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This crypto cycle achieved some remarkable feats during Q1 2024, including the highest monthly and quarterly close in Bitcoin (BTC) history. However, BTC suffered a retrace that dragged Ethereum (ETH) and the rest of the crypto market down as the year’s second quarter started. Now that we are one month into Q2, the market faces another correction. The most recent retrace became the deepest of the cycle, with Bitcoin nosediving into the $57,000 support zone and Ethereum falling below $3,000. Despite the markets stumble, analysts remain optimistic for whats to come. Related Reading: Is This Cycles Bitcoin Bottom In? Analysts Forecast BTC Bounce Back What Makes This Cycle Different? Traders and analysts have urged investors not to panic about the retraces yet. A broader look shows that the market is above levels not seen since the last bull run. As many have discussed, theres a significant resemblance between this cycles performance and previous ones. However, analysts have also pointed out the singularities of this bull run. Compared to the 2020 cycle, altcoins didnt even run that hard over the last few months, as renowned analyst Altcoin Sherpa highlighted. After Wednesdays correction, trader and economist Alex Krüger weighed in on this cycles performance. Krüger concurs with some of Sherpas points, considering that the markets too many options have made the playfield more convoluted. Some thoughts on the current crypto cycle #1 The crypto cycle has been almost entirely driven by the bitcoin ETF. #2 ETH has been a major disappointment, but it has performed well overall for stakers and airdrop farmers. #3 Solana established itself as the chain of choice for — Alex Krüger (@krugermacro) May 1, 2024 Similarly, he also has noticed the desire to focus on making a quick buck and investing in short-term hype rather than on longevity. The trader highlighted that the Bitcoin exchange-traded funds (ETFs) have almost entirely driven this cycle. Besides BTC, memecoins have been the dominating narrative of the bull run, ranking among the top gainers of Q1 2024. Moreover, Krüger asserted that most market participants who missed the Bitcoin ETF run went all in on altcoins to compensate. As a result: They deployed late and poorly, going in larger at higher levels, and are now seething and at a loss, as too many altcoins have given up their entire 2024 gains in the last month. Ethereum Disappointing Run One of the crucial points of Krügers analysis is Ethereums overall unsatisfactory performance. To the crypto veteran, the second-largest cryptocurrency by market capitalization has been a major disappointment even though it has performed well for stakers and farmers. Despite seeing massive gains alongside Bitcoins run, Ethereum has not been able to challenge its all-time high (ATH) price set over two years ago. Furthermore, Solana overtook Ethereum after establishing itself as the chain of choice for retail traders. Its worth noting that the turmoil surrounding Ether and the Ethereum Network has seemingly affected the tokens recent performance. The king of altcoins is currently facing severe regulatory scrutiny. The suspicion of a spot Ether ETF rejection from the US Securities and Exchange Commission (SEC), alongside the news of the agencys investigation on the assets classification as an unregistered security, seems to have created uncertainty around ETH. Ethereum’s current landscape has reignited deeming conversations against its founders and the asset, possibly fueling the doubtful sentiment surrounding a sector of the crypto community. Despite the challenging landscape, many analysts consider that investors should not be bearish on Ethereum. After falling 4.5% and 14.39% in the weekly and monthly timeframes, ETH has recovered 3.3% of its price in the past 24 hours. Ultimately, Krügers consideration concludes that the cycle is not over. However, he points out that investors need to move out of the panic area and reignite the majors before finding a new narrative for this run. Related Reading: Ethereum Price Revisits Key Support, Can Bears Take Over? Ether is trading at $2,999.80 in the three-day chart. Source: ETHUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com
Solana has rallied more than 22% since last Thursday, riding the wave of renewed bullish momentum across the broader crypto market. As Bitcoin pushes toward all-time highs and Ethereum breaks key resistance levels, Solana has followed suit with impressive strength. The price surged to a local high of $181 before encountering resistance, where it now consolidates just below that mark, searching for support to fuel the next leg higher. Related Reading: Ethereum Hits Major Level After Biggest Weekly Candle In Years What Comes Next? While price action cools at a pivotal level, on-chain data shows significant growth in Solanas user base. According to Glassnode, the number of wallets holding 0.1 SOL or more has surged to 11.04 million in the past two weeks. This rapid increase in smallholder wallets points to a rising wave of adoption and network participation, particularly as interest in altcoins intensifies. Solanas consolidation just under $181 may act as a healthy pause before a continuation if bullish momentum persists. With the market heating up and retail interest returning, the current price structure could offer the foundation for a strong breakout in the coming sessions. The combination of price performance and rising user engagement suggests Solana may be positioning for a larger role in the next phase of the bull cycle. Solana Holds Key Support As Wallet Growth Signals Optimism Solana is now facing a crucial test as it consolidates just below the $181 resistance zone. After a sharp 22% rally over the past week, bulls must defend current levels to validate the uptrend and sustain momentum. Holding above the $170$175 support range would confirm strength and could pave the way for a renewed push toward the $200 level. However, the path forward isnt without risk. The broader macroeconomic environment remains fragile, with persistent fears of a global slowdown and continued uncertainty around inflation and interest rate policy. Despite these headwinds, the crypto market is staging a powerful recovery, and Solana is among the top performers. This rally may be more than just a short-term bounceit could mark the early stages of a larger bullish phase with significant upside potential. Investor sentiment is improving, and so is user engagement across key ecosystems. Top analyst Ali Martinez shared compelling on-chain data that reinforces this perspective. According to Glassnode, the number of wallets holding 0.1 SOL or more has surged to 11.04 million over the last two weeks. This rapid growth in smaller holders suggests growing retail interest and a widening user basecritical indicators for long-term strength. If bulls can maintain control at current levels and macro conditions dont worsen, Solana could be poised for a major move. The combination of technical momentum and on-chain engagement provides a strong foundation for the next leg higher. All eyes are now on whether the $181 resistance breaksor if Solana needs more time to build strength before the next phase of the rally begins. Related Reading: Ethereum Recovery Gains Strength: Massive Comeback Above Key Support Solana Faces Resistance As Price Pulls Back To Retest Support Solana (SOL) is consolidating just below the $181 level after a strong 22% rally from last week. As shown in the chart, price action surged above both the 200-day EMA ($161.88) and 200-day SMA ($181.11), signaling renewed bullish momentum. However, the current pullback from $180 to around $173.48 shows that the $181 level is acting as a key resistance, which has previously served as a rejection zone multiple times in the past. Volume remains healthy, and the recent move shows strong market participation, but bulls now need to hold the $170$172 range to maintain control. A successful retest of this area as support could set the stage for a breakout above $181. Failing to hold above this zone, however, could trigger a correction back to the $160$165 region, near the 200 EMA. Related Reading: HYPE Bulls Regain Control After Sharp Recovery Approaching Yearly Highs? Technically, SOL is attempting to break a multi-month downtrend and is forming a higher high structure for the first time since late December. The convergence of the moving averages suggests a pivotal moment. If buyers step in with conviction, a move toward $200 becomes likely. Until then, traders will closely watch the $181 level for a decisive breakout or rejection. Featured image from Dall-E, chart from TradingView
Cardano (ADA)s founder is a man of many words and many GIFs. Charles Hoskinsons comments, whether you agree or disagree with them, tend to spark discussions in the crypto community. Hoskinsons latest X reply spree covered issues from dating advice to his confidence in the ecosystem to Solanas recent struggles. As a result, several conversations [...]
The post Is Not Holding ADA A Red Flag? Cardanos Founder Thinks So, Community Pokes At Solana appeared first on Crypto Breaking News.
Solana’s price saw a notable recovery on Monday after a steep decline over the past seven days. This was supported by positive developments in the Bitcoin (BTC) and Ethereum (ETH) markets, which came alongside the approval of exchange-traded funds (ETFs) for both cryptocurrencies in Hong Kong. Additionally, Solana addressed its ongoing network congestion issues with a new update, aiming to rectify transaction failures and outages. New Update Tackling Implementation Bug According to Mert Mumtaz, CEO of Helius Labs, Solana’s recent network congestion issues were attributed to an implementation bug rather than a fundamental design flaw. Mumtaz clarified that Solana’s current predicament results from a flaw in implementing a specific protocol. According to Anza, a spin-off of Solana Labs, Solana has released a new update to its validator client software to combat this. The update, v1.17.31, aims to reduce network congestion and will be followed by further improvements in v1.18. Anza emphasized the update’s significance, urging MainnetBeta validators to adopt it. The enhancements introduced in the update are expected to mitigate Solana’s ongoing network congestion issues. Related Reading: Bitcoin Goes Pro: UFC Winner Wants $300,000 Bonus Paid In BTC Furthermore, validators were advised to upgrade their systems when there is less than 5% delinquent stake, ensuring they have sufficient time to monitor the node after the upgrade. Any issues encountered during the upgrade were to be reported to mb-validators. Solana Status, a trusted source, corroborated the announcement, recommending the v1.17.31 release for general use. Trent.sol, Solana’s developer and operations manager, emphasized that the effectiveness of the update would be proportional to its adoption across the network. While the improvements primarily target Solana’s Stake Weighted Quality of Service (SWQOS) and may not result in significant changes to the reliability of unstacked Tensor processing units (TPU) traffic, Solana users were advised to keep delinquency below 5% during the upgrade process. Furthermore, Anza hinted at additional enhancements in the pipeline, urging users to stay tuned for further updates. Solana Price Rebounds With 7% Surge After unveiling updates to enhance network efficiency, the Solana price has surged by over 7%. This surge has helped offset the ongoing downtrend experienced by Solana, which amounted to nearly 21% over the past month. In addition, the Hong Kong SFC has officially approved several spot Bitcoin and Ethereum ETFs, including asset managers such as China Asset Management, Bosera Capital, HashKey Capital Limited, and an in-principle approval for Harvest Global Investments. This regulatory approval has not only positively impacted the prices of Bitcoin and Ethereum but has also instilled a sense of positivity in the overall cryptocurrency market. As a result, the top 10 cryptocurrencies have witnessed significant uptrends, riding on the wave of these developments. Related Reading: Toncoin Defies Market Turmoil, Surges 25% To Tally All-Time High Details Despite the recent surge in Solana’s price, SOL’s trading volume has decreased by -44.70% in the last 24 hours, indicating a recent decline in market activity, according to CoinGecko data. Solana’s current trading price of $151.40 presents the first obstacle in the cryptocurrency’s path toward further price gains. If this hurdle is surpassed, the next significant resistance lies at $170, which would signify a recovery of SOL’s gains recorded over the past month. On the other hand, the $130 mark has proven to be a strong support level for Solana, representing the foundation of SOL’s one-month bullish structure, which propelled its price rally to nearly three-year highs of $210 on March 18. Featured image from Shutterstock, chart from TradingView.com
Solana (SOL) faced difficulties the past week after the networks transaction failure rate reached over 75%. Since then, Solanas core contributors have been working to find the congestion problems. SOLs price tumbled 7.8%, and users seemed worried about the networks state. Despite this, some analysts predict a more optimistic performance for SOL soon. Related Reading: Paradigm Drives $225M Funding Round For Monad Labs, Blockchain Rival To Ethereum, Solana Is Solana Poised For A Bounce? According to crypto analyst Bluntz, Solanas drop has reached its bottom. When the news of network congestion broke, the analyst predicted that SOLs price would likely fall to $160 before seeing a bounce. According to his chart, the performance was starting to show an ABC zig-zag pattern. At the time, the token was trading around the $184 price range, which meant that the C wave of $160 had yet to be confirmed. The analyst remained open to the possibility of a sideways correction. Nonetheless, he considered it would make no sense for sol/usd to sweep down lower below 160. On Wednesday, SOL reached a low of $162, sweeping the A wave low. To the analyst, this seems to be the bottom for SOLs price despite being $2 short of his prediction. As a result, Bluntz considers that the tokens price will go higher from here. ABC pattern on the SOL monthly chart. Source: Bluntz Another analyst, Immortal Crypto, pointed out that SOL has shown a good range between $210 and $160. According to the analyst, a deviation from here is a fat long, 100%. Despite the possible bounce forecast, analyst Altcoin Sherpa expects SOL to drop to $140, a level it has not seen in almost a month. Will The Network Upgrade Help SOL? In the last 24 hours, Solanas price has risen 6%, recovering from the drop to the $162 range. Despite a 7.8% drop in the past week, the price surged 13.5% in the last 30 days. Similarly, the daily trading volume increased by 28% in the past 24 hours, suggesting a surge in the tokens market activity. Nonetheless, investors remain concerned about the network as the problems continue, with some suggesting that the tokens price wont start pumping until the tech is sorted out. Solana is widely recognized for its fast transactions and low fees. However, the current on-chain failure rate presents problems for both users and developers. Responding to the critics and concerns, Austin Federa, Head of Strategy at the Solana Foundation, gave insights into the problem. Developers from Anza, Firedancer, Jito, and other core contributors are working diligently (and not sleeping much) to shore up Solana's networking stack to meet the unprecedented demand the network is seeing today. There's been a lot of threads on what exactly is causing the — Austin Federa | (@Austin_Federa) April 10, 2024 According to Federa, developers from the core contributors to the Solana chain are working diligently to shore up Solana’s networking stack to meet the unprecedented demand the network is seeing today. The developer explained that the implementation of a software system is today not robust enough to handle the amount of traffic being thrown at it. As a result, the core protocol developers are working to test and implement improvements, leaving increasing fees as a last resort. At the time of this writing, SOL is trading at $174.57. Related Reading: Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible? Solana performance in the weekly chart. Source: SOLUSDT on Tradingview Featured Image from Unsplash.com, Chart from TradingView.com
Password-stealing malware is being spread by hackers through NFT airdrops purporting to be Solana Phantom security updates.
Solana is currently in a network outage and is unable to process transactions. Anatoly Yakovenko recently stated that the network
Solana is developing a new web3-friendly mobile and released Solana Mobile Stack. Saga – SMS includes seed vault, Solana Pay,
Solana developers have tackled the “durable nonce transaction” bug that knocked the network offline for the fifth time this year earlier this month as network activity slows.
Solana, the famed high-performance blockchain and third-largest crypto by market capitalization, has nosedived by 12% following reports of its blockchain network suffering its second outage in the last month.
NFT minting bots on Solana contributed over 4 million transactions per second, knocking validators out of consensus and crashing the network for around seven hours.
Since launching its Proof of History, Solana has suffered issues with stability. In the last six months, the Solana network has recorded three outages.
Solana stands out as one of the top performers of 2021 in the crypto market. Let’s take a look back at some of the smart contract platform’s biggest stories of the year. Covered: Solana Receives SBF Approval Solana NFTs Grayscale Adds Solana Phantom Wallet To Add Mobile Support Solana Lands on Brave Browser comparison of […]
The post Top Five Solana Stories Of 2021 appeared first on CryptosRus.
Benyamin Ahmed, a 12-year-old artist, is also dipping into NFT poetry. Sold approximately $435,000 worth of NFTs via the Solana
The post has appeared first on thenewscrypto.com
The Solana blockchain network is back online after several hours of outage that denied users to transact digital asset products. (Read More)
Solana and Worldline are bringing global payment solutions to Web 3.0.
Solana faced heightened volatility yesterday, dropping 7% following the Federal Reserve’s announcement of a 25 basis point rate cut and fewer projected cuts for 2024. Despite the sell-off, Solana’s price action remains resilient as it managed to hold above a critical support level, reinforcing confidence in its ability to weather macroeconomic shifts. While the market [...]
The post Solana Holds Monthly Support As Network Activity Grows Time For A Breakout? appeared first on Crypto Breaking News.
Solana activity hits record highs on multiple metrics, but data reveals its performance may be inorganic.
Institutional investments in Solana-based applications surged to $173 million in Q3 2024, marking a significant increase, according to a Messari report.
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