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Tag: Solana

  • Solana price hits 17-month high above $54: What next for SOL?

    Solana price hits 17-month high above $54: What next for SOL?

    • Solana price rose to $54 on Friday, its highest level since May 2022.
    • SOL has outperformed top altcoins as positive catalysts aid bulls’ push, with price up 40% this past week and 138% over 30 days.
    • How far can Solana price rise? Data suggests further upside is possible.

    Solana continued its outperformance on Friday with another huge green candle as price rose 24% to climb to highs of $54. The cryptocurrency’s value has jumped more than 40% this past week and an impressive 138% over the last 30 days.

    According to data from CoinGecko, Solana price has increased by 220% in the past year – reclaiming levels it traded at before the collapse of crypto exchange FTX.

    Solana price breaks above $54

    Despite recent sell-off pressure, bulls have managed to push SOL price to its highest level since May 2022.

    The breakout to this 17-month high comes after buyers regained control at the critical $30 level, with this allowing for further upside to $38. A retest and fresh impetus allowed for this week’s parabolic move to $50.

    Solana price chart. Source:TradingView

    According to crypto data and market intelligence platform Santiment, Solana’s gains are accompanied by a major spike in crowd discussions about the coin.
    While funding rates have flipped higher, they are yet to enter the danger zone. Can SOL see more gains? 

    As highlighted earlier, Ethereum, Solana and other altcoins exploded today after news that BlackRock had filed for a spot Ethereum ETF.

    Also playing a role in the price surge was this week’s comments by Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC). Gensler noted during an interview with CNBC that plans to revive FTX could work if those looking to do so adhered to the law.

    Gensler’s comments came at a time when reports indicated that entities looking to reboot the bankrupt exchange had come down to a final shortlist of three companies. It includes Bullish, a digital assets platform founded by a former New York Exchange executive.

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  • Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    Pro delivers a $2 trillion BCH, Solana, Litecoin, Mina, Bitcoin price prediction

    • An analyst at Standard Chartered delivered a strong Bitcoin prediction.

    • He expects BTC price to jump to $120,000 in 2024.

    Bitcoin price has continued wavering in the past few weeks as investors wait for the next important crypto news and US inflation data. The coin was trading at $30,400, where it has been at in the past two weeks. As a result, the fear and greed index has moved to the neutral point of 56.

    Standard Chartered is bullish on Bitcoin

    Bitcoin price has jumped by more than 90% in 2023, meaning it has outperformed popular financial assets like the Dow Jones and the Nasdaq 100 indices. It has also done better than gold and other metals.

    Now, despite the recent consolidation, some analysts believe that Bitcoin price has more upside in the next few months. The two biggest potential catalysts are the potential for a Bitcoin ETF. Analysts believe that the SEC will accept one or all of the recent proposals by companies like Blackrock and Invesco.

    The other potential catalyst for Bitcoin will be the upcoming halving, which will happen in April next year. Historically, Bitcoin tends to rally ahead of the halving event. We can also look at the spectacular performance of Litecoin price since July last year. Litecoin’s halving will happen in August.

    Some analysts are bullish about Bitcoin. The most bullish analyst is from Standard Chartered. Two months ago, the analyst said that Bitcoin could surge to $100,000 by the end of 2024. In a note this week, the analyst said that he believes that BTC price could jump to $120,000. The analyst cited the ongoing miner activity, saying:

    “It is the equivalent of miners reducing the amount of bitcoins they sell per day to just 180-270 from 900 currently. Over a year, that would reduce miner selling from 328,500 to a range of 65,700-98,550 – a reduction in net BTC supply of roughly 250,000 bitcoins a year.”

    ‘If Standard Chartered’s Bitcoin prediction is accurate, it means that its market cap could hit over $2.3 trillion by the end of 2024. That’s because BTC has a market cap of over $591 billion.

    Altcoins could jump as well

    If this Bitcoin’s prediction is accurate, it means that other altcoins will do the same. For example, popular proof-of-work coins like Litecoin and Bitcoin Cash could resume their bullish rally. Litecoin has already jumped by over 134% from its 2022 lows. Bitcoin Cash, which is a Bitcoin’s hard fork, has risen by over 100% in the past few weeks.

    These coins are doing well because of their upcoming halving events. Litecoin will go through halving in August while Bitcoin Cash’s will take place in December. These coins will also benefit if the SEC accepts the ETF since more companies will be motivated to launch their ETFs.

    Other cryptocurrencies like Compound, Solana, Mina. and Internet Computer (ICP) could benefit because of the close correlation that exists in the crypto industry.

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  • Raoul Pal says Solana (SOL) could skyrocket to above $400

    Raoul Pal says Solana (SOL) could skyrocket to above $400

    • Raoul Pal, CEO of Real Vision is super bullish on Solana (SOL).
    • According to Pal, SOL could rally 20x from current levels if it mirrors Ethereum’s 47x move from its 2018 low.
    • He also says Bitcoin price could triple from its all-time high level amid a supply crunch in 2023.

    Raoul Pal, the founder & CEO of Real Vision suggests Solana (SOL) could embark on a massive price move. If the “dream scenario” for the world’s 10th largest cryptocurrency by market cap occurs, SOL could outperform both Bitcoin (BTC) and Ethereum (ETH).

    Pal shared his massively bullish outlook for Solana during a recent interview in which he shared  views on varied topics. These  include AI and its impact on jobs, BlackRock’s ETF filing and CEO Larry Fink’s remarks about BTC.

    He also aired his thoughts on the Ethereum/Bitcoin flippening debate, central bank digital currencies (CBCDs), global economy and government money printing before briefly offering his price prediction Solana. The macro guru also shared predictions for Bitcoin and Ethereum.

    Solana price prediction

    On what he thought of the price performance of BTC, ETH and SOL in the next bull cycle, Pal shared a highly bullish projection for Ethereum’s “competitor.”

    Currently, Solana trades around $21, about 1.4% down in the past 24 hours. 

    However, the cryptocurrency is more than 10% in the green over the past seven days and 43% in the past 30 days. While it’s also down 43% from its value a year ago, Pal noted that the bottom might have come when prices fell to around $9 in December 2022.

    With this outlook, Pal suggests SOL could do what ETH achieved after bottoming in 2018 – roaring to its all-time high above $4,800 during the last bull market. The macro guru says that if Solana takes on this projection, the potential gains could be staggering.

    He compared the 47x that ETH saw after the 2018 low to what Solana could do. He opined:

    “Look… there’s a possibility – a dream scenario – that Solana does what ETH did from the 2018 low which was a 47x. The Solana low was nine bucks, so you could do the maths [and] the numbers are potentially very interesting.”

    While Solana’s price might not do the 47x or so that Ethereum price managed since its bottom in 2018, Pal predicts a “20 something x” move. According to him, this is a reasonable outlook for a protocol that’s battle-tested and is seeing a huge spike in network and ecosystem activity.

    Should Pal’s bullish outlook for SOL price hold, it would mean an eventual burst to prices above $400 for the cryptocurrency. In the last bull market, Solana rose to the all-time high at $260.

    Bitcoin and Ethereum price predictions

    For BTC and ETH, Pal agreed with projections of a 3x and 5x respectively – suggesting Bitcoin could more than triple its value during the next bull cycle. However, that is from the all-time highs that was $69,000 in November 2021. 

    Trippling from that ATH would mean a 6x from current prices, he opined. But that would depend on severa factors that could dictate market direction.

    “It’s very difficult to predict where it actually goes, but what we can say is [that] it’s reasonable that Bitcoin from all-time highs doubles or triples. That’s not asking a lot. That will be the worst bull market in Bitcoin’s history.”

    According to him, a potential supply crunch in 2023 is what could squeeze Bitcoin to a new all-time high.

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  • 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.

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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

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    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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    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

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    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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  • 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.


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    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 (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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