The recent sell-off in the crypto market offset the prior recovery in Solana price. The buyers currently stall this downfall at local support of $32.7, but the low volume activity in their attempts keeps the correction threat on the table. Thus, will buyers resume the bullish recovery from this support,… Read more
Low Volume Recovery In Solana Price Hints Potential Fall To $30
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Solana network faltered anew, as the crypto space’s “Ethereum Killer” goes offline courtesy of faulty mechanics in its system. Just this September, co-founder Anatoly Yakovenko admitted during an interview that the outages which continue to plague Solana were the network’s curse. Yakovenko, however, was quick to defend, saying that the downtimes the system experienced could […]
Solana price was off to a good start this week despite choppy market conditions. The bulls have tired out over the last 24 hours. In the past day, the altcoin fell by 3%. Solana prices have risen by nearly 6% in the last week. The technical indicator continued to demonstrate that the bears were in control at press time. If buying strength continues to head in the same direction, then most of the coin’s weekly gains would be nullified. The technical outlook for the coin was negative as the sellers took over at the time of writing. The current support zone for the coin is between $33 and $26. If SOL falls below its current price level, then the bears will gain momentum on the chart. With Bitcoin consistently wavering near the $19,000 mark, most altcoins also started to wobble on their respective charts and moved closer to their immediate support levels. For Solana price to reach its next price ceiling, the demand for the coin has to increase on its chart. Solana Price Analysis: One Day Chart SOL was trading at $33 at the time of writing. The coin had registered recent gains over the past few days, but the bulls faced resistance and it fell on its chart. The immediate resistance for the coin stood at $38 and then another price ceiling was at $41. If Solana price decides to move above the $41 level, then bulls could come around on the chart. On the other hand, the closest support line was at $29, and a fall from that level would cause the altcoin to trade at $26. The volume of altcoin traded decreased in the previous session, indicating that buying strength has decreased on the chart. Technical Analysis The altcoin showed more selling strength on its one-day chart. Solana, despite gains in the last few days, has not witnessed a surge of buyers. This also meant that demand was present at the lower levels. The Relative Strength Index displayed an uptick and the indicator was on the half-line, which meant that there was an even number of buyers and sellers. Other indicators, however, aligned with the selling strength on the chart. The Solana price was below the 20-SMA line, which also indicated that the sellers were driving the price momentum in the market. With a slight appreciation in demand, SOL could travel above the 20-SMA line. Related Reading: Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence SOL’s other technical indicators were yet to turn entirely bearish, although the indicators depicted the onset of bearish pressure. The Moving Average Convergence Divergence indicates the price momentum and overall price direction. The MACD continued to display green histograms, which were buy signal for the coin. The green signal bars were declining, which also meant that the positive price momentum was on a decline. The Directional Movement Index showed the price momentum and it was positive as the +DI line was above the -DI line. Average Directional Index was below the 20-mark, showing that the current market action had less strength. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate Featured image from Tecxpla, charts from TradingView.com
On September 21, State Proofs became available on the Algorand blockchain which is said to be a reason for the price surge. Silvio Micali, the co-founder of Algorand believes that this initiative preserves the safety of the blockchain against quantum attacks in addition to allowing decentralized bridges with other blockchains. The bearish trend continues in […]
Der Beitrag This altcoin is outperforming Ethereum, and Solana and beats Mastercard erschien zuerst auf Crypto News Flash.
Solana price has moving been sideways for the last few months, and it has maintained the same price action. Over the last 24 hours, SOL has depreciated 2.6%. In the past week, the altcoin’s gains were negated by the ongoing lateral trading. Buying strength has remained low over the last week and that has further pushed Solana price to their closest support line. If buyers push the price higher, SOL could attempt to topple over the $33 price level. As sellers continue to dominate, it could be tough for SOL to experience a breakout from the $30-$32 price zone. The bulls failed to hold onto the $33 price mark and ever since that, the coin has continued to spiral downwards. Increased consolidation of SOL has reduced buyers’ confidence. For SOL to invalidate the bearish thesis, it needs to move above the $40 price zone. The global cryptocurrency market cap is now $971 billion, down by 0.2% in the last 24 hours. Solana Price Analysis: One Day Chart SOL was trading at $33 at the time of writing. The coin experienced heavy resistance at the $41 price mark, and the bulls have been rejected at that mark for over months now. Immediate resistance for Solana price was at $38, toppling which SOL might attempt to touch $41. On the flip side, a fall from the present price mark will push SOL to $30 and then to $26. The amount of Solana traded in the last session declined, indicating that buyers were fewer in number. Technical Analysis SOL lost its price momentum because buying strength consistently remained low for over a week. Despite buying strength recovering in the last few weeks, the price of the asset remained unaffected. The Relative Strength Index was underneath the zero-line, indicating that sellers outnumbered buyers at the time of writing. Solana price was below the 20-SMA due to a lack of demand. It also indicated that sellers were dominating price momentum in the market. Related Reading: Ethereum Price Still On The Decline, Can Buyers Defend This Price Level? The asset continued to display signs that the sellers were strong in the market. The Moving Average Convergence Divergence indicates the price momentum and the direction of the asset’s price. MACD underwent a bearish crossover and formed red histograms. These red histograms were indicative of sell signal in the market. The Stoch RSI is used to measure the overall market trend and the direction of the current price of an asset. Stoch RSI was below the half-line and nearing the oversold zone. This reading confirmed bearish pressure in the market and that the asset could further lose value over the upcoming trading sessions. Related Reading: Prepare For Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings Featured image from App Developer Magazine, Chart: TradingView.com
Solana has made a name for itself in the decentralized finance (DeFi) and non-fungible token (NFT) space over the last few years. Its growth has seen it become one of the largest contenders for the leading smart contract network Ethereum, as it presents faster and cheaper transaction options. Its transaction count had quickly multiplied in light of this, and now, the cryptocurrency has neared another important milestone. Almost 100 Billion Transactions With only two years of operations under its belt, Solana has quickly grown in prominence among crypto investors. With an average of 3,000 transactions per second (TPS), the total transaction count on the Solana blockchain is like a runner on steroids. Related Reading: Terra Classic Jumps Double-Digits, Is It Time To Buy? Presently, the total transaction count on the network has surpassed 97.1 billion. This was the count as of Friday when this report was written. Given that the number was around 96 billion on Thursday, Solana’s transaction count is growing at around 1 billion per day. This rate would see the network hit the 100 billion mark before the weekend is over. To put this in perspective, the current daily transaction count on the Ethereum network is a little over 1 million at 13 TPS. The upgrade to ETH proof of stake will reportedly allow Ethereum to process 100,000 TPS, but for now, it continues to lag behind competitors such as Solana in terms of speed and capacity. Solana Looks To Grow Further Over the last day, digital assets across the cryptocurrency market have seen some impressive gains. Solana grew more than 7% in this 24-hour period to bring its price above $35, but even this point does not look to be the highest for the cryptocurrency. Since SOL is now sitting above its 20-day moving average, the selling pressure in the short term has begun to ease up, giving the digital asset room to establish support at $35 and target the $40 level from this point. SOL breaks above $35 | Source: SOLUSD on TradingView.com Solana’s growth in other aspects besides its transaction count is also working to prop up its price. Most notably, the growth of NFT trading on the blockchain. Magic Eden, the leading NFT marketplace on Solana, is fast catching up to OpenSea. Related Reading: Bitcoin Detractor Peter Schiff Says It’s Time To Sell BTC, Here’s Why In the last 7 days, OpenSea saw a total of 149,488 unique traders, where Magic Eden saw 101,349 unique traders. The popularity of collections, such as Okay Bears, DeGods, and now Yoots, has also helped to increase the popularity of the blockchain and bring new demand to the market. This demand for the digital asset for trading activities has been the biggest driver of its recovery. If the momentum holds up, then SOL is likely to test $40 before the weekend is over. Featured image from CNBCTV18, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Popular privacy-focused browser Brave announced an integration with Unstoppable Domain to take decentralized websites to the mainstream. The integration will allow users to “take control” over a domain hosted in the blockchain forever. Related Reading: Bad Actors Exploit NFT Watchdog After Collection Mint Decentralized Websites, The Next Big Thing For Web3? In addition, Brave will […]
According to a report published on Tuesday by blockchain analysis company Chainalysis, a remarkable $1.9 billion worth of bitcoin was stolen in hacks of various services in the first seven months of this year, representing a 60% rise from the same time in the previous year. DeFi Saw Huge Cases Of Hacks, Chainalysis Reports Even […]
Crypto exchanges have become popular for enabling consumers to purchase, sell, swap, and store digital assets. However, research has shown that exchanges have been easy prey for hackers, especially as the popularity and price of specific crypto currencies has skyrocketed. Typically affecting thousands, if not millions, of users and resulting in the theft of hard-earned […]
As per the report from Telstra, Ethereum has the “largest and strongest” developer community. In July, the number of monthly active contributors on Ethereum was 4x greater than Bitcoin’s 400 contributors and 6x greater than the 350 contributors on Solana. 2022 has been one of the most brutal bear markets in the history of crypto. […]
Der Beitrag Despite market slowdown, active contributors to Bitcoin, Ethereum and Solana on the rise erschien zuerst auf Crypto News Flash.
On July 28th, Solana-based decentralized finance protocol Nirvana Finance confirmed on twitter that it suffered a flash loan attack for USD 3.5 million which immediately led to the nosedive of its native token ANA and stablecoin NIRV. Another dollar pegged stablecoin destabilizes Crypto analytics firm Packshield, had first confirmed the exploit, the attacker used a
The post Another Stablecoin Crash; This Time Its On Solana (SOL) appeared first on CoinGape.
Data from CoinMarketCap shows that Solana’s L1 smart contract platform outperformed both Ethereum and BNB Chain in terms of the number of daily active users. CoinMarketCap compared the number of daily active addresses on each smart contract platform since November 2021. Solana Beats Ethereum, BNB Chain According to the data, Solana managed to increase its
The post Here’s How Solana Outperformed Ethereum In The Bear Market appeared first on CoinGape.
Last Week [in] Crypto: Crypto Winter Blows out Bitcoin Speculators, British Army’s Twitter Hacked, US Employees Barred From Owning Crypto
Be[in]Crypto has combed through layers of breaking stories over the last week to bring you up to speed on the most important happenings in the ecosystem.
The post Last Week [in] Crypto: Crypto Winter Blows out Bitcoin Speculators, British Army’s Twitter Hacked, US Employees Barred From Owning Crypto appeared first on BeInCrypto.