Solana (SOL) Flips Final Resistance Into Support; $250 In View

By Olivia Brooke – April 19, 2024

Prominent crypto analyst Jelle has drawn the cryptocurrency market’s attention to a recent development, particularly Solana’s (SOL) remarkable performance.

Renowned for its rapid transaction speeds and minimal fees, SOL has garnered attention for its upward trajectory, aiming to create a new all-time high.

Jelle’s latest analysis, supported by a comprehensive chart, reveals that Solana has effectively transformed its previous significant resistance level into a support level.

As expected, this critical shift indicates bullish sentiment surrounding the asset, accompanied by a Greed score 82. This development signals a potential upward trend for SOL, with Jelle projecting a trajectory toward surpassing the $250 mark in the summer months.

Solana’s Impressive Performance: Heading Towards New All-Time Highs

A recent chart shared by Jelle X’s account showcases Solana’s robust upward trajectory, signalling a significant rebound and sustained positive momentum. Solana experienced a period of consolidation and bearish trends. Nonetheless, the recent breakout indicates a shift in potential investor sentiment and market dynamics.

Over the last trading session, SOL traded around $145, signalling a 4.31% increase in the last 24 hours. This surge propels the market cap up by 3.23% to $64.7 billion. Similarly, Solana’s 24-hour volume has printed a 14.70% gain, surging to $5.8 billion.

Over the past year, Solana’s price has surged by 841%, reflecting a sustained upward trend. SOL trades 314.14% above its 200-day Simple Moving Average (SMA) of $47.08. Additionally, Solana’s trading data mirrors this northbound movement, with the daily close price surpassing the daily open price in 19 of the last 30 days. These trading days ended with green candle sticks, accounting for 63% of the observed period. In addition, Solana’s liquidity is high, represented by a 24-hour volume-to-market cap ratio of 0.1014.

Meanwhile, the Solana ecosystem’s rapid growth has resulted in liquidity flowing from SOL’s ecosystem to Coinbase Layer 2 (L2). According to a crypto analyst Rasgard, this influx suggests potential exponential growth for projects within the BASE ecosystem, with projections ranging from 10x to 100x shortly.

In light of this, market analysts and investors closely monitor Solana’s performance, recognizing its resilience and growing adoption.

The recent transition from resistance to support represents a technical milestone and solidifies Solana’s position as a notable project in the cryptocurrency space.

Furthermore, this transition signifies a noteworthy milestone for Solana, suggesting sustained momentum and investor confidence in its prospects. As SOL continues its ascent, investors may find reassurance in this strategic pivot, which could further solidify its position within the crypto market.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

Solana (SOL) Emerges as Top Choice for Investors, Toppling BNB and Ethereum

By Newton Gitonga – March 22, 2024

Solana has emerged as the top choice for investors, surpassing top assets like BNB and Ethereum in terms of global investor interest.

According to a Wednesday report by Coingecko, Solana, currently the fifth largest cryptocurrency by market capitalization accounted for 49.3% of global investor interest in blockchain ecosystems, while Ethereum followed closely behind with 12.7%.

The growth of Solana’s popularity can be attributed to several factors, including the development of ecosystem projects like Pyth Network (PYTH) and the popularity of meme tokens such as SLERF and ‘Dogwifhat’ (WIF). Additionally, Solana’s high trading volumes and low transaction fees have made it an attractive option for investors.

On the other hand, Ethereum maintained its position as a leader in the L2 protocols segment, with second-layer networks built on Ethereum gaining increasing popularity among investors.

“This is likely because Ethereum is already well-established as an ecosystem and familiar to investors, such that it is no longer considered a new, trending crypto narrative. At the same time, attention towards the Ethereum ecosystem is increasingly dispersed across the layer 2 ecosystems building on top of it,” Coingecko wrote.

Arbitrum and Base emerged as the most popular second-layer network ecosystems, with 3.3% and 3.2% of investor interest, respectively.

Other L1 ecosystems, such as Cosmos, Avalanche, and Sui, also gained traction among investors. According to Coingecko, Cosmos’ success can be attributed to successful airdrops like Celestia and Dymension, while Avalanche’s meme tokens like Coq Inu have contributed to its popularity. Sui, on the other hand, lept ahead of TON in terms of investor interest despite TON’s connection with the Telegram messenger.

The report also highlighted the growing interest in L2 networks, with Arbitrum, Polygon, zkSync, and Metis attracting notable attention. Optimism, Blast, and StarkNet are among the top 20 L2 networks.

Notably, Ethereum’s recent Dencun hard fork, which activated on the mainnet on March 13, significantly impacted L2 networks. The update reduced commissions in L2 networks based on Ethereum, leading to a significant increase in the daily volume of transactions on Base, one of the projects that benefited the most from Dencun.

That said, Solana’s emergence as the top choice for investors comes amidst a notable price surge for the crypto asset. Notably, the asset recently tapped $200 and is up over 100% year to date, making it one of the best-performing cryptocurrencies in recent months.

Despite witnessing a brief pullback that saw it plunge to $164 earlier this week, Solana bulls managed to push the price back up, with optimism of a further price surge growing.

At press time, SOL traded at $170.92, reflecting a 9.40% drop in the past 24 hours.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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

Pantera is Raising $250M to Buy SOL from FTX Estate: Report

Lucky Ebosele | Last updated March 7, 2024 | @ 14:43

Crypto-focused asset manager Pantera Capital is reportedly raising money from large investors to buy discounted Solana tokens from the bankrupt FTX estate.

Pantera Seeks to Raise $250M

According to a Bloomberg report that cited marketing materials sent to prospective investors, Pantera is seeking funds for the ‘Pantera Solana Fund,’ which would have the option to buy up to $250 million worth of SOL tokens from FTX at $59.95 or 39% below the average price over the past 30 days.

The report stated that investors would have to agree to a vesting period of up to four years in exchange for this discount.

Pantera was aiming to close the fund by the end of February, but it is unclear how much money they were able to raise. Investors participating in the fund must invest at least $25 million and have their SOL tokens initially locked and gradually vested over four years.

The asset manager plans to charge a management fee of 0.75% and a performance fee of 10%.

Pantera’s investment is an opportunity to capitalize on the discounted price of SOL and potentially profit as the Solana ecosystem grows. On the other hand, the deal will allow FTX to offload its SOL holdings and return value to creditors without putting immediate pressure on the token’s price.

SOL Performance Post-FTX Implosion

As of Wednesday, March 6, FTX held 41.1 million SOL tokens, worth approximately $5.4 billion in current prices and equivalent to 10% of the token’s total supply.

Since the FTX implosion in November 2022, SOL’s price has surged by nearly 4x after facing a tumultuous period. Over the past year, the token has jumped by approximately 650%, thereby increasing the value of FTX’s holdings and giving the firm the opportunity to fully repay creditors.

SOL was trading at $142.10 at press time, representing an 11.37% increase in the past 24 hours.

Disgraced FTX co-founder Sam Bankman-Fried (SBF) was a major backer of the Solana network. Moreover, FTX and its sister company, Alameda Research, were heavily invested in the Solana ecosystem.

DISCLAIMER

Information found on this website is those of the writers quoted. It does not represent the opinions of Coinfomania on whether to buy, sell, or hold any investments. Readers must conduct their own research before making any investment decisions. Use the provided information at your own risk.

The original article written by Lucky Ebosele and posted on Coinfomania.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

Ether, Cardano, Solana, Shiba Inu Eying Gigantic Run as Crypto Market Enters Hope Phase

By Brian Njuguna – March 6, 2024

As the crypto market continues to be in the green, with the market capitalization edging closer to the $2.6 trillion mark, altcoins are not being left behind as they are making significant strides.

Taking on X, formerly Twitter, leading market analyst Michael van de Poppe highlighted this trend and stated, “Altcoins are ready to accelerate after this run of Bitcoin. Bitcoin has shown a gigantic return, which means that altcoins are likely going to outperform Bitcoin by a mile.”

Therefore, based on this analysis, altcoins are eyeing a substantial rally, with top coins like Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), and Shiba Inu (SHIB) leading the pack.

For instance, Ethereum is edging closer to the psychological price of $4,000, given that the top altcoin was up by 61.1% in the past month to hit $3,852 at press time, according to CoinGecko.

Is the Alt-Season Fully Here?

Given that altcoins are a force to be reckoned with in the crypto ecosystem, questions are being raised about whether an alt season is now on the horizon on the foundation of the bullish momentum being witnessed.

Van de Poppe noted, “Altcoin market capitalization is slowly moving upwards. The upside could be captured on Bitcoin, meaning a rotation towards altcoins. Therefore, Ethereum to $4,500-5,000 is likely, while altcoins will accelerate with 2-4x returns.”

Based on this analysis, Ethereum will be instrumental in triggering an alt season, with the second-largest cryptocurrency continuously experiencing an uptrend.

With the crypto market appearing to have entered the hope phase, the altcoin market is painting a bright picture.

Furthermore, altcoin bulls are showing their unrelenting quest to continue scaling heights.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brian Njuguna 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

Solana Explodes by 30% in a Week — Factors Behind The Move Suggest SOL Could Go Crazy In March

By Georgi Farfarov – March 3, 2024

The crypto market has been on its toes as Solana has seen an explosive surge of over 30% in just one week, reaching its 23-month high. The impressive rally has sparked confidence and curiosity within the crypto community, prompting a closer examination of the factors driving Solana’s recent ascent.

Today, we delve into the factors behind Solana’s remarkable surge and explore the crucial question: Can Solana sustain this momentum?

As of March 3, SOL is trading at $130.69, marking an impressive 34.2% gain over the past seven days. Despite being the fifth-largest cryptocurrency, Solana has moved closer to its competitor, BNB. The surge raises questions about the sustainability of this momentum and whether Solana can continue outperforming its competitors.

Factors Fueling Solana’s Rally

Multiple factors contribute to Solana’s recent surge. Price momentum, market conditions, recent news, supply and demand, and others all come into play.

The performance of Solana meme coins, including BONK and WIF, adds an intriguing layer to the narrative. BONK has surged by 115%, while WIF has rallied an impressive 268% in the past week.

Solana’s Total Value Locked (TVL) and NFT Dominance

We turn to Solana’s Total Value Locked (TVL) in smart contracts to see if SOL’s surge is sustainable. With SOL playing a crucial role in decentralized applications (DApps), a higher TVL signifies increased user engagement and demand for Solana-based DApps. Data from Solana shows that its TVL is at the highest level since November 2022.

Solana’s strong presence in the NFT marketplace further distinguishes it from competitors. With a weekly volume of $7.9 billion, Solana’s dominance in the NFT space is clear. And it contributes to its overall utility, potentially attracting a broader user base.

Can Solana Sustain the Momentum?

While Solana’s recent surge is undoubtedly impressive, the crypto market remains dynamic and subject to various influences. Market conditions, sentiment shifts, and fundamental indicators signal Solana could very likely sustain its outperformance against competitors in March.

As we analyze the factors behind this impressive move, the crucial question lingers: Can Solana maintain its momentum in the ever-changing crypto landscape? The coming days will likely determine whether Solana’s surge is a short-term phenomenon or the beginning of a sustained upward trajectory.

DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Georgi Farfarov 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

Solana On A Roll: Crypto Analyst Predicts Push To $600

February 29, 2024 – 16:00 EST

Like almost every other crypto token in the market, Solana (SOL) is enjoying a rally of its own, rising to nearly $125 in the last 24 hours. Interestingly, this looks like only the beginning of good things to come for the crypto token, as crypto analyst Hansolar predicts that it could run massively in this bull cycle.

SOL To Rise To $600

Hansolar mentioned in an X (formerly Twitter) post that SOL will rise to $600. This “fun” target was laid on the premise that SOL could be the new ETH this cycle. Assuming this is the case, the analyst expects SOL to take off later than BTC and ETH. This is because ETH took off when BTC broke into all-time highs (ATHs) during the last bull run.

Therefore, SOL, following a similar trajectory to ETH in the last cycle, might not take off until BTC and ETH break into ATHs. Hansolar suggested that SOL’s takeoff will be sparked by retail, stating that there will be a time when these investors buy into the crypto token “as the high beta catch-up play.”

Hansolar also offered more evidence to suggest that SOL is likely to replicate ETH’s run in the last bull cycle. He stated that the crypto token was currently at around 50% from its ATH, similar to how ETH was around the 50% mark as BTC was nearing its ATH in the last cycle. Meanwhile, Hansolar offered “fun” targets for Bitcoin and Ethereum, stating they will hit $150,000 and $10,000 in this bull cycle.

Interestingly, Hansolar’s $600 price prediction for Solana looks very conservative compared to Crypto YouTuber Jake Gagain’s prediction that SOL will hit $750. The analyst stated that the crypto token will hit this price level by next year.

Between Solana And Ethereum

Crypto analyst Santiago Santos once echoed similar sentiments to Hansolar when he drew a comparison between Solana and Ethereum, noting that the former is going through what the latter did during the ICO boom. He, however, suggested that Solana would perform way better than Ethereum, as it is seeing “meaningful usage and growth,” unlike Ethereum then.

Santos further asserted that Solana would “converge on Ethereum faster than most believe.” Solana, commonly referred to as the “Ethereum Killer,” has indeed been on the heels of Ethereum as of late. Solana even once surpassed Ethereum in 7-day DEX (decentralized exchange) volume.

The tremendous rise in Solana’s network activity is believed to be one of the factors driving SOL’s price and what could push it to hit the $600 mark and possibly $750, like Gagain predicted.

At the time of writing, SOL is trading at around $124, up over 13% in the last 24 hours, according to data from CoinMarketCap.

The original article was posted on Tradingview.com/News.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

Solana Bulls Bounce Back from Network Outage, Mounts Vigor For New SOL High

By Newton Gitonga – February 13, 2024

Solana has demonstrated remarkable resilience following the recent network outage, with SOL reclaiming its position above the $100 mark and surpassing Bitcoin in performance this week.

The recovery comes after a minor dip to $92.91 on Tuesday during a major network disruption lasting approximately 4 hours and 46 minutes, marking the first outage since early 2023.

According to a report from Solana Status, block production on Solana’s mainnet beta resumed at 14:57 UTC on Wednesday, following a successful upgrade to version 1.17.20 and a restart of the cluster by validator operators.

In a detailed blog by the WU Blockchain team, journalist Colin Wu highlighted the challenges faced by Solana, particularly its periodic crashes due to transaction volume overload.

“Looking back at historical network events, we will find that the emergence of a large number of transactions is the main reason for the historical network disruption, which may be related to Solana’s mechanism,” wrote Wu, quoting Hu Zhiwei, president of the Boundary Intelligence Research Institute.

Wu further recommended several key areas to enhance Solana’s resilience, including improving infrastructure, optimizing the consensus mechanism, enhancing software robustness, and refining validator incentivization.

Notably, this outage adds to a series of historical network failures experienced by Solana, including incidents in May 2021, September 2021, January 2022, and February 2023, among others.

Nevertheless, despite these setbacks, sentiment surrounding Solana remains positive, with some viewing the recent outage as a potential blessing in disguise. On Thursday, popular on-chain analytics platform Santiment emphasized how Solana has outperformed Bitcoin this week, with its price surging above $110 and experiencing a 21.5% increase against Bitcoin’s 16.91 in the past 36 hours.

The firm further noted that the outage that initially caused concern among traders “ended up being a local bottom, with the FUD fueling this price rebound.”

Furthermore, the firm highlighted how development activity on the Solana platform has been on the rise, indicating ongoing efforts to address network scalability and stability issues.

That said, SOL is projected to keep soaring, with the price recently having bounced off yearly support around $80. Presently, price faces a minor resistance at $120. Should the price breach and hold above this ceiling, the next target is the December 2023 high of $125 and then $150.

At press time, SOL was trading at $113.95, up 21.10% in 24 hours, with trading volume surging by 91.53% to $2.8 billion. Notably, between October 15 and December 25, 2023, SOL gained about 460%, making it one of the largest gainers among the top ten cryptocurrencies by market capitalization.

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

Solana Price Shakes Off 5-Hour Network Outage, Makes Epic Comeback Above $100

By Brenda Ngari – February 8, 2024

Solana (SOL) token holders have something to smile about today. SOL is showing strength, rebounding above the $100 level after a five-hour network outage two days ago had investors worried that a deeper pullback would follow.

SOL’s price recovery is in tandem with a crypto-wide rally, with Bitcoin, the oldest and largest cryptocurrency, gaining over 5% over the past 24 hours to top $45,000.

SOL Pushes Back Above $100

Solana’s SOL token is on a tear today. SOL, which had slumped below $94 after a major network outage on February 6, has since recovered all that loss.

The bounce is especially notable for SOL investors, serving as a breath of fresh air after the network suffered an approximately 5-hour outage on Tuesday, which one blockchain validator described as “performance degradation.”

The price of SOL was hovering around $104.68 at publication time, an 8.9% jump on the day. SOL is the fifth-largest cryptocurrency at a market capitalization of approximately $44 billion. The Solana network had gone for nearly a year without experiencing any downtime before Tuesday’s disruption, which marks an impressive feat given its historic jankiness.

The Solana blockchain went live on mainnet beta in March 2020, focusing on delivering scalable solutions for a decentralized ecosystem rivalling Ethereum with faster transaction times and negligible costs. It is often touted as one of the blockchain networks with the most exciting developer communities.

Solana has proven its resilience after the failure of one of its principal backers, Sam Bankman-Fried. Nevertheless, the SOL price has been trading sideways in recent weeks as it attempts to breach the $104 resistance.

Solana Bullish Continuation In Sight?

Market watchers think Solana is on the cusp of a bullish breakout. Former BitMEX CEO Arthur Hayes has recently expressed his support for SOL, noting that “it is time to get back into the Solana train.” This optimism is, in part, due to the token’s solid fundamentals amid an explosion in activity in recent months.

Solana Mobile is now preparing to launch a second Saga phone, which will come with different hardware and a cheaper price point than its predecessor. There has also been speculation that Solana will get a spot exchange-traded fund in the future following Franklin Templeton’s bullish comments.

The likelihood of SOL breaking past the $104 barrier in the near term and rallying to the $200 mark remains an open question, given that Solana still has to prove itself as a reliable network with 100% uptime.

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