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Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?

Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency’s price, suggesting that investors may be getting wary of waiting for a fix to come through.

Solana Open Interest Drops By $370 Million

Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around $1.22 billion to hit a new all-time high of $2.86 billion on April 1. This translates to an over 100% increase over this three-month period.

However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities.

Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history.

Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at $2.39 billion on April 19, down $370 million from its all-time high, which is a 12.9% decline in around a week.

Solana open interest

Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time.

SOL Network Ready To Bounce Back?

Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track.

CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix.

The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing.

Following Mumtaz’s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as $175. However, the expectation is that SOL will come back with a vengeance once the network is operational again.

Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above $400. If this is correct, then the present predicament will be a short-lived roadblock in Solana’s rise.

Solana price chart from Tradingview.com (Open interest)

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FTX Estate Offloads $1.9 Billion Worth Of Locked Solana (SOL) Tokens In Sale

In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a $2.6 billion stash of Solana (SOL) at a “deeply discounted price.” 

Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg.

SOL Tokens’ Four-Year Journey

Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at $64 each, generating up to $1.9 billion in proceeds for the estate. 

Under Mike Novogratz’s Galaxy Digital, Galaxy Trading managed to raise approximately $620 million for a fund established to purchase SOL from the FTX estate. According to the report, investors in the vehicle will be subject to a 1% management fee, and the investment will offer a yield through staking.

It is worth noting that the 41 million Solana tokens sold by the FTX estate are locked according to a pre-agreed vesting period, preventing them from being available for trading on the market. 

According to Bloomberg, these tokens will gradually become available for sale over the course of four years, which could significantly impact SOL’s price action. However, as the tokens remain locked, SOL’s 739% year-to-date (YTD) uptrend remains intact, and the possibility for further gains remains in the cards.

Solana Sale Garners Interest From Prominent Figures

FTX co-founder Sam Bankman-Fried, convicted of fraud and sentenced to 25 years in prison, was a major supporter of SOL. 

As previously reported, Bankman-Fried has actively engaged with guards at the Metropolitan Detention Center, where he is currently incarcerated. He offers investment advice and recommends SOL as a potential opportunity, demonstrating his bullish sentiment on the protocol. 

The token, which operates on the Solana blockchain, constituted a significant portion of the digital assets stranded on the collapsed exchange, creating shockwaves throughout the crypto markets. 

In addition to Galaxy Digital, Bloomberg notes that selling SOL tokens has attracted the attention of Pantera Capital. This $5.2 billion asset manager has reportedly raised capital for a special fund to acquire up to $250 million of SOL from the FTX estate. 

Vancouver-based Neptune Digital Assets Corp. also announced the purchase of 26,964 SOL tokens for $1.7 million on March 27. However, FTX creditors are concerned they will be under-compensated in the SOL sale process. 

Creditors Dispute FTX Bankruptcy Ruling

In January, the judge overseeing the bankruptcy case ruled that the amount of each claim should be based on what the customer or creditor was owed on the day FTX filed for bankruptcy. At that time, SOL was trading at about $16, well below its current market price.

As the price of SOL rallied in recent months, this discrepancy became a point of contention for some creditors. One creditor, Sunil Kavuri, expressed during Bankman-Fried’s final sentencing hearing that the SOL coins are “our property.” 

Another creditor, whose name was redacted in court documents, stated in a written statement that the FTX estate is “giving away money for free to hedge funds.” In a recent interview, Bankman-Fried claimed the following regarding clients’ growing concerns about underpayment: 

I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price. That could and should have happened in November 2022, and it could and should happen today. It’s excruciating to see them waiting, day after day. 

Solana

Currently, the price of SOL stands at $175, reflecting a decrease of up to 6.7% within the last 24 hours and over 7% over the past week.

Featured image from Shutterstock, chart from TradingView.com 

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Injective Whales Go On $24.8 Million Buying Spree, Is This The Next Solana?

Injective (INJ) may be on the brink of a potential price surge following a recent wave of accumulation by crypto whales. This would undoubtedly be a much-needed relief for the INJ token, which has dipped significantly in the last seven days. 

Crypto Whales Buy $24.8 Million Worth Of INJ

Data from the market intelligence platform Santiment shows that Whale Addresses recently bought $24.8 million worth of INJ, bringing their total holdings to 10.69 million INJ. This purchase is significant considering the impact that crypto whales have on the market. As such, a purchase of such magnitude could provide a much-needed boost to INJ’s price. 

Injective, like the broader crypto market, has been on a steady decline over the last week, dropping by over 14% during that period. The crypto token has also suffered a reversal of fortune, as it currently has a year-to-date (YTD) decline of over 9%. That is shocking for a token that enjoyed a 3000% gain in 2023 and even outperformed Solana (SOL), whose rally was one of last year’s major talking points.

However, a major correction like this was expected for INJ’s price, which enjoyed a sustained rally last year, suggesting it was possibly overbought at some point. A price decline like this one is necessary for the crypto token to once again establish itself and make another move to the upside. 

Injective Could Follow Solana’s Trajectory

Crypto analyst Crypto Dona recently suggested that Injective could follow a similar path to SOL’s price action in 2021. Back then, SOL is said to have been stuck between the $20 and $40 price range for more than 100 days. However, just when everyone was about to give up on SOL, it went on a massive run and saw a ten times increase in its price. 

The crypto analyst expects something similar to happen with INJ’s price, stating that a 10x might be around the corner. Injective, being an AI (artificial intelligence) coin, is also likely to keep attracting much attention heading into the latter stages of this bull run. That could reflect positively on its price since more liquidity will flow into its ecosystem. 

The recent purchase by these crypto whales also underlines the bullish sentiment toward the crypto token despite its current unimpressive price action. Members of the INJ community have also expressed optimism about the token’s future trajectory, with Crypto Dona, in particular, stating that its price is still going to three digits. 

At the time of writing, INJ is trading around $32, down over 5% in the last 24 hours according to data from CoinMarketCap. 

Injective price chart from Tradingview.com

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Solana Whales Are Making Moves – Here’s The Direction They’re Headed In

The price of Solana had briefly crossed $200 before tumbling back down in the last week. This move has triggered a wave of movement across the market, and whales are now showing their hands. Over the last day, there have been a number of notable whale transactions and their destinations could give an inkling as to how these large crypto investors are looking at the market right now.

Solana Whales Move Hundreds Of Millions Worth Of SOL

The whale movements began on Monday when the market had first begun to slow down, with the Solana price falling below $190. The on-chain data tracking platform Whale Alert, reported these transactions, a number of which seemed to happened right next to one another.

The first transaction was one carrying 993,453 SOL which was worth $189.55 million at the time. Then minutes later, the tracker reported the movement of another 1,895,729 SOL worth $361.7 million. Not too long after, it reported a third transaction carrying 1,096,940 SOL worth $209.29 million. Then, the last transaction in this row of transactions was 1 million SOL, valued at $190 million at the time of the transaction.

Now, all of these Solana transactions had originated from unknown wallets and their destination were also unknown wallets. This means that the owners of these wallets are not publicly known and their addressed have not been tagged. In such cases, it could suggest that these whales are selling their tokens over the counter in order to minimize the impact of their selling on the market market. However, it could also be that these whales are just redistributing their coins.

Nevertheless, the whale movements didn’t end here as a couple of hours later, the on-chain tracker would report the movement of massive amounts of SOL once more. This time around, a whale moved 149,999 SOL worth a little over $27.79 million from an unknown wallet to the Binance exchange.

This transaction deviates from the previous four transactions in the fact that its destination is a crypto exchange. Usually, when investors move their coins to exchanges such as Binance, it is to sell their tokens and a $27.79 million sale could put a lot of pressure on the SOL price.

The next whale transaction reported after this was an amore positive one though which involved the movement of 146,121 SOL worth $26.83 million from the Kraken exchange to an unknown wallet. In this case, it is likely that the whale is withdrawing their coins for safekeeping as they wait for better prices. This reduces the selling pressure on the asset.

Even with these whale movements, the SOL price continues to hold up quite nicely. If the selling pressure continues to fall and the pressure from Bitcoin’s price decline is finally lifted, then SOL price could quickly rally above $200 once again.

Solana price chart from Tradingview.com

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Solana (SOL) Breaks Through Key Resistance, Analyst Forecasts $250 Price Target

Solana (SOL) has experienced a notable resurgence in its bullish momentum, with a rebound of over 9% in the past 24 hours. This notable performance has outpaced the top 10 largest cryptocurrencies in terms of market capitalization.

The latest surge in SOL’s price has allowed it to surpass its resistance level on the daily chart at $184. The remaining hurdle of $201 now stands as the final barrier to prevent further gains for the cryptocurrency. 

However, industry experts and crypto analysts suggest that SOL’s price action indicates a potential continuation towards its previous all-time high of $259, achieved during the market’s bullish run in November 2021.

SOL  Price Expected To Breakout And Target All-Time Highs

One analyst, “Jelle,” highlights SOL’s successful transformation of the last significant resistance level into support, suggesting a positive outlook for the token’s future. The analyst predicts that the SOL price will continue to rise and potentially exceed $250 by the summer.

Similarly, another analyst using the pseudonym Mikybull points out that SOL is currently consolidating within a symmetrical triangle pattern on a daily timeframe. 

Solana

According to the analyst, a breakout from this pattern is expected to trigger an “explosive” price movement, aiming to reach its previous all-time high levels at around $255.

Supporting SOL’s renewed bullish momentum, CoinGecko data reveals a significant increase in trading volume, with $4,514,426,127 traded in the last 24 hours. This represents a 74.20% surge compared to the previous day, indicating a notable surge in market activity. 

Solana Metrics Demonstrate Growing Investor Interest 

According to data from Token Terminal, Solana’s key metrics further highlight the use and adoption of its blockchain among investors. Starting with market capitalization, the fully diluted market capitalization is $99.32 billion. This figure represents the total market value if all tokens were in circulation. The fully diluted market capitalization over the past 30 days has increased by 70.0%. 

On the other hand, the circulating market cap, which only considers the tokens currently in circulation, is valued at $77.05 billion. It has witnessed a 30-day growth of 71.3%.

Solana

Examining fees generated through transactions on the Solana network, the 30-day fees amount to $51.46 million. This represents a notable surge of 220.7% within 30 days, highlighting increased network usage and demand. When annualized, the fees reach $626.15 million.

In terms of revenue, Solana has seen positive growth. The 30-day revenue is $25.73 million, reflecting a significant increase of 220.7% over the past month. When annualized, the revenue amounts to $313.08 million, showing the sustainable income generation within the Solana network.

Solana

It remains to be seen if these metrics and bullish momentum will sustain SOL’s path to its current all-time highs.

Featured image from Shutterstock, chart from TradingView.com

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Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x

As the Bitcoin price crash has ravaged the crypto market and left altcoins suffering, it has presented a unique buying opportunity for meme coins that may never come after this time. So here are the top 3 meme coins that could 10x your portfolio from here.

Solana-Based Myro Leads Meme Coins With Potential

Solana-based meme coins have been all the rave over the past year and with good reason as well. These meme coins have done so well in such a short time, coming up to compete with established Ethereum-based meme coins which have been around for years.

With the likes of WIF and BONK already crossing the $1 billion market cap market, the hunt is on for other Solana-based meme coins that could achieve this same feat, and that is where the Myro token comes in. Myro currently has a $200 million market cap, which makes it a prime candidate for crossing $1 billion. However, its most bullish developments have been its exchange listings.

Myro scored a Binance perpetual listing last month, which pushed its market cap above $400 million for the first time. It has since retraced, but this retracement is similar to what was seen with WIF, which fell back down to $180 million at a point. If Myro follows the WIF playbook, then its next leg up could see it rise more than 5x above the $1 billion mark.

Popcat: Another Solana Meme Coin On The Rise

Popcat is another Solana meme coin that has made waves in the space over the past few months. After a long stretch of consolidation, the price had eventually broken out in February to reach a new all-time high price of $0.37 in mid-March.

The price has since retraced a little over 50% since then and is now back to $0.17 with a market cap of $167 million. As with the majority of other meme coins, the total supply of the token is in circulation, which means there are no more unlocks coming up.

At the current market cap, reaching the $1 billion mark would be an over 500% increase for the meme coin. And with the bull market coming up, the price of Popcat could rally higher, bringing a more than 10x return for investors.

Wen (WEN) Meme Coin

Wen (WEN) is another Solana-based meme coin that has hit the crypto space in the last few months. Starting out as an airdrop for users of the Solana-based Jupiter decentralized exchange, it has quickly grown among meme coin investors as one of the more stable investments.

Just like the other meme coins on this list, the WEN token shows a lot of promise because it is still under a $200 million market cap. This puts it at an at least 5x move to $1 billion, with a possible 10x when it reaches the $2 billion market cap mark.

Solana price chart from Tradingview.com (Meme coins)

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Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium

Solana (SOL) looks to be attracting the attention of institutional investors, with this Solana fund trading as high as an 870% premium following SOL’s bullish momentum. These investors’ interest in the SOL token isn’t surprising as on-chain metrics suggest it is still undervalued, and a parabolic rise might be on the horizon. 

Grayscale Solana Trust Trades At A Premium 

Per data from Grayscale’s website, the Grayscale Solana Trust (GSOL) is currently trading at $317 per share, representing a significant premium from SOL’s current price. The premium had risen to 870% on March 8 when GSOL was trading at $540. Shares in the fund are designed to track the value of SOL’s price, allowing institutional investors to have exposure to the token without holding it. 

The disparity between the share price of GSOL and SOL’s price might be because institutional investors are limited in the means to gain exposure to SOL. As such, a fund like GSOL could see its price increase exponentially (just like now) when there is increased institutional demand for the SOL token.

Institutional interest in SOL is also evident from NewsBTC’s recent report that crypto-focused asset manager Pantera Capital is raising funds to buy $250 worth of SOL. Investors are likely to jump on this opportunity, considering that these SOL tokens will reportedly be sold at a fixed price of $59.95, meaning there is an opportunity to make significant gains from the deal. 

SOL Still Greatly Undervalued

Crypto analyst Hansolar suggested that SOL was still undervalued when he mentioned that the crypto token might not take off until BTC and ETH hit new all-time highs (ATH). He also predicted that SOL could rise to as high as $600 in this bull cycle. Meanwhile, the argument about SOL being undervalued is backed by the fact that it is still far off from its ATH of $260. 

Crypto tokens are known to set a new ATH in every bull run, and there is every likelihood that it won’t be different for SOL this time around. Moreover, SOL and the Solana network are gaining much traction heading into this cycle, which should contribute to more price surges for the SOL token. 

Solana recently registered an ATH in the number of daily new addresses, with many users onboarded into the ecosystem. This increased interest in the network has been partly due to its DeFi landscape, which is going head-to-head with Ethereum’s, and the current meme coin frenzy on Solana, which has attracted investors. 

At the time of writing, SOL is trading at $152, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Solana price chart from Tradingview.com

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Pantera Capital Plans $250M Solana (SOL) Buy, Analyst Predicts Record Rally Toward $1000

Pantera Capital, a prominent crypto-focused asset manager with assets totaling $5.2 billion, has launched a fundraising campaign to purchase discounted Solana (SOL) tokens from the bankrupt estate of crypto exchange FTX. 

According to Bloomberg, the initiative, known as the Pantera Solana Fund, offers investors the opportunity to purchase up to $250 million worth of SOL tokens at a significant discount to the FTX estate.

Solana Token Acquisition Plan

Pantera Capital’s marketing materials, shared with prospective investors in February and reviewed by Bloomberg, outline the opportunity to purchase SOL tokens at a price 39% below the 30-day average or at a fixed price of $59.95. 

However, Bloomberg notes that investors participating in this opportunity must agree to a vesting period of up to four years. This approach reportedly allows FTX liquidators, led by John J. Ray III, to offload SOL tokens gradually, freeing up funds for creditors without exerting immediate downward pressure on the token’s price.

According to Pantera’s pitch document, the FTX estate currently holds approximately 41.1 million SOL tokens, valued at $5.4 billion as of the close of Wednesday’s trading session. This constitutes roughly 10% of the total supply of SOL tokens. 

According to its investor pitch, Pantera aimed to close the fund by the end of February. Although the amount raised by the deadline remains undisclosed, sources familiar with the matter confirmed to Bloomberg that Pantera has secured some funds.

Investors interested in participating in the Pantera Solana Fund must commit a minimum of $25 million. Pantera Capital plans to charge a management fee of 0.75% and a performance cut of 10%.

Apart from its substantial SOL token holdings, FTX and its sister firm, Alameda Research, have invested significantly in startups within Solana’s broader ecosystem. 

According to Bloomberg, FTX’s venture arm, Solana Ventures, and Lightspeed Venture Partners jointly announced a $100 million blockchain gaming fund in November 2021.

Ultimately, the estate’s intention to sell these tokens presents an opportunity to raise funds to repay creditors, considering the notable surge of SOL’s price in the past year. SOL has experienced a staggering 650% increase, trading nearly four times its price when FTX faced its crisis in November 2022.

Crypto Analyst Forecasts SOL To Shatter Previous ATH

SOL, the fifth-largest cryptocurrency by market capitalization, has continued its remarkable upward trajectory and is currently trading at $147.

The token’s price has increased significantly by 14% in the past 24 hours alone, and over the course of 30 days, it has soared by an impressive 56%. 

Despite this uptrend, SOL remains 43% below its previous all-time high (ATH) of $259, achieved in November 2021. However, crypto analyst Altcoin Sherpa believes that SOL will break its previous ATH during this market cycle, with the only uncertainty being the size of the break.

Altcoin Sherpa suggests that reaching $500 is highly probable, and an even more astonishing milestone like $1000 is not entirely out of the question. The analyst further emphasizes its confidence in SOL’s potential, stating that it remains one of their more substantial investments. Altcoin Sherpa also highlights the next significant level to watch for SOL, which is $170.

Solana

Featured image from Shutterstock, chart from TradingView.com 

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Solana’s Memecoin BONK Reaches $1.6 Billion Market Cap, Witnesses Explosive 100% Price Rally

Solana (SOL) has reached a new 22-month high, demonstrating a remarkable 28% uptrend over the past month. However, the Solana-based meme coin, Bonk Inu (BONK), has captured investors’ attention with its explosive performance last month. 

Bonk Inu Outperforms PEPE

According to CoinGecko data, BONK has achieved a staggering 102% price uptrend in the last 7 days and an impressive 103% increase in the past month, reaching a trading price of $0.00002510 and attaining a 3-month high. 

In addition, the meme coin has experienced significant growth in market capitalization, reaching $1.6 billion and surpassing renowned tokens such as Pepe Coin (PEPE) to secure the 66th position among all cryptocurrencies, highlighting the growing interest in BONK as the cryptocurrency market experiences a resurgence of bullish sentiment fueled by Bitcoin’s (BTC) price uptrend.

BONK

Accumulating data from blockchain company Lookonchain shows the growing interest in Bonk Inu. In addition to the 50% increase in a single day, one wallet reportedly accumulated 98 billion BONK ($1.54 million) from the centralized crypto exchange (CEX) Binance just before the price increase. 

According to Lookonchain, the SmartMoney wallet currently holds 319.44 billion BONK tokens worth approximately $7 million, enjoying a profit of $2.9 million, which could have further contributed to the price surge in the past 24 hours. 

As of the latest update, the trading volume of Bonk Inu stands at $794,842,219 in the last 24 hours, demonstrating a substantial 74.30% increase compared to the previous day. This surge in trading volume indicates a recent rise in market activity surrounding the meme coin, reflecting growing investor participation and attention.

Potential Pullback Ahead? 

As the token enjoys one of its best trading months since its launch, crypto analyst Altcoin Sherpa expressed positive sentiment towards Bonk Inu, highlighting its potential for further growth. 

Altcoin Sherpa stated that Bonk Inu looks promising due to its relative underperformance compared to other meme coins, coupled with a notable uptrend pattern. The analyst wouldn’t be surprised to see Bonk Inu target previous highs and make further gains, although he suggested that a potential pullback may occur.

As the analyst suggests, the $0.00001940 price level may serve as a crucial support level for the BONK token in the event of a potential pullback or price correction. This level is significant as it would help maintain the current uptrend pattern observed on its daily chart. 

BONK

However, suppose this support level fails to hold. In that case, it’s possible that BONK could see a further price decline towards the $0.00001500 level, which acts as the ultimate support before a potential drop to the $0.00001350 mark, key for the token’s prospects as it represents the last line of defense to prevent a fully formed downtrend in the cryptocurrency’s performance.

On the other hand, when analyzing the BONK/USD 1-W chart, it is important to note that there are no prominent resistance levels. The chart above shows thin lines known as “wicks” above the candlesticks of the token since its launch on December 15th. 

This suggests that no significant obstacles prevent the token from reaching its all-time high of $0.0005487. The ability to maintain its current uptrend or potentially experience renewed bullish sentiment after a pullback will determine whether BONK can surpass this previous high.

Featured image from Shutterstock, chart from TradingView.com

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Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?

Having failed to break its previous high for the year, the price of Solana has continued to move downward. From the height of $118.88, the coin, which is currently ranked 5th in the crypto space with a total supply of 440,961,455 SOL and a market capitalization of $58.2 million,  has made a drop of over 25% and is not showing any signs of stopping.

As of the time of writing, the price of SOL was up by 2.76% and trading around $102.63, below the 100-day moving average in the last 24 hours. Meanwhile, in the daily timeframe, the price has dropped a bearish candlestick, indicating that the price is still bearish.

The moving average indicator generally is used to determine the trend of an asset, which could be an uptrend or downtrend. Since the price of Solana is trading below the 100-day moving average, could this mean that the price has changed from an uptrend to a downtrend?

Solana On The 4-Hour Chart

A technical examination of the chart from the 4-hour timeframe and with the help of a trend line we can see that two resistance levels of $118.88 and $114.87 have been created by previous price movement. We can also see that the price has broken the support level of $103.57. Therefore, the price for the next destination might be the $92.84 support level. 

This can be seen in the image below:

Solana

Also, taking a look at the 4-hour timeframe chart with the help of the MACD indicator in the above image, we can see that the MACD histogram is trending below the MACD zero line. Both the MACD line and the signal line have crossed and are trending below the MACD zero line, suggesting that the price of SOL is bearish and could continue to move downward.

A final look at the chart with the help of the Bull Power Vs. Bear Power Histogram indicator, we can see that the histograms are trending below the zero line. This suggests that buyers have completely lost momentum in the market, and sellers have taken over it. Thus, the price will tend to move downward. 

We can see this in the image below:

SOL price

Possible Outcomes If The SOL Price Continues To Drop

If SOL continues to drop, we might see the price moving toward the support level of $92.84. Also, if it manages to break below this level, the price might move further downward toward the $79.32 support level.

Presently, Solana is seeing minor upsides of 1.3% in the last 24 hours, according to data from CoinMarketCap.

Solana price chart from Tradingview.com (SOL price)

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Bitcoin, Solana Take Center Stage In $721 Million In Institutional Inflows

According to a CoinShares report, Bitcoin and Solana led the way in the amount of institutional inflows into digital asset investment products last week. The report also highlighted an emerging trend among Spot Bitcoin ETFs in the US. 

Bitcoin Records $703 Million In Inflows

Bitcoin is reported to have seen inflows totaling $703 million last week, thereby accounting for 99% of all flows into these investment products. Solana came in a distant second with an inflow of $13 million, outperforming the second-largest crypto token, Ethereum, which saw an inflow of $6.4 million. 

The spotlight was on Spot Bitcoin ETFs in the US, with these funds seeing an inflow of $721 million last week. These new ETFs are said to have now averaged $1.9 billion in inflows over the last four weeks, bringing their total inflows to $7.7 billion since launch. Meanwhile, Grayscale’s GBTC has contributed largely to the $6 billion that these funds have recorded as outflows so far. 

CoinShares noted that these outflows have slowed in recent weeks, suggesting that GBTC investors have cooled off on taking profits. The inflows recorded by other Spot Bitcoin ETFs have also been able to overshadow GBTC’s outflows. NewsBTC had also recently reported how BlackRock’s IBIT had surpassed GBTC in trading volume for the first time. 

A Drop In Trading Volume

Last week was a relatively slow week for digital asset investment products in terms of trading volume. The report highlighted how trading volumes in ETPs (Exchange Traded Products) fell to $8.2 billion compared to the prior week’s total of $10.6 billion. This drop in trading volume was well evident in the figures that the Spot Bitcoin ETFs recorded last week. 

Notably, these funds recorded a daily trading volume of $924 million on February 1 last week, the first time that the trading volume was under $1 billion. This trend continued the next day, with the Spot Bitcoin ETFs combined recording $922 million in trading volume. 

Bloomberg analyst Eric Balchunas, however, suggested that there was no need to be alarmed. He noted in an X (formerly Twitter) post how there is usually a slow decline after a big, hyped launch. What is, however, evident is the fact that these funds have lived up to the hype so far. BlackRock and Fidelity alone (the top two issuers by AuM, excluding Grayscale) now hold over 134,358 BTC ($5.7 billion) for their Spot Bitcoin ETFs. 

Interestingly, their funds also made the top 10 of all ETF inflows in January. This shows an impressive interest in the funds and that institutional adoption of the flagship crypto token is on the rise. 

Bitcoin price chart from Tradingview.com

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Solana Whales Move $82 Million Worth Of SOL, Will Price Crash Below $90?

Two high-volume transactions involving Solana (SOL) have caught the attention of the crypto community considering the impact they could have on the crypto token’s price. Moreover, these transactions have come at a time when SOL risks dropping below the psychological price level of $90. 

Solana Whales Move $82 Million Worth Of SOL

Data from the blockchain analytics platform Whale Alert shows that an unknown wallet address (7v2M…Ao3C) moved 659,283 SOL to another unknown wallet address (3vxh…gkom). The movement of such a significant amount of SOL has raised speculations as to what the intention of the wallet owner might be.

A common theory is that the transaction might have been made in a bid to offload these crypto tokens. That could have a negative impact on SOL’s price, considering how much is involved. However, the fact that the SOL tokens weren’t sent to a centralized exchange helps to counter this theory and raises the possibility of the tokens being transferred for other purposes. 

Meanwhile, the second recent whale move provides some needed relief to the Solana community, considering the nature of the transaction. Data from Whale Alert shows that 150,000 SOL was sent from a wallet address linked to the Bybit crypto exchange to an unknown wallet address (42br…pJFd).

Moving tokens from a centralized exchange (CEX) like Bybit usually passes a bullish narrative as it suggests that the token holder was likely moving their tokens to cold storage. Such a move also means that the Solana whale in question was planning on holding the token long-term, as they believe in its potential to make more gains in the future. 

Solana price chart from Tradingview.com (SOL whales)

SOL To Drop Below $90?

Like the rest of the broader crypto market, SOL has recently suffered a decline in its price, dropping below the $100 support level in the process. This current downward trend has also raised fears that SOL could retest the $90 price level and even drop below it if it is unable to find support at that level. 

Crypto analyst Bluntz Capital recently provided some insights into where SOL’s price might be headed from a technical analysis standpoint. According to him, SOL is likely to “bounce first before coming down for a C wave down into the 0.618 later on.” From the accompanying chart he shared, one could see that the C wave is placed at $88.99, just below the $90 level. 

Solana whales

 At the time of writing, SOL is trading at around $93, down over 7% in the last 24 hours, according to data from CoinMarketCap. 

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Analyst Compared Solana To Ethereum ICO Boom, What Does This Mean For SOL Price?

Crypto analyst Santiago Santos recently drew parallels between the Solana and Ethereum networks. As part of his analysis, Santos suggested that Solana had an advantage over Ethereum, something which he believes could cause the former to catch up with the latter soon enough. 

Solana’s Recent Run Similar To Ethereum’s ICO Boom

Santos mentioned in an X (formerly Twitter) post that Solana is “going through what Ethereum did during the ICO boom.” However, unlike then, when it was only whitepapers, Solana has applications seeing meaningful usage and growth, the analyst further claimed. This is one of the reasons why Santos believes that Solana will “converge on Ethereum faster than most believe.”

The crypto analyst was referring to Solana’s recent run, with the network seeing a lot of activity. Some of this activity has been credited to the applications and protocols being built on the Solana network. Particularly, the Decentralized Exchange (DEX) Jupiter has been drawing a lot of attention to Solana and even recently surpassed Ethereum’s Uniswap in daily trading volume. 

On the other hand, Ethereum is known to have generated significant buzz at the height of the ICO (Initial Coin Offering) boom, with a lot of projects swamping the network at the time. Notably, Ethereum’s Decentralized Finance (DeFi) landscape then happened to give the network an edge, a contributing factor to ETH’s rise to become the second largest crypto token. 

Santos’ recent comment echoes a growing belief in the crypto community that Solana may indeed be primed enough to take Ethereum’s place as the King of DeFi. Narratives that have continued to work in Solana’s favor include its speed and cost-effectiveness. 

Following Santos’ post, another X user hinted that Solana’s adoption rate would probably be higher than Ethereum’s, considering users don’t have to worry about high fees.

Solana price chart from Tradingview.com (Ethereum)

Solana To Hit $150 Soon?

The significant activity on the Solana network is believed to be one of the catalysts that could drive SOL’s price to $150. Several analysts have continued to highlight that price level as the next significant stop for the crypto token. Moreover, Jupiter is set to airdrop its JUP tokens on January 31.

This highly anticipated event will cause new money to flow into the Solana ecosystem, with SOL’s price likely to be positively impacted by this splurge of liquidity. Beyond Jupiter, other DeFi projects on Solana are making waves, and these projects could also launch their native tokens at some point in the year. 

At the time of writing, SOL is trading at just over $100, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

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Solana Unveils Token Extensions As SOL Bounces Back, Surging 5%

The Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network, has launched token extensions.  

Solana Token Extensions Gains Traction

According to a January 24 announcement, token extensions provide developers, enterprises, financial institutions, and Solana-native development teams with a comprehensive suite of turnkey solutions for advanced token functionality. Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, commented on the launch, stating: 

Token extensions build on the characteristics that make Solana the ideal destination for developers. Solana is the first network to offer this level of integrated developer and user experience in a single token program. We’re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in crypto.

Industry giants Paxos and GMO-Z.com Trust Company Inc. (GMO Trust) are leading the way in adopting token extensions. As announced by the Solana Foundation, these companies are “leveraging the benefits” of token extensions to issue stablecoins on the Solana blockchain. 

As previously reported, Paxos, a regulated blockchain and tokenization infrastructure platform, expanded its stablecoin issuance to the network in December. Similarly, GMO Trust announced the launch of the first regulated Japanese yen stablecoin and their own US dollar stablecoin on the Solana network. 

New Standards For Blockchain Compliance? 

Sheraz Shere, Head of Payments at the Solana Foundation, emphasized the appeal of the Solana network for enterprise-grade companies entering the web3 space. Shere stated: 

Companies like Visa, Worldpay, Stripe, Google, and Shopify have already seen the performance advantages inherent to the Solana network and have launched solutions and applications that are only possible on Solana. With token extensions, we are expanding what is possible for enterprise adoption of blockchain by natively enabling features that matter to large regulated enterprises.

Token extensions, designed to cater to builders across diverse industries such as stablecoins, real-world assets (RWA), and payments, offer a range of interesting features:

  • Transfer Hooks: Enables token issuers to exert control over token interactions, empowering developers to create intricate and flexible token mechanisms.
  • Transfer Fees: Provides the ability to charge fees for each token transfer, offering sustainable revenue models for different types of tokens built using token extensions.
  • Confidential Transfers: Utilizes zero-knowledge proofs to encrypt the transfer amount while publicly sharing the source, destination, and token type. This ensures compliance while preserving privacy.
  • Permanent Delegate Authority: Grants token issuers absolute authority over their tokens, particularly for those requiring revocation ability, such as licenses or credentials.
  • Non-transferability: Restricts token transfers to the issuer only, making it ideal for unique user identification and credentialing purposes.

Ultimately, with the launch of token extensions, Solana aims to position itself as a force in blockchain development, offering builders the tools to create new applications across various industries. 

Solana

The SOL token experienced a sharp drop of over 28% in the past 30 days, leading to a decline to the $79 level. However, the token has recovered in the past 24 hours with a 5% bounce, leading to a current trading price of $87.

Featured image from Shutterstock, chart from TradingView.com 

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Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally

Several analysts have given their opinion on what lies ahead for Solana (SOL). Based on their prediction, the crypto token could experience a further move to the downside as part of a price correction that seems overdue following its parabolic rise back in 2023, when it saw a gain of almost 1,000%. 

SOL Could Drop To As Low As $70

Crypto analyst Bluntz Capital suggested in an X (formerly Twitter) post that Solana could drop to as low as $70. From the chart that he shared, he looked to be analyzing SOL’s price movement using the ABC pattern, with a move to $70 being the C wave. If SOL were to drop to that price level eventually, Bluntz mentioned that he would be “max bidding SOL” as he foresees a further move to the upside once the correction is done. 

Solana

Professional Crypto Derivative Exchange Bitunix shared their SOL price analysis in an X post. They highlighted how the crypto token has broken out of its triangle, something which signals more downside ahead. SOL may initially fall to as low as $76 as a result of this. If it fails to hold above the support at that price level, a further decline towards $65 could occur, Bitunix claims. 

Related Reading: Bitcoin Recovery: This Massive $500 Billion Investment Could Send Price Above $50,000

Technical analyst LuxAlgo also hinted at a price decline to $76 based on the chart, which they shared in an X post. They noted that Solana had broken its lows as expected and raised the possibility of a “steeper drop” being imminent. 
SOL

Meanwhile, crypto analyst Tryrex Crypto stated that he is betting on a crash back to $71 for SOL. He mentioned how tempting it might be to open a long position right now and expect a bounce on the current support level. However, he seemed skeptical of such a move as he claims that the previous bounce was “too weak to maintain the trend.”

Solana price chart from Tradingview.com

Solana To $150 Once All Is Said And Done

In a more recent X post, Bluntz stated that the SOL ABC pattern is “starting to look done now.” If that is the case, he expects a trend reversal as the next move to the upside should send SOL to above $150. In the meantime, he said that the crypto token is trying to test and reclaim its prior breakdown range. 

Interestingly, crypto analyst Ali Martinez had raised the possibility of Solana rising to $150 in one of his previous price analyses. However, SOL then failed to close above the $106 price level, which Martinez had highlighted as being critical for this price prediction to materialize. Bluntz’s prediction no doubt provides optimism that the $150 price level remains a possibility. 

At the time of writing, SOL is trading at around $86, up over 6% in the last 24 hours, according to data from CoinMarketCap.

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Trillion-Dollar Franklin Templeton Shares High Praise For Solana, Is A SOL ETF Coming?

American multinational asset management company Franklin Templeton has showered high praises on Solana, triggering widespread speculation about the potential of a Solana ETF in the future. 

Franklin Templeton’s Approval Of Solana Sparks ETF Talks

On Wednesday, January 17, Franklin Templeton’s official X account expressed their admiration for the Solana, commending the blockchain network’s progress and continuous developments within its ecosystem. 

The asset management company highlighted Solana’s notable accomplishments during the fourth quarter of 2023. Specific mentions were made regarding Solana’s innovative NFT projects over the past months, its impactful presence in the DeFi ecosystem as well as the introduction of new inventive meme coins like Dogwifhat, Myro Popcat, and more. Franklin Templeton also outlined additional achievements like Solana’s next-generation independent validator client, Firedancer, and its innovative DePIN projects. 

Although Solana previously experienced a significant decline in its NFT market, the blockchain network’s NFT sales volume witnessed a resurgence after recording a staggering increase recently. On Wednesday, Solana’s NFT volume rose above 92% on the Tiexo marketplace. Furthermore, the blockchain recorded substantial increases on two other prominent marketplaces, Tensor and Magic Eden, respectively. 

Overall, Franklin Templeton’s overwhelming praise for the Solana ecosystem was taken with great optimism by the crypto community and SOL supporters. The favorable remarks sparked discussions regarding the potential introduction of a Solana ETF. 

Since Spot Bitcoin ETFs gained approval from the United States Securities and Exchange Commission (SEC), many investors, including Ripple CEO Brad Garlinghouse, anticipate the eventual entry of more ETFs into the market. 

Presently, the Ethereum Spot ETF stands as the next contender for approval by the SEC. And the final deadline for approving or rejecting several Ethereum Spot ETF applications is slated for May 23, 2024. 

Solana price chart from Tradingview.com (Franklin Templeton)

Community Members Skeptical About Potential SOL ETF

As excitement spreads in the crypto community over a possible Solana ETF, various crypto enthusiasts express differing views and opinions on its likelihood. It’s important to note that despite the enthusiasm, there has been no official discussion or confirmation of a Solana ETF by the cryptocurrency’s developers or executives.

Concerning a potential Solana ETF, a crypto community member, Lex has highlighted reasons why such a notion might face challenges. In the post, he outlined the SEC’s potential involvement in the decision regarding a Solana ETF. According to the community member, the SEC “would never approve a SOL ETF.”

Another member also provided a more in-depth explanation for the rejection of a Solana ETF, asserting that as the SEC had previously classified Solana as a security, it may not greenlight a Solana ETF unless a court officially declares the cryptocurrency as a non-security. 

However, in response to these speculations, Franklin Templeton said:

The lawyers won’t let us respond to comments, but we hear you

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Crypto Analyst Says A Solana Price Will Climb To $750, Here’s When

Crypto YouTuber Jake Gagain has shared his “insane price prediction” for Solana (SOL) as he said that the crypto token will climb to $750. The crypto analyst didn’t stop there as he also provided a timeframe for when this price level would be attained. 

Solana Price To Rise To $750 In 2025

Gagain said that he expects Solana to hit this price level by 2025 in an X (formerly Twitter) post. In the accompanying video, he outlined several reasons for this bullish sentiment. For the first, he alluded to the fact that the Solana network happens to be “quicker, safer, and much more affordable” than Ethereum. 

According to him, more users from Ethereum and other networks are likely to migrate to the Solana network as more projects get built on it. This is based on his expectation that Solana will be the “top competitor” for Ethereum in the next bull run. Gagain further asserted that SOL will end up becoming the third largest token by market cap, only behind Bitcoin and Ethereum.

The second reason why the analyst is bullish on SOL is because of how it has impressively recovered from the FTX scandal. Solana was at the heart of it as the crypto exchange’s founder, Sam Bankman-Fried (SBF), was one of the token’s biggest backers. SOL dropped below $10 as a result of this while being in the middle of a bear market. 

However, it has recovered nicely since then, climbing above $100 towards the end of last year. That is why Gagain believes that the crypto token could go as far as hitting its all-time high of $260 and surpassing it. 

Solana price chart from Tradingview.com (Crypto analyst)

SOL Is Also Making Its Way Into The Traditional Market

Jake Gagain also highlighted the fact that Solana was making its way into the traditional market as another reason he was so bullish on SOL. Solana’s entry into the traditional market is said to be happening through its partnerships with notable brands. One of them, which the crypto analyst mentioned, was its partnership with Shopify. 

Back when the partnership was confirmed, NewsBTC highlighted how it could help onboard more users into crypto and specifically into the Solana ecosystem. The network was projected to see more activity, considering the number of users Shopify already has. 

Interestingly, the number of transactions Solana records daily is another reason why Gagain is most bullish on SOL. Network activity is known to be another factor that can affect a token’s price. 

At the time of writing, SOL is trading at around $95, down over 2% in the last 24 hours, according to data from CoinMarketCap.

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Massive Solana Heist: CLINKSINK Drainer Campaigns Swipe Nearly $1M Worth Of SOL

In a recent report released by Mandiant, a threat intelligence and cybersecurity company, alarming details have emerged about the widespread exploitation of Solana users through a campaign known as CLINKSINK. 

The report sheds light on the nature of these drainer campaigns, which have resulted in the loss of nearly $1 million worth of SOL tokens.

CLINKSINK Campaign Targets Solana Investors

According to the report, The CLINKSINK campaign, identified by Mandiant, involves malicious actors leveraging drainers – malicious scripts and smart contracts – to steal funds and digital assets, including non-fungible tokens (NFTs), from unsuspecting victims’ cryptocurrency wallets. 

These campaigns have been active since December 2023 and have employed at least 35 affiliate IDs associated with a drainer-as-a-service (DaaS) utilizing CLINKSINK.

The modus operandi of the CLINKSINK campaign involves distributing cryptocurrency-themed phishing pages through social media platforms like X and chat applications like Discord. 

These pages, masquerading as legitimate cryptocurrency resources like Phantom, DappRadar, and BONK, entice victims to interact with the CLINKSINK drainer. Once victims connect their wallets to claim an alleged token airdrop, they are prompted to sign a transaction that allows the drainer service to siphon funds from their wallets.

Solana

Mandiant’s investigation revealed that the stolen funds are divided between the affiliate and the service operator(s) based on a predetermined percentage. 

The analysis indicates that, on average, 80% of the stolen funds go to the affiliate, while the remaining 20% go to the operator(s). However, the operator’s cut can vary between 5% and 25%, potentially influenced by factors such as partnerships or reduced fees for successful affiliates.

Since the end of December 2023, at least 1,491 SOL tokens and numerous underlying tokens, with a combined value of over $180,000, were traced to a specific Solana address associated with the DaaS operator. 

Based on this data, Mandiant estimates that these recent campaigns have stolen at least $900,000 in digital assets. However, it is important to note that some of the funds sent to the operator’s wallet might originate from their drainer campaigns or transfers not subject to the percentage split.

Mandiant Warns Of Growing Trend

Mandiant’s report also highlights the availability and low cost of CLINKSINK drainers in underground forums, indicating a growing trend of financially motivated threat actors targeting cryptocurrency users and services. 

The rising value of Solana’s native cryptocurrency, SOL, has likely contributed to the surge in CLINKSINK activity. Furthermore, the CLINKSINK source code’s apparent leakage could enable unrelated threat actors to conduct independent draining operations or establish their own DaaS offerings.

As the value of cryptocurrencies continues to rise, Mandiant predicts an increase in financially motivated threat actors conducting drainer operations. 

The ease of access and potential profitability of these campaigns make them an attractive prospect for cybercriminals of varying levels of sophistication.

Cryptocurrency users and investors are urged to exercise caution and employ robust security measures to protect their digital assets. Increased awareness and vigilance within the cryptocurrency community will be crucial in mitigating the risks posed by the CLINKSINK drainer and similar threats.

Solana

Featured image from Shutterstock, chart from TradingView.com

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Solana Poised For Major Upside: Analyst Predicts 47% Surge After Price Breakout

With the recent approval of Bitcoin exchange-traded funds (ETFs) injecting new inflows and igniting a sense of bullish sentiment in the market, Solana (SOL) is emerging as one of the top gainers in the past 24 hours. 

The cryptocurrency has experienced a 4.5% surge, trading at $99, aiming to reclaim the significant $100 milestone lost during a recent deep correction.

Solana Bulls Targeting $150-$165 Price Range 

Solana, holding the fifth position among cryptocurrencies by market capitalization, could undergo a substantial price surge if the current upward momentum continues and successfully breaks out of its downtrend correction.

Renowned crypto analyst Ali Martinez suggests that Solana is breaking out from a bullish flag pattern formed on the 4-hour chart. 

Solana

A sustained close above the $106 mark can trigger a remarkable 47% rally, propelling SOL towards the price range of $150 to $165.

However, at the time of writing, Solana has retraced below the upper boundary of the bull flag formation, which is positioned at $103. 

Nevertheless, a breakout could be imminent if the growing interest in the token persists alongside a sustained bullish momentum. This scenario would position SOL to regain its previously lost highs and set its course toward Ali Martinez’s price targets within $150 to $165.

SOL Market Cap Quadruples, DeFi, And NFT Metrics Skyrocket

Solana has showcased remarkable performance during the fourth quarter of 2023, positioning itself as a leader in the crypto market rally, according to a recent report by Messari. 

One of the key achievements for Solana in Q4 was its notable increase in market capitalization. SOL concluded the year with a market cap of $43.8 billion, marking a staggering 423% quarter-on-quarter (QoQ) growth and an astonishing 1,106% year-on-year (YoY) increase. 

Solana

This growth propelled SOL to surpass notable tokens such as ADA, USDC, and XRP in market cap, securing the 5th position among all tokens. It is worth noting that Solana began 2023 ranked 17th in market capitalization, highlighting its exponential rise in prominence.

The Solana network’s decentralized finance (DeFi) Total Value Locked (TVL) also experienced significant growth. Solana’s DeFi TVL increased by 303% QoQ and an impressive 505% YoY, reaching $1.5 billion. 

The report also highlights the notable increase in DeFi volume on the Solana network. The average daily spot DEX volume experienced a staggering 1,116% QoQ growth, reaching $359 million. 

Among the contributors to this growth, Orca accounted for 45% of the Q4 volumes, followed by Raydium with a 29% market share. Phoenix, a fully on-chain central limit order book, stood out by averaging over 9% of the DEX volume market share.

Solana’s influence in the NFT space also saw substantial growth during Q4. The average daily NFT volume increased by 356% QoQ, reaching $4.8 million. Solana’s market share of NFT volume, excluding Bitcoin, grew from 9% to 26% QoQ, demonstrating its increasing significance in the NFT market.

Solana

Featured image from Shutterstock, chart from TradingView.com

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Epic Rally Alert: Solana Hourly Chart Reveals Bull Flag Formation, SOL Targets $163

Solana (SOL), the fifth largest cryptocurrency by market capitalization, has experienced a significant surge after undergoing a correction from its 20-month high of $125, reached on December 25.

Following a dip to the $85 level on Monday, January 8, SOL reclaimed the $100 level again, demonstrating a 6.4% surge in the past 24 hours. 

Moreover, technical analysis indicates a potential bullish continuation pattern known as a bull flag in Solana’s 1-hour chart, which suggests the possibility of further price gains beyond the previous high. 

Solana Optimism For Price Breakout

Technical analyst Ali Martinez has identified a bullish pattern known as a bull flag formation on Solana’s hourly chart. A bull flag is characterized by a consolidation period following a strong upward move. 

In this case, the dip to the $85 level could be considered the consolidation phase. The formation suggests that SOL may experience another significant upward move shortly.

Solana

As seen in the chart above, to confirm the validity of the bull flag pattern, SOL needs to achieve a decisive close above the $110 resistance level. Such a breakthrough could catalyze upward momentum and propel the price to new highs.

If the bull flag pattern holds, Ali Martinez anticipates that SOL could aim for an ambitious target of $163. However, Solana faces multiple resistance levels that it must overcome to reach the potential target indicated in Ali Martinez’s hourly chart analysis. 

The $110 resistance, the $120 mark, and the previous 20-month high of $125 present significant hurdles for Solana’s price action. These levels have the potential to impede further upward movement, as they have previously acted as resistance during the bear market of 2022. 

Additionally, the $132 and $137 levels are anticipated to provide additional resistance, as they were the price points from which Solana’s price decreased in April 2022. 

Lastly, the $151 and $154 levels will serve as the final thresholds for Solana’s bears to hold if they aim to halt any potential price increase before reaching the $163 target.

Solana’s Ecosystem Consistent Growth 

Despite the volatility in SOL’s price over the past month, Token Terminal data reveals consistent growth in Solana’s blockchain ecosystem. 

According to the data, Solana’s circulating market cap has surged impressively to $43.54 billion, representing a substantial 20.08% increase in value over the last 30 days.

Moreover, the fully diluted market cap has surged to $57.13 billion, reflecting an 18.82% growth, which illustrates a strong investor interest in Solana and its potential for future growth.

Solana’s revenue has also experienced substantial growth over the past 30 days, with a staggering increase of 217.18% to reach $5.68 million. On an annual basis, the revenue has reached an impressive $69.12 million, exhibiting a remarkable surge of 142.15%.

Ultimately, Solana’s fees have significantly increased over the past 30 days, with an increase of 217.18% to $11.36 million. On an annualized basis, the fees amount to $138.24 million, marking a substantial growth of 142.15%, reflecting the network’s growing usage and transactional activity.

Solana

Featured image from Shutterstock, chart from TradingView.com