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Solana Bulls Look To Propel SOL Price Past 150 But All Doesn’t Seem Quite Well

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Solana Bulls Look To Propel SOL Price Past $150, But All Doesn’t Seem Quite Well

By Georgi Farfarov – February 5, 2024

Solana (SOL) is one of the most crucial players in crypto. Its recent market movements have kept many on the edge, with SOL attempting to break free from the $100 zone. The burning question on everyone’s mind is whether Solana can sustain its upward momentum and secure a position above the crucial $150 mark.

The Current Scenario

SOL went on a heavy decline after facing resistance at the $106 level, similar to Bitcoin’s struggles around $43,800. The setback resulted in a dip below the $102 and $100 support levels, compounded by a break in a key bullish trend line with support at $100 on the 4-hour chart of the SOL/USD pair.

However, demonstrating resilience, the bulls rallied near the $92 level, supported by the 100 simple moving average (4 hours). Currently, SOL is trying to stay above $95 and build momentum for another push upwards.

Key Resistance Levels

SOL aims to overcome the $100 resistance, which is a critical level.

This may form a bullish trend and make $104 the next significant obstacle. This level corresponds to the 76.4% Fibonacci retracement level from the recent drop from $106.41 to $92.95.

A Breakthrough and Beyond

If SOL can close above the $104 resistance, the price may go even higher. Traders are closely watching the $132 mark as the following resistance level, and any further gains might propel SOL toward the coveted $150 level.

The Downside Scenario

While there’s plenty of optimism around Solana’s price potential., the crypto market is known for its unpredictability. If it fails to reach the $100 resistance, this may lead to another dump.

Initial support is around the $92 level and the 100 simple moving average (4 hours), with $90 being the first support. A drop below this level could retest $85, and a close below $85 might open the door to a dump towards the $78 support.

Technical Indicators

Examining technical indicators, the 4-hour MACD for SOL/USD is gaining pace in the bullish zone, instilling confidence in the potential for an upward movement. The 4-hour RSI (Relative Strength Index) is also above 50, signalling positive strength in SOL’s current position.

As Solana continues its journey in the crypto market, the spotlight remains on its ability to navigate key resistance levels. Traders closely monitor developments around $100 and $104, recognizing that a breakthrough or failure at these levels could shape SOL’s near-term trajectory.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Georgi Farfarov and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Why Crypto OG Arthur Hayes Foresees A Phenomenal Solana SOL Rally After This Momentous Event

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Why Crypto OG Arthur Hayes Foresees A Phenomenal Solana (SOL) Rally After This Momentous Event

By Brenda Ngari – February 1, 2024

Arthur Hayes, a billionaire known for founding crypto exchange BitMEX, has delved into a potential epic Solana (SOL) price surge connected to imminent turmoil in the U.S. banking system.

SOL On Verge Of Bullish Trend Reversal?

Arthur Hayes, the chief investment officer of family office Maelstrom and the ex-CEO of BitMex, expects markets to relive last year’s U.S. banking crisis, which could subsequently trigger a notable resurgence in the price of Solana.

Hayes indicated that now might be the perfect time to hop back on the Solana train, hinting at explosive growth in the near future.

Hayes’ bullish sentiment is bolstered by recent happenings in the United States banking sector. As per a recent report by Reuters, New York Community Bancorp (NYCB) fell as much as 41% in its share price after investors became skeptical of the firm following a massive dividend reduction. This has prompted fears of a liquidity rug pull event akin to the banking crisis in March 2023.

Looking at the past, Hayes may be presuming that the U.S. government will likely inject liquidity to prevent another modern-day bank run. He expects that this move will spark a huge rally, specifically in the crypto market.

Hayes’ previous prediction on Solana, preceding the token’s move past the $100 milestone, adds a layer of credibility to his latest forecast. As such, SOL holders are now keenly watching the pundit’s analysis, hoping history repeats itself.

Solana’s Network Robustness Could Pave Way For A Price Comeback

SOL was trading for $97.56 at press time, a 1.2% gain on the day. The token soared alongside the broader crypto market rebound. At the current price level, SOL remains 62.7% lower than its peak in November 2021. The fifth-largest crypto has been unable to successfully hold above the $100 level despite recording an impressive 83% gain in December.

A significant source of optimism for SOL’s price performance emanated from the surge in deposits within the network’s decentralized finance (DeFi) sector. Moreover, there has been a notable increase in the activity of the Solana network in terms of transactions and volumes.

There has also been growing market speculation that a spot Solana exchange-traded fund (ETF) could launch in the U.S. in the future after the approval of a spot Bitcoin ETF earlier this month.

Trillion-dollar asset manager Franklin Templeton further fueled the SOL ETF hype after singing the blockchain’s praises for its progress in DeFi, infrastructure, NFTs, and meme coins. The Wall Street giant already offers a spot market Bitcoin ETF investment vehicle.

If Hayes’ prognostication comes to pass, SOL might be primed to test its January highs around $115.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Why Experts Foresee Solana SOL Outshining Ethereum ETH By 500 In the Next Bull Run

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Why Experts Foresee Solana (SOL) Outshining Ethereum (ETH) By 500% In the Next Bull Run

By Newton Gitonga – January 19, 2024

The co-founders of leading crypto analytics firm Glassnode, Jan Happel and Yann Allemann, foresee Solana (SOL) outperforming Ethereum (ETH) by a staggering 500% in the next bull run.

The duo who operate under the X account “Negentropic” recently shared their optimistic outlook on Solana’s potential ascent. Notably, their perspective was inspired by a recent interview featuring macroeconomist Henrik Zeberg and Global Macroinvestor CEO Raoul Pal, where the discussion centered around the potential for a remarkable rally in the SOL/ETH chart.

Notably, the interview host asked Pal and Zeberg about their crypto preferences for a $10,000 investment over a 12-month period, specifically focusing on Ethereum and Solana in terms of risk-adjusted returns.

Pal and Zeberg, examining Solana’s recent performance trend, expressed strong confidence in its significant momentum. They anticipated Solana maintaining its upward trajectory, surpassing Ethereum, as indicated by the SOL/ETH chart.

That said, Glassnode’s co-founders delved into Pal and Zeberg’s analysis to answer the intriguing question of how much Solana could potentially outperform Ethereum. According to insights from Glassnode’s analytics, the current SOL/ETH ratio stands at around 0.14, and the co-founders anticipate a substantial increase in the ratio.

“We all watched Zebergand and Paul talking about SOL-ETH ratio. They both agreed it looks BULLISH. But – just how much could the ratio rally? This chart suggests, that the SOL/ETH ratio could rise to ~0.76 from current level of ~0.14. In other words, SOL may outperform ETH by 4-5X into the Crypto top.” Negentropic remarked.

Contrary to an isolated rally for SOL, the market experts also anticipated a significant bullish rally for Ethereum.

That said, following a remarkable surge last month that propelled it to reach an impressive $126, SOL has experienced a subsequent retracement attributed to profit-taking by investors and the broader market downturn, particularly influenced by Bitcoin’s performance after the spot BTF approval.

However, despite this setback, bullish sentiments surrounding Solana remain notably high. In a Friday tweet, analyst “Crypto Simon” noted that the SOL/USDT price chart is signalling a potential breakout from its descending channel, suggesting a shift towards an upward trend. He further highlighted a high probability of a bullish movement originating from the support level around $98, with SOL poised to target resistance levels near $128.

At press time of the latest update, Solana was trading at $89.31, reflecting a 6.36 % decline over the past 24 hours. Ethereum, on the other hand, was trading at $2,438 after experiencing a similar 3.8% decrease during the same timeframe. Despite this decline, Solana’s one-year trajectory remains notably robust at 340.43%, surging from around $20. In contrast, Ethereum’s one-year trajectory is comparatively lower at 60.72%, indicating growth from $1,500.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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SOL On Verge Of Ultimate Price Explosion To All-Time Highs As Solana Plans To Unveil Cheaper Saga Successor

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SOL On Verge Of Ultimate Price Explosion To All-Time Highs As Solana Plans To Unveil Cheaper Saga Successor

By Brenda Ngari – January 16, 2024

Solana Mobile, the firm behind the first-ever smartphone with an integrated crypto wallet, is preparing to unveil its second crypto-ready smartphone following Saga’s unexpected success. The latest reports say the new phone will have features similar to the original phone but will be cheaper and have different hardware specifications.

Solana Saga 2.0: A More Affordable Crypto Phone

Solana is reportedly preparing to release yet another crypto-forward smartphone.

This ambitious project follows the skyrocketing sales for the Solana Saga, which was unveiled in 2023. The phone first went on sale in May last year, and four months later in August, its price was reduced to $599 from $1000. Today, an unopened Saga device fetches a whopping $3,200 on marketplaces such as eBay. Solana expects the new high-end Android smartphone to help offset the high demand for Saga.

Sales of the Solana Saga phone were initially underwhelming, but the device quickly sold out after crypto traders realized that they came with a free airdrop of BONK meme coins valued at more than the cost of the phone itself.

Like the original Saga phone, the successor comes with the same crypto-friendly features, including a built-in crypto wallet, decentralized application (dapp) store, and customized Android software. However, the new crypto phone will be much cheaper. This strategic move seeks to attract a wider audience beyond early adopters and ardent Solana fans.

Besides coming at a cheaper price point, the soon-to-launch smartphone is also expected to have different hardware compared to its predecessor Saga.

Another Phenomenal Rally Underway?

The news of a more affordable follow-up to the Saga smartphone comes as the price of the SOL token cools off following a parabolic rally last year. At the time, the massive gains in the SOL price were accompanied by an increase in trading activity on the Solana network, which momentarily saw trading volumes on SOL-based decentralized exchanges (DEXs) flip that of Ethereum for the first time in history.

SOL is now trading at $96.36 per coin after topping $122.90 last December. Moreover, Solana DEX volume has slipped to $615 million in the past 24 hours, just a little over half that of Ethereum’s $1 billion, according to data provided by DefiLlama.

While the performance of the wider crypto market undoubtedly plays a key role, sky-high interest in Solana smartphones could once again light a fire under SOL bulls. There is a possibility that the new phone will spark mass adoption and propel SOL to new heights.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Jump Crypto Promulgate Plans to Develop a New Validator Client for Solana

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Jump Crypto Promulgate Plans to Develop a New Validator Client for Solana

The Solana network has been haunted by outages and slowdowns this year, especially during periods of congestion due to high demand. Still, the Solana Foundation is now trying to revamp the network to make it more stable, with a new open-source validator client to be developed by Jump Crypto.

Creating a new validator client for Solana is long overdue, as the protocol is now out of favor with users due to the attacks and outages it has experienced recently. Jump Crypto's joint venture is being conducted in partnership with the Solana Foundation. Both entities are working to reposition Solana as one of the fastest and most resilient smart contract networks.

The new development is expected to improve the accuracy with which Solana receives blocks and makes the network more resistant to attacks. The new features are designed to provide greater security to Phantom Wallet. It gives users control over reporting spam, which helps block contract addresses and domains. Investors can likewise earn SOL tokens as "rent" by reporting spam NFTs. Given the high risks involved with cryptocurrencies, users should exercise caution when transacting with third-party websites.

The process of building the new validator client will be overseen by Jump Trading's Chief Scientific Officer, Kevin Bowers, who leads a proven team of scientists and engineers developing complex algorithms, software, and Trading systems in the hardware and network space.

The move is significant because Jump Crypto, the Chicago-based subsidiary of Jump Trading, is a major player in the cryptocurrency world with substantial investments across the industry, including some Solana-related projects. Validators play a vital role in proof-of-stake blockchains like Solana by confirming the legitimacy of transactions sent to the chain. Anyone can act as a validator, provided they hold the desired amount of Solana's native currency, SOL, and transact in a way that benefits the network.


Image Source: Jump Crypto

Many Solana validators, including Coinbase Cloud and Jump Crypto itself, also offer "staking" services – allowing smaller users to add their own SOL to the validator pool and receive a portion of the rewards validators receive for providing their services. In response to questions about the relationship between new Validator clients and existing clients, a Solana spokesperson provided the following statement:

“In plain language, Solana Labs has an engineering team that is solely focused on building what has been the only software in the world that is capable of running the Solana network. Now there will be a second entire initiative that will be able to coexist and run the Solana network as well.”

In announcing the new validator client, Jump Crypto said the project would help accelerate Solana adoption, drive further technical improvements, and increase its network's decentralization.

Jump Crypto's assertion that its new project will improve Solana's technical performance will likely prove true, given the company's profound reputation for innovation. His contribution is also likely to be welcomed as the network suffered a series of embarrassing crashes and outages earlier this year.

However, the company's claim that its Validator client will increase decentralization may be causing a stir in some circles. That's because Jump Crypto has invested heavily in Solana and has made several rescues; most notably, it spent $320 million to rescue Solana-related projects from catastrophic hacks. Meanwhile, Solana's founders and executives appear to be working closely at Jump Crypto and its parent company.

Solana's close ties to the Chicago-based trading giant could irritate critics who argue Solana lacks the decentralization of Bitcoin or its rival Ethereum.

“Through Jump’s decades of work in solving some of the most complex networking challenges across traditional financial markets, we have seen firsthand the impact that improving a network’s speed and efficiency can have on an entire financial system,” said Jump Crypto executive and former UC Berkeley researcher Kevin Bowers, who leads the Validator project.

But for now, the infusion of technical know-how from Jump Crypto and the potential of the new validator client to bring more people into the network should prove to be an overall boon for Solana. This will outweigh the criticism of the project's governance structure.

 

 

 

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