Tag: Solana

XRP And Solana Defy The Outflow Downtrend

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With contrasting events in the industry, crypto investment products have witnessed a continuous outflow for the sixth week. Some altcoins demonstrate resilience in this trend, defying the broader market sentiment. Dissecting The Crypto Outflow Trend Crypto funds have witnessed a net outflow of $9 million in the past week, taking the total to roughly $464 million over the last ten weeks, according to Coinshares’ latest digital asset fund flow weekly report. Relevant digital asset management players like CoinShares, Grayscale, 21Shares, Bitwise, and ProShares have felt the heat of this ongoing trend.…

Base surges past Solana as total value locked nears $400M

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The total value locked (TVL) on Coinbase’s layer 2 network Base has surged to $397.32 million in roughly a month and a half since launching in August. That figure now places Base ahead of the Solana network in terms of TVL, which has $358.96 million at the time of writing. The past 30 days have been significant for Base, with data from DeFi Llama showing that the network’s TVL increased by a whopping 97.21% over the past month. In comparison, Solana’s TVL has decreased by 9.64% over that same time…

Solana Eclipsing Ethereum? Analyst’s Top Altcoin Pick Emerges

Solana (SOL) has captured the attention of former Goldman Sachs executive Raoul Pal, who recently declared it one of his standout altcoin choices and a potential contender to Ethereum’s dominance. In a new interview, Pal highlighted Solana’s unique strengths, emphasizing its unrivaled speed and performance, qualities that have even prompted payments giant Visa to choose it as their platform of choice. Pal unveiled his enthusiasm for SOL, dubbing it one of his foremost altcoin choices and a contender for the most promising project outside of Ethereum. The crypto luminary also…

Coinbase’s BASE Shows Teeth As TVL Nears Solana

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Ethereum-based Layer 2 network “Base” has put on an impressive performance yet again, with its Total Value Locked (TVL) coming close to one of the most notable blockchains. Coinbase’s BASE Has Outperformed Solana Coinbase’s layer 2 blockchain network, Base, has seen an upward trajectory movement since it was introduced to the public, outperforming some of the notable blockchains in the crypto market. The network is now drawing close to Solana in terms of TVL, indicating remarkable growth within the network. Data from DeFiLlama shows that the blockchain network now sits…

Bitcoin (BTC) Price Bounce Puts Solana (SOL) Bears at Risk

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Alternative cryptocurrencies like XRP, Ether (ETH), SOL, Tron’s TRX, Dogecoin (DOGE) and are tracking bitcoin higher, as they usually do. The altcoin bounce comes days after traders sold these tokens, pricing in the possibility of defunct exchange FTX securing approval from the bankruptcy court to sell assets from its multi-billion dollar cryptocurrency holdings. SOL fell over 8% on Monday, leading the decline in altcoins after a court filing showed FTX’s solana holdings at $1.6 billion. Original

Solana traders prepare for FTX-induced sell pressure on SOL — Is it premature?

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For a long time, Solana (SOL) has been associated with the founder of now insolvent crypto exchange FTX and hedge fund Alameda Research, Sam Bankman Fried. He was an early investor in the project and invested in numerous Solana ecosystem projects during the 2020-2021 bull mania. So when FTX collapsed toward the end of 2022, Solana and other “Sam coins” plummeted significantly, falling to lows of $9.89 — down 96.3% from the peak of $259.96. Since the start of 2023, Solana’s price staged a recovery to gain 175% to reach…

Solana Gains 5% Despite CPI Latest Data And FTX Liquidation Approval

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Solana (SOL) has recorded a 5% gain in the last 24 hours amidst certain concerning developments in the crypto space. On Wednesday, the United States published its Consumer Price Index (CPI) data for August, which shows that inflation rose from 3.2% to 3.7%, higher than the predicted outcome by analysts. In addition, the bankrupt FTX exchange obtained court approval to liquidate its crypto holdings worth $3.4 billion as it looks to offset its debt. Normally, developments such as this are expected to induce a selling pressure on crypto assets.  However, the…

Solana At Make-Or-Break Moment, Key Levels To Watch

Solana is eyeing a fresh increase above the $19.00 resistance against the US Dollar. SOL price must settle above $19 and $20 to start a fresh increase. SOL price is attempting a bullish breakout above the $19 resistance against the US Dollar. The price is now trading below $20 and the 100 simple moving average (4 hours). There is a major bearish trend line forming with resistance near $18.80 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could gain bullish momentum if it settles…

Solana Potential Rebound: $30 Target In Sight

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The Solana (SOL) community has been closely monitoring the crypto’s price movements as it endures a relentless downward trend. Notably, this corrective phase has adhered to a distinct pattern, encapsulated within two converging trendlines, forming what technical analysts identify as a descending wedge formation.  Historically, such patterns have acted as precursors to substantial bullish surges upon breaking free from the upper resistance. The question that now lingers in the minds of crypto enthusiasts: Is Solana poised for a bullish turnaround, or should we brace for more market turbulence? At present,…