Restaking has taken hold of the Ethereum ecosystem. With Jito and a handful of other companies building for Solana, can the trend spread?
Solana Crawls: Network Update Fails To Fix Traffic Jam, Price Feels The Pinch
Solana, the self-proclaimed high-speed blockchain darling, finds itself facing an uphill battle. A confluence of a broader crypto market downturn and persistent network congestion threatens to stall its momentum and cast doubt on its long-term viability.
Solana Slides With The Market
The recent crypto market correction hasn’t spared Solana. The token, which enjoyed a stellar run for months, has mirrored the overall slump. On Tuesday, April 30th, Solana dipped to $127, marking a daily decline of 4% and a weekly drop exceeding 10%.
Lingering Congestion Woes Plague Solana
While the market downturn is a concern, a more pressing issue for Solana seems to be its network congestion woes. Recent updates aimed at fixing a bug related to the QUIC protocol haven’t delivered the promised network decongestion.
As of April 29th, the transaction failure rate remained stubbornly high at over 65%. This persistent network sluggishness directly contradicts Solana’s core value proposition of high transaction speed and efficiency.
The congestion issues are particularly worrisome for sectors like Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), which rely heavily on fast and reliable transactions. Solana has carved a niche for itself in these areas, and prolonged congestion could tarnish its reputation and deter future projects and users.
Investor Optimism On Hold, But Long-Term Signals Remain
Interestingly, investor reaction to the congestion hasn’t been overwhelmingly negative – yet. Solana’s price movement has largely mirrored the broader market trend, suggesting investors might be taking a wait-and-see approach.
Perhaps there’s a flicker of hope that Solana can overcome these challenges. While the short-term technical indicators paint a bleak picture, some long-term signals, like the 200-day moving averages, still offer a glimmer of optimism.
Solana At A Crossroads
The coming weeks and months will be crucial for Solana. Can it address the network congestion issues definitively? Will it be able to regain the trust of developers and investors shaken by the recent performance?
Solana’s future hinges on its ability to navigate these rough waters. If it can overcome these hurdles and emerge with a more robust and scalable network, it might just weather the storm and reclaim its position as a leader in the blockchain space.
However, if the congestion problems persist, Solana could find itself falling behind competitors who can offer a smoother and more reliable user experience.
Featured image from Pexels, chart from TradingView
Solana Projected To Reach $500 This Year Despite Market Meltdown, Expert Predicts
Solana (SOL), currently ranked as the fifth largest cryptocurrency with a market capitalization of $56 billion, has experienced a significant decline amid the recent market meltdown affecting the digital asset space.
Over the past 24 hours, SOL has witnessed an 8% drop, reflecting the broader market downturn. Despite this setback, experts believe that if the cryptocurrency maintains support above the $120 price level, it holds notable potential for a strong price recovery in the coming months.
Bullish Price Outlook And Key Support Levels To Watch
After reaching a yearly high of $209 on March 18, SOL’s current trading price is $124. However, according to crypto market experts, SOL still has a promising outlook.
Altcoin Sherpa, a renowned analyst, suggests that if the altcoin market continues to decline, the $120 price level may become an area of significant interest for SOL.
Altcoin Sherpa maintains a bullish sentiment, strongly believing that SOL can potentially exceed $500 this year. Such a surge would represent a significant 300% price increase from current levels, building upon the impressive 426% year-to-date price growth.
It is worth noting that this projection is nearly double SOL’s previous all-time high (ATH) of $259, reached during the last crypto market bull run in November 2021.
In addition to the analyst’s focus on the $120 price mark, other major resistance levels for SOL have been identified. These include $110, $102, and the critical long-term support level at $74, representing SOL’s uptrend structure over the past six months.
Solana Dominates Blockchain Trading Volume
According to a recent CoinGecko report, Solana has secured its position as the second-largest blockchain by trading volume, commanding a substantial 21.3% market share in March 2024.
The blockchain platform experienced a notable monthly growth of 244.8%, with trading volume surging to $40.05 billion, a significant increase from $11.61 billion in February.
Solana’s performance in the first quarter of 2024 was equally significant. It accounted for 14.4% of all decentralized exchange (DEX) trading volume, totaling $62.31 billion.
This represents a quarter-on-quarter (QoQ) growth of 242.7% compared to the previous quarter’s volume of $18.18 billion. Despite strong growth, Solana’s market share in the same quarter ranked fourth, trailing behind Binance Smart Chain (BSC).
According to CoinGecko, Solana’s trading volume has been greatly bolstered by several factors. Firstly, the doubling in the price of Solana’s native token, SOL, has attracted increased attention and trading activity on the platform.
Additionally, the network has witnessed large airdrops from projects such as Jito (JTO) and Jupiter (JUP), further fueling trading volume. Moreover, the surge in memecoins on the Solana network has significantly contributed to its trading volume.
Notably, the launch of Book of Memes (BOME) in March proved successful, as it achieved a market capitalization of $1 billion within two days. BOME also secured listings on crypto exchanges like Binance and Bybit, further amplifying trading activity on Solana.
Featured image from Shutterstock, chart from TradingView.com
Solana memecoin hits a whopping $328T market cap — but for all the wrong reasons
Crypto users have continued to send funds to the apparent honeypot scam, even with many warnings they won’t be able to transfer any of it.
Solana illustrates the dark side of monolithic blockchains
Modular blockchains might lead to a poor user experience, but — unlike Solana — they remain functional even during periods of high demand.
Solana illustrates the dark side of monolithic blockchains
Modular blockchains might lead to a poor user experience, but — unlike Solana — they remain functional even during periods of high demand.
Price analysis 4/29: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Bitcoin and altcoins are falling toward strong support levels, which appear likely to hold in the short term.
Price analysis 4/26: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Bitcoin and altcoins could be en route to retest their recent strong support levels as bears try to extend the correction.
BONK, POPCAT and Solana memecoins stay green even as Bitcoin price drops
Memecoins in the Solana ecosystem defy the recent bearish downtrend in the crypto market by managing to generate double-digit gains.
SOL Price Topside Bias Vulnerable If Solana Continues To Struggle Below $170
Solana attempted a recovery wave above the $140 level. SOL price is now struggling to clear the $160 and $170 resistance levels.
- SOL price recovered higher and tested the $160 resistance against the US Dollar.
- The price is now trading below $160 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could start another decline if it stays below $160 and $170 for a long time.
Solana Price Faces Resistance
Solana price started a major decline below the $170 and $160 support levels. SOL tested the $115 zone and recently started an upside correction, like Bitcoin and Ethereum.
There was a decent increase above the $130 and $140 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $205 swing high to the $115 low. It even spiked above the $155 zone and the 100 simple moving average (4 hours).
However, the bears are active near the $160 zone and the 50% Fib retracement level of the downward wave from the $205 swing high to the $115 low. The price struggled and corrected gains.
Source: SOLUSD on TradingView.com
Solana is now trading below $160 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $146 on the 4-hour chart of the SOL/USD pair. Immediate resistance is near the $155 level. The next major resistance is near the $160 level. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $170. Any more gains might send the price toward the $188 level.
Another Decline in SOL?
If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $145 level and the trend line.
The first major support is near the $132 level, below which the price could test $120. If there is a close below the $120 support, the price could decline toward the $100 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $146, and $132.
Major Resistance Levels – $155, $160, and $170.
Price analysis 4/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Bitcoin and altcoins continue to be rocked by macroeconomic and geopolitical uncertainty, but data shows bulls continue to buy each dip.
Solana Market Cap Skyrockets $11 Billion As Price Jumps 17% – Details
Solana, like many Proof-of-Stake (PoS) cryptocurrencies, relies on a decentralized network of validators who secure the network by staking their SOL coins. In exchange for staking, validators earn rewards.
However, as Solana’s price began its recent ascent, a noticeable decline in staked SOL was observed. This suggests that some validators are choosing to unstake their coins, potentially to capitalize on the price surge and book some early profits.
Solana Market Cap And Price Soar
Meanwhile, on Tuesday, Solana enjoyed a stellar day, surging 17% and adding over $11 billion to its market capitalization, which now stands at over $70 billion. This impressive performance saw Solana outperform industry giants like Bitcoin (BTC) and Ethereum (ETH), which remained entangled in their own price gyrations. With its market capitalization now totaling an impressive $80.7 billion, Solana’s surge has caught the attention of the crypto world.
This unstaking activity has drawn the attention of analysts, with the unstaked amount reaching a significant 5 million SOL over the past week. With Solana currently trading around $157 per coin, this translates to roughly $780 million worth of tokens re-entering the market. The influx of such a large volume in a short period could lead to a temporary oversupply situation on exchanges.
Pullback Or Power Through?
The potential impact of unstaked SOL on the price is a matter of debate. Without a corresponding surge in demand to absorb this additional supply, there’s a risk of an initial price correction in the coming days. This could see Solana retreat from its current perch and settle around the $150 mark before potentially resuming its upward trajectory towards $200.
The $200 Target
The coming days will be crucial for Solana. The bulls need to maintain strong buying pressure to absorb the unstaked coins and push the price above the $160 resistance zone. If successful, this could propel Solana towards its $200 target. However, a failure to do so, coupled with a large-scale sell-off from unstaked SOL, could trigger a correction down to $150.
Solana Breakpoint 2024
In another development, Solana Breakpoint 2024 is set to take place in Singapore, from September 20 to September 21. This event will provide attendees with full access to the heart of the Solana community, including insightful talks and exclusive events.
Special subsidized rates are available for developers, creators, artists, and students, ensuring that a diverse range of individuals can participate in this transformative event. The Solana Campus, located just a short 15-minute journey from downtown Amsterdam, offers a variety of stages for insightful talks, networking areas to build connections, and complimentary transportation for attendees’ convenience.
Solana Breakpoint is an important event for the Solana community, providing a platform for developers, validators, and other ecosystem participants to discuss the latest developments, share insights, and showcase their achievements. The annual conference highlights the network’s potential and its role in the broader blockchain space, with a focus on performance, reliability, and innovation.
Featured image from Pexels, chart from TradingView
Solana Memecoins WIF And BONK Explode By Double Digits: Key Reasons
Two Solana-based memecoins, Bonk (BONK) and Dogwifhat (WIF), have registered substantial gains over the past 24 hours. BONK recorded a 35% increase, while WIF climbed by 19%, positioning them among the top three gainers in the top 100 cryptocurrencies by market cap today. Only Hedera Hashgraph (HBAR) surpassed them, with a notable 44% rise during the same period.
Resolution Of Solana’s Congestion Issues Spurs Memecoins
The significant uptick in these Solana memecoins is closely linked to the recent improvements in the Solana network’s performance. A tweet from SolanaFloor earlier today indicated, “BREAKING: Solana’s congestion issues have been completely resolved, with block production back to normal. Transactions confirming in under 2 seconds.” This announcement marks a pivotal moment for the network which had been plagued by congestion issues.
Source A: https://t.co/2TVnbaPNlHSource B: https://t.co/GfHxy8dC1B
— SolanaFloor | Powered by Step Finance (@SolanaFloor) April 24, 2024
On April 15, Solana developers rolled out crucial updates designed to alleviate these problems, urging validators to adopt version v1.17.31. This version introduces changes in the treatment of validators based on their stakes. Further enhancements are anticipated with the release of version v1.18 next month, which will include a new scheduler, albeit disabled by default.
Andrew Kang, founder of Mechanism Capital, remarked a few days before the fix, “Let’s also not forget that the Solana congestion issues have weighed down SOL and Solana-based memecoins significantly. It’s not a question of if but when the network is significantly improved. That’s your springboard.” Kang’s comments now seem prophetic as the resolution of network issues has indeed acted as a springboard for memecoin valuations.
Specifics On Rally Of Dogwifhat (WIF) And BONK
The price of WIF soared to a 24-hour high of $3.43 on April 24, buoyed by an impressive 96% increase in trading volume. This influx was fueled by notable acquisitions from whales like Ansem, who capitalized on the positive market sentiments.
The breakout above the resistance level at $3.18, after a week of sideways trading between $1.97 and $3.18, was a significant trigger. WIF formed a two-week-long ascending triangle, a bullish chart pattern that indicated a continuation of the previous upward trend. The breakout was widely discussed in the crypto community, with trader Bluntz Capital confirming the pattern’s resolution and sparking further bullish sentiment.
2 week long ascending triangle forming here on $WIF, i think the breakout is imminent pic.twitter.com/S0OZWBsq6u
— Bluntz (@Bluntz_Capital) April 24, 2024
BONK is registering a dramatic 35% rise, with a remarkable 304% increase in trading volume. The price action successfully breached the 0.236 Fibonacci retracement level at $0.000020727, and continued its upward trajectory to the 0.5 Fibonacci level, signaling strong buying interest and bullish momentum.
This rally probably gained additional support from the recent listing of BONK by the global neobank Revolut, which was announced on April 22. This inclusion in Revolut’s trading platform, which features over 150 digital currencies, provided significant exposure and legitimacy, further enhancing investor interest and market activity around BONK.
Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished
The Wild West of cryptocurrency just got a little wilder. Solana, the blockchain known for its lightning-fast transactions, recently became a breeding ground for a peculiar phenomenon: the meme coin frenzy.
While these dog-themed, cat-inspired, or just plain nonsensical tokens promised moon landings, many investors landed face-first in a crater of lost cash.
Solana Stampede: A Frenzy Of Frivolous Finance
Fueled by social media hype and the fear of missing out (FOMO), a stampede of investors poured money into meme coin presales. A project with a name like “I Like This Coin” (LIKE) sprouted like weeds, promising outlandish returns.
The “I Like This Coin” story, however, turned out to be a classic case of “buyer beware.” Despite an initial market cap of a staggering $577 million, the token’s value plummeted by a disastrous 90% within a mere eight hours of launch.
The party didn’t stop there. Blockchain investigator ZachXBT uncovered a particularly galling trend: a dozen meme coin projects vanished into thin air after their presales, taking a combined $26.7 million from investors with them.
Only 1 month has passed and 12 of the Solana presale meme coins have been completely abandoned after raising >180,650 SOL ($26.7M).
Would avoid any future projects launched by these founders. https://t.co/J0zFldRIa6 pic.twitter.com/K610MAEPMn
— ZachXBT (@zachxbt) April 21, 2024
Solana Slowdown: When Meme Mania Clogs The Network
The meme coin craze wasn’t without collateral damage. The massive influx of transactions clogged the Solana network, leading to transaction failures and frustrating delays. This highlighted a fundamental issue with meme coins: they often lack real-world applications and contribute little to the underlying blockchain’s development.
Solana’s founder, Anatoly Yakovenko, wasn’t shy about expressing his skepticism. He questioned the very concept of meme coin presales, suggesting they were better suited for projects with strong tech foundations. Yakovenko’s comments resonated with many who saw the meme coin frenzy as a speculative bubble fueled by empty promises and social media hype.
Meme Coin Meltdown: A Cautionary Tale For Crypto Curious Investors
The rise and fall of Solana’s meme coins serves as a stark reminder of the inherent risks associated with investing in unregulated, highly speculative assets. While the allure of quick riches might be tempting, the potential for scams and rug pulls (where developers abandon a project after raising funds) is significant.
The fallout from the meme coin frenzy could have lasting repercussions. Regulatory bodies might take a closer look at this corner of the crypto world, potentially leading to stricter measures to protect investors.
For those interested in exploring the exciting world of cryptocurrency, the lesson is clear: conduct thorough research, prioritize projects with real-world use cases, and always remember what the sages mean when they say if it sounds too good to be true…
Featured image from Pexels, chart from TradingView
Crypto Guru Reveals Top Altcoin Picks And DeFi Risks: What You Need To Know
Renowned crypto analyst Lark Davis recently shared insights into the world of altcoin and decentralized finance (DeFi), offering high-risk, high-reward options and established projects.
During a live stream, Davis discussed his current portfolio holdings, while emphasizing the volatility inherent in these markets.
High-Risk Ventures Altcoin And Established DeFi Projects
During his discussion, Davis advised against investing in Bitcoin SV (BSV), expressing doubts about Craig Wright’s claim to be Satoshi Nakamoto. He emphasized the importance of doing thorough research before investing in cryptocurrencies.
Additionally, he mentioned Bitcoin Cash (BCH) as a potential candidate for the next ETF approval in the US due to its slight variations from Bitcoin.
Regarding altcoins and DeFi, Davis highlighted different projects in his portfolio, including “Puff, Benji, and Foxy,” which he categorized as “high-risk, high-reward ventures.” Davis also mentioned DeFi projects like “Jup and Arrow,” which are known for their governance features and staking rewards.
Furthermore, Davis discussed projects with considerable potential for growth, such as Solana, Trader Joe, and Mantle. However, he emphasized these investments’ volatile nature and recommended that viewers approach them cautiously.
In addition to Davis’s insights, Solana has recently become the fourth-largest cryptocurrency by market capitalization, surpassing XRP and Dogecoin. With a market cap of $68.7 billion and a price of $154.66 at the time of writing, Solana’s rise reflects growing interest in the project.
Analysts’ Perspectives On Altcoins
Meanwhile, analysts offer contrasting views on the future of altcoins. Altcoin Sherpa suggests that these alternative tokens may stagnate for 1-4 months, needing time to consolidate after a significant run.
It’s quite possible that altcoins are done for the next 1-4 months. There are certainly going to be outliers but I think that the majority need time to chill out and consolidate after such a big run.
The scary thing is that many alts didn’t even run that hard over the last few… pic.twitter.com/sGke8PT5yw
— Altcoin Sherpa (@AltcoinSherpa) April 16, 2024
However, Crypto Jelle presents an opposite outlook, suggesting that altcoins could rally massively in the coming months.
Crypto Jelle points to historical patterns, noting that altcoins typically consolidate after breaking out from a resistance zone before entering a new bull run. If history repeats itself, altcoins could demonstrate significant growth potential shortly.
It’s about time for #Altcoins to remind everyone what they’re capable of.
Looks primed to go on a massive rally in the coming months.
I’m ready. pic.twitter.com/qru4GksczF
— Jelle (@CryptoJelleNL) April 12, 2024
Featured image from Unspalsh, Chart from TradingView
‘DePIN’ Is Venture Capitalists’ Latest Crypto Obsession. Can It Match the Hype?
Already a multi-billion-dollar sector of the crypto industry, the DePIN narrative is a promising one, according to experts.
Solana DEX Drift to Airdrop 100M Tokens in Weeks
Some surprise winners in Drift’s road to decentralization include MetaDAO.
Solana Price Jumps 7% On Bitcoin And Ethereum ETF Approvals, Network Congestion Update
Solana’s price saw a notable recovery on Monday after a steep decline over the past seven days. This was supported by positive developments in the Bitcoin (BTC) and Ethereum (ETH) markets, which came alongside the approval of exchange-traded funds (ETFs) for both cryptocurrencies in Hong Kong.
Additionally, Solana addressed its ongoing network congestion issues with a new update, aiming to rectify transaction failures and outages.
New Update Tackling Implementation Bug
According to Mert Mumtaz, CEO of Helius Labs, Solana’s recent network congestion issues were attributed to an implementation bug rather than a fundamental design flaw. Mumtaz clarified that Solana’s current predicament results from a flaw in implementing a specific protocol.
According to Anza, a spin-off of Solana Labs, Solana has released a new update to its validator client software to combat this. The update, v1.17.31, aims to reduce network congestion and will be followed by further improvements in v1.18.
Anza emphasized the update’s significance, urging MainnetBeta validators to adopt it. The enhancements introduced in the update are expected to mitigate Solana’s ongoing network congestion issues.
Furthermore, validators were advised to upgrade their systems when there is less than 5% delinquent stake, ensuring they have sufficient time to monitor the node after the upgrade.
Any issues encountered during the upgrade were to be reported to mb-validators. Solana Status, a trusted source, corroborated the announcement, recommending the v1.17.31 release for general use.
Trent.sol, Solana’s developer and operations manager, emphasized that the effectiveness of the update would be proportional to its adoption across the network.
While the improvements primarily target Solana’s Stake Weighted Quality of Service (SWQOS) and may not result in significant changes to the reliability of unstacked Tensor processing units (TPU) traffic, Solana users were advised to keep delinquency below 5% during the upgrade process.
Furthermore, Anza hinted at additional enhancements in the pipeline, urging users to stay tuned for further updates.
Solana Price Rebounds With 7% Surge
After unveiling updates to enhance network efficiency, the Solana price has surged by over 7%. This surge has helped offset the ongoing downtrend experienced by Solana, which amounted to nearly 21% over the past month.
In addition, the Hong Kong SFC has officially approved several spot Bitcoin and Ethereum ETFs, including asset managers such as China Asset Management, Bosera Capital, HashKey Capital Limited, and an in-principle approval for Harvest Global Investments.
This regulatory approval has not only positively impacted the prices of Bitcoin and Ethereum but has also instilled a sense of positivity in the overall cryptocurrency market. As a result, the top 10 cryptocurrencies have witnessed significant uptrends, riding on the wave of these developments.
Despite the recent surge in Solana’s price, SOL’s trading volume has decreased by -44.70% in the last 24 hours, indicating a recent decline in market activity, according to CoinGecko data.
Solana’s current trading price of $151.40 presents the first obstacle in the cryptocurrency’s path toward further price gains. If this hurdle is surpassed, the next significant resistance lies at $170, which would signify a recovery of SOL’s gains recorded over the past month.
On the other hand, the $130 mark has proven to be a strong support level for Solana, representing the foundation of SOL’s one-month bullish structure, which propelled its price rally to nearly three-year highs of $210 on March 18.
Featured image from Shutterstock, chart from TradingView.com
Solana Rolls Out Update to Tackle Network Congestion
A meme coin trading frenzy and a rapid spike in users has stressed the network in recent months.
SOL Price Dump and Pump, Can Solana Overcome Selling Pressure?
Solana tumbled and declined toward $110. SOL price is now correcting losses above $140 and facing hurdles near the $160 resistance zone.
- SOL price gained bearish momentum and declined below $150 against the US Dollar.
- The price is now trading below $160 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to recover if it clears the $150 and $160 resistance levels.
Solana Price Starts Recovery
Solana price started a major decline below the $180 and $160 support levels. SOL declined over 20% and even tumbled below the $150 level. Finally, the bulls appeared near $110.
A low was formed at $115.04 and the price is now attempting a recovery wave like Bitcoin and Ethereum. There was a decent increase above the $125 and $132 levels. The price cleared the 23.6% Fib retracement level of the downward move from the $204 swing high to the $115 low.
Solana is now trading below $150 and the 100 simple moving average (4 hours). Immediate resistance is near the $150 level. The next major resistance is near the $160 level.
Source: SOLUSD on TradingView.com
There is also a key bearish trend line forming with resistance at $160 on the 4-hour chart of the SOL/USD pair. The trend line is near the 61.8% Fib retracement level of the downward move from the $204 swing high to the $115 low. A successful close above the $160 resistance could set the pace for another major increase. The next key resistance is near $182. Any more gains might send the price toward the $200 level.
Are Dips Supported in SOL?
If SOL fails to rally above the $160 resistance, it could start another decline. Initial support on the downside is near the $140 level.
The first major support is near the $132 level, below which the price could test $125. If there is a close below the $125 support, the price could decline toward the $115 support in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $140, and $132.
Major Resistance Levels – $150, $160, and $182.
