chainalysis said it had tracked funds sent to social media accounts controlled by pro-Russian groups in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), USDT-TRX, and Dogecoin (DOGE) starting with the country’s invasion of Ukraine in February. According to Chainalysis’ data, users sent roughly $2.2 million to the pro-Russian groups, with more than $1 million going to a single unnamed account. While there may be other groups outside of Chainalysis’ investigation of those supporting pro-Russian forces, the available data suggested that the $2.2 million in donations amounted to roughly 4% of crypto sent in support of Ukraine. Wallet addresses connected to Aid for Ukraine, a platform backed by the government’s Ministry of Digital Transformation, s..

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KuCoin crypto exchange debuts USDT-dominated NFT ETF

Seychelles-headquartered cryptocurrency exchange KuCoin has launched an exchange-traded fund (ETF) tied to major nonfungible token (NFT) assets like Bored Ape Yacht Club (BAYC). KuCoin’s NFT ETF Trading Zone went live on Friday, the firm announced. The new investment product is launched in collaboration with NFT infrastructure provider Fracton Protocol. The KuCoin NFT ETF is a Tether (USDT)-dominated product that marks particular underlying NFT assets like Bored Ape Yacht Club. BAYC is one of five NFT ETFs that KuCoin is launching. Trading under the symbol hiBAYC, the asset is an ERC-20 token representing 1/1,000,000 ownership of the target BAYC in the BAYC meta-swap of Fracton Protocol. The ETF aims to increase liquidity as it enables exposure to NFTs via the USDT stablecoin instead of Ether (ETH). It also eliminates the risks and concerns around managing NFT infrastructure elements like wallets, smart contracts and marketplaces like OpenSea. In addition to hiBAYC, the investment cove..

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Bitcoin Flirts With Hurdle At $24k, Why It Could Be In Early Days Of Recovery

Bitcoin continues to trend to the upside over the short term as the crypto market hints at further gains. The bullish momentum seems to be driven by the positive earnings seasons and the U.S. Federal Reserve (Fed) interest rates hike. The financial institution announced a 75 basis points (bps) increase in interest staying within market expectations. Bloomberg Intelligence’s Senior Commodity Strategist Mike McGlone believes the Fed might have marked the pivot for Bitcoin. By staying within market expectations, the financial institutions might give room for the bullish trend to expand in the coming months. The Fed has been trying to mitigate inflation in the U.S. dollar, as measured by the Consumer Price Index (CPI). This metric stands at a 40-year high but seems poised to trend downwards. The Bloomberg Intelligence analyst claims the price decrease across the commodities sector hints at this possibility and could provide the Fed with the support to “lighten the rate hike sledgehammer”. This would benefit stores of value assets, such as Gold, U.S. treasury bonds, and Bitcoin. The cryptocurrency has been suffering, McGlone argues because it’s deemed a nascent asset with relatively new technology. This disadvantage might fade into the background as Bitcoin’s adoption curve increases versus its total supply. As seen below, if the cryptocurrency follows the internet’s adoption curve, it could record over 1 billion users by 2025. BTC’s adoption curve compared to the internet. Source: Visbitcoin via Michael Levin In the short term, BTC’s price might benefit from mitigation in the macro-economic factors playing against it. The next major event will be July’s CPI print to be announced in August, which might result in more fuel for the current bullish price action. McGlone wrote: (Fed’s) “meeting by meeting” comment may mark the pivot for #Bitcoin to resume its tendency to outperform most assets. New and untested are becoming past tense fast for the benchmark crypto, likely in the early recovery days from a severe drawdown. Can Bitcoin Resume Its “Propensity To Outperform”? Further data provided by McGlone shows a decrease in BTC’s price 250-day volatility versus the Bloomberg Commodity Spot Index. As seen below, whenever this metric trends downside, the price of Bitcoin reacts moving in the opposite direction. BTC’s price volatility declines versus Bloomberg Commodity Index hinting at potential price appreciation. Source: Bloomberg Intelligence A decline in BTC’s price 250-day volatility marked the beginning of the 2012 and 2017 rallies. In that sense, McGlone pointed out: The lowest-ever Bitcoin volatility vs. the Bloomberg Commodity Index (BCOM) may portend a resumption of the crypto’s propensity to outperform (…). If history is a guide, Bitcoin volatility is more likely to recover vs. commodities when the crypto heads towards new highs.

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