solana

Crypto Market Overview

  • According to Glassnode data, long-term Bitcoin holders have an unrealized loss of 6,057,858 bitcoins this year.
  • From being touted as a revolutionary solution to Ethereum’s scalability issue to being a part of a larger domino effect, Solana has been one of 2022’s worst-performing assets, losing around 96% from its all-time high.
  • However, Solana still has many things to offer, including a vast array of blockchain projects.

The rapid decline in the price of Bitcoin has harmed both short-term and long-term investors. According to Glassnode data, long-term holders lost 6,057,858 bitcoins as of December 26 compared to short-term holders who lost 1,889,585.

 

Also, the correlation between large transactions of $1 million or more and overall BTC price strength are now at their lowest levels since December 2020.

 

 

Whale to BTC Price ratio | Source: Santiment

 

Additionally, the Oregon Division of Financial Regulation (DFR) issued a press sta

BTC +0.6%, ETH gains 3.7%, Solana (SOL) Increases By 12.8%

BTC +0.6%, ETH gains 3.7%, Solana (SOL) Increases By 12.8%

Alex Kuptsikevich Alex Kuptsikevich 02.02.2022 12:42
Bitcoin rose 0.6% on Tuesday, ending the day around $38,700. Ethereum added 3.7%, while other leading altcoins in the top 10 are growing: from 0.5% (Binance Coin) to 12.8% (Solana). The total capitalisation of the crypto market, according to CoinGecko, rose 1.5% to $1.86 trillion overnight. Bitcoin hit a week-and-a-half high above $39,000 on Tuesday but then pulled back, offsetting almost all of the gains. The first cryptocurrency was boosted by positive stock indexes and a weakening dollar, but sellers began taking profits on long positions. Over the last eight days, BTC gained almost 20%, recouping more than half of the failure of the second half of January, and buyers decided not to take risks. Ahead is solid psychological resistance at the circular $40,000 level, which supported the first half of January. Technically, Bitcoin has stalled its gains as it approaches the upper boundary of the descending channel. Traders are waiting for new signals about whether the recovery in risk demand will continue or whether the latest rebound will soon be choked off. The result of this struggle will determine whether we will see a break from the downtrend or whether the downtrend will continue again. El Salvador president Nayib Bukele is confident that bitcoin will still show tremendous growth. It's all about the fact that there are 50 million millionaires in the world. If they wanted to buy a coin, there wouldn't be enough for everyone, as the entire bitcoin issue wouldn't exceed 21 million. MicroStrategy added another 660 BTC on the recent market decline. In total, MicroStrategy already has more than 125,000 bitcoins. Russian government officials told Bloomberg that Russians own $214 billion worth of cryptocurrencies. That's about 12% of the total crypto market capitalisation.
Shiba Inu price consolidation set for a bullish breakout with 28% appreciation

Shiba Inu price consolidation set for a bullish breakout with 28% appreciation

FXStreet News FXStreet News 02.02.2022 15:56
Shiba Inu is seeing lower highs and lower lows compressing price action around $0.00002179. SHIB price is next set for a bullish breakout with several tailwinds present in equities. Expect for SHIB bulls to lift price action back above the 200-day SMA, potentially gaining 24%. Shiba Inu (SHIB) has been stuck in consolidation since January 22 with lower highs and higher lows, punching in both buyers and sellers towards each other with the scene set for a breakout. From the looks of it, that will be a bullish breakout, supported by tailwinds from global equities being on the front foot, with the Nasdaq leading the charge. Expect bulls to break above the 200-day Simple Moving Average (SMA) in the process, and try to reach $0.00002782, the 78.6% Fibonacci level. SHIB bullish breakout holding 28% gains Shiba Inu price may have had its low for the year after hitting $0.00001730 on January 22. Since then, the price has shifted a bit sideways around $0.00002170, with lower highs and higher lows going for consolidation between buyers and sellers. The price in SHIB is so condensed now that a breakout is due. As global markets are on the front foot and risk assets are leading the charge, these tailwinds will spin-off towards cryptocurrencies and set the stage for a bullish breakout towards $0.00002782 as target. SHIB price will, in that process, take out the 200-day Simple Moving Average (SMA) at $0.00002562, which does not hold much importance seeing it only got breached on one occasion. Bulls will instead want to look out for $0.00002782, which is the 78.6% Fibonacci level and is an essential indicator that there might be an uptrend in the making. More upside will depend on how the tailwinds behave as the 55-day SMA looks quite heavy around $0.00003000. SHIB/USD daily chart Alternatively, the consolidation could still see a bearish breakout, with bears trapping bulls and running price action back to $0.00001730, or possibly even $0.00001500 back down onto the monthly S1 support level. The reason for the bearish breakout could come from very choppy economic data that could start to point to a global recession with elevated prices and job numbers worsening again. That would trigger a global risk-off wave that could put cryptocurrencies on the backfoot.
SolScan - Many Of Investors Probably Don't Know This Term

Solana (SOL) - Let's Have A Look At This Altcoin

Binance Academy Binance Academy 08.02.2022 13:43
TL;DR Solana is a blockchain network focused on fast transactions and high throughput. It uses a unique method of ordering transactions to improve its speed. Users can pay their transaction fees and interact with smart contracts with SOL, the network’s native cryptocurrency. Introduction When it comes to blockchain technology, scalability is one of the biggest challenges out there. As these networks grow, they often face limitations in terms of transaction speed and confirmation times. Solana aims to tackle these limitations without compromising security or decentralization. Founded in 2017 by Anatoly Yakovenko from Solana Labs, the Solana blockchain adopts a new method of verifying transactions. Bitcoin, Ethereum, and many other projects suffer from scalability and speed issues. Using a method known as Proof of History (PoH), the Solana blockchain can handle thousands of transactions per second. Learn more on Binance.com     How does Solana work? Solana is a third-generation, Proof of Stake blockchain. It has implemented a unique way of creating a trustless system for determining the time of a transaction called Proof of History. Keeping track of the order of transactions is hugely vital for cryptocurrencies. Bitcoin does this by bundling transactions into blocks with a single timestamp. Each node has to validate these blocks in consensus with other nodes. This process adds in a significant waiting time for nodes to confirm a block across the network. Solana instead takes a different approach. Let’s take a closer look. What is Proof of History? Solana events and transactions are all hashed using the SHA256 hash function. This function takes an input and produces a unique output that is extremely difficult to predict. Solana takes the output of a transaction and uses it as the input for the next hash. The order of the transactions is now inbuilt into the hashed output. This hashing process creates a long, unbroken chain of hashed transactions. This feature makes a clear, verifiable order of transactions that a validator adds to a block, without the need for a conventional timestamp. Hashing also requires a certain amount of time to complete, meaning validators can easily verify how much time has passed. Proof of History differs from the process Bitcoin uses as part of its Proof of Work consensus mechanism. Blocks on Bitcoin are large groups of unordered transactions. Each BTC miner adds the time and date to the block they mine based on their local clock. The time may differ according to other nodes or even be false. Nodes then have to figure out if the timestamp is valid. By ordering the transactions in a chain of hashes, validators process and transmit less information in each block. Using a hashed version of the latest state of transactions greatly reduces the time of confirming a new block. It’s important to understand that Proof of History is not a consensus mechanism. It is instead a way of improving the time spent confirming the order of transactions. When combined with proof of stake, selecting the next validator for a block is much easier. Nodes need less time to validate the order of transactions, meaning the network chooses a new validator quicker.   Solana’s key features According to their blog, the Solana team has developed eight core technical features to help the blockchain match the capabilities of a centralized system. Proof of History is perhaps the most notable one, but there are also: Tower BFT — a PoH-optimized version of Practical Byzantine Fault Tolerance Turbine — a block propagation protocol Gulf Stream — Mempool-less transaction forwarding protocol Sealevel — Parallel smart contracts run-time Pipelining — a Transaction Processing Unit for validation optimization Cloudbreak — Horizontally-Scaled Accounts Database Archivers — Distributed ledger storage These features create a high-performance network that has 400ms block times and operates thousands of transactions per second. To put this in perspective, the block time of Bitcoin is around 10 minutes, and Ethereum roughly 15 seconds. SOL holders can stake their tokens as part of the blockchain’s PoS consensus mechanism. With a compatible crypto wallet, you can stake your tokens with validators who process the network’s transactions. A successful validator then shares some rewards with those who have staked. This reward mechanism incentivizes validators and delegators to act in the network’s interest. As of May 2021, Solana has around 900 validators, which makes it a fairly decentralized network. What is SOL token? SOL is Solana’s native cryptocurrency, which works as a utility token. Users need SOL to pay transaction fees when making transfers or interacting with smart contracts. The network burns SOL as part of its deflationary model. SOL holders can also become network validators. Like Ethereum, Solana allows developers to build smart contracts and create projects based on the blockchain. SOL uses the SPL protocol. SPL is the token standard of the Solana blockchain, similar to ERC20 on Ethereum. The SOL token has two main use cases: Paying for transaction fees incurred when using the network or smart contracts. Staking tokens as part of the Proof of Stake consensus mechanism. DApps building on Solana are also creating new SOL use cases. For example, Chainvote is creating a (decentralized finance) DeFi voting app for corporate governance using SOL tokens to vote. Solana’s price saw an almost 30 times increase in the first two quarters of 2021, making it a popular pick with investors and speculators.   How to store SOL? You can store SOL tokens on the sollet.io crypto wallet (developed by Serum Academy), Trust Wallet for mobile devices, and other SPL-supporting wallets. If you wish to stake your SOL, you will need to use a wallet that supports staking. You could use SolFlare wallet or use Solana command-line tools. Your wallet will allow you to create a stake account and delegate your SOL tokens to a validator. Closing thoughts As a relatively new project, Solana has provided the benefits it promises in speed and scalability. Its token price has also performed well, piquing the interest of investors. Nevertheless, the adoption and usage of the network itself are still in their infancy. Until we see heavy traffic and more use cases of Solana, we won’t know whether its speed makes much difference to the cryptocurrency world. Having a quick network is good, but the benefits of that only come when more people start to use it more and we see more use cases.
SolScan - Many Of Investors Probably Don't Know This Term

SolScan - Many Of Investors Probably Don't Know This Term

Binance Academy Binance Academy 22.02.2022 11:46
TL;DR SolScan is an alternative Solana blockchain explorer. It gives you access to blockchain data regarding transactions, contracts, accounts, and more. If you regularly use Solana or do any troubleshooting, understanding how to use a blockchain explorer is extremely useful. SolScan also has DeFi and NFT dashboards and an analytics platform to browse. You can also use their API to create customized feeds for yourself. All of these are found in the header of the website.   Introduction Solana is a Proof of Stake (PoS) blockchain where project developers can build DApps, tokens, and smart contracts. Like any other active chain, users need an intuitive way to access the blockchain data. Similar to BscScan and EtherScan, Solana also has a dedicated block explorer called SolScan. Let's run through its most important features and a few basic tutorials.     What is SolScan? SolScan is a blockchain explorer used to search through information on the Solana blockchain. It’s a popular alternative to the official Solana explorer. SolScan turns complex transactional data into something that can be easily read. The block explorer provides access to anything recorded on-chain, including crypto transactions, addresses, smart contracts, blocks, tokens, and more. It’s free to use and doesn’t require an account, but you can create one and log in for enhanced functionality.   Why should I use SolScan? Using a blockchain explorer is essential for anyone transacting with a network. If you aren’t sure where your staked funds have gone, or perhaps a transaction is still pending, you can use SolScan to find out what’s happened. All information on SolScan comes directly from the Solana blockchain, so you can be sure it’s accurate. Using SolScan or any blockchain explorer will help you understand the mechanics of DApps you interact with and the transactions you make. SolScan uses the same format as EtherScan, making it easier to understand. Many users prefer its layout to SolScan’s official explorer. It’s all free to use and contains several useful tools, lists, and analytical graphs. The explorer also contains a set of public APIs that can leverage real-time data from SolScan into custom, third-party applications, and tools.   How to look up transactions and addresses on SolScan? One of SolScan’s most-used features is the search function for transactions and addresses. With the correct hash, you can quickly access a large amount of information. This includes transaction fees, confirmations, timestamps, addresses involved, and more. Transactions 1. Every Solana transaction is recorded on the Solana mainnet with a signature. This is a long string of numbers and letters that looks like this:  5JLcGJQfZjEEuh1bSDqyw2iEfLuFRoYRJY1paoSwrZC8c8zZFW3VqvxsJgjW3bsUjTrpEUDEtvs83PxsuR6hUWqz 2. Copy and paste the signature into SolScan’s search bar and hit enter.     3. You’ll now see all available information about the transaction you searched. This is divided into three categories: [Overview], [SOL Balance Change], and [Token Balance Change].     4. The [Overview] category will have most of the details you need. Let’s go through the list: Signature An alphanumeric string uniquely assigned to each transaction. It’s an identifier similar to Ethereum’s Transaction Hash or TxID. Block The block number your transaction was processed in. These numbers are sequential and indicate your transaction’s placement within the blockchain’s history. Timestamp The timestamp associated with the block in which your transaction was processed. Result The transaction’s confirmation status. Signer The wallet address that initiated the transaction. Fee The fee paid for the transaction. Main Actions An overview of the activities associated with the transaction. Previous Block Hash The alphanumeric hash to identify the previous block. Instruction Details A detailed log of the transaction’s actions. Program Log A detailed log of the instructions/actions results.   5. For further information, the [SOL Balance Change] and [Token Balance Change] tabs provide data on the transaction’s token balance changes for all parties involved. Addresses A similar method can be used to find out more about an individual address. You can then check a detailed history of the address's activities. This can give you an overview of the transactions and smart contract interactions of a particular wallet. 1. Find the Solana address you want to look at. It’s shorter than a signature and looks something like this:  138KHwTqKNWGLoo8fK5i8UxYtwoC5tC8o7M9rY1CDEjT 2. Copy and paste the address into SolScan’s search bar and hit Enter.     3. You’ll now see all available information about the account you searched for. The [Overview] section shows current account balances, while the bottom tabs deal mainly with transaction history.     How to find tokens on SolScan? Tokens are easily verifiable on SolScan and you can get a full display of their details. You just need to: 1. Copy and paste the token address into SolScan’s search bar and hit enter. In this example, we’ve used a wrapped version of Bitcoin (BTC), but you can also use a wrapped version of Ethereum (ETH) or any other SPL-token in the Solana network. The token address looks like this:  9n4nbM75f5Ui33ZbPYXn59EwSgE8CGsHtAeTH5YFeJ9E 2. If you entered the address correctly, you would see the following information.     Tokens Fully Diluted Market Cap This is the max total supply multiplied by the token’s current price. It’s called diluted because it also includes locked tokens. Max Total Supply The total number of tokens that will ever exist for a particular cryptocurrency, whether previously mined or issued in the future. Holders The number of addresses holding the token. Social Channels Links to the token’s official social media channels. Token name The name and ticker of the token in the format: [token name (TICKER)]. Token address Unique alphanumeric address assigned as an identifier for each token. Owner Program A class type and unique ID indicating the specific owner program responsible for reading and writing data to the blockchain. Authority The account (usually multi-signature) that has authority to validate transactions within the network. Decimals How divisible a single token is (the number of decimals allowed). Tags Descriptive tags used to indicate the nature of the token. It can be used to find similarly categorized tokens. Transactions A complete and sequentially ordered list of all token transactions. Holders A full list of all accounts holding the token ordered by total quantity held and percentage share. Analysis Graphs on token distribution and holders. Markets A list of all known markets and pairs supporting the token.   How do I find Solana’s active accounts? 1. You can find out the number of active accounts and other key blockchain metrics by clicking [Analytics].     2. The SolScan analytics page has a wide range of information about network nodes, transactions per second (TPS), new tokens, new NFTs, and more. Under the [Accounts] header, you can find the number of daily active wallets.     3. Note that you can select different periods at the top right corner.     How to access DeFi dashboards on SolScan 1. Some of the largest DEXs in the Solana ecosystem have dashboards built into the Solana block explorer. You can find them quickly under the [Defi] tab.     2. Let’s take a look at Orca. This dashboard shows basic information on Total Value Locked (TVL), volume, and active trading pairs available in their liquidity pools.     How to access the NFT dashboard on SolScan 1. SolScan makes it easy to see new NFTs, trades, and collections with the NFT dashboard. You can find the section in the website header.     2. The NFT dashboard will let you search through any NFT available on Solana. The [Collections] tab will give you a list of NFT projects based on volume. The [Trades] tab will show the most recent sales, while the [New NFTs] will list the most recent mints.       Closing thoughts Whether you want to inspect your latest Metaverse NFTs, investigate a node, or check the wallets of a new startup, you will need a Solana block explorer. This tool is an integral part of any blockchain network’s ecosystem. SolScan has become one of the most used within the Solana community, so understanding its layout and UI can certainly help.
Crypto Update: Buyers Return, Solana Avalanche focus

Crypto Update: Buyers Return, Solana Avalanche focus

8 eightcap 8 eightcap 09.03.2022 07:08
Today, Crypto markets continue to see plenty of fresh demand, taking this week’s fightback to two days. Strong buying is a good turn for holders and buyers as price has been beaten down in recent weeks due to the ongoing conflict between Russia and Ukraine. For many coins, yesterday’s finish was far from confident, but that’s a memory at this point today with quite a modest double-digit percentage gains at the moment. The top 10 and 25 are all in the mix, and the indexes of those coins are a healthy +6% higher. One might have been a little worried about external factors like Bidens crypto executive order and the ongoing conflict in Europe. Biden is set to release the order this week, and traders will be watching with interest in the details and how it could change the way the U.S. treats digital assets. Today we are looking at two of the top 20. These two coins are favourites of the market but not in the top five. Solana SOLUSD – currently price is trading 8% higher back above $88. For now, buyer momentum looks firm, and we need to see price hold above 80.60 support. This is the base of our expectations on the buy-side, and a break below that level writes off the other patterns we are watching. Overall, we can see that price is in a descending triangle pattern and an ending diagonal pattern. Both of these can be seen as breakout patterns if confirmed by a new move out of them. But we have to see support hold. Avalanche AVAXUSD is one of my favourite coins just due to how much it can move. It reminds me of some of the wilder FX and index markets. AVAX has traded as much as 9.88% higher, retaking $79. AVAX, like SOL has key support to defend, but we can see a break of the downtrend with a range in play and a new uptrend continuing to set up. We want to see 71.10 remain in play as support. A break below changes the picture, but while this level remains held, we will look for further upside. 85.55 looks like the next level of resistance if reached. The post Crypto Update: Buyers Return, Solana Avalanche focus appeared first on Eightcap.
Binance Academy summarise year 2022 featuring The Merge, FTX and more

Ether (ETH), AVAX, Solana (SOL) And Other Layer 1&2 Projects - Weekly Update

Crypto.com Accelerate the... Crypto.com Accelerate the... 16.03.2022 15:27
ETH investment funds reach record-high inflows in 13 weeks. EU parliament votes against ban on Proof-of-Work consensus. Layer 2 solution developer StarkWareLtd raises $100M at $6B valuation. Key Takeaways Ethereum (ETH) investment funds recorded their largest inflows in 13 weeks against a discouraging investment backdrop. In addition, the Eth 2.0 deposit contract crossed the 10M ETH mark as the community continues to support the network’s transition. The European Parliament voted against a proposed ban on proof-of-work (PoW) mining under the Markets in Crypto-Assets (MiCA) legislation, which would have blocked member states from mining PoW cryptocurrencies like Bitcoin (BTC). Layer 2 solution developer StarkWare raised USD 100M at a $6B valuation. StarkWare provides two layer 2 solutions, StarkEx and StarkNet. Recently, the developer launched StarkNet at the end of February. Cronos (CRO) saw a +8.07% increase in total transactions to 21.55M, while its TVL grew to $2.73B (+14.51% week-on-week). The total number of wallet addresses now stands at 442,534, up +3.94% from last week. Highlights Ethereum ‘Merge’ edging closer with final Kiln testnet launch Ethereum gas fees drop to lowest levels since August 2021 Block’s wallet will have a fingerprint sensor, not a screen Now You can try ‘teleporting’ bitcoin for greater privacy with CoinSwaps How El Salvador is fixing Chivo Wallet, trying to get Bitcoin adoption back on track Polygon network back up with a ‘temporary fix’ after eight-hour stoppage Cosmos’ Inter-Blockchain Communication Protocol (IBC) surpassed 11 million transfers in February Fantom Foundation issues clarification statement about departure of Andre Cronje and Anton Nell         Tags CRYPTO CRYPTO RESEARCH CRYPTO.COM WEEKLY REPORTS CRYPTOCURRENCIES LAYER 1 LAYER 2 MARKET Source: crypto.com
Another Avalanche (AVAX) drawdown? | Crypto Market Talk | Swissquote - 25/05/22

Ethereum, AVAX, Terra, Solana And Other Layers 1 & 2 Projects Updates - Week 22/03-28/03/22

Crypto.com Accelerate the... Crypto.com Accelerate the... 30.03.2022 08:50
ETH’s Shanghai upgrade will boost EVM, reduce Layer-2 fees. BTC’s Lightning network completes it first stablecoin transaction. Polygon unveils a new token burn mechanism. MAR 29, 2022     Key Takeaways Ethereum (ETH)’s latest AllCoreDevs updates talked about the highly anticipated next upgrade named Shanghai, which will incorporate Ethereum Virtual Machine (EVM) upgrades, Beacon Chain withdrawals, L2 Fee reductions, and more.  Bitcoin (BTC)’s Lightning network completed its first stablecoin transaction. Layer 2 solution Polygon (MATIC) introduced a new token burn mechanism called ‘Mobile burn’ to move towards deflationary tokenomics and more predictable gas prices. Cronos (CRO) saw a +8.07% increase in total transactions to 25.04M, while its TVL grew to US$3.67B (+12.83% week-on-week). The total number of wallet addresses now stands at 489,967, up +6.31% from last week. Highlights BNB Chain to launch application-specific sidechains to reduce network strain Top 10 Ethereum wallets now hold 23.7% of total ETH supply: Santiment Bitcoin miner Iris Energy secures $71 million in equipment financing Avalanche bridge to add native support for Bitcoin, expanding opportunities for BTC in Avalanche DeFi Introducing Core: the new operating system for Web3 users Tether (USDT) Issued on Avalanche (AVAX) hits $351 Million Avalanche Foundation, OP3N launch $100M Web3 culture fund Terra’s LFG among largest new Bitcoin (BTC) holders: IntoTheBlock Algorand upgrades will boost speed and privacy, founder says Axie Infinity launches fee reform to scale transactions on Ronin sidechain Cardano set to hit major interoperability milestone as EVM compatible Layer 2 launches Blockchain middleware Pocket Network adds support for L2 solution Boba Layer 1 Project Metrics     Layer 2 Project Metrics    
Binance Academy summarise year 2022 featuring The Merge, FTX and more

It's Not A Surprise Many Investors Wonder Which Altcoins To Buy

Alex Kuptsikevich Alex Kuptsikevich 31.03.2022 08:53
Bitcoin has been losing 0.7% in the last 24 hours to $47K. Ethereum added 0.2%, while other leading altcoins from the top ten rose from 0.3% (XRP) to 8.6% (Solana). BTC is going lower According to CoinGecko, the total capitalization of the crypto market grew by 0.7% over the day, to $2.15 trillion. The dominance index immediately fell by 0.6 points to 41.5% due to the strengthening of altcoins. Cryptocurrency index of fear and greed by Thursday rolled back from 55 to 52 points and is now in a neutral state. Solana led the way with news from NFT platform OpenSea, which announced in April that they would add support for tokens on the SOL blockchain. Bitcoin continues to cautiously retreat lower from its 200-day moving average at $48,200, building up strength ahead of a likely move north. The decline in US stock indices on Wednesday after four days of growth also did not contribute to the positive dynamics. Investors are searching for new ideas The FxPro Analyst Team emphasised the outstripping growth of altcoins: it is worth paying attention to in order to understand that among cryptocurrency traders there are no fears for the sector, but there is a search for new ideas, away from institutional capital and the eyes of politicians. There is an influx of stablecoins to centralized platforms, which may indicate the interest of investors in the upcoming purchases of cryptocurrencies. According to a survey by blockchain company StarkWare, 50% of Americans see cryptocurrencies as the future of the financial system. According to Morning Consult, more than 91% of Americans have already heard about cryptocurrencies, of which 19% are owners of digital assets. Bitcoin miners made $3 billion in three months, according to Coin Metrics. ETH miners earned more in the same time period, about $3.7 billion.
Now you can view Bitcoin and Ethereum (ETH) prices on Twitter

Crypto Market Capitalization Update. Bitcoin, ETH And Solana News And Prices

Crypto.com Accelerate the... Crypto.com Accelerate the... 04.04.2022 12:08
Nearly $200M flowed into crypto the last 3 months, with BTC, SOL and ETH as the biggest gainers. Axie Infinity experienced a $625M hack. Trezor cold wallet users targeted with phishing emails. APR 04, 2022     Key Takeaways Crypto funds saw US$ 193M of capital inflow – the largest in 3 months. The top 3 cryptocurrencies according to the CoinShares report, were Bitcoin (BTC) at US$ 97.8M, Solana (SOL) at US$ 87.1M, and Ethereum (ETH) at US$ 10.2M. Popular Play-to-Earn blockchain game Axie Infinity saw its layer 2 bridge compromised and hacked totalling over US$ 625M worth in ETH and USDC. A detailed breakdown of the hack can be found on Ronin network’s substack. The hacked funds are being held at this address. Cold wallet provider Trezor is looking into a potential data breach which targeted users with phishing emails. Trezor followed with a Twitter update citing the breach could have been from a newsletter hosted on MailChimp. TradFi Gold Industry participants are looking to utilise blockchain technology to create an immutable record for physical deliverable gold across the globe. The Gold Bar Integrity Programme is aimed at improving transparency for consumers, investors and market participants. The general price, volume, and volatility indices were positive at +5.17%, +24.44%, and +105.07% respectively. Highlights Fed’s preferred inflation gauge up 6.4% in February to four-decade high US adds 431K jobs in March, as unemployment rate nears pre-pandemic level From taxes to electricity, blockchain adoption is growing in Austria CME group ‘looking at’ offering Solana, Cardano futures Tesla taps MakerDAO-powered lender for $7.8M real estate deal New funding round values Blockchain.com at $14B South Korea’s SK Square will spend $1.6B on semiconductors, blockchain Eldridge, A16z lead $620M financing round for fintech Cross River Bank Nasdaq-listed Microstrategy obtains $205M Bitcoin-backed loan to buy more BTC Sequoia, FTX Ventures and A16z lead $135M investment in LayerZero labs breaking down barriers between blockchains Blockchain security firm CertiK just raised $88M, SEC docs show Check the latest prices on Crypto.com/Price. Market Index Tokens   Metrics Price Volume Volatility Top Gainers ATOM (+12.83%)LINK (+10.73%)ETH (+9.86%) ATOM (+64.66%)EOS (+48.68%)XLM (+39.71%) ATOM (+154.73%)ETH (+136.16%)EOS (+93.54%) Top Losers – ADA (-21.85%) ADA (-40.58%)XMR (-9.99%) Benchmark BTC (+3.22%) BTC (+24.71%) BTC (+63.39%)       * Market index tokens: BTC, ETH, XMR, LINK, EOS, XLM, XTZ, ATOM, ADA, DOT DeFi Tokens   Metrics Price Volume Volatility Top Gainers FXS (+99.42%)AAVE (+48.80%)JOE (+42.89%) FXS (+694.82%)AAVE (+240.63%)COMP (+222.87%) FXS (+364.18%)ANC (+318.18%)YFI (+294.64%) Top Losers – SPELL (-12.32%)LDO (-0.07%) SPELL (-39.24%)LDO (-11.80%)LINK (-6.74%) Benchmark ETH (+9.86%) ETH (+28.81%) ETH (+136.16%)       *DeFI index tokens: AAVE, ANC, BAL, CAKE, COMP, CRV, CVX, FXS, JOE, LDO, LINK, MKR, OSMO, REN, SNX, SPELL, SUSHI, UNI, VVS, YFI Other Tokens   Price Change (%) NFT Gaming Meme Top Gainers THETA (+10.16%)FLOW (+8.32%)WAXP (+7.8%) MBOX (+53.96%)POLIS (+12.21%)DAWN (+8.54%) SHIB (+3.9%)DOGE (+0.1%) Top Losers OGN (-3.82%) ATLAS (-3.59%)AXS (-3.44%)SAND (-1.55%) HOGE (-18.67%)MONA (-3.54%)       *NFT tokens: THETA, CHZ, ENJ, FLOW, FET, WAX, OGN, UOS, OMI*Gaming tokens: AXS, MANA, SAND, ALICE, YGG, MBOX, ILV, ATLAS, POLIS, DAWN*Meme tokens: DOGE, SHIB, MONA, HOGE, PEPECASH
Another Avalanche (AVAX) drawdown? | Crypto Market Talk | Swissquote - 25/05/22

There Are No Many Bitcoins Left... Terra, AVAX, Solana Stats Updated - Layers 1 And 2 News - 29/03-04/04/22

Crypto.com Accelerate the... Crypto.com Accelerate the... 05.04.2022 11:47
19 millionth BTC mined, network difficulty reaches record high. Intel launches new BTC mining chip. Axie Infinity’s Ronin bridge hacked, $620M stolen. APR 05, 2022     Key Takeaways Bitcoin (BTC) network difficulty reached an all-time high with the 19 millionth bitcoin mined.  Intel launched Blockscale, a new Bitcoin mining chip aimed at sustainability and hash rate scaling. Axie Infinity’s layer 2 solution Ronin bridge was exploited for more than US$ 620M. The hacker moved stolen funds into the Tornado Cash tumbler. Waves Protocol’s algorithmic stablecoin Neutrino (USDN) unpegged from the US$ dollar on the back of a new governance proposal to keep speculation at bay. Cronos (CRO) saw a +10.50% increase in total transactions to 27.67M, while its TVL grew to US$ 4.00B (+10.32% week-on-week). The total number of wallet addresses now stands at 533,801, up +8.94% from last week. Highlights Polkadot, Kusama to launch Wormhole bridge to Ethereum, Solana Tezos deploys major ‘Tenderbake’ upgrade Chiliz plots sports, entertainment crypto ecosystem with 2.0 chain Bengal Energy to mine Bitcoin using stranded gas wells in Australian outback Bitcoin miner CleanSpark to add 500 MW of mining power, expand to Texas Ethereum layer-2 Boba Network integrates The Graph Helium becomes Nova Labs after raising US$ 200M in fresh capital LayerZero Labs raises US$ 135M to create omnichain crypto networks Cardano-based smart contracts surpass 2,000 mark first time ever Celo’s US$ 20M “Connect the World” campaign aims to vastly improve on/off ramp access and experiences for users Ethermine staking beta for Ethereum miner, a preparation for Ethereum 2.0 Marathon Digital Holdings announces Bitcoin production and mining operation updates for March 2022 Polygon announces new ZK-proof-based identity solution Layer 1 Project Metrics     Sources: Coingecko, Etherscan, Ethernodes, Terra Station, Terra Etherscan, Avascan, Solana Beach, FTMscan, BSCscan, CronoScan, Cronos Explorer, DeFi Lla Layer 2 Project Metrics     Sources:  DeFi Llama, Polygonscan, Clark Moody Bitcoin, 1ML, Ronin Explorer, Coingecko, Optimistic Etherscan, Arbiscan, Boba Explorer, Andromeda Metis Explorer Source: Crypto.com
Bitcoin (BTC/USD) Hitting One Milion Dollars!? What About (ETH/USD) Price Of Ethereum And Avalanche (AVAX)?

Altcoins To Watch? Check Out LINK, SOL, IOTA - The Cryptocurrencies Less Spoken About

Rebecca Duthie Rebecca Duthie 11.04.2022 13:44
There are many cryptos that are important, but are less commonly spoken about. Cryptocurrency is a type of digital currency that acts as a medium of exchange, the thing about crypto is that not only is it unregulated it is also not reliant on any form of central authority. Cryptocurrency is also defined as a form of digital coins that exist on a blockchain (decentralized and distributed ledger). Instead of talking about the most popular cryptocurrencies, this article will cover 3 of the less spoken about, but still important cryptocurrencies. Chainlink Price Has Decreased! ChainLink was created to support advanced smart contracts on any blockchain, they achieve this by decentralizing oracle networks which provide tamper-proof inputs, outputs and computations, it utilises the LINK token and operators to retrieve data, compute it, format it and guarantee payments from off-chain data feeds. Due to the overall market plunge the price of ChainLink has fallen, however there are other factors such as the lack of growth. Link Price Chart Price Of Solana (SOL) Has Plunged BEcause Of BRC20!? Solana is a decentralized blockchain that was built in order to enable innovative, user-friendly apps for the world. The price of Solana has been bearish for some time, with the price change being in the red since the start of day and for the past week. The recent plunge of the financial market is a major factor driving the fall in price of Solana, however there may be other factors driving this price fall, perhaps the recent fall in the price can also be attributed to the recent introduction of Bitgert BRC20 blockchain to the market, reducing the demand for Solana. SOL Price Chart IOTA - Price Line Can Dissapoint Some Investors IOTA is a form of digital currency it is a unique form of cryptocurrency as it does not feature an underlying blockchain network, it instead uses directed acylic technology. Transactions are always free, regardless of their size, IOTA is a cryptocurrency to be watched, if it capitalized on its current technology, it could eventually become market dominant. Currently the coin is underperforming and has declined in value today, the crypto market is extremely volatile as we have seen with the 2 other cryptos above, crypto prices in general seem to be on the decline. IOTA Price Chart Charts: finance.yahoo.com
Geco.one Crypto Update! Ether (ETH) Has Decreased By Ca. $750! Plunging (BTC/USD) Bitcoin Price! Bitcoin Has Fallen By More Than $4,000 In Recent Days, Solana (SOL) Is Below $100

Geco.one Crypto Update! Ether (ETH) Has Decreased By Ca. $750! Plunging (BTC/USD) Bitcoin Price! Bitcoin Has Fallen By More Than $4,000 In Recent Days, Solana (SOL) Is Below $100

Geco One Geco One 25.04.2022 13:44
Bitcoin has fallen by more than $ 4,000 in recent days, thus increasing the range from 29 March 2022 depreciation to over 9,000 US dollars. However, it is worth noting that the BTC rate from 11 April this year moved in the horizontal trend. Therefore, the critical factor here may be that it is a correction pattern from which the market statistically breaks more frequently in the direction consistent with the previous move. It is increasingly likely that Bitcoin may soon fall below the $ 39,000 currently tested support Considering the earlier drops, we observed in the first half of April this year. It is increasingly likely that Bitcoin may soon fall below the $ 39,000 currently tested support, which would drive it further to below $ 37,000 or further toward $ 35,000. Read next: Weekly Crypto Market Analysis With Geco.one - 19.04.2022 | FXMAG.COM At this point, we cannot forget about the robust correlation that occurs in the broad cryptocurrency market, of which Bitcoin is a kind of helmsman. An apparent decline in BTC may significantly contribute to the sell-off of the vast majority of altcoins. The exchange rate of ETH has recently dropped by nearly $ 750, which is almost 21 % The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently dropped by nearly $ 750, which is almost 21 %. The declines that have lasted for several days caused the ETH rate to break down from the price that has been held since 11 April this year. Consolidation is headed straight towards $ 2,800, where the upward trend is located. Read next: Crypto Update – BTCUSD, ETHUSD, BCHUSD – 04/04/22| FXMAG.COM However, if this support is also defeated, it will be necessary to prepare for further depreciation of Ethereum, even towards $ 2,500. It is only there that there is another significant support in the vicinity of which we could expect the emergence of greater demand response. Solana (SOL) - price of this cryptocurrency remains in a horizontal trend between technical support of $ 98 and resistance in the region of $ 109 Looking at Solana’s quotations, we notice that after declines of over 31 % that we could observe from 11 April this year the price of this cryptocurrency remains in a horizontal trend between technical support of $ 98 and resistance in the region of $ 109. Given that this is a form of correction after an earlier downward move, similar to BTC, there is also a statistically higher probability that the market will break the bottom. If this happens, the SOL rate could soon slide even towards the March lows, i.e. below $ 80. Suppose there is no major demand reaction anytime soon that could negate the morning drops, and the breakout will be confirmed by closing the daily candle below $ 1.33 The current situation on Polygon's trading is also very similar. It is noteworthy that the Matic exchange rate breaks down on Monday morning from the 11 April consolidation. Related article: A Reward For A Transaction!? What Is Kishu Inu Coin? ($KISHU) Let's Take A Look At This New Altcoin | FXMAG.COM Suppose there is no major demand reaction anytime soon that could negate the morning drops, and the breakout will be confirmed by closing the daily candle below $ 1.33. In that case, the rate of this cryptocurrency could fall towards further support around $ 1.22, respectively and a further $ 1.02. XRP has slipped below technical support of $ 0.70 and is currently at its lowest level since February We could also expect further declines in the XRP quotations. The exchange rate of this cryptocurrency has dropped by over 19% over the past few days, increasing the range of the ongoing from 28 March this year's depreciation to over 29% today. As a result of such a significant sell-off, XRP has slipped below technical support of $ 0.70 and is currently at its lowest level since February. If this trend continues, we could soon see the XRP rate drop close to $ 0.59 where another critical support is located. Start your Crypto trading adventure with https://app.geco.one
FieryTrading talks Solana (SOL) - November 28th

(SOL) Solana Coin Continues to Grow - Popular Altcoins, SOL: What Is It & How Does It Work?

Rebecca Duthie Rebecca Duthie 05.05.2022 12:47
Summary: A look into what the Solana (SOL) platform is. History of Solana. Advantages of holding the token. A look into what makes Solana unique.   Read next: (ADA) Cardano Coin Has The Potential To Compete With Larger Coins - Watch Out Ethereum (ETH)    The Solana coin was founded in 2017 during the initial coin offering (ICO) The Solana coin was founded in 2017 during the initial coin offering (ICO), their aim is to keep cost low but still achieve scaling throughput beyond what is achieved by other popular blockchains. As well as trying to solve the blockchain trilemma. The SOL token was officially launched in March 2020. Since its launch Solana has become one of the Top 10 cryptocurrencies when referring to total market capitalisation. SOL market capitalisation and Coins in Circulation. The current number of Solana’s SOL tokens in circulation is more than 334 million and a current total market capitalisation of more than $30 billion. The supply of Solana’s SOL tokens is unlimited, it releases a number of tokens every year based on the YOY inflation rates. The blockchain trilemma. The blockchain trilemma refers to the three major issues in blockchain: decentralisation, scalability and security. Scalability in blockchain refers to the ability for a cryptocurrency to handle a large influx of transactions at one time. SOL, Solana’s native token allows users to transfer value as well as blockchain security through staking. Solana’s cryptocurrency is called SOL. It is Solana’s native token and it allows users to transfer value as well as blockchain security through staking. Solana is a highly functional open source project that implements a new high-speed permissionless 1-layer blockchain. Solana combines Proof-of-history (PoH) and the super fast synchronisation engine in one algorithm, which is a type of proof-of-stake (PoS). This algorithm can (theoretically) process over 710000 transactions per second, without scaling solutions needed.   Read next: (LBLOCK) LuckyBlock Crypto-Lottery - The Future Of Cryptocurrency?    Proof-of-history, VDFs, proof-of-stake and synchronisation: Proof-of-history in the context of cryptocurrencies refers to a high frequency Verifiable Delay Function (VDF). A VDF produces a unique output that is efficient and can be publicly verified. Solana uses the proof-of-history to solve the issue of the need for centralised systems to verify transactions, as the need to use centralised services defeats the object of a decentralised system. Solana’s platform uses a proof-of-stake network, meaning the security network is not dependent on energy usage, thus the platform is environmentally friendly. The synchronisation engine that is used by Solana is one of the main reasons they can achieve a high throughput. The reliability of Solana’s synchronisation guarantees allows them to break down the synchronisation blocks called ‘entries’ which are then validated in real time before any block consensus. Third-generation blockchain. Solana’s blockchain is a third-generation blockchain, and is designed to facilitate smart contracts and decentralisation applications (DApp). Solana supports nonfungible tokens (NFTs) and decentralised finance (DeFi). What makes Solana unique? The hybrid blockchain platform created by Solana (mixing proof-of-history and proof-of-stake concepts) is unique; they compromise on decentralisation to produce max speeds. By compromising on decentralisation the Solana platform makes it easier to scale the coins. Basically speaking, by focusing on one node chosen by the proof-of-stake mechanism which sequences messages between the nodes. Solana also links transactions by hashing the output of one transaction and using it as the following transaction input. This is how Solana uses its proof-of-history mechanism. Advantages of holding the SOL token. Solana can process up to 50000 transactions per second with extremely low fees. Solana has achieved a high level of scalability by leveraging the proof-of-history mechanism and several other breakthrough innovations. Solana has managed to achieve economies of scale and kept the transaction fees extremely low. Solana ensures composability between projects. Solana has very high network speed and high liquidity. SOL is not difficult to buy. How to buy SOL: It is necessary to obtain a crypto exchange account. Purchase SOL on one of the more popular exchanges such as; Coinbase, Crypto.com, Gemini, Binance, Kucoin. The price future and history of Solana’s SOL After its launch in March 2020, Solana’s price struggled to gain upward momentum. In the summer of 2021, hype for crypto and NFTs and growing demand in the DeFi community caused the price of SOL to triple. In 2022 the market has been extremely volatile with investor sentiment turning risk-averse, the price of SOL has struggled to show any real trend or stability. The price of Solana is expected to increase even further in the future. Solana (SOL) Price Chart With the current wider adverse economic conditions, the price of most cryptocurrencies are facing challenges, with changing investor sentiment, the current price is constantly changing.   Read next: (USDC) USD Coin, What Is It And How Does It Work? - An Interesting Altcoin!    Sources: solana.com, cointelegraph.com, docs.solana.com, cryptovantage.com, statistica.com
Crypto News: Bitcoin Price (BTC/USD) is range-bound. Will we see a break today? | 8cap

Crypto News: Bitcoin Price (BTC/USD) is range-bound. Will we see a break today? | 8cap

8 eightcap 8 eightcap 20.05.2022 04:05
Hi traders, today we’re seeing a similar pattern across several coins. After yesterday’s failed lower break attempt, ranges have developed. We’re seeing this pattern on a few, BTC, BNB, ETH, SOL, ADA, and XRP. We’ve zeroed in on Bitcoin as on the 4-hour chart. The range is quite symmetrical. We saw 29K come in yesterday as a demand point, and for now, price continues to hold above. The range can be broken down into inside action and overall action. On the side, we are looking at two possible directions. One, we see price maintain the pattern and move back to the bottom of the range. Two buyers regain momentum as we see a test or break of the range roof. If number two occurs, that will line up with the overall action idea of a new breakout due to steady demand seen yesterday rejecting seller attempts to break lower. We can also see a trend break on the four-hour chart and a fast trend break on the daily. If sellers can not only move back to the range base but break through it, we would look at the 27,600 area to possible offer buyer resistance If buyers clear the range, we could see resistance develop from 32,200. On the other side, if sellers can not only move back to the range base but break through it, we would look at the 27,600 area to possible offer buyer resistance. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM It will be interesting to see which side wins this battle. Hoping all of our readers have a wonderful weekend. Bitcoin 4H Chart The post Crypto News: Bitcoin is range-bound. Will we see a break today? appeared first on Eightcap.
5 Cryptocurrencies That You Probably Forgot About - USD Coin (USDC), Lucky Block (LBLOCK), Solana (SOL), GARI ($GARI), dydx (DYDX)

5 Cryptocurrencies That You Probably Forgot About - USD Coin (USDC), Lucky Block (LBLOCK), Solana (SOL), GARI ($GARI), dydx (DYDX)

Rebecca Duthie Rebecca Duthie 17.06.2022 16:05
Summary: A summary of USDC, LBLOCK, SOL, $GARI, DYDX,. Stablecoins, games platform, the blockchain trilemma, video sharing, Proof of work, proof of space and time, proof-of-history. Dydx and margin trading. USD Coin (USDC) USD Coin is a digital stablecoin that is attached to the US Dollar, it is used as a digital dollar for global businesses. This coin is interesting because it is always redeemable in a ratio of 1:1 for US Dollars, meaning it gives its users access to the US Dollar. USDC is seen as a pillar of the blockchain ecosystem. The USDC software is open-source and is managed by an organisation that drives standards for the adoption of trusted stablecoins, and enforces payment and identity standards; this organisation is called Centre Consortium. The USDC is available on most of the world's most powerful and innovative block chains. The fact that USDC offers a broad, native availability and the ability to seamlessly swap across the blockchain ecosystems, means that developers who build with USDC are able to extend their reach. The Centre Consortium's second major standard provides decentralised identity for crypto finance, called Verite. Verite is a collection of standardised protocols that can help make it safer, easier and more efficient to do business across the world of DeFi and Web3 commerce. Verite is free and anyone can use it and to build on. Read more: (USDC) USD Coin, What Is It And How Does It Work? - An Interesting Altcoin!  Lucky Block (LBLOCK) Lucky Block is one of the most undervalued cryptocurrencies, but hopes to change that by building onto the Binance Smart Coin and using it to offer more transparency and equality amongst users. Lucky Block is listed on the Pancakeswap platform, in the weeks following the listing, the price increased substantially and investors saw brilliant returns. They launched their coin earlier this year, and have seen successful returns since. Lucky Block is a cryptocurrency games platform, a worldwide games and competitions platform with “play-to-earn” rewards using blockchain protocols, it operates on the Binance smart chain. They are determined to develop further transparency and fairness in games. The coin was created to give everyone a better experience for lottery entrants. Lucky Block believes that games of chance should have no borders (geographic and financial). The coin is considered to be revolutionary - it is a “crypto-lottery” Lucky Block was the fastest crypto to earn $1 billion Market Cap, they acquired 50k+ investors in the first 90 days after launching. Read more:(LBLOCK) LuckyBlock Crypto-Lottery - The Future Of Cryptocurrency?  Solana (SOL) The Solana coin was founded in 2017 during the initial coin offering (ICO), their aim is to keep cost low but still achieve scaling throughput beyond what is achieved by other popular blockchains. As well as trying to solve the blockchain trilemma. The SOL token was officially launched in March 2020. Since its launch Solana has become one of the Top 10 cryptocurrencies with regards to total market capitalisation. Proof-of-history in the context of cryptocurrencies refers to a high frequency Verifiable Delay Function (VDF). A VDF produces a unique output that is efficient and can be publicly verified. Solana uses the proof-of-history to solve the issue of the need for centralised systems to verify transactions, as the need to use centralised services defeats the object of a decentralised system. Solana’s platform uses a proof-of-stake network, meaning the security network is not dependent on energy usage, thus the platform is environmentally friendly. The synchronisation engine that is used by Solana is one of the main reasons they can achieve a high throughput. The reliability of Solana’s synchronisation guarantees allows them to break down the synchronisation blocks called ‘entries’ which are then validated in real time before any block consensus. Read more: (SOL) Solana Coin Continues to Grow - Popular Altcoins, SOL: What Is It & How Does It Work?  GARI ($GARI) Chingari App is a short video-sharing app that pays its content creators based on how viral their videos become. With every upload, creators get points per view which can be exchanged for money. Chingari has been labelled India's version of Tiktok. Chingari has partnered up with Solana to build and launch GARI on a decentralised exchange in 2023. Chingari is the largest on chain social graph on web3. $GARI NFT marketplace, which will launch in 2023 acts as both an in-app currency and as a governance token. This will give creators the authority over future platform development. GARI Panda is an exclusive collection of 9,999 unique panda NFTs on Solana, this feature aims to bring unique & real world utilities to holders. In the future if advertisers wish to run advertisements in the Chingari app, they will need to own Gari Panda NFTs. Read more: https://www.fxmag.com/crypto/gari-networks-future-looks-bright-as-the-market-waits-for-gari-to-launch  Dydx (DYDX) Dydx is a decentralised trading platform that is used for cryptocurrency margin trading for assets such as ETH, BTC, SOL, DOT and more. The bulk of the trading happens on the Ethereum blockchain, however, with the recent launch of layer 2, the Dydx exchange can be used for inexpensive, instantly settled trades. Dydx has successfully filled a niche market in the world of cryptocurrencies. Dydx is a leading crypto exchange that supports perpetual trading. It trades on the ethereum block chain using smart contracts and no intermediaries. Perpetual trading on cryptocurrencies are financial derivatives that enable traders to bet on crypto asset price movements, using leverage without owning the underlying asset. Some advantages of using this method are: Increased flexibility of trades by allowing both long and short trades. Increased leverage. Dydx is aiming at trading for everyone. They are building an open platform for crypto financial products, which is powered by the Ethereum blockchain. Read more: What Is (DYDX)? dYdX Cryptocurrency Supporting Perpetual Trading - Altcoins of Interest  Sources: FXMAG.com
FieryTrading talks Solana (SOL) - November 28th

Altcoins: Solana (SOL) Users May Be Concerned About Latest Attacks

Conotoxia Comments Conotoxia Comments 11.10.2022 20:30
Solana is facing another problem that attacks token users. The virus is spreading through NFT's loyalty programmes (airdrops), claiming to be a Solana Phantom security update. Through NFT to Solana wallet Following the hacking attacks on Solana Phantom wallets, which exploited the project's system in August (a bug in the code), another attack on the security of network users is taking place. For at least two weeks, unknown hackers have been carrying out so-called airdrops, or promotional campaigns in which NFTs can be won for Solana (SOL) users. The NFTs being distributed are titled 'PHANTOMUPDATE.COM' and 'UPDATEPHANTOM.COM', which, when opened, display information about a security update. However, instead of a new version of the software, users install a virus which then steals the tokens. Additionally, the message informs users that failure to update could result in "loss of funds due to hackers using the Solana exploit". This message most likely refers to an earlier hacking attack in August, which made waves in the crypto world. The result was the loss of $8 million from around 8,000 wallets. The virus is installed via a script from the GitHub developer site. It then attacks browser information such as history, cookies, passwords, SSH codes and other user information. Users with a wallet added to their browser appear to be the most vulnerable. Cena Solany (SOL), daily candles Source: Conotoxia MT5 On the Conotoxia MT5 platform at 13:00 GMT+3, Solana is losing 3.7%. The chart shows the plunge that followed the aforementioned hacking attack in August. The current attack seems unlikely to have the same magnitude. Rafal Tworkowski, Junior Financial Markets Analyst, Conotoxia Ltd. (Cinkciarz.pl investment service) The above trading publication does not constitute an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of 16 April 2014. It has been prepared for information purposes and should not form the basis for investment decisions. Neither the author of the study nor Conotoxia Ltd. accepts any responsibility for investment decisions made on the basis of the information contained in this publication. Reproduction or reproduction of this study without the written consent of Conotoxia Ltd. is prohibited. Read more on Conotoxia
The Bitcoin Price Movement Is In The Bullish Channel

The leading cryptocurrency reached a record-breaking price. Binance with a huge acquisition!

Alex Kuptsikevich Alex Kuptsikevich 09.11.2022 13:47
The cryptocurrency market lost another 7.7% to $900B over the past 24 hours, returning capitalisation to the area of September-October lows; at the peak of the decline, it was approaching the current market cycle lows set in June. Leading altcoins in the top 10 fell from 5.5% (BNB) to 22.9% (Dogecoin).   Dozen of hours ago, Bitcoin price touched $17.1K breaking some records At its worst moment of market capitulation on Tuesday night, Bitcoin was down to $17.1K, renewing 2-year lows. Many potential long-term investors in cryptocurrencies are now trying to assess whether we saw a final surrender yesterday, followed by a reversal. So far, we have doubts that the most worrisome part is behind us.   BTC's sharp decline earlier in the day came amid an abrupt collapse in one of the largest crypto exchanges FTX's own FTT token, which now trades at $4.6, having lost over 80% from $25.6 on Saturday. And all this on high trading volumes.   Another victim of the latest crypto chaos was Solana coin, which had lost 55% since Saturday before the crypto market went wild.   Did you know that FTX is (yet) no.3 largest cryptocurrency exchange?   On Tuesday evening, it was reported that Binance had agreed to acquire cryptocurrency exchange FTX amid investor panic and a liquidity crisis at what was once the third-largest cryptocurrency exchange. The news failed to stem capital outflows, and the cryptocurrency sell-off continued, albeit calmer. Despite some resolution, the news did not trigger a market recovery. Some experts say what has happened threatens the crypto market with significant disruption. Other observers point out that the collapse of the crypto market occurred on the day of the US congressional elections, which could have triggered selling in an environment of uncertainty, which is always bad for risky assets such as cryptocurrencies.
FieryTrading talks Solana (SOL) - November 28th

Cryptocurrency: Solend explained by ByBit - "The platform’s main goal is to decentralize lending."

ByBit Analysis ByBit Analysis 27.11.2022 19:43
Since its launch, Solend has been garnering the market’s attention. An algorithmic, decentralized protocol for lending and borrowing built on Solana, Solend opened gateways for Solana users to increase the methods they can employ to profit from the market. With prominent investors such as Dragonfly Capital, Polychain Capital, Balaji Srinivasan and many others, Solend gained remarkable traction, achieving $100 million in deposits just over a month after launch, achieved even prior to liquidity mining opportunities.  In late June 2022, Solend once again grabbed the front page of several financial news sites. However, this time the reasons weren’t as favorable. Concerns regarding the liquidation of a whale account on Solend left Solana users panic-stricken about a potential major crash, sparking intense discussions. Recent developments around FTX, the troubled centralized exchange, have also had an impact on Solend. In this article, we’ll explore what Solend is, how a major crash almost occurred, and the impact it’s suffered from FTX’s downfall. What Is Solend? Solend is a decentralized finance (DeFi) lending platform built on the Solana network. It allows users to borrow or lend assets, using an algorithmic method to determine interest rates and collateral amounts.  The Solend protocol was first launched in August of 2021. At that time, Solana’s popularity was increasing due to its speedy transactions and low fees. The addition of a lending protocol to the Solana ecosystem attracted a lot of market interest. Users can now earn higher returns than before. How Does Solend Work? Solend starts with a fairly basic premise: Users can deposit assets to their Solend accounts to earn interest. They can also use these deposits as collateral to take out loans. The platform’s main goal is to decentralize lending.  Borrowers don’t need to take out a formal long-term loan, or justify their need for it. Instead, the platform enables them to take short-term loans with simpler deposits and no lengthy underwriting process. Smart contracts automatically assign lending limits and collect interest. In order to use Solend, users need to have a Solana wallet. The SOL crypto asset is the backbone of this Solana-based lending protocol. Users can move to different denominations if they want, but SOL is the native currency for the platform. Solend has various "pools" of available crypto assets that operate with different currencies. For example, the Stable Pool lets users lend or borrow cryptos like USDC and USDT, while the Main Pool lets users work with all 20 of the crypto assets the platform currently supports. Once users have their Solana wallet connected to the lending platform and they’ve added SOL to their account, they can begin borrowing or lending various types of crypto. The Supply option lets users look at how much interest they can earn, while the Borrow option tells users how much they can borrow with their current crypto stake. Each loan that users take has a liquidation threshold. If crypto values alter in a way that causes the loan to cross the liquidation threshold, users’ assets can be liquidated. The funds then go to the lenders as collateral for the loan. Key Features of Solend There are many other similar DeFi lending platforms, such as Compound and Aave, but Solend’s Solana-based lending protocol has some special features that set it apart. Low Transaction Fees Many users find Solend helpful for investing because it has low transaction fees. You can quickly borrow and sell crypto without getting hit with excessive transaction fees. Most of the platform's fees are just protocol fees you pay with each loan. These fees contribute to an insurance fund for the platform.  Typically, the fee is set at around 10 bips, though it can vary slightly depending on which vault you use. There are also fees you pay for any Solana network transactions. The first time you interact with the network, you pay a 0.01 SOL fee. Then, for every subsequent transaction, you pay a low fee of around 0.000005 SOL. These fees are much cheaper than transaction fees on most other sites. Increased Scalability and Connectivity Unlike many other lending platforms, Solend prioritizes scalability. It doesn't require users to stick with one type of crypto, or conduct only low-level transactions. Users can leverage a wide range of crypto assets, with more being added to the platform regularly. You can choose from a variety of cryptocurrencies, such as native coins, stablecoins and meme coins, so there’s certainly a lot of versatility. Good User Experience Despite Solend’s many features, its network isn't confusing to use. One of its most impressive aspects is its streamlined dashboard. Well-organized and visually pleasing, it’s intuitive to use. Most people can get started without requiring extensive tutorials, or confusing statistics that can cause investors to make errors. Referral Program A lot of Solend's success may be linked to its referral program, which the network launched so that current users can encourage others to sign up through a referral link. The original user receives a small financial bonus when a new user participates. Right now, the financial incentive is set to 20% of each loan's origination fee. Risks of Using Solend Though the platform has some great perks, using it also comes with some potential problems. Before investing in any Solend strategies, there are a few risks you need to be aware of. Oracle Risk Solend’s liquidations are powered by the price feeds of Pyth Network and Switchboard. These oracles may report incorrect prices, causing wrongful liquidations to occur. Smart Contract Risk Given that Solend is an algorithmic, decentralized protocol, the crux of its operating system lies in smart contracts that facilitate the borrowing and lending of crypto assets. However, like any other type of software, these contracts can be a point of vulnerability. They could, for instance, potentially be exploited to steal or permanently freeze funds.  Note that such risk is inherent to all smart contracts. Despite the fact that this risk cannot be fully eliminated, there are some methods and steps taken to mitigate it: Rigorous Audit Solend’s smart contract has undergone a code audit by Kudelski Group, an independent security firm. Bug Bounty Program Solend has incorporated a bug bounty program, which pays up to $1 million if a user identifies a critical vulnerability in the code. This incentivizes responsible disclosure instead of hacking. Treasury Solend’s treasury of $20 million can be used as insurance for the Main Pool, should any exploits or hacks cause any of the protocol’s funds to be lost. 100% Utilization Risk  Solend's lending protocol only works when users are depositing crypto assets for others to borrow. If there are no crypto assets left in the pool — which would be the case should 100% of the crypto asset be lent out — any future withdrawal or borrowing becomes impossible. This is called 100% utilization, and it can occasionally be an issue. This problem is resolved as long as users pay back their loans, or more users supply crypto assets to the pool.  Liquidation Risk Solend offers over-collateralized loans, meaning that each loan the platform offers must be backed by collateral that’s worth more than the loan itself. However, collateral value is constantly shifting.  If your collateral's value drops, asset LTVs may determine that your loan is below the threshold. At this point, you can either add more collateral or let your existing collateral be liquidated. However, liquidating your position incurs a penalty. If you aren't paying close attention to your loans and investments, there's a chance you could end up accidentally losing your loan — and having to pay the liquidation costs. Bad Debt Risk People who lend on Solend’s platform may potentially run into situations where their loans cannot be covered. This can happen during large-scale liquidations or periods of market turmoil. When a lot of assets are liquidated at once, their worth may not be enough to cover the user’s loans, resulting in a negative balance known as bad debt that can harm the lender.  To manage this risk, Solend uses isolated pools to isolate newer or riskier crypto assets. These pools are used to screen crypto assets that have less liquidity and higher volatility, which creates an exploitable opportunity and is deemed a risk for the main pool. In addition, deposit limits and collateralization ratios are also managed for this group of crypto assets. Any bad debt created is filled via the insurance fund. However, this insurance fund is topped up by transaction fees, a source which isn’t limitless and can potentially run out. SLND Tokenomics Source: Solend Allocated to Percentage Allocation Liquidity Mining 30% Treasury 25% Team 25% Investors 15% IDO 5% Tough 2022 for Solend In 2022 alone, Solend has faced multiple tough situations, partly due to the volatile market conditions and the fallout from big institutions failing, which has caused various crypto assets to suffer in price. Here are the three main issues that Solend has had to deal with. Solend’s Oracle Exploit On November 2, 2022, Solend was struck by an oracle exploit, resulting in $1.26 million in bad debt. Three of its pools — Stable, Coin98 and Kamino USDH — were affected, since the exploit revolved around the Hubble stablecoin (USDH). As a result, these three pools have been disabled, and the exploiter’s address has been made known to exchanges. FTX’s Downfall and Its Impact on Solend The current downfall of FTX, the giant CEX, has thrown the market into turmoil. Given that the Solana ecosystem had close ties with Sam Bankman-Fried (SBF), the founder of FTX, the total value locked (TVL) of the DeFi ecosystem has taken a beating, partly attributed to the free-falling price of SOL. There’s also been an impact on Solend, which had a TVL of over $280 million on November 2 and has since dropped all the way down to $28 million at the time of this writing (Nov. 23, 2022). This is a result of users withdrawing from the protocol, as well as the decreasing price of SOL. In addition, Solend was faced with an issue pertaining to the liquidation of a whale account. An unidentified whale who had borrowed $44 million against $51 million worth of SOL had to be liquidated, due to the drop in value of SOL collateral. However, on-chain SOL liquidity had taken a huge beating when the price plummeted 43% in 48 hours, and Solend had difficulties liquidating the whale’s account. In an attempt to attract depositors and incentivize borrowers to repay their loans, thereby improving liquidity, the team at Solend tried to resolve this situation by raising the interest rate on SOL to more than 2,500%. In addition, they also created a Binance account to process the SOL liquidations, since the SOL liquidity was deeper on Binance as compared to the Solana chain itself. Despite the commendable efforts from the Solend team, which expedited the liquidation of the whale account, Solend now sits with a bad debt of $6.5 million. As Soju, Head of Business Development at Solend, wrote in Solend’s Discord channel, “It’s looking very bad now” as the situation had yet to be fully resolved. The Near Crash of Solend Prior to FTX’s downfall, Solend had encountered difficulties with regard to another whale liquidation in late June 2022. This particular incident took the DeFi space by storm, was intensely discussed by the Crypto Twitter community and appeared in news stories. What Happened One of Solend's key vulnerabilities is that users join together to create a lending pool. This can lead to problems when a single borrower, called a whale, has an outsized presence within the Solana-based lending protocol. The June crash involved a whale borrower who had an outstanding loan of $108 million worth of USDC and USDT. The borrower's stablecoin loan was backed by $170 million worth of SOL in their Solana wallet. The whale's loan was the largest single-user loan on Solend, taking up a huge portion of the lending pool. This was fine — as long as SOL prices were high. However, when SOL prices started tanking around June 15, this huge loan became a problem. SOL prices were dropping to $27, so the whale's loan was quickly approaching its liquidating threshold. Solend’s Developers Try Notifying the Whale When Solend's developers noticed this issue, their first plan was to notify the lender of the impending liquidation. At this point, another one of the platform's vulnerabilities became apparent: Solend is entirely anonymous, so there’s no way to contact a user — outside of sending a message to their account. Unfortunately for the developers, the whale wasn't checking the messages sent to their own account. If SOL's price were to reach $22.30 without the whale taking any action, their collateral would have to be liquidated, resulting in over $21 million of SOL being dumped at one time. Users feared a serious amount of fallout for the market. Though SOL is a fairly robust blockchain, with a market cap of around $11 billion, such a huge sale would have caused its value to tank even further. It was a race against time, with the group desperately trying to notify the lender before the liquidation was set in motion. After private methods of contact failed, they turned to the internet. The developers posted on Reddit and Twitter, begging the borrower to contact them. They even sent an on-chain transaction with a memo, asking the whale to talk to them about the issue. Of course, making the issue public caused further problems. Users were spooked and started to pull their funds, resulting in fewer tokens in the pool and more funds being frozen. Eventually, Solend was able to use an intermediary to contact the whale and get them to add more collateral to their account. However, before this took place, the platform had been seeking other solutions. They ended up enacting their first decentralized autonomous organization (DAO) vote. This essentially required users to join together and vote on proposed solutions to the problem as described below. Proposal 1: SLND1 — Mitigate Risk From Whales Solend's first proposed measure was an "emergency powers" package. Named SLND1, it would have given Solend’s developers more control over users' accounts, allowing the platform to identify whales who represent more than 20% of the borrowing in any given pool. Solend would then have emergency power to take over these accounts in the event of any liquidation. The platform would be able to liquidate the account more slowly, so that lenders would get paid but SOL shares wouldn’t get dumped en masse. At the time, this proposal was met with a lot of favor. Solend got just enough voting participation to meet their 1% quorum requirement, and the emergency ballot passed by 97.5%.  However, users quickly found out that some unsavory dealings had been going on behind the scenes: Struggling to achieve enough user participation to reach a quorum, the platform found a user who owned over 1% of all the turnout tokens. This user’s outsized number of votes swayed the results of the election, while many members of the Solend community had been outspoken about how much they disliked the measure. They felt that it gave the platform too much control over individual users’ accounts, contesting the ethos of decentralization. Proposal 2: SLND2 — Invalidate SLND1 & Increase Voting Time Since there was so much public outcry over SLND1, the developers proposed a new measure, SLND2, which would essentially reverse everything that had been agreed to with SLND1. The new measure proposed both to cancel the idea of giving the Solend team more power over user accounts, and to increase the overall voting time. This ballot ran into a similar problem as the first proposal. Once again, users were divided, and it mostly came down to the input of the same user, with their outsized voting power. This user initially said they would vote "No" on SLND2, because they didn't want to cave to public pressure. However, at the last minute, they decided to vote "Yes” and the proposal passed. The platform was no longer allowed to access user accounts in an emergency, while users were given more time on future votes. Proposal 3: SLND3 — Introduce Account Borrowing Limit After the first two controversial votes, Solend users were becoming fairly anxious. Fortunately, the platform was able to finally get in contact with the whale and work to resolve the ongoing situation. While this was happening, the team also began to work on a new proposal that would hopefully reduce the risks of another such occurrence. SLND3’s ballot measure proposed to reduce borrowing limits for all users. The proposal suggested that, in the future, there should be a borrower ceiling of $50 million. This would hopefully prevent one borrower from being able to take up so many funds from a lending pool. The ballot passed on June 21, and the proposed limit went into effect. Though there was once again the issue of a single user deciding the vote, there was less public outcry because most people believed the new measure was a wise decision. Overall Impact on SOL It's hard to clearly define Solend's effect on SOL, since the two are so closely related. SOL was definitely on the downturn before the lending protocol disaster. In fact, the Solana network crash was the main reason that all of the whale's SOL collateral was almost liquidated in the first place.  During the days of constant, contradictory proposals, market uncertainty continued to drive SOL prices down. Many investors dumped their SOL out of fear that its value was about to drop further. However, even when the near crash was prevented, as a portion of the whale’s debt was moved to another protocol, the price of SOL didn’t immediately recover. It appeared that stabilizing Solend had prevented a bigger crash, but was unable to improve Solana’s ecosystem as a whole.  Is Solend a Good Investment? The situation with Solend highlighted some key problems with the protocol. Many investors are now wary of lending to users, as the whale issue highlighted just how easily one bad call could destabilize any lending pool. It’s somewhat reassuring to see that the developers were able to handle things, and to keep users from losing money. However, if there’s a reoccurrence, the outcome may be very different. Despite the newer borrowing limits, there still isn't much regulation in place to prevent the same problem from happening again. That said, there's no indication that borrowing on the platform or using it to leverage cryptos against each other is potentially disastrous. These sorts of activities don't necessarily run the same risk of drastic harm from a single large liquidation. However, the June 2022 crash did cause a limited lending pool. This could be a problem for investors whose plans involve acting quickly and constantly taking out various loans. In addition to the practical issue of one whale borrower bringing things to a halt, the June crash also introduced some philosophical problems. Many investors had been drawn to the lending protocol because it claimed to be a DeFi program in which financial decisions weren't based on human error.  However, all of the SLND proposals ended up coming down to a single user whose votes were heavily influenced by both the developer team and the Twitter outrage. The ability of one voter to purchase so much power shows that Solend may end up being influenced by personal bias and real-world politics just as much as the traditional financial system it criticizes. SLND’s price has dropped by roughly 97% since its peak in November 2021. Given the current volatile market conditions, and potential contagion effects that could arise from FTX’s fallout, users should be careful when deciding whether to invest in SLND. Source: CoinMarketCap The Bottom Line Ultimately, Solend’s decentralized lending and borrowing protocol has some exciting features. However, the recent near-crash shows the potential dangers of DeFi lending platforms. Despite claims that Solend’s program is decentralized and algorithmic, it ended up relying entirely on user behavior. Since it's lacking in regulations, this opens up vulnerabilities that can cause real financial damage. Solend’s lending protocol is certainly intriguing to tinker around with, but we'd recommend caution when working with large amounts of funds. Source: What Is Solend and How Did a Near Crash Almost Cripple It? | Bybit Learn
Headwinds which have overshadowed Solana - "the Ethereum Killer"

Headwinds which have overshadowed Solana - "the Ethereum Killer"

Kucoin Blog Kucoin Blog 03.01.2023 23:17
Crypto Market Overview According to Glassnode data, long-term Bitcoin holders have an unrealized loss of 6,057,858 bitcoins this year. From being touted as a revolutionary solution to Ethereum’s scalability issue to being a part of a larger domino effect, Solana has been one of 2022’s worst-performing assets, losing around 96% from its all-time high. However, Solana still has many things to offer, including a vast array of blockchain projects. The rapid decline in the price of Bitcoin has harmed both short-term and long-term investors. According to Glassnode data, long-term holders lost 6,057,858 bitcoins as of December 26 compared to short-term holders who lost 1,889,585.   Also, the correlation between large transactions of $1 million or more and overall BTC price strength are now at their lowest levels since December 2020.     Whale to BTC Price ratio | Source: Santiment   Additionally, the Oregon Division of Financial Regulation (DFR) issued a press statement warning cryptocurrency investors that phony websites and applications set up by con artists are intended to steal their money and provide nothing in return. Before transmitting money to cryptocurrency trading platforms, the DFR advised traders to "do their homework."   The DFR cited as an example a website claiming to be run by the US Department of State. The website stated that it was attempting to assist FTX customers in recovering their assets, according to the DFR. As a result, the website obtained data from an investor, including usernames and passwords.   It will be interesting to see how much fuel the bears have in their tank in 2023 with the current underwhelming microeconomy in their favor.     Source: Coin360 | Crypto Heatmap   Top Altcoin Gainers and Losers Top Altcoin Gainers Internet Computer (ICP) ➠ +8.44% Terra Classic (LUNC) ➠ +6.19% Lido DAO (LDO) ➠ +5.85%   Top Altcoin Losers Chain (XCN) ➠ -33.07% Solana (SOL) ➠ -23% Axie Infinity ➠ -16.15%   Fear and Greed Index at 28, Market Sentiment Remain Bearish The Crypto Fear and Greed Index is ending the year in the fear zone (28) as investors prepare for a shaky 2023. There are lots of things to deal with; inflation, recession, the FTX saga, rising mortgage rates, and increasing personal debt.     Fear & Greed Index | Source: Alternative   What Is Happening to Solana? From being touted as a revolutionary solution to Ethereum’s scalability issue to being a part of a larger domino effect, Solana has been one of 2022’s worst-performing assets. On December 29, the price of the Ethereum Killer hit its lowest levels since February 2021 and is suffering from a scarcity of developers, as many of them are fleeing to competitors. How did this high-flying, VC-loved cryptocurrency fall from its exalted position?   There are three distinct reasons for Solana’s fall from grace. Let’s look at each.   FTX Exposure At this point, it is starting to get fishy. How was FTX able to gain the trust of even prominent players in the crypto space? Well, we’ll probably answer that next year; but for now, we will look at how Solana got exposed to FTX.   A Solana statement released in November showed that FTX controlled over 50 million SOL. This is through a linear monthly unlock system which saw the Solana Foundation give FTX 4 million SOL on August 2020, 12 million SOL from September 2020, and nearly 34.52 million SOL from Jan. 7, 2021.   Although the SOL tokens are vested, with the last unlock due by January 2028, The FTX bankruptcy hearing might see a freeze on the Solana tokens.   Security Breaches This year, over $8 million has been lost to hacks across Solana-based hot wallets and Solana-based smart contracts. The latest was seen in August 2022 when users reported on Twitter that their hot wallets had been drained. The 10-minutes window of draining saw over $6 million lost from about 8000 wallets.   According to blockchain researcher PeckShield, the widespread theft is most likely the result of a "supply chain flaw" that has been exploited to steal user private keys from affected wallets on August 2.   Solana’s Achilles Heel - Network Outages Since its launch in 2020, the Solana network has seen a number of network disruptions that have been caused by a variety of various congestion and spam events. The network has experienced at least seven outages this year alone, with the longest lasting for 17 hours. While the culprit has been low transaction fees, digging deep reveals a bigger foundational flaw.   Surprisingly, the co-founder claimed Solana is primarily a communication protocol, and SOL is not money. This is perhaps why several protocols and developers are fleeing to other networks like Snowfall, Polygon, and even Cardano.     Daily Active Developers on Solana | Source: Token Terminal   Solana's Potential With all that being said, Solana is still one of the most popular projects for builders and blockchain projects. Its transaction speed and cheaper gas cost is still more than a valuable asset for protocols that require speed and numerous transactions to execute their smart contracts.   On top of that, when it comes to pricing, some analysts have been comparing this drop to Ethereum's drop in 2018-2019, when ETH dropped 95% before soaring again.   Crypto Calendar: Events to Watch This Week ➺ 28/11/2022 - MMO Coin AMA ➺ 28/11/2022 - Orbs AMA with Kucoin Japan ➺ 30/11/2022 - Badger DAO Community Hall ➺ 2/12/2022 - Step App Conference 2022   Solana (SOL/USDT) Technical Analysis Solana’s price action in 2022 has been less than optimal to say the least.   2022 has been one hell of a year for the Solana project. SOL’s price has been incredibly volatile, with the crypto reaching $121 in March 2022. This impressive rally was largely driven by the announcement of several major partnerships that enabled Solana to become one of the world's most widely used blockchain platforms.   However, with the overall bearish crypto market pressure, the token plummeted ever since, with its price closing in June at $30. Following this downtrend, the token started to consolidate for the next four months, and its price remained at $30 till the end of October.   Then came the FTX collapse, where SOL lost 50% of its value in a single week - the first week of November. Remember Sam Bankman-Fried (FTX founder) was an active advocate of the Solana project? That negatively impacted the token’s price and the overall project’s reputation. This Thursday, the token again saw a sharp drop in its value (10.4%), with the project losing its protocol. Overall the value of SOL got dropped by ~95% this year.     SOL/USDT Chart on the Daily Timeframe | Source: KuCoin   On the weekly timeframe, all the major technical indicators and oscillators suggest a strong sell for the SOL token, with RSI reaching 30 and beyond. However, the 5-min and 15-min timeframes show a few green candles as buyers try to take advantage of the sudden price drop. If you are scalping SOL, keep a keen eye on the 8.7 & 8.9 support levels.   All that said, Solana has proved its fundamental strength before and the innovation it brings to the blockchain world. So it could be interesting to see the SOL’s price action in 2023.     Sign up on KuCoin, and start trading today!   Follow us on Twitter >>> https://twitter.com/kucoincom.   Join us on Telegram >>> https://t.me/Kucoin_Exchange   Download KuCoin App >>> https://www.kucoin.com/download   Also, Subscribe to our Youtube Channel >>>Listen to 60s Podcast Source: KuCoin

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