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🤔 Is Solana Becoming The Preferred Choice For Ethereum Developers? SOL’s Uptrend Suggests A Shift According to a recent analysis by Jack Inabinet, Senior Analyst at Bankless, with significant growth in key metrics and SOL’s year-to-date increase of 770%, Solana has solidified its position as a top-tier blockchain. Native teams within the Solana ecosystem played a key role in its resurgence, but now non-native protocols are also seizing the opportunity.  🔸 Developers Deliver On Hype Solana’s comeback, from a low of $8 in December 2022 to an annual high of $210 in March, is one of the most notable uptrends of this bull cycle. According to Inabinet, developers have delivered on the hype, starting with the PYTH airdrop, the Pyth network’s native token. This incentivized users from different ecosystems to explore SOL by assigning tokens to addresses interacting with Pyth oracles across multiple networks.  Additionally, Solana-native liquid staking protocol Jito Labs conducted its airdrop, catalyzing “mass adoption” through points-based incentive systems. While Solana-native protocols laid the foundation for the platform’s mainstream adoption, Ethereum developers are increasingly migrating to SOL. Inabinet highlights that recognizing the significant on-chain activity within Solana, projects are eager to capitalize on the opportunity.  🔸 Ethereum Developers Flock To Solana For example, the decentralized compute-sharing network Render migrated its token to the Solana Program Library (SPL) standard, and MetaMask introduced Solana compatibility by introducing “Snaps.”  In addition, according to Inabinet, Aave, Ethereum’s first lending destination, has approved the deployment of a minimally viable version of its V3 isolated money market through Neon Ethereum Virtual Machine (EVM), a compatible Ethereum development environment built on top of Solana.  Proposals for independent deployments, such as the EVM-based perpetual trading platform GMX, further demonstrate the growing interest in SOL. $SOL #SOL $ETH #ETH

🤔 Is Solana Becoming The Preferred Choice For Ethereum Developers? SOL’s Uptrend Suggests A Shift

According to a recent analysis by Jack Inabinet, Senior Analyst at Bankless, with significant growth in key metrics and SOL’s year-to-date increase of 770%, Solana has solidified its position as a top-tier blockchain. Native teams within the Solana ecosystem played a key role in its resurgence, but now non-native protocols are also seizing the opportunity. 

🔸 Developers Deliver On Hype

Solana’s comeback, from a low of $8 in December 2022 to an annual high of $210 in March, is one of the most notable uptrends of this bull cycle.

According to Inabinet, developers have delivered on the hype, starting with the PYTH airdrop, the Pyth network’s native token. This incentivized users from different ecosystems to explore SOL by assigning tokens to addresses interacting with Pyth oracles across multiple networks. 

Additionally, Solana-native liquid staking protocol Jito Labs conducted its airdrop, catalyzing “mass adoption” through points-based incentive systems.

While Solana-native protocols laid the foundation for the platform’s mainstream adoption, Ethereum developers are increasingly migrating to SOL. Inabinet highlights that recognizing the significant on-chain activity within Solana, projects are eager to capitalize on the opportunity. 

🔸 Ethereum Developers Flock To Solana

For example, the decentralized compute-sharing network Render migrated its token to the Solana Program Library (SPL) standard, and MetaMask introduced Solana compatibility by introducing “Snaps.” 

In addition, according to Inabinet, Aave, Ethereum’s first lending destination, has approved the deployment of a minimally viable version of its V3 isolated money market through Neon Ethereum Virtual Machine (EVM), a compatible Ethereum development environment built on top of Solana. 

Proposals for independent deployments, such as the EVM-based perpetual trading platform GMX, further demonstrate the growing interest in SOL.

$SOL #SOL $ETH #ETH

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👀 Near Protocol Breaks Out From Wedge Pattern: Why This Could Trigger A 37% Crash Near Protocol has had a good year in 2024 so far and has continued to hold up quite nicely despite the multiple crashes that have rocked the market. However, it seems that the altcoin may have exhausted its runway, as a crypto analyst believes its earlier breakout is very bearish for the price. 🔸 Near Protocol Breaks Out Of Wedge Pattern At the start of the month of May, the Near Protocol price had formed a wedge pattern after falling to $5.5 and then recovering slightly. This wedge pattern would hold its price in a tight range for a while. However, by the middle of the month, the Near Protocol price broke out of the wedge pattern and began a move upward. Following the breakout, the altcoin’s price saw an over 15% recovery that put its price firmly above $8, but this did not last for long. Once the Bitcoin price began to retrace and the crypto market followed, so did the Near Protocol price decline. This confirmed the bearishness hat was brewing in the price of the coin. Crypto analyst Kledji Cuni revealed in a TradingView post that this breakout remains bearish for the price. According to him, the pattern is still very solid, meaning that the breakout actually marked the beginning of the bearish trend. As for how the price will move from here, the analyst expects that Near Protocol will continue to fluctuate around its current level of $7.3. However, the downtrend is expected to happen regardless. “The price may spend some time in the same zone before it moves down for an impulsive,” he stated. Targets for the decline include an initial 8% drop to $6.78. Following this is another expected drop down to the $6 level. Then finally, the analyst expects the downtrend to bottom out around $4.6. If it goes this low, it would mean a total decline of 37% from its current price. $NEAR #Near
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⚡️ Bitcoin's New ATH May Be Only Two Weeks Left! Analyst Announces the Events That Will Take BTC to ATH! While Bitcoin reached a new ATH in March, breaking its previous ATH of $69,000, it subsequently fell sharply. While the selling pressure of long-term investors was effective in these declines, recent data indicating that the selling pressure in BTC has decreased has increased bullish expectations. At this point, while investors are waiting for a new ATH from BTC in the short term, 10X Research founder Markus Thielen, who is very successful in his predictions, announced the events that will take Bitcoin to the new ATH. Pointing out that June inflation data is important for Bitcoin, Thielen claimed that if CPI data is 3.3 percent or lower, BTC will reach a new ATH. Stating that spot ETF inflows, apart from US inflation data, remain strong will have a positive impact on the price increase, Thielen said that he believes that spot Bitcoin ETF inflows will “remain strong” in these two weeks before the June CPI results are announced. According to Thielen, if the CPI data is higher than expected, the upward momentum in Bitcoin may weaken. 💬 “Bitcoin price movements may seem random to most people, but there are no random movements in BTC price. Everything depends on critical drivers and the main driver for BTC is inflation. At this point, traders who know how Bitcoin reacts to CPI data should have confidence in trading in the opposite direction of the CPI change from the previous month. “If inflation reaches 3.3 percent or lower in June, Bitcoin could hit an all-time high.” $BTC #BTC
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🔥 5 Cryptocurrencies With Hidden Bullish Potential 🔸 Decentraland (MANA) Decentraland, one of the overlooked NFT tokens, once ignited a massive bullish momentum within the entire crypto space. Along with SAND, the MANA price revitalized the NFT sector, leading to the emergence of many intriguing coins. Currently, the price is closely consolidating within a very narrow range but has maintained an ascending trend. 🔸 Pyth Network (PYTH) Pyth Network has been struggling within a deep bearish trend and has reached below its crucial support zone. Although the bulls are showing some strength, the bears seem equally capable of restricting excessive bullish activity. As long as the prices trade below $0.51, the token can be considered to be in an accumulation zone. 🔸 Sei (SEI) Sei has gained significant attention recently, with its price soaring by more than 600% to reach above $1. However, the rally turned in favor of the bears for a while, and the token has been trading sideways. This indicates that bulls and bears are maintaining equal strength as they defend their respective resistance and support levels. Following tremendous compression, the SEI price may break out and begin a new uptrend soon. 🔸 Fantom (FTM) Fantom’s price has been trading within an expanding rising channel, and after defending the lower support zone, it triggered a fresh rise. Despite a recent downturn, the bulls have shown vigor, indicating the possibility of a solid upswing. The price is quite close to $1, and a slight bullish push could take the levels above this region. 🔸 Ethena (ENA) After facing a significant pullback from its highs, the ENA price traded within a falling wedge. Following a breakout, the levels have risen to some extent. However, the price is currently undergoing a small pullback, indicating that the token is approaching the end of its retracement phase. Beyond this, a steady rise may be on the horizon, potentially lifting the ENA price back towards its highs. $ENA $SEI $PYTH #MANA #FTM
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