Tag: solana

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Altcoins, Bitcoin

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Equities markets in the United States rallied sharply on May 25 and 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020. On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”Daily cryptocurrency market performance. Source: Coin360In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank...
Hacker tastes own medicine as community gets back stolen NFTs
Blockchain News

Hacker tastes own medicine as community gets back stolen NFTs

Tales of traders getting scammed out of their nonfungible tokens were quite common at the peak of the NFT boom. However, in an interesting turn of events, the Solana community came together to “scam” a scammer in order to get back some stolen NFTs.It all started with the Discord channel hack of cross-chain gaming development studio Uncharted NFT, where scammers managed to drain 109 user wallets. The scammers got away with 150-plus SOL tokens and 25 World of Solana (WOS) NFTs, including three rare and highly valuable digital collectibles.2/It all began when @UnchainedNFT_ Discord got hacked two days ago.A hacker drained the wallet of 109 users for a total of 150+ $SOL. The most affected person was a WOS whale with 25 WOS NFTs that got stolen. This whale also owned 3 top 100 @MoonRankNF...
BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders
Altcoins, Bitcoin

BTC price breakout due ‘relatively soon’ as Bitcoin volumes spook traders

Bitcoin (BTC) disappointed bulls on upside prior to the May 26 Wall Street open as BTC/USD returned under $29,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMarkets "eerily calm" post FOMCData from Cointelegraph Markets Pro and TradingView tracked an uninspiring day for Bitcoin, with $800 of losses coming in a single hourly candle several hours before the start of trading.The largest cryptocurrency had avoided volatility on the release of minutes from the United States Federal Reserve's Federal Open Markets Committee (FOMC). These had avoided any serious divergence from already known facts about economic policy, and despite concerns anti-inflation measures could lead to a recession, no mention of the word "recession" appeared in the minutes.Even legacy markets remained...
Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control. As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed.Daily cryptocurrency market performance. Source: Coin360However, Arcane Research recently pointed out that buying when Bitcoin’s Fear and Greed Index reaches a score of 8 had resulted in an average median 30-day return of 28.72%. Interestingly, the index hit 8...
Assuming Bitcoin plays nice, higher timeframe analysis points to $90 Solana (SOL) price
Altcoins

Assuming Bitcoin plays nice, higher timeframe analysis points to $90 Solana (SOL) price

Solana (SOL) price has begun to consolidate in a tightening range and if the wider market remains stable, it’s possible that SOL could break out in the short-term.SOL’s upside potential in the short term could be significant with the move, itself, occurring quickly. The 2022 Volume Profile between $53 and $90 is extremely thin, indicating that any daily close above $53 would easily move towards the next high volume node in the $90 value area. In addition, the 50% Fibonacci retracement of the all-time high to the July 26, 2021 weekly low and the 2022 Volume Point of Control also exist in the $90 price zone. SOL/USDT Daily Chart (Binance) Source: TradingViewBulls traders should anticipate some resistance for SOL price near the Kijun-Sen and 61.8% Fibonacci retracement near the $70 price rang...
Crypto funds under management drop to a low not seen since July 2021
Altcoins

Crypto funds under management drop to a low not seen since July 2021

Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move that reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021. According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600 and $31,430. BTC/USDT 1-day chart. Source: TradingViewDespite the sizable outflow, the month-to-date BTC flow for May remain positive at $187.1 million, while the year-to-date figure stands at $307 million.On a more positive note, the multi-asset catego...
Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The United States equity markets are attempting a recovery after weeks of relentless selling. Along similar lines, on-chain monitoring resource Material Indicators expects the crypto market to recover, but they anticipate Bitcoin (BTC) to spend some time in a range before “a real breakout.”The seven-day moving average of the on-chain transaction volume tracked by Glassnode hit a nine-month low on May 23. This suggests that Bitcoin’s lackluster price action in 2022 has led to reduced participation from traders. Daily cryptocurrency market performance. Source: Coin360While signs of a short-term recovery are visible, a sustained recovery could be difficult because the macro conditions remain challenging. International Monetary Fund managing director Kristalina Georgieva wrote in a blog post t...
Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the S&P 500 is close to plunging into the bear market territory.Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.Daily cryptocurrency market performance. Source: Coin360Bear markets, though painful in the short term, tend to be good buying opportunities for long-ter...
Lost SOL? Persistent challenges continue to impact Solana price
Altcoins

Lost SOL? Persistent challenges continue to impact Solana price

The past thirty days have been an extremely bearish time for cryptocurrencies. The sector's aggregate market capitalization plunged 33% to $1.31 trillion and Solana's (SOL) downfall has been even more brutal. Currently, SOL has seen a 50% correction and trades at $51.Solana/USD price at Coinbase (blue) vs. altcoin capitalization (orange). Source: TradingViewThe network aims to overcome the Ethereum blockchain's scalability problem by incorporating a proof-of-history (PoH) mechanism into a proof-of-stake (PoS) blockchain. With PoH, Solana delegates a central node to determine a transaction time that the entire network can agree on.The low fees delivered by the Solana network have enticed developers and users alike, but the frequent network outages continue to cast doubt on the centralizatio...
Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

On May 17, United States Federal Reserve Chairman Jerome Powell told the Wall Street Journal that the 50-basis-point rate hikes would continue until inflation is under control. Powell’s emphasis on a hawkish policy suggests that monetary conditions are likely to remain tight in 2022, which could limit the upside in risky assets.On-chain market intelligence firm Glassnode said that historically, Bitcoin (BTC) has bottomed out when the price breaks below the realized price. However, barring the 2019 to 2020 bear market, during previous bear cycles, Bitcoin’s price stayed below the realized price for anywhere between 114 to 299 days. This suggests that if macro situations are not favorable, a quick recovery is unlikely.Daily cryptocurrency market performance. Source: Coin360While the current ...