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  • Solana falls 10%, but a ‘Buy’ signal appears

    Bears took control of the market last week, pushing several cryptos’ prices down, including Solana [SOL].

    Though investors had to bear losses, things for SOL might change soon, as a buy signal appeared on the token’s chart. Does this mean SOL is poised for a bull rally? 

    Buy signal on Solana’s chart

    Last week, Solana investors had a hard time as the token’s price dropped by nearly 10%. At the time of writing, SOL was trading at $144.39 with a market capitalization of over $66 billion.

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  • American rapper puts ‘Solana’ tattoos on forehead after selling crypto

    American rapper Gazzy Garcia, more commonly known as Lil Pump, shared an Instagram post highlighting what seems to be a tattoo of the blockchain platform Solana. 

    In the post, Garcia claims that he has already sold his Solana

    SOL

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    $144 tokens and asked his over 14 million followers on Instagram if they like his new tattoos. “Like my new tats? I sold my SOL,” Garcia wrote.

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  • Solana moving past Ethereum? War of the best

    REALLY???

    Solana: $2 Billion

    Ethereum: $1.70 Billion

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  • Bitcoin’s Downtrend… Solana

    Crypto market capitalisation rose 3.3% in 24 hours to $2.22 trillion. Local capitalisation bottomed near $2.10 trillion, confirming a sequence of declining local lows (2.3 in March, 2.25 in April) and highs (2.76 in mid-March, 2.67 in early April and 2.46 in late April).

    Ethereum and Solana are adding from the area of the April lows and forming a double bottom. This is a positive but not too reliable signal, as Bitcoin has been in a downtrend throughout April.

    After the halving, it is logical to expect miners to increase sales from inventory, to invest in new capacity or to lock in profits. Also, the hype around spot Bitcoin ETFs is going away, which reinforces selling by speculators.

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    Assuming Bitcoin stays within the global growth cycle starting in 2023, we should expect further price declines in the coming weeks. The nearest likely target looks to be the $51-52K area, where growth was paused in February and where the 200-day MA will be pulled up by the end of the month.

    News background

    SoSoValue notes that outflows for $563.8 million from spot bitcoin-ETFs on 1st May reached their highest since product approval. Bloomberg noted the formation of IBIT and FBTC price discounts relative to net asset value (NAV).

    BlackRock believes that financial institutions, including pension, endowment, and sovereign wealth funds, will enter the ETF market in the coming months.

    VanEck calculated that the aggregate value of Bitcoin in the wallets of governments and companies is $175bn. That’s about 15% of the total BTC capitalisation.

    Bitfinex said that Bitcoin options traders are preparing for a summer lull in the market. Summer is usually a period of low volatility in the crypto market. Cube.Exchange, on the other hand, pointed to the likelihood of increased price fluctuations in the summer against a background of low liquidity.

    Toncoin (TON) resumed growth after a correction amid an investment from venture capital firm Pantera Capital with over $5bn in assets under management. ‘We believe TON has the potential to bring crypto to the masses as it is widely used in the Telegram ecosystem’, Pantera noted.

    On 2nd May, TON developers announced the platform’s integration with the on-chain analytics service Arkham Intelligence. On 1st May, integration with the cross-chain platform Layerswap was implemented, which, according to its representative, will make it possible ‘to send USDC from any network and receive USDT on the TON blockchain’.

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  • Solana shakes crypto market, up 40% this week

    A surge in the buying mood for Solana has helped the cryptocurrency market. Not too far from its all-time high, Solana caused a stir in the cryptocurrency world when it overtook BNB as the fourth most valuable crypto asset.

    Right now, there is bullish sentiment in the Solana markets. On November 06, 2021, Solana hit its highest price ever, peaking at $259 point 52.

    As reported by DefiLlama, Solana has achieved a significant milestone by surpassing Ethereum and other EVM-based Layer-2 solutions in 24-hour volume. The altcoin is up 40% for the week and the current SOL cycle high is $ 205.

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    The introduction of meme-coin projects on Solana’s blockchain has recently been met with enthusiasm by supporters. A recent study by Franklin Templeton noted that a significant portion of activity was captured by the network, and it went on to say that the company believes meme-coins like BONK “have a strong relationship with their native networks.”.

    A “Learn and Earn Campaign” for the meme-coin was introduced in February by the European fintech company Revolut. As a result of the increased visibility, BONK reached an all-time high in early March.

    Solana of late has become the clear leader in blockchain transactions with a total chain volume of $3.654 billion, compared to Ethereum’s $2.397 billion. Solana surpasses all other competitors, including Arbitrum, Avalanche, Polygon, and Optimism.

    Solana is an open-source project with high functionality that leverages the permissionless nature of blockchain technology to offer decentralized finance (DeFi) solutions.

    Although the concept and preparatory work for the project started in 2017, the Solana Foundation formally introduced Solana in March 2020.

    The Solana protocol is intended to make the development of decentralized apps (DApps) easier. By combining the blockchain’s fundamental proof-of-stake (PoS) consensus with a proof-of-history (PoH) consensus, it seeks to increase scalability.

    Memecoin founders have made millions of Solana tokens through token presales in the last 72 hours (about 3 days) alone, demonstrating the heightened activity in the cryptocurrency community.

    To advertise on the side of Los Vegas’ massive Sphere project, Dogwifhat (WIF), a take on the “dog token” that capitalized on the Solana trend by giving the dog mascot a pink beanie, has raised over $600,000.

    As of the time of publication, aggregated data cited by cryptocurrency researcher 0xGumshoe indicates that traders have sent approximately $100 million worth of SOL to purchase new Solana meme coins in the last 72 hours.

    These tokens, which include Book of Meme (BOME), Nap (NAP), Nostalgia (NOS), and many more, have been used in a contentious presale model to raise funds for upcoming coins.

    Presales are a common way for fraudsters and scammers to take advantage of unsuspecting investors to launder money, even though there is no assurance that investors will receive tokens in return for cryptocurrency sent to a presale wallet address.

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