Tag: Solana

Categories
Bitcoin ETF cryptocurrency exchange Cryptocurrency news

Solana Price Targets $150 as Liquid Staking Tokens Get Top Quotes

Solana’s price slide continued on Friday’s trading day, recording a 4% intraday loss to $136.5. Selling pressure in the altcoin market persists as Bitcoin’s price struggles to stay above $60,000. Will sellers tighten their grip next September?

Solana Price to Retest Major Support Amid Liquid Staking Token Launch

The Solana ecosystem is seeing renewed interest in staking and re-staking activities, with major exchanges launching new liquid staking tokens to meet the growing demand. Recently, cryptocurrency exchange ByBit announced the upcoming launch of bbSOL, a liquid staking token. This change allows users to stake SOL tokens on Bybit Web3 and receive bbSOL tokens in return.

Despite the announcement, Solana’s price fell below its 200-day exponential moving average (EMA) on Thursday.

Liquid staking allows users to earn token rewards while also helping platforms maintain liquidity, creating a mutually beneficial scenario. Stakers can leverage these reward tokens in other DeFi applications without having to stop staking.

In addition to Bybit’s initiative, other major cryptocurrency exchanges such as Binance and Bitget are likely to launch their own staking tokens, BGSOL and BNSOL, respectively. The introduction of these tokens will promote staking participation on the Solana Network, increasing its security and the overall health of the ecosystem.

As such, this development could have a gradual and long-term impact on Solana’s price, rather than an immediate effect.

SOL Price Hints at Imminent Recovery with Flag Formation

Solana price, which has been falling for six consecutive days, has fallen from $162 to $136, representing a loss of 15.8%. The bearish reversal signals the continuation of the sideways trend within a flag pattern on the daily chart.

The pattern typically creates a temporary consolidation between two trendlines for the prevailing trend to regain bullish momentum. If the pattern holds, SOL price is poised for a 30% rally to $180 before a crucial break of the upper trendline.

If the market correction persists, Solana price prediction points to a 10% decline to retest the multi-year support at $121, followed by the lower trendline of the flag.

Categories
cryptocurrency exchange Cryptocurrency news

Dogecoin competitor BONK continues its precipitous rise

Dogecoin (DOGE) competitor Bonk (BONK) continues its strong rise, almost doubling its price in the last 24 hours.

The meme asset, which was built on the Solana (SOL) smart contract platform, recently surpassed rival Shiba Inu (SHIB) in daily trading volume en route to its price of $0.000028 at the time of writing, a gain of 89.3% during the last day.

The price increase comes after two major crypto exchange platforms, Binance, the world’s largest digital asset exchange by volume, and Crypto.com, announced that they would be adding support for memecoin.

On December 14, Binance said it would list BONK with a “seed” label, meaning it could exhibit more volatility compared to other digital assets, while Crypto.com said it would add BONK to its app.

Coinciding with the meme asset’s price surge, Solana Mobile announced that its Saga smartphone is out of stock in the US. According to initial coin offering (ICO) tracking platform ICO Drops, in June, Solana promised an airdrop 30 million BONK to anyone who bought the phone.

“BONK, a meme coin on Solana, announced in June the airdrop of 30 million tokens for anyone who downloads the Bonk app through the Saga DApp (decentralized application) store. The drop value at the beginning of December was about $110, but in a month the token grew by 650% and now the drop is about $650. The Solana Saga phone costs $599. Because of this arbitrage opportunity, the Saga sales increased 10 times in the last 48 hours.”

The price of BONK has seen an increase of 866% since November 17, when it was trading at $0.00003.
​

​

Categories
Bitcoin Bitcoin ETF Cryptocurrency news

Solana Remains Favorite of Institutional Investors as Inflows Continue

Solana has recently gained favor with institutional investors, who have seen a sharp increase in the number of inflows the altcoin has recorded. This trend has continued with last week’s numbers showing a significant number of inflows for Solana compared to the likes of Ethereum.

Solana revenues reach $15.5 million

According to data from the latest CoinShares report, flows to Solana last week totaled $15.5 million. This occurred as some altcoins like Ethereum saw outflows during the week. For context, Ethereum outflows reached $7.4 million in the same period.

As a result of the latest round of inflows, Solana’s total assets under management (AuM) reached $74 million. This means that Solana’s AuM is up 47% year-to-date compared to Ethereum, which has fallen steadily this year, rising to $119 million in outflows so far this year.

Cardano is another altcoin that registered inflows during the week, but to a lesser extent. Its inflows were $0.1 million, bringing total assets under management to $24 million, an increase of $6 million so far this year. Other investment products registered $0.9 million, bringing its assets under management to $76 million.

In the same week, Bitcoin once again came out ahead in terms of inflows, with numbers surpassing those of Solana. The leading cryptocurrency recorded inflows of US$55.3 million, bringing its assets under management to US$24.205 billion. The asset’s inflows so far this month currently stand at a staggering $111.9 million.

In the same vein, Bitcoin inflows so far this year have also remained high, with inflows of $315 million so far. This further consolidated its position as the top asset with the most interest from institutional investors so far.

Short positions in Bitcoin were also not left out of the entry trend. Its weekly revenues total $1.6 million, while monthly revenues to date have totaled $4.5 million. Its inflows so far this year amount to $46 million, bringing its assets under management to $99 million. In total, the accumulated wealth from crypto investment products is nearly $33 billion.

“Following recent price appreciation, total assets under management (AuM) has increased 15% from its lows in early September, now totaling almost US$33 billion, the highest point since mid-August,” says the CoinShares report.

CoinShares also notes that the inflows may be related to excitement and anticipation of the US Securities and Exchange Commission (SEC) approving a Bitcoin spot ETF. However, the numbers are much lower compared to when asset manager BlackRock first announced it had filed for a Spot Bitcoin ETF.

Categories
Bitcoin Bitcoin ETF cryptocurrency exchange

Estate of bankrupt crypto exchange FTX abruptly bets more than $144 million on Solana (SOL)

Property belonging to now-defunct cryptocurrency exchange FTX was just seen betting more than $144 million on Ethereum (ETH) rival Solana (SOL) as the company’s bankruptcy proceedings unfold.

According to blockchain explorer SolanaFM, the address associated with FTX and its trading arm Alameda Research created a new stake of 5,546,217.04 SOL tokens.

Analysis by pseudonymous on-chain researcher Ashpool suggests that FTX subsequently staked all the tokens through Figment, a digital asset staking service built for institutions. According to Figment, Robinhood, Binance.US and Anchorage Digital are also betting on the platform.

On Solana, bettors currently earn around 7% APY (annual percentage yield), depending on the betting platform, and rewards are distributed every two to three days.

FTX ownership already owns roughly $1 billion in Solana, but much of it is locked up until 2028 as part of its vesting schedule agreement.

Solana co-creator Anatoly Yakovenko said last month that if he had the power, he would prefer FTX’s SOL tokens to be given directly to customers of the failed exchange as part of a compensation plan.

Categories
Bitcoin Bitcoin Investment cryptocurrency exchange Cryptocurrency news Investment News

Robinhood removes Solana, Polygon and Cardano, is reviewing crypto options from post-SEC lawsuits

Trading giant Robinhood is delisting a handful of prominent crypto assets in response to the US Securities and Exchange Commission (SEC) suing Binance and Coinbase for allegedly violating securities laws.

According to a new report from Bloomberg, Robinhood Chief Legal Officer Dan Gallagher told members of Congress that the company is pulling smart contract platforms Solana (SOL), Cardano (ADA) and Polygon (MATIC) after SEC clamped down on the digital asset industry earlier this week.

Furthermore, Gallagher told the House Agriculture Committee that Robinhood will also review its crypto options in the future.

Gallagher, who is a former commissioner of the regulatory agency, says Robinhood is “actively reviewing” SEC complaints “to determine what action to take, if any.”

Earlier this week, the SEC filed lawsuits against Binance and Coinbase, the world’s two largest cryptocurrency exchanges, for allegedly violating securities laws.

Robinhood, a popular asset trading platform that primarily trades equities, also offered 18 crypto assets to clients before announcing it will remove SOL, ADA and MATIC.

Per the report, SEC filings indicate that all three digital assets qualify as securities, and therefore offering them would qualify as selling unregistered securities.