Huobi Global has joined hands with Gala Games, a blockchain-based play-to-earn gaming platform, to work together on the investment and listing of Web3 projects.
NEAR protocol releases blockchain operating system for Web3
Cointelegraph interviewed the protocol team at ETHDenver 2023 about the new operating system and funds raised to help Ukrainians last year.
LINK Still On ETH Whales’ Shopping Cart Despite Dismal Performance In Last 7 Days
Whale interest is a bullish indicator and LINK is sweeping the whales to their side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that whales have on their wallets.
Here’s a quick overview of LINK:
- In the short-term, the 4-hour chart of the market shows signs of bullishness
- Downturns are still a possibility, thus caution is warranted
However, the token’s value has not yet reflected this. According to data by Coingecko, LINK is trading at $6.62, down 11.3% in the last seven days.
Data from CryptoQuant suggests that LINK reserves on exchanges are low, while estimates from exchange netflow suggest users are depositing LINK tokens. Is this a precursor to much greater market turmoil?
How Optimistic Should Investors Be?
The charts demonstrate significant bullishness with a few explanations why, despite the fact that market forces are bearish as of writing.
The token’s RSI values are oversold on a 4-hour timeframe, indicating that a market reversal might occur over the next few days.
JUST IN: $LINK @chainlink now on top 10 purchased tokens among 1000 biggest #ETH whales in the last 24hrs
We’ve also got $BAT, $OMG & $CHZ on the list
Whale leaderboard: https://t.co/jFn1zIwOBt#LINK #whalestats #babywhale #BBW pic.twitter.com/HYX2DFTJzI
— WhaleStats (tracking crypto whales) (@WhaleStats) December 10, 2022
Previous price action has also formed a harmonic, which increases the likelihood of a bullish pullback. A bullish order block that emerged on November 28 can potentially provide support for a potential price increase.
However, on a daily timetable, the situation remains unclear. The RSI values are neutral, followed by the formation of a Bollinger band crunch point. This suggests that a continuation or reversal of the current price movement will occur within the next days.
Due Diligence, The Name Of The Game
The negative order block established on November 7 will also impede the impacts of a potential bullish reversal, limiting LINK bulls to the $7.190 resistance level and not higher.
Although LINK’s risk barometer is quite modest, investors and traders should be cautious still. A spike in exchange net deposits may signal that individuals are preparing to sell their tokens, possibly pushing the price past $6.62.
Nonetheless, if the net deposits have no effect on the price, a market-price long position with a stop loss at $6.4146 will earn some returns.
Solana Loses 60% Of Its Value After FTX Collapse – Can SOL Bounce Back This Week?
The Solana (SOL) ecosystem, according to Laguna Labs Chief Executive Officer (CEO) Stefan Rust, took a harder hit compared to other major digital coins such as Bitcoin and Ethereum following the collapse of the FTX crypto exchange.
Here’s a quick glance at SOL performance:
- Following the collapse of FTX, Solana lost almost 60% of its market value
- SOL has gone up by 2% over the last 24 hours, trading above the $14 marker
- Solana coins deposited on blockchain decreased sharply, from 68 million in June to just almost 25 million now
“In the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem,” Rust said.
The CEO noted that the network’s native token, SOL, dropped by nearly 60% since FTX collapsed.
In comparison, Bitcoin fell by 19% and Ethereum went down by almost 20%.
Rust and other crypto players have reasons to believe that FTX and its trading firm Alameda Research sold large quantity of Solana crypto to mitigate its losses and stay afloat, affecting the cryptocurrency and its trading price.
Whether the altcoin can make a comeback during the next few days or not, it’s anyone’s guess up to this time especially that its technical indicators are considered underwhelming from the bulls’ perspective.
How Solana Is Performing And Where It’s Headed
After dipping all the way down to $12.07, SOL mounted a recovery of its own, going up by 2% over the last 24 hours to trade at $14.21 at the time of this writing according to tracking from Coingecko.
Source: TradingView
Over the last seven days, the crypto asset’s price action has twice indicated the formation of a bullish block that was supposed to be an encouraging sign for its investors.
The first was in November 10 when Solana swung between the narrow range of $18.3 and $12.35, establishing the mid-point of $15.33 as a crucial support and resistance zone.
The second instance was in November 14 when the altcoin ignored its lower timeframe bearish structure as it climbed all the way up to $14.43, flipping its bias to bullish.
With this, traders and investors looking to take profit should put their focus in the $13 to $13.25 region as an optimal entry point although it is not without risks as the asset continues to struggle right now.
Its Relative Strength Index (RSI) settled at the 50-55 score region, indicating that SOL volatility could easily ruin any plans for long trade set-up.
Image: Altcoin Buzz
Investors And App Developers Leaving Solana
In the aftermath of the FTX implosion and the negative effects it had on the crypto asset’s ecosystem, app developers and investors appeared to have abandoned the sinking ship.
According to data from DeFiLlama, the current number of Solana coins deposited in the blockchain that is widely used for decentralized finance applications stands at 24.74 million. The number is substantially lower than the 68.2 million tally that was recorded back in June.
In light of this development, co-founder Anatoly Yakovenko allayed the fears of investors, saying Solana Labs didn’t have any assets deposited on FTX and as far as financial stability, under its current condition, it will be good for business for the next 30 months.
Meanwhile, Raj Gokal, another co-founder of the company, also expressed his sentiments, saying this is a crucible for Solana which will make it even stronger in the future.
Crypto total market cap at $805 billion on the daily chart | Featured image from The New Daily, Chart: TradingView.com
Report: On-chain data points to crypto consolidation in Q3
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Do Kwon dismisses allegation of cashing out $2.7B from Terra (LUNA), UST
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Bitcoin ecosystem makes a U-turn recovery in global ATM installations
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Near Protocol picks up slack, onboards Tracer following Terra’s downfall
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<h1>A Sunset For ETHNews</h1>
It’s time to say goodbye, readers.
<h1>Contradicting Reports Emphasize The Rise And Fall Cryptojacking</h1>
Following reports that the alleged Capital One hacker was using servers to mine crypto, cryptojacking is on the tip of the space’s tongue. Unfortunately, there seems to be a bit of confusion as to how prevalent cryptojacking is, with a recently released study from McAfee Labs and information from the cybersecurity firm Bad Packets suggesting malicious miners are both on the rise and experiencing a downward trend.
<h1>Hyperledger Adopts ConsenSys’ Pantheon Project</h1>
Pantheon, a ConsenSys spoke that works to provide a suite of Ethereum-based services, has officially been adopted by Hyperledger’s technical steering committee, reportedly making it one of the first public blockchain projects to be taken on by the consortium.
<h1>BitPAC Wants To Hold An ICO In Support Of US House Candidate</h1>
The political action committee BitPAC has plans to conduct its own initial coin offering to help raise funds for US House candidate Dan Bishop.
<h1>Ethereum Foundation Hands Out Grants To 8 Projects</h1>
In a recent round of funding, the Ethereum Foundation handed out grants to eight projects in preparation of the eventual Ethereum 2.0 upgrade. The foundation also created three bounty offerings for various security-related challenges.
<h1>Token-Curated Registry Panvala’s Mainnet Goes Live</h1>
With the launch of Panvala’s mainnet, developers in the Ethereum community can essentially pitch their projects aimed at resolving some of the network’s lingering issues, and members of the Panvala community can vote to fund the project with Panvala’s own Ethereum-based token, PAN.
<h1>Tether Takes Up Space On Ethereum Network</h1>
With at least 40% of all issued Tether stablecoins running on the Ethereum network, the controversial but popular coin has begun testing the blockchain’s capacity, making it tough for developers to work on the network.
<h1>Pantheon Project Proposes Ethereum Join Hyperledger</h1>
The ConsenSys-backed Pantheon project, which offers a suite of Ethereum-based services, sent out a proposal in a Hyperledger mailing list regarding the possibility of Ethereum joining the consortium, which would make it the first public blockchain to do so.