Lưu trữ cho từ khóa: Solana

Phân tích

Solana price flips key resistance as futures open interest nears ATH

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Solana price made a strong bullish breakout on Monday as investors embraced a risk-on sentiment ahead of the Fed decision and key earnings. 

The price of Solana (SOL) rose to a high of $193, its highest point since April 1st. External data shows that the crypto fear and greed index rose to the greed zone of 63, meaning that investors have embraced a risk-on sentiment.

It also rallied as the futures open interest continued its recovery process. According to CoinGlass, the interest rose to a high of $3.25 billion on Monday, its highest level since April 1st when it reached its all-time high.

The open interest has been robust after bottoming at $1.77 billion earlier this month as cryptocurrency prices dived. A higher interest is usually a good sign that there is robust demand of an asset, meaning that it may continue rising. 

Solana futures open interest between December 2023 and July 2024 | Source: CoinGlass

Notably, Solana is not the only cryptocurrency seeing elevated open interest in the futures market. Bitcoin (BTC), the biggest coin in the industry, had a record open interest on Monday after Donald Trump and Robert Kennedy made the case for Bitcoin.

Solana has exciting fundamentals behind it. Data shows that its ecosystem fees have jumped to $2.13 million in the last 24 hours. Participants in Polymarket believe that the blockchain will make higher fees than Ethereum, at least in a single day, this month.

The number of active addresses in the ecosystem has risen to over 1.22 million while key networks like Jito, Marinade, and Kamino have seen strong demand.

Solana price zoomed past key resistance

Solana price chart | Source: TradingView

Technically, there are signs that this breakout could be real. On the daily chart, the token found a strong bottom at $120.50, where it failed to drop below four times since April.

It has also moved above the upper side of the symmetrical triangle pattern. In a recent article, we noted that this triangle was a sign of a bullish pennant chart pattern, a popular continuation sign.

Solana also jumped above the crucial resistance point at $188.20, its highest point in May this year. Therefore, the token may continue rising as buyers target the year-to-date high of $210.15. 

Looking ahead, this week will have several macro factors that could impact its prices. Some companies like Franklin Templeton and Blackrock could submit their Solana ETF documents to the Securities and Exchange Commission. 

The Federal Reserve is expected to signal that it will start cutting interest rates in its September meeting on Wednesday. Such a move will be positive for risk assets like Solana and Cardano (ADA).

Meanwhile, the biggest companies in the US like Amazon, Microsoft, Meta Platforms, and AMD will publish their financial results. Last week, the mixed earnings by companies like Tesla and Alphabet led to a big drop in US equities and some cryptocurrencies.

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Theo Crypto News

Altcoin

ETH, SOL, FIRE: Top cryptocurrencies to watch this week

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Following a bullish performance two weeks ago, the cryptocurrency market recorded a bearish consolidation last week. The mild increase in Bitcoin’s price was not sufficient to drive a positive reaction from the rest of the market.

As a result, the global crypto market cap lost $70 billion, dropping from $2.47 trillion to $2.4 trillion by the week’s end. This decline occurred amid a mix of bullish and bearish performances from various altcoins.

Below are our picks for the top cryptocurrencies to watch this week, following their notable performances last week.

ETH, SOL and FIRE prices on July 28 | Source: Santiment

ETH drops 7.76% despite ETF launch

Ethereum (ETH) experienced a downward trend this past week. The asset witnessed a mild 1.21% increase on July 23, as spot Ethereum ETFs began trading, debuting with $106 million in net inflows and over $1 billion in trading volumes.

However, the July 23 gains were relinquished in the following days as Grayscale’s Ethereum Trust ETF (ETHE) led in outflows. ETH eventually closed the week at $3,247 per coin, marking a 7.76% decline. 

The Ichimoku Cloud confirms Ethereum’s bearish situation. ETH price is below the Tenkan-sen and Kijun-sen lines, which are both positioned under the cloud. This alignment suggests a bearish sentiment, with a likelihood of continued downward pressure.

ETH 1-day chart | Source: TradingView

For the upcoming week, ETH’s ability to recover depends on whether it can reclaim levels above the Kijun-sen and move back into the cloud, which would signal a potential trend reversal. However, if the downward trend continues, ETH may face further declines.

SOL finds support at $184

Solana (SOL) saw a relatively stable price movement with an overall upward trajectory. The price oscillated within a defined range amid reports of a possible from ETF finance giant Franklin Templeton. This period of consolidation suggests that the market was experiencing a phase of accumulation.

SOL 1-day chart | Source: TradingView

Overall, SOL experienced a growth rate of 5.69% last week. The price stayed above a key support level near $184, which served as a psychological and technical anchor. The closing price indicates bullish sentiment, as it remained near the upper boundary of the consolidation range. 

The Advance Decline Ratio stands at 3.94 and indicates a bullish trend. This suggests that the number of advancing days outnumbered the declining days.

Looking ahead, if SOL manages to break above the resistance level around $186 with strong momentum, it could initiate a new bullish run. Conversely, if it fails to breach this level, it may retest the support around $184. 

FIRE maintains stability 

Last week, Matr1x Fire (FIRE) exhibited a relatively stable performance, with its price moving within a tight range and closing around $1.0512. The market showed a modest growth rate of 0.93%, indicating a period of consolidation rather than significant directional movement.

FIRE 1-day chart | Source: TradingView

Technically, the RSI remained in the lower end of the range, around 37.43, suggesting that the asset is approaching oversold territory. This could imply that selling pressure might be easing, potentially setting up for a rebound if buying interest increases. 

The MACD indicator continues to show a bearish trend, with the MACD line below the signal line, although the gap between them is narrowing. This could indicate a potential trend reversal or at least a relief from the consolidation.

For the upcoming week, monitoring whether the price can break above the immediate resistance level at Fibonacci 0.236 ($1.1309) or fall below the crucial support at $0.9222 will be pivotal in determining the next direction for FIRE.

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Theo Crypto News

Altcoin

Jito to introduce restaking on Solana

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Developers are one step closer to activating restaking on Solana with the Jito Foundation’s latest code release.

On July 25, the Jito protocol published its first code base for unlocking staking and restaking platforms on Solana (SOL). Although the code hasn’t been edited, it could potentially enable any Solana-native protocol to secure decentralized apps with any cryptocurrency.

The move would also extend to actively validated services, commonly called AVS. 

Restaking took off last year when protocols like Ethereum’s EigenLayer (EIGEN) allowed users and protocols to deploy staked digital assets on multiple networks. EigenLayer effectively advanced staking utility and economic security beyond the confines of blockchains or dapps where users originally locked their cryptocurrencies. 

Jito piggybacked off this idea but veered away from EigenLayer’s restrictions. Where EigenLayer supports only Ether (ETH), EIGEN, and ETH derivatives, Jito hopes to include a wider array of assets. 

“Jito Restaking is fundamentally multi-asset, capable of leveraging staked base assets such as JitoSOL, other liquid staking tokens, or any other SPL token,” the blog post read.

The concept of restaking has set Solana’s ecosystem abuzz for months, with several teams and developer groups reportedly working on the mechanism. 

At the time of publication, Jito seems to lead the pack with its restaking code. Nothing indicates that Jito has deployed its idea on-chain yet, but releasing the code suggests that it may come soon. Jito’s native token, JTO, grew 8.5% in 24 hours following the news while a downswing swept the broader crypto market.

24-hour JTO price chart on July 25 | Source: crypto.news

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Altcoin

NBA star Scottie Pippen’s Ethereum vs. Solana comparison triggers debate

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Seven-time NBA All-Star Scottie Pippen ignited a debate on social media Saturday by asking his more than 658,000 followers to choose between Ethereum and Solana. 

The question inspired more than 4,000 responses as of Sunday afternoon. Many commentators said Pippen should choose neither Ethereum (ETH) nor Solana (SOL), and suggested Bitcoin (BTC) and Cardano (ADA) instead.

This renewed interest follows Pippen’s earlier launch of his NFT collection, the Scottie Pippen SP33 NFT, which has a current floor price of $42.13. The collection consists of 1,000 minted NFTs, held by 491 unique owners, and has a total market cap of $42,130.

Pippen’s renewed enthusiasm for cryptocurrency comes amid significant growth and adoption within the industry. As blockchain technology gains traction among individuals and businesses, more celebrities and athletes like Pippen will likely become involved.

While it remains to be seen which blockchain platform Pippen will ultimately support, his involvement is expected to further stir interest and excitement within the crypto community in the coming months and years.

Solana: Bullish trends

Solana has surged by 20.8% in the past seven days and 3.6% in the daily timeframe.

According to technical analysis, Solana is currently forming an ascending triangle pattern, which often signals a potential breakout. The Relative Strength Index (RSI) shows that the asset is neither overbought nor oversold, indicating balanced market sentiment.

Resistance is currently at  $193.92, while support is around $141.68. By the end of 2024, SOL could range between $250 and $300, suggesting a strong market recovery and resilience.

At present, SOL is closely following Bitcoin’s movements, solidifying its position among the top cryptocurrencies.

Known for its high throughput and low transaction fees, Solana employs a unique Proof-of-History (PoH) consensus mechanism, enabling it to process up to 65,000 transactions per second.

Currently, Solana’s price is around $176, and its market capitalization is $81 billion. The price has recently recovered to its 200-day moving average, suggesting a potential long-term uptrend.

Ethereum ETF speculation propels price gains 

Ethereum has also experienced price gains in recent weeks, driven by ongoing discussions about the approval of an Ethereum ETF in the United States.

As of the latest update, Ethereum’s price stands at $3,496.61. Since the start of 2024, Ethereum has climbed by over 42%, with a rise of more than 5% in July alone. Over the past 14 days, the price has increased by more than 17%.

The ongoing discussions regarding Ethereum ETFs, with companies like VanEck, Valkyrie, and Grayscale filing applications with the U.S. Securities and Exchange Commission (SEC), have significantly contributed to this upward trend. 

Although no ETF has been approved yet, the anticipation of institutional investment through these funds has bolstered investor confidence and driven up the price.

Despite these recent gains, Ethereum’s price remains below its all-time high of $4,878.26 from November 2021. However, the continued developments in the Ethereum ecosystem and the potential for ETF approval keep traders optimistic about the token’s long-term prospects.

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Theo Crypto News

NFT

NFT market roundup: Ethereum, Solana dominate, CryptoPunks lead the pack

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In the week ending July 6, the NFT market finally hit a green patch, with impressive sales volumes across the Ethereum (ETH) and Solana (SOL) blockchains. Here’s a detailed look at the week’s top performers and trends.

Top 5 blockchains by NFT sales volume

Looking at data from Crypto Slam, Ethereum led the NFT sales volume charts this week, amassing a staggering $44.3 million. This total included $36.77 million in direct sales and an additional $7.538 million from wash trading, affirming Ethereum’s stronghold in the NFT ecosystem.

The direct sales numbers were a 15.66% improvement from the previous week, although total sales were still down more than 8%.

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Solana followed, leveraging its fast and cost-effective transactions to achieve $24 million in sales, which was a 34.3% increase from last week’s figures. Of the amount, $22.4 million came from direct transactions and $1.6 million from wash trading. 

Interestingly, the wash trading on Solana went up by more than 83%, with the direct sales also reflecting a 31% improvement from the previous week.

Bitcoin falters

Bitcoin (BTC), known primarily for its cryptocurrency dominance, recorded $15.886 million in sales — a 14.51% drop from the week ending June 30. The amount included $15.63 million from direct sales and a modest $255,349 from wash trading. 

Despite a scalable platform, Polygon (MATIC) had a poor week, generating only $20.11 million in sales, split between $12.03 million in direct sales and $8.08 million from wash trading. The figure represented a dip of more than 18% from the prior week.

Mythos Chain (MYTH) rounded out the top five. It recorded $3.80 million in sales. The majority of this, $3.79 million, came from direct transactions, with minimal wash trading, reflecting a stable growth in its user base.

Top 5 NFT collections by sales volume

Among the top NFT collections by sales volume, DMarket on the Mythos Chain led with $3.53 million in sales, spread across 153,277 transactions involving 11,568 buyers and 9,295 sellers. However, the amount was nearly 16% lower than last week’s haul.

NFT collection rankings by weekly sales volume | Source: CryptoSlam

Ethereum’s Pudgy Penguins closely followed with $3.45 million, achieved through only 99 transactions, highlighting the high value of each trade. 

Solana’s DogeZuki Collection earned $3.19 million in sales from 73,404 transactions, showcasing its popularity among collectors. Another Solana collection, Mad Lads, recorded $3.12 million in sales through 239 transactions, indicating a high level of engagement. 

The iconic Bored Ape Yacht Club (BAYC) on Ethereum rounded out the top five with $2.57 million in sales from 83 transactions, maintaining its elite status in the NFT world.

Top 5 NFT collectible sales

  • The top individual NFT collectible sales featured some impressive figures. CryptoPunks on Ethereum continued to command high prices, with one collectible selling for $386,916.
  • Solana’s BOOGLE #089 fetched $191,517, highlighting the chain’s vibrant NFT market. 
  • An innovative financial NFT, gUSDC Locked Deposit on Arbitrum (ARB), sold for $90,744.
  • Bitcoin’s Ordinal Maxi Biz recorded a sale of $84,331.
  • Cardano (ADA) also made a notable entry with a collectible selling for $49,078.

Top 5 fan tokens by sales volume

Top fan tokens by weekly sales volume | Source: CryptoSlam
  • In the space of fan tokens, Galatasaray’s token on the Chiliz (CHZ) blockchain saw a massive surge of 70,149%, achieving $280.53 million in sales. 
  • FC Barcelona followed with $50.16 million, reflecting strong fan engagement.
  • Paris Saint-Germain’s token continued to perform well, recording $46.71 million in sales.
  • Juventus also saw substantial support from its fans, with $32.68 million in token sales. 
  • The eSports team OG’s fan token sales underscored the growing intersection between sports and digital assets, reaching $28.92 million after skyrocketing 643.6%.

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Công nghệ

Venture capital is flowing to Solana ecosystem | Opinion

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Solana has outperformed all expectations in the aftermath of the FTX black swan event, which saw the price of its native token plunge to single digits. Now, it stands as far more than the unlikely underdog. With VanEck’s recent filing for a Solana (SOL) exchange-traded fund, Solana is knocking on the doors of the big leagues.

But what makes Solana so powerful that Pantera Capital declared it the “macOS of blockchains”? It all boils down to the user experience. Solana is perhaps the most consumer-facing blockchain that seeks to meet users in the middle and even, sometimes, abstracts away its on-chain features.

Solana’s monolithic blockchain architecture

Unlike modular blockchains like Ethereum and Cosmos, the monolithic design of Solana’s network allows for vertical integration. It’s a design that optimizes every blockchain component, resulting in a seamless user experience, much like the one with Apple’s operating systems.

This architecture enables Solana to handle high throughput and low transaction fees. Both are crucial factors for decentralized finance applications, decentralized physical infrastructure networks (DePINs), and a host of other low-friction blockchain applications, such as the recently launched Blinks. Thanks to optimizing its entire stack, Solana is an attractive platform for developers and users alike, contributing to a surge in retail activity and decentralized exchange (DEX) volume on the network. As a result, Solana has seen growth spikes in both the number of active users and the volume of transactions, positioning it as a leading blockchain.

Growing on-chain activity

Solana’s growth is evident from its increase in unique active addresses from 14,000 in October 2020 to nearly 1.34 million today. Priority fees have also jumped from under $100,000 per month in mid-2023 to over $60 million in March 2024. The share of DEX volume on Solana has also risen significantly, from 0% in early 2021 to over 24% by May 2024, while 85% of all new tokens on DEXs as of May 2024 were based on Solana.

It’s fairly easy to explain these on-chain growth trends. Solana has become a popular favorite for creating new tokens and meme coins. The ease of use, combined with Solana’s speed and low transaction fees, have made it the destination of choice for casual traders. The rise in popularity of Telegram trading bots, no doubt, contributed to the on-chain explosion on Solana, with the market cap of community-driven meme tokens like Dogwifhat (WIF) having reached billions.

The world’s first mainstream blockchain

It would be short-sighted to attribute all of Solana’s growth and future promise to the money markets. Sure enough, platforms like MarginFi and Jupiter are pushing the envelope for simple defi products that don’t require users to have deep pockets in order to gain a meaningful edge in the trading experience. But Solana has proven itself to be capable of so much more.

Perhaps that explains why Pantera Capital just concluded a raise for a new fund aimed at purchasing up to $250 million worth of SOL tokens (at a significant discount since the tokens are from the FTX bankruptcy estate). This came on the heels of a mega investment decision in April by Pantera Capital and Galaxy Trading to buy around 30 million locked SOL tokens with a cumulative value of $1.9 billion.

Even though the price of SOL has risen over 723% in the past year, Solana provides many opportunities for venture capitalists outside of speculating on the SOL token. One thing has become clear: crypto-adjacent technologies and digital systems that otherwise integrate web3 functionalities are closer to home for the average user than blockchain-native products. Solana is already one of the most widely used blockchain networks and is firmly charting a course to take crypto products to mainstream consumers.

Why venture capital is bullish on Solana

If the Apple comparisons ring true, Solana would have succeeded in giving users refined web3 use cases that change how we communicate, transact, and create. From real estate to digital networks, from AI systems to identity verification services, there is no shortage of such projects being built on Solana. Privasea, for instance, is a technology that attests to human liveness to protect the digital presence of real people from bots and AI impersonations. With deep fakes, sybil activity, and other forms of digital fraud becoming more rampant than ever, solutions like Privasea are addressing a necessary aspect of daily life.

Another fine example is Grass, a layer built on Solana that is designed to give users control of the rails by which data itself is acquired for AI. The implication of its success would be to disrupt the billion-dollar AI industry, where only a handful of players have sufficient computing resources to crawl the entire internet. With over two million users already, Grass currently boasts the ability to fine-tune specific AI models and inform certain types of real-time inference. It is projected that, by the time Grass hits 25 million users, it will be capable of crawling enough data to train ChatGPT from scratch on a weekly basis!

As a final note, critics point to Solana’s history of network outages as a bearish factor. This perspective, of course, fails to consider that a major upgrade called Firedancer is slated to go live next year. Already, lite versions are being rolled out to incrementally boost the network’s resilience against congestion. Circumstances are conspiring to make Solana the home of a fresh generation of blockchain users, opening up untapped markets and revitalizing prevalent ones. Therefore, it only makes sense that venture capitalists are swooping in early with strategic long-term investments.

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Theo Crypto News

NFT

Polygon surpasses Bitcoin, Solana in daily NFT sales volume

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Polygon’s NFT sales volume surpasses Bitcoin (BTC) and Solana (SOL) as the non-fungible token (NFT) market gains momentum.

According to data provided by CryptoSlam, the total NFT sales increased by 27% in the past 24 hours, reaching $18.21 million. The surge comes while the total number of transactions declined by 7%, currently sitting at 351,319. 

This movement might show heightened whale activity in the NFT sector.

NFT sales volume by blockchain – July 10 | Source: CryptoSlam

Moreover, Ethereum (ETH) has been leading the NFT scene since late May. Per CryptoSlam data, the NFT sales volume increased by 24% over the past day and is currently hovering at $5.1 million. 

Polygon overtook Bitcoin and Solana again after seeing a 173% rally in its NFT trading volume. Data shows that Polygon’s NFT sales surpassed the $4 million mark for the third time this year — first in January and second on July 3.

Solana secured the top spot with $3.9 million in NFT sales, recording a 50% surge in the past 24 hours. Notable, Solana is the only blockchain on this list with an increased number of buyers, rising by 62% and currently sitting at 20,946 unique buyers.

The amount of NFT sales on the Bitcoin network rose by only 11% over the past day, standing at $2.7 million, according to CryptoSlam data. At this point, Bitcoin has the least amount of wash trading volume among the leading four blockchains — only around $23,000.

Notably, the monthly NFT sales have been consistently decreasing since March this year — falling from $1.6 billion on March 1 to $127 million on July 1. 

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Phân tích

Solana price steady as Franklin Templeton eyes spot ETF

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Solana price rose slightly on Wednesday as hopes of a spot ETF rose after Ethereum’s approvals this week.

Solana (SOL), the fifth-biggest cryptocurrency, rose slightly to $176, a few points below its highest point this week.

Franklin Templeton is interested in Solana ETF

Crypto analysts believe that Solana, due to its role in the crypto industry, fits the bill for the next cryptocurrency to have its spot ETF.

It is a large coin with a market cap of over $82 billion and is highly liquid, with an average daily volume of $2.9 billion. 

Like Ethereum (ETH), it has substantial utility in the crypto industry. For example, it has become the most popular blockchain among meme coin developers. Its decentralized exchanges handle billions in monthly assets, and Hamilton Lane has selected it for its tokenized fund.

Additionally, some of the most popular players in the decentralized public infrastructure (DePIN) industry, such as Helium and Hivemapper, run on Solana.

VanEck was the first financial services company to apply for a spot Solana ETF a few months ago. Franklin Templeton, a company with over $1.5 trillion in assets, has hinted that it will apply for Solana and more ETFs soon. 

Other companies like Bitwise, Blackrock, and Invesco could also file for a Solana ETF approval too.

Besides, the industry is bringing millions of dollars to these companies. For example, with over $22 billion in assets, Blackrock’s Bitcoin (BTC) ETF could bring in over $55 million in annual revenue since it has a 0.25% expense ratio.

Solana price formed a bullish pattern

Solana price chart | source: crypto.news

Technically, Solana is hovering near the key resistance point at $188.8, its highest swing on May 21st. It also found a strong bottom at $121.48, where it struggled to move below in April, May, June, and July.

Additionally, the token sits above the 50-day moving average, meaning that bulls are in control. It has also formed a cup and handle pattern, a popular continuation sign. Therefore, a beak above the resistance at $188.88 will point to more upside, with the next point to watch being the YTD high of $210.

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Công nghệ

Polymarket: Solana price will not reach an all-time high in 2024

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Solana’s (SOL) price has bounced back after bottoming at $121.50 earlier this month. It has rebounded by almost 50% and is hovering near its highest swing since May 21. 

Solana price chart

Solana’s ecosystem is booming

Solana has been one of the most active blockchains this year. DefiLlama data shows that its DEX volume has flipped Ethereum, thanks to the strong performance of its meme coins, such as Dogwifhat (WIF) and Bonk.

Top ten chains in DEX volume

Solana has also become one of the biggest blockchains for Decentralized Public Infrastructure (DePIN). Some of its top DePIN projects are Hivemapper, a decentralized alternative to Google that has mapped 14.47 million kilometers, and Helium. 

Solana has also become a leading player in the stablecoin industry. Solscan data shows that its stablecoin market cap has jumped recently. It has over $2.6 billion worth of USD Coin and $1.88 billion worth of Tether. The number of stablecoin holders in the ecosystem stands at over 3 million. 

Developers love Solana due to its lower transaction fees. While Solana’s network has been busy this year, its total fees are $283 million, while Ethereum has made over $1.7 billion. Companies like Lido Finance and Uniswap have collected more in fees than Solana.

Most Polymarket users don’t expect Solana price to hit ATH

Despite these metrics, most participants in Polymarket believe that Solana’s price will not jump to a record high this year. Fifty-seven percent of the $219,950 stake in the trade supports this, while 22% and 23% expect it to reach a record high in Q4 and Q3, respectively.

Solana reached its record high of $260 in 2021. As such, it must rise by another 45% to hit that level. A 45% jump in the crypto industry is possible, as some analysts are predicting. 

A potential catalyst for such a move will be the possibility of a spot Solana ETF approval by the Securities and Exchange Commission (SEC). If the SEC approves Ethereum, as is widely expected, the focus will turn to Solana, where VanEck has made its first application.

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