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Tag: Solana

  • Trillion dollar coin could be good news for Bitcoin, Cardano, Solana

    Trillion dollar coin could be good news for Bitcoin, Cardano, Solana

    • The US government could be forced to print a $1 trillion coin soon.

    • Democrats and Republicans are yet to reach an agreement on a debt ceiling.

    • Analysts expect that the two sides will ultimately reach an agreement.

    The US government is at a crossroads as divisions in Congress put the country at an elevated risk of a default. In a recent statement, Janet Yellen, the Treasury Secretary warned that the American government could default in June if Democrats and Republicans fail to reach a deal. This is one of the top reasons why gold price has now soared to an all-time high.

    The trillion-dollar coin

    It is still unclear whether the US will default on its obligations if Congress fails to raise the debt ceiling. I believe that the situation will not get to that point because of its impact to the American economy. 

    Analysts believe that a default will lead to higher unemployment and possibly the collapse of the economy as we know it. 

    Therefore, the two sides will likely reach an agreement in the coming days. Signs of potential compromises will happen when Biden will meet Kevin McCarthy on Monday.

    There are several options if the two sides fail to raise the debt limit. A likely solution will be to print a trillion dollar coin. The concept of that coin was mooted in 2011 when the US faced another debt ceiling issue. 

    It would allow the Mint to come up with one platinum coin valued at $1 trillion. These funds would then be distributed to the Federal Reserve, which would then deposit it to the National Treasury. By doing that, the Treasury would then elimiate part of the national debt and postpone the need for raising the debt ceiling. A professor at Willamette University said:

    “At this point, if any of the other solutions, the so-called more serious solutions would work, then they would’ve been used by now. But they keep not actually being strong enough. The coin’s the only one that’s strong enough.”

    Bullish for Bitcoin, Solana, Cardano

    Such a move would be positive for Bitcoin, which is seen as a digital version of gold. Unlike fiat currencies, Bitcoin cannot be printed because its supply of 21 million coins cannot be adjusted. If Bitcoin rises, we could now see altcoins like Solana, Cardano, and Tron rise because of the close correlation that exists.

    The reality is that the American government is at risk of major changes going forward. For one, the total public debt has been in a strong upward trend in the past few years. It has jumped from just $320 million in 1970 to over $31.4 trillion today. 

    And the situation will continue worsening because of the large budget deficits. By 2030, analysts expect that debt will rise to over $44 billion. The CBO believes that the budget deficit will hit 5.9% of GDP by 2040.

    How to buy Bitcoin

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


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    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.


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  • Solana price has spiked 137% YTD as cryptocurrencies soar

    Solana price has spiked 137% YTD as cryptocurrencies soar

    • Solana is currently changing hands at $23.26, about 137% up year-to-date.
    • The coin’s price plummeted after FTX fell in November, ending the year below $10.
    • SOL price has soared amid positive sentiment, broader market rally and meme coin-driven interest.

    Solana traded below $10.00 on the first day of 2023, having plummeted more than 73% in a massive dump following the collapse of the FTX cryptocurrency exchange.

    As was the case, Solana is a blockchain project with ties to disgraced crypto figure Sam Bankman-Fried – the founder of FTX and Alameda Research. After both companies filed for bankruptcy and Bankman-Fried found himself in custody, the native Solana token SOL took a nosedive.

    Solana’s SOL soars 137% year-to-date

    Having ended 2022 at around $9.66, SOL price has seen impressive bullish action over the past two weeks. The token’s price has rebounded strongly to currently trade more than 62% in the past week, according to crypto market data aggregator CoinGecko.

    For its YTD price, SOL is up more than 137%, trading at $23.26 across major exchanges on Monday, 16 January, 2023.

    A turnaround for SOL comes on the back of positive sentiment from across the crypto, including last month’s optimistic outlook for the Solana ecosystem from Ethereum founder Vitalik Buterin. 

    A rebound in decentralised finance (DeFi) and meme coin craze-related activity is also leading to more buy Solana market action. Another factor driving SOL price in recent days has been the broader enthusiasm in the market after what was typically a suffocating run at the backend of last year.

    On 12 January, crypto markets platform Messari highlighted that Solana was far from “dead.” According to the firm, on-chain data showed both transaction volumes and active accounts on the Solana blockchain had surged to levels last seen before the FTX collapse.

    As CoinJournal previously covered, some of the uptick in activity followed the launch of meme coin Bonk (BONK), with significant spike in interest in Solana after the cryptocurrency’s airdrop to the community.

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  • Solana (SOL/USD) could maintain bullishness if this happens

    Solana (SOL/USD) could maintain bullishness if this happens

    • Solana token has added nearly 50% of value in a week

    • The gains come amid the BONK token launch

    • SOL has overcome a resistance and eyes higher level if it closes above key zone

    For the first time since the crash orchestrated by the FTX, Solana (SOL/USD) has recovered above the 50-day moving average. That comes as the SOL price has risen by nearly 50% in the past week, outperforming other major cryptocurrencies at the top. SOL has also recovered above the $15 resistance, giving buyers hopes of a further upside. The fundamentals are good too.

    Crypto analytics Token Termina shows that the daily active users on Solana continued to rise in January. Since the start of 2023, the number of active users has increased by 55.9% or 56,000 to 160,000. That suggests that users have not given up on the proclaimed Ethereum killer, which had a set of challenges last year. There are reasons for this rise in active users.

    Bonk Inu, or simply BONK, continues to attract fans. Launched just a week and a half ago, BONK has been a crypto sensation, with the dog-themed cryptocurrency rising by four digits in value. The token is based on the Solana network. On its Twitter page, Bonk regards itself as the “first Solana Dog Coin for the people and by the people.” The hype around this token’s launch has given Solana network airtime and attracted users.

    Moving averages joint support for SOL 

    SOL/USD Chart by TradingView

    Technically, Solana has crossed above a crucial resistance at $15. Bulls have failed to break above this key level since early November 2022. Also, the price has moved above the 20-day and 50-day moving averages for the first time since November. A RSI reading of 72 shows an intensified buying of SOL.

    Likely price action for SOL

    SOL is clearly overbought, as shown by the RSI reading of 72, and could correct downwards. However, we remain optimistic the upside will be maintained to the $18 level as momentum is strong. For the bullish surge to be maintained, SOL must overcome $18. That could set the cryptocurrency for longer-lasting rallies to the $28 zone.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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  • Solana interest grows as price eyes a bullish push after weekly 40% gains

    Solana interest grows as price eyes a bullish push after weekly 40% gains

    • Solana token has gained by almost 40% in a week as network activity surge

    • The weekly gains have been inspired by the Bonk token airdrop

    • SOL faces resistance at $14

    Solana (SOL/USD) is making a strong return after a difficult spell in 2022. Frequent hacks, FTX collapse, and a prolonged crypto winter are some of the ails of Solana in 2022. In particular, the FTX crash saw SOL fall below $10. But a return of nearly 40% in a week is sending a statement that investors are not done with the proclaimed Ethereum killer. 

    According to Solana Foundation head of strategy and communications Austin Federa, SOL is defying the FTX contagion. The network has seen increasing on-chain activity for users and developers. He says no projects are migrating from the blockchain, underlining Solana’s strengths and performance. 

    The latest gains in SOL come amid increased investor interest. That comes after the launch of the Shiba-Inu-themed Bonk (BONK) token. According to the latest cryptocurrency news, BONK will be airdropped for up to 50% of its supply. About 20% of the airdrop will go to Solana NFT collections. The development has seen several projects on Solana integrate bonk tokens for use in transactions on listed NFTs. 

    SOL price outlook and analysis approaching resistance

    SOL/USD Chart by TradingView

    From the technical outlook, SOL is slightly bullish but largely bearish. The indicator is approaching the neutral zone, although it shows SOL is bearish. Resistance lies at $14, slightly below the SOL price. 

    What next for the SOL price?

    The gains in SOL price are positive after a prolonged bear market. However, $14 will be a test for bulls. A bullish scenario will be reinforced if the cryptocurrency breaks above the resistance level. That could see SOL maintain the uptrend to $18 and beyond.

    On the flip side, SOL will face bears at $14. Buyers may also exit at the overhead resistance to force a correction. That could see the token retest the $11 or $10 bottom.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.


    Buy SOL with Public today

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  • Solana (SOL/USD) struggles again as price slips below 20-day MA

    Solana (SOL/USD) struggles again as price slips below 20-day MA

    • SOL trades at $12 with weak momentum

    • The cryptocurrency is weighed by weak market fundamentals

    • SOL could consolidate further before pushing higher or lower

    Solana (SOL/USD) trades with dwindling volumes at $12. For another time, the cryptocurrency faces bear pressure at the now-developed support zone. Bulls have successfully defended the level in the past, and it remains to be seen whether they will for another time. The latest cryptocurrency news has been unforgiving for SOL. 

    A myriad of factors has been against Solana price this year. Aside from the macro factors and weak crypto sentiment, Solana has suffered at the hands of hackers. Less than a week ago, Solana-based DEX Raydium lost $2.2 million. The exploit on December 16 has been responsible for much of the weakness of SOL currently. The hacks have been many this year, hitting the native token.

    But there is some good news you could want to hear about Solana. According to crypto analytics firm Nansen, Solana competed successfully with Ethereum before the FTX saga. Nansen says in the three months to October, the daily transactions on Solana rarely fell below 200 million. The analytics firm pointed out that the active addresses on the network were between 600,000 to 1.1 million during the period. 

    The activity underlined that Solana was catching up with its proclaimed Ethereum killer status. The collapse of FTX brought a new twist, taking the price significantly lower. SOL investors are still reeling from the aftermath.

    SOL trades with weak momentum at the $12 support

    SOL/USD Chart by TradingView

    From the daily chart, the MACD indicator shows a weak and bearish momentum for SOL. Trading volumes on both the buy and sell sides are weak for the cryptocurrency. SOL is currently held at the $12 support.

    What next for SOL?

    SOL price could continue consolidating at the $12 support until it gathers more liquidity. Based on the fundamental developments, a break higher or lower could occur. Should bears increase, SOL could fall to or below $10.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Public

    Public is an investing platform that allows you to invest stocks, ETFs, crypto, and alternative assets like fine art and collectibles—all in one place.


    Buy SOL with Public today

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  • Solana (SOL/USD) price movement should worry buyers

    Solana (SOL/USD) price movement should worry buyers

    • Solana token has been consolidating for a month

    • The FTX crash has been a blow to SOL’s price and recovery

    • SOL trades with lower volumes, and a potential drop could occur

    Solana (SOL/USD) trades at $13. The cryptocurrency has held to this key level for a month now. The level was reached after a sharp sell-off. That gives buyers the confidence that SOL is consolidating ahead of a potential takeoff. However, it is also true that SOL is just one potential bear leg, and the token will hit levels at or below $10. Fundamentals have not been favourable either.

    CoinJournal previously reported that activity on the Solana blockchain was on the decline. That comes even as investors lose trust in the proclaimed Ethereum killer. Earlier in the year, frequent network hacks accelerated SOL’s bear market, amid an ongoing crypto winter. The latest blow now comes from the FTX crash in November, which took SOL to $13. However, even as other major cryptocurrencies make some comeback, SOL continues to struggle. Investors are still not convinced, a month after the FTX exit.

    Solana Compass shows that Alameda Research still possesses 48.6 million Solana tokens. The total worth of the tokens is around $700 million, representing nearly 9% of SOL in circulation. Clearly, such reports may spell doom for SOL.

    SOL trades with weakening volume at $13

    SOL/USD Chart by TradingView

    Looking at the daily chart, SOL trades with negligible and falling volumes despite holding at the $13 support. The level coincides with the 20-day MA but is below the 50-day MA. Although the MACD indicator has slightly improved, momentum is weak and bearish.  

    From a technical point of view, SOL is consolidating, but the bear pressure could mount as buyers weaken at the developing support.

    What next for SOL?

    A weak trading volume suggests buyers avoid SOL despite the price holding strongly to $13. Although the consolidation is positive and could give buyers time to push prices higher, the token is under pressure. Investors should remain cautious before buying SOL.

    Where to buy SOL 

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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  • Is Solana (SOL/USD) consolidation a wait for takeoff or a further slide?

    Is Solana (SOL/USD) consolidation a wait for takeoff or a further slide?

    • Solana token fell the most in November

    • Social metrics are negative for the cryptocurrency

    • SOL has been consolidating for weeks and faces further downside

    Solana (SOL/USD) was one of the worst-performing cryptocurrencies in November. The cryptocurrency came from a high of $38 on November 5 but now trades at just$13.55. The losses came in the wake of the FTX collapse. However, for almost three weeks, SOL has been consolidating at or above $13. Does this signal the entry of buyers?

    Solana’s consolidation comes amid a troubling on-chain activity. According to Santiment data, Solana’s spot and futures markets are struggling, with the trade volumes at monthly lows. As of December 2, the open interest on Solana was $208.9 million, a decline of 1.25%.

    Besides, short-position trades were active on Solana, with the funding rates remaining in the negative territory. Further indications were that there were more long liquidations ($207,000) than short liquidations ($89,000) worth of SOL.

    Clearly, the data is against SOL. Social metrics show limited upside, with the sentiment negative. Consequently, the latest consolidation may signal sellers’ exhaustion rather than buyers’ entry. A break to the downside would welcome a lower price for SOL.

    SOL consolidates at $13 amid bearish momentum

    SOL/USD Chart by TradingView

    Technically, SOL is bearish in the longer-term outlook. The RSI is escaping the oversold level but still remains way below the midpoint. A slight recovery saw SOL move to the 20-day MA, but the price upside is still muted.

    When to buy SOL?

    Solana’s price is still bearish. Investors looking to buy SOL should wait for the bear market to subside before scooping the token. A break below the consolidation zone could see SOL hit single-digit prices.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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  • Solana SOL/USD nears a single-digit price. Here is the price action and what you need to know

    Solana SOL/USD nears a single-digit price. Here is the price action and what you need to know

    Anyone would have thought Solana SOL/USD would trade at a double-digit price, let alone a single-digit one? Unfortunately, that is the reality for the lovers of the once promising cryptocurrency labelled the Ethereum killer. Having hit a high of over $265 in November 2021, the SOL was touted as the next token to reach $1,000. It now trades at a mere $11, exactly one year since its all-time high. The cryptocurrency is yet to find a bottom, with technical indicators pointing to a price below $10.

    While a bear sentiment is to blame for the significant SOL decline, recent woes reflect exposure to collapsed FTX. As CoinJournal reported, Alameda Research has significant holdings of SOL tokens. The exposure has seen Coin Bureau host “Guy” warning his 2.17 million subscribers on YouTube about SOL price.

    The analyst expects the price of SOL to come under further pressure and fall a further 40%. He says that the token will suffer when FTX and Alameda dispose of their holdings in Solana to pay off creditors and other users. He further notes that the SOL situation could be worse, with the cryptocurrencies showing they are yet to bottom. The analyst is projecting an $8 SOL price. A technical outlook shows we could see an even lower price level for the cryptocurrency.

    SOL crashing below an inside-bar pattern is a bear indicator

    SOL/USD Chart by TradingView

    A technical outlook shows SOL bulls losing the battle at $12. The MACD indicator has pushed further into the bear zone. The indicator shows an increasing bear momentum.

    Besides, SOL is initiating a bearish breakout from an inside bar pattern. Once confirmed, by the close of the daily candlestick, we should be ready to embrace a lower SOL price.

    What next for SOL?

    With weak momentum and a bearish inside bar breakout, SOL could likely head to a single-digit price. There is a potential 50% drop to the next likely support at $5. The level coincided with the start of bullish momentum in February 2021.

    Where to buy SOL    

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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  • Is Solana sol facing a catastrophic breakout from an inside-bar pattern?

    Is Solana sol facing a catastrophic breakout from an inside-bar pattern?

    It’s an indecision moment as Solana trades at an oversold level of $13. The cryptocurrency has formed multiple pin bars at the level, indicating indecision in the market. A potential breakout to the downside could see SOL claim a single-digit price.

    CoinMarketCap data shows that SOL has lost more than 25% in a week. The loss is among the highest among the cryptocurrencies in the top 100 bracket. Concerns that the Solana ecosystem has a huge exposure to the collapsed FTX and Alameda have been fueling the bear market. Alameda is believed to hold 50.5 million SOL worth $708 million. Amid the exposure, Solana founder Anatoly Yakovenko has maintained that the investment is unaffected.

    SOL remains under the mercy of bears, who are increasingly active at the $13 price level. Here is the price outlook:

    SOL is under pressure at $13 even as the price hits oversold levels

    Technically, SOL is creating a support zone at $13. However, a likely bullish reversal looks unlikely as the token trades with weakening momentum. The formation of multiple inside bars at the crucial level suggests that buyers and sellers match the effort. 

    SOL/USD Chart by TradingView

    Turning to the RSI shows that SOL is oversold. An attempted recovery has been muted, with a further slip of the RSI reading to 29. The MACD indicator underlines a weak and worsening momentum.

    Which way is SOL?

    An inside-bar pattern can break on either side. An upside breakout will confirm a bullish reversal for SOL. However, a quick sell-off for SOL could occur if the breakout occurs to the downside. In such a case, the SOL price could touch $10 or below. 

    With the weak sentiment, a bearish breakout carries a higher chance. Investors should be cautious about buying SOL at this level.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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  • Here is what is happening and the potential price action next for Solana (SOL/USD)

    Here is what is happening and the potential price action next for Solana (SOL/USD)

    Solana (SOL/USD) is again flexing its muscles after losing half of its value in two days. On Friday, the cryptocurrency had recovered more than 20%. That ignites hopes that SOL would overcome a potential single-digit price. But how likely is the rally to be sustained? 

    You know that SOL has been falling heavily due to the potential unlocking of coins at the end of Epoch 370. The unlock has since been postponed, which has saved the token from a further decline. The postponing allows a restaking of the tokens, saving about 28.5 million SOL tokens from entering supply.

    Another factor that has helped SOL is a slightly improved crypto sentiment. US inflation data for October showed that prices rose by a below-estimate level. The data fueled a relief rally in cryptocurrencies, and SOL benefited in the process. The news at least bolsters an overall crypto sentiment that had been battered by concerns following the collapse of the FTX exchange.

    Still, SOL is not out of the woods. Data by DeFiLlama shows that activity on the blockchain has been on a downward spiral in the past one week. The total value locked on the blockchain is currently $471.69 million, from $1 billion on November 6. Clearly, the declining TVL could challenge a sustained SOL recovery. 

    SOL price outlook amid a relief rally in a bear market

    Source – TradingView

    SOL’s price outlook shows the token recovering from the oversold level of $11.7. The RSI has moved from the oversold level but remains below the midpoint. A further upside is possible for SOL as the relief rally looks strong.

    Should you buy SOL?

    Solana token will face a litmus test at $28. This is the established long-term resistance that was lost as the price crashed below.

    From a fundamental perspective, it is not wise to buy SOL now. The declining TVL could derail a sustained recovery in the token. For now, investors can enjoy the relief rally up to $28, which must be overcome to make a bullish call.

    Where to buy SOL

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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