Purchasing Solana (SOL) Coin: A Step-by-Step Guide

Solana (SOL), created by experts from prestigious tech companies like Intel and Qualcomm, stands out in the cryptocurrency world. Its innovative delegated Proof-of-Stake model makes it a forerunner in blockchain scalability, balancing decentralization and security effectively.

Understanding Solana's Technical Edge

At the heart of Solana's success is its unique Proof-of-History consensus mechanism, a groundbreaking approach that introduces a decentralized timekeeping system. This method resolves timing issues common in distributed networks, relying on validators to generate timestamps for each SHA256 operation. This strategy significantly reduces the network's load, enhancing efficiency.
Solana Coin, the native currency of this network, has made a notable impact in the crypto space. As of this writing, SOL ranks as the 108th largest cryptocurrency with a market capitalization of approximately $85 million.

Acquiring SOL Coin Through Binance

For those looking to invest in SOL Coin, Binance is the go-to exchange. It offers a combination of high liquidity and robust security, making it a preferred choice for investors.
To buy SOL on Binance, start by adding a USD balance to your account or purchasing a cryptocurrency that can be exchanged for SOL. Here’s how:
Visit the Binance homepage, navigate to the “Buy Crypto” section in the upper left corner, and select the “Credit/Bank Card” option.
In the transaction tab, choose the amount of USD you wish to use, and select Tether (USDT) in the Coin section.
After acquiring USDT, return to the “Buy-Sell” section, and click on the “Classic” trading interface.
Within the Classic interface, select the USDT market, search for SOL, and choose the SOL/USDT trading pair.
In the central buying area, enter the quantity of SOL Coin you wish to purchase.
Finalize your purchase by confirming the transaction details.
This simple process allows investors to easily and securely add Solana Coin to their cryptocurrency portfolios.

Ethereum's Upward Trajectory: Key Factors Behind Its Rising Value

Ethereum, ranking as the second-largest cryptocurrency globally, has recently witnessed a robust 4% surge, successfully reclaiming the crucial $2,000 mark. This surge, drawing keen interest from investors and market analysts, is significantly influenced by increased whale activity and notable network growth.

Influential Factors: Whale Activity and Network Expansion

On-chain analytics firm Santiment has observed a notable uptick in network growth and substantial whale accumulation within the Ethereum ecosystem. The largest 200 Ethereum wallets are holding an impressive 62,760 ETH, valued at approximately $124.1 billion. These top wallets have shown a remarkable 30.3% increase in their Ethereum holdings since November 21, 2022. Additionally, the Ethereum network has seen the creation of 94,700 new wallets since July, signaling heightened network engagement.

Market Dynamics: Rising Demand and Derivatives Market Fluctuations

Market experts, including Maarten Regterschot from CryptoQuant, have spotlighted a trend of strategic buying in Ethereum’s derivatives market. The Ethereum futures market has seen a substantial $700 million influx, suggesting a period of focused accumulation. This growing interest in Ethereum derivatives aligns with the overall positive market sentiment for the altcoin. Data from Santiment also shows a significant 20% reduction in Ethereum’s supply on exchanges over the past six months, hinting at a decline in selling pressure and paving the way for potential price appreciation. The formation of new wallets during this price uptick is regarded as a bullish signal for Ethereum.

Ethereum's Potential Path to $3,000

As Ethereum breaks past the $2,000 threshold, maintaining its upward momentum, market participants are speculating about the possibility of Ethereum reaching the $3,000 level.

FTX's FTT Token Soars Amidst Binance's Troubles

FTT Token's Remarkable Growth

While Binance navigates through challenging times, FTX's native cryptocurrency, FTT, has seen an extraordinary growth spurt, soaring over 55% in just two days. This surge has sparked discussions on whether it's influenced by Binance’s current situation or anticipations of the forthcoming FTX 2.0 platform.

Analyzing the Drivers Behind FTT’s Surge

FTT's impressive performance, marked by a 30% increase to a price of $4.51, and a 337% jump in its monthly market value, stands out particularly against Bitcoin’s performance. The token's growth has been mainly driven by substantial acquisitions by the top 10 whale wallets, which have collected FTT worth $12.8 million in a short span of 19 days.
Speculations are rife that this surge signals the onset of FTX 2.0, evidenced by strategic asset liquidations and significant fund transfers. These actions come in the wake of Binance’s major settlement with the US Department of Justice and FTX’s transfer of $474 million worth of assets, raising anticipations for the new era of FTX 2.0.

Contrasting FTT’s Growth with Binance's BNB

In a contrasting trend, Binance's BNB hasn't mirrored FTT's growth trajectory. Despite Binance resolving its uncertainties, BNB hasn't seen an expected price hike but instead has declined to $223.

FTT's Continued Upward Trajectory

FTT's current surge is noteworthy, especially considering its past links with FTX’s financial issues. With a recent peak of $4.3 and the token now trading at $4.52, surpassing a key resistance level, FTT is showing signs of sustained growth and renewed investor trust in the potential relaunch of FTX. This momentum could push FTT towards its next major resistance level of $4.9 and possibly higher, indicating a strong upward trend for the token.

Shiba Inu's Price Analysis: Navigating Support and Resistance Trends

Daily Chart Insights on Shiba Inu

In analyzing the daily chart for Shiba Inu (SHIB), a prominent feature is the resistance line that has been a significant barrier since February 2023. Overcoming this resistance line is essential for SHIB's future gains, as evident from the short-lived breakouts in August and November which led to losses, especially for futures traders.
On the daily chart, critical support levels for SHIB are identified at $0.00000761, $0.00000710, and $0.00000665. A closure below the $0.00000761 mark, a pivotal point in the November 21st drop, could significantly hinder SHIB’s momentum.
Conversely, the key resistance levels to observe are $0.00000807, $0.00000850, and $0.00000917. Successfully closing above $0.00000807, intersecting with the 200-day Exponential Moving Average (EMA), could propel SHIB’s short-term momentum.

Four-Hour Chart Perspectives on Shiba Inu

Shifting to the four-hour chart, an initial observation is the ascending channel pattern. However, recent declines saw SHIB fall below its support line, indicating a loss of upward momentum. The struggle to overcome the EMA 200 level (red line) further suggests challenges ahead for SHIB.
For short-term traders, crucial support levels on the four-hour chart are placed at $0.00000788, $0.00000762, and $0.00000741. A drop below the key support level of $0.00000762, which significantly impacted the recent decline, could lead to further momentum loss for SHIB.
As for resistance, levels to monitor are $0.00000810, $0.00000827, and $0.00000843. A breakthrough above the $0.00000810 mark, coinciding with the EMA 200, could provide a much-needed boost to SHIB’s short-term trajectory.

Ripple's XRP Gains Momentum Among Banks

Ripple’s cryptocurrency, XRP, is witnessing a steady increase in interest from institutional investors, with recent data showing significant inflows, despite the fluctuating crypto market.

Banks' Growing Investment in XRP and Other Cryptos

A report from the Basel Committee on Banking Supervision (BCBS) has revealed that 19 major banks from various global regions have invested a substantial €9.4 billion — about $10.27 billion — in cryptocurrencies, with XRP emerging as a noteworthy investment.
In the realm of these banks' crypto investments, XRP has carved out a considerable share, representing about 2% of total investments, equating to €188 million or $205 million.

This places XRP as the third most significant cryptocurrency in the banks’ portfolios, following Bitcoin (BTC) and Ethereum (ETH), which dominate with 31% and 22% shares, respectively. Investments in BTC and ETH tracking vehicles also play a significant role, accounting for 25% and 10% of the investments, respectively.
The BCBS report also highlights the inclusion of other cryptocurrencies like Polkadot (DOT), Cardano (ADA), Solana (SOL), and Litecoin (LTC) in these financial institutions' portfolios. While these hold smaller percentages, their presence indicates a growing acceptance of diverse public blockchains in the banking sector, signaling a shift in traditional financial institutions' approach to the crypto market.

XRP's Rising Institutional Appeal

The BCBS’s findings underscore the strategic adaptation of global banks to the evolving cryptocurrency landscape, with XRP gaining particular favor among institutions.
As reported by CryptoPotato, there has been a significant uptick in institutional inflows into the crypto market, with $1.32 billion pouring in recently. XRP alone attracted $0.5 million in inflows, alongside other cryptocurrencies like Cardano and Litecoin, which also experienced positive inflows.

Ethereum's Price Momentum Indicates Potential for Further Gains

Ethereum has shown a notable increase, surpassing the $1,950 resistance level, and is now eyeing a move past the $2,070 resistance, reinforcing the possibility of more upward trends.

Ethereum's Recent Uptrend and Key Support Levels

Ethereum has maintained stability and embarked on an upward journey, crossing the $1,950 mark. The cryptocurrency is currently trading above $2,000 and has surpassed the 100-hourly Simple Moving Average. A significant bullish signal was the break above a key bearish trend line with resistance near $2,010 on the ETH/USD hourly chart (data from Kraken). The pair shows potential for continued growth unless it falls below the $1,985 support.

Ethereum Gears Up for Additional Rises

Ethereum laid a strong foundation above the $1,900 level, leading to a substantial rise. It overcame resistance at $1,950 and $1,960, mirroring Bitcoin's movements.
The currency also ascended above the $2,000 threshold and the 100-hourly SMA. A crucial moment was the break above the bearish trend line near $2,010 on the ETH/USD hourly chart. Ethereum formed a high near $2,068 and is now consolidating its gains. It dipped below the 23.6% Fibonacci retracement level of the recent rise from $1,905 to $2,068, but remains well supported above $2,000 and the 100-hourly SMA.
Looking upwards, Ethereum encounters resistance near $2,050, with a significant barrier at $2,070. Surpassing this could fuel further bullish movements, aiming next for the $2,120 mark and potentially reaching $2,200. Further gains might lead to a push towards $2,250.

Limited Downtrend Potential for Ethereum

Should Ethereum struggle to breach the $2,070 resistance, a downward trend might ensue. Immediate support lies near the $2,000 level and the 100-hourly SMA.
The subsequent key support is at $1,985, corresponding to the 50% Fibonacci retracement of the recent surge from $1,905 to $2,068. A critical support level is at $1,965.

BNB Price Gains Steam: Potential for 15% Upsurge

The price of BNB is showing significant upward movement, having surpassed the $250 resistance mark, setting its sights on a potential ascent towards $300.

Rising Momentum in BNB Price

The price of BNB is on the rise, breaching the crucial $250 resistance level. Currently, it's trading above $255 and has crossed the 100 simple moving average on the 4-hour chart. A prominent bullish trend line with support around $253.5 on the BNB/USD 4-hour chart (sourced from Binance) is observed. If BNB sustains its climb above the $268 threshold, further upward momentum is likely.

BNB's Recent Market Performance

Recently, BNB has managed to stay afloat above the $240 resistance level, eventually overcoming the $250 barrier, paving the way for further advances beyond $255. BNB's price has increased by over 5%, outshining Bitcoin and Ethereum. A new high near $267.9 was recorded, and now the currency is consolidating its gains above the 23.6% Fibonacci retracement level from its swing low of $238.9 to a high of $267.9.
If BNB experiences another price surge, it might face resistance near $265, followed by a stiffer challenge at $268. A decisive break above this area could lead to a test of the $280 level, potentially opening the door for a rally up to $300.

Prospects of a Downward Correction

Conversely, if BNB struggles to breach the $265 resistance mark, it may undergo a downward correction. The first support lies near $260, followed by a more substantial support at $255.
The primary support is at $253, coinciding with the trend line and the 50% Fibonacci retracement level of the recent upward trend. A downturn breaking below the $253 support could steer the price towards the $245 support zone, with further declines potentially leading to a larger drop towards $238.

Key Technical Indicators

The 4-hour MACD for BNB/USD is moving positively in the bullish zone, and the 4-hour RSI for BNB/USD is currently above 50, indicating a strong upward trend.

ChatGPT Forecasts a Notable Rise in Solana's (SOL) Value

ChatGPT, leveraging its data analysis prowess, has made a striking forecast for Solana (SOL), suggesting a significant increase to $500 by 2024, a prospect that could be a boon for investors.

In-Depth Look at ChatGPT's Solana Price Prediction

As a tool adept at analyzing complex cryptocurrency trends, ChatGPT sees a bright future for Solana. It predicts that Solana’s price will surge to a remarkable $500 per token by 2024. This anticipated increase is attributed to the positive momentum in the cryptocurrency market and the growing popularity of Solana’s blockchain technology.
Several factors underpin ChatGPT’s bullish outlook on Solana. The cryptocurrency market is currently experiencing an upward trajectory, with leading cryptocurrencies like Bitcoin and XRP showing notable fluctuations. This overall positive trend is expected to benefit Solana.
Solana's blockchain, often regarded as a potential rival to Ethereum, is becoming increasingly popular due to its scalability, low fees, high-speed transactions, and a burgeoning community of developers and users, enhancing the appeal of Solana-centric projects.
The ongoing expansion and increasing adoption of the Solana ecosystem suggest a rising demand for the cryptocurrency, potentially leading to an increase in its market value.

Implications of ChatGPT’s Solana Price Projection

ChatGPT’s projection of SOL reaching $500 by 2024 reflects anticipation of a growing market demand. Another analysis by an asset management firm even predicted that Solana could escalate to over $3,200 by 2030, driven by its ecosystem's growth.
At present, Solana trades at $60.24, marking a 5.81% rise in the last 24 hours. According to ChatGPT’s analysis, this could signify an upward trajectory of over 700% for SOL. Although the crypto market is known for its volatility, Solana has demonstrated potential for significant surges in the past, suggesting a promising future for its investors.
Currently, Solana is trading at $60.24, having increased by 5.81% in the past day.

The crypto analyst explains a remarkable shift in the ethereum market

In a recent post made by Ali Martinez also known as @ali_charts, he has examined Ethereum’s market sentiment showing a tremendous change in the behavior of the largest hodlers.

Ethereum's Market Dynamics Undergo Changes

In analyzing Martinez observes a seemingly small but significant alteration on the part of big holders often known as “whales” on The Ethereum project. Recently, such whales have begun stockpiling Ethereum following a dormant phase. The shift is perhaps the single substantial buying activity that took place in the past two months according to what Martinez has been observing on social media.
This research is also supported data, where it can be concluded that these guys, have more than 10000 ETH. This trend has also been supported by Whale Alert, a crypto transaction tracker that identified two big Ethereum (ETH) transfers from Bitfinex to unknown addresses of about 21,229 ETH and 19,764 ETH. This suggests that it was intended for longevity and was transferred to a new wallet.

The surge of price in Ethereum causes whales profit taking

At the same time, the price of Ethereum also made a comeback, hitting over $2,000 on the weekend, and is now around at $2,023. Since November 17th there was increase by 6.10% in Ethereum. Some of these whales have started selling off their ETH as the price increases. Three major ETH transfers worth sellings about 51 thousand ETHs were signaled by Whale Alert with the first two valued at slightly above thirty-five million USD each and the third valued at slightly above twenty nine million USD.
With this chain of events depicted, an image of a vibrant Ethereum market is built, in which the behavior of big holders is closely connected to the price fluctuations of the crypto-coin and other general market patterns.

The key resistance break and potential Cardano (ADA) rally

ADA has recently bounced off the $0.350 support and if it can break the higher resistances like 0.388 and 0.395 that will be an indication that the bullish rebound has begun.

Key Support Levels for Cardano’s positivity trajectory

The price of cardano is now rising above the crucial $0.375 point. It trades above$0.380 for four hours and remains above the 100 SMA. A strong bearish trend line has also been established with support at $0.370 on ADA/USD 4 hourly charts (source, Kraken).
Therefore, this increasing nature is positive and may indicate that the ADA price increases towards at least $ 0.420 or $ 0.450.

Cardano’s market performance in recent times

Similar movements were earlier witnessed in Bitcoins and Ethereums; the most recent being a correction downwards from the USD 0.4090 which dropped below US$ 0.395 and US$ 0.388 supports towards ADA.

The currency however maintained its base around $0.350 and $0.3494 respectively before continuing with an upward trend. It moved past the $0.365 and $0.375 resistance levels as well as the 50% of the Fibonacci retracement that was brought about by the decline that occurred from $0.4090 to $3494.
Cardano now trades above the $0.375 level and the 100 Simple Moving Average(SMA) (4 hour) supported by a strong bullish trendline established around the $0.370 support level on the 4 hour chart.
At $0.3880, immediate resistance is expected, with a second level at $0.395 looking upwards. However, rising above that may be a push towards the $0.420 zone and even further gains that can shoot past $0.450.

Cardano's Support and Resistance Dynamics

A failure by ADA to break through the $0.388 resistance might lead to a correction within the downward direction. The immediate support is located near $0.370 while including the trendline and at $0.365 as it is supported by the 100th hourly SMA. However, a break below $0.365 will see a test on the lower $0.350 support with another one coming in at $0.335.

Parabolic SAR: A Signal for Another Dogecoin Surge?

Dogecoin enthusiasts are buzzing with the return of the Parabolic SAR signal, known for forecasting a staggering 23,000% rise in DOGE's value. The burning question now is whether this signal could spark another monumental rally for Dogecoin.

The Role of Parabolic SAR in Dogecoin's Historic Rise

In the recent cryptocurrency boom, Dogecoin notably outshone Bitcoin, Ethereum, and other altcoins, propelled by a meme-driven frenzy and endorsements from figures like Elon Musk. Before its remarkable surge in 2020, Dogecoin had been in a three-year slump. The scenario changed with the appearance of the 1M Parabolic SAR signal, hinting at a possible trend reversal. The impact was astonishing – Dogecoin soared to its peak in 2021 with a monumental 23,000% increase within a single year.

Could Parabolic SAR Usher in Another Memecoin Bonanza?

Created by J. Welles Wilder Jr., who also designed popular indicators like the Relative Strength Index and Average Directional Index, Parabolic SAR is a tool to predict trend reversals. It signifies when a trend might stop and shift in the opposite direction. In Dogecoin's case, the 2020 signal accurately marked the end of the downtrend, leading to a significant price rally. With Parabolic SAR's reappearance, speculation is mounting about whether Dogecoin is on the cusp of another major move.

Forecasting a 14,600% Surge for Dogecoin?

Given that the last appearance of the Parabolic SAR preceded a dramatic 23,000% rise, and another instance in April 2017 led to a 6,200% increase, averaging these surges suggests a potential 14,600% rise in Dogecoin’s value. These precedents have sparked new excitement in the cryptocurrency community, especially with growing interest in meme-themed assets ahead of the next bull market. This scenario could pave the way for another Dogecoin rally. However, it's crucial to remember that the unpredictable nature of cryptocurrencies means past trends don't always guarantee future results.

Bitcoin Surges to $38K, Crypto Market Gains $60 Billion in a Day

The crypto market has seen a significant boost, adding $60 billion in a single day, with Bitcoin leading the charge by soaring $3K to reach $38K.

Bitcoin's Resurgence to $38K

Bitcoin experienced a remarkable rebound, surging to $38,000, a level not seen in 18 months. Despite initial resistance from the bears causing a $2,000 dip, Bitcoin regained its momentum over the weekend, maintaining above $37,000. After facing a setback mid-week, with a drop to $35,000, Bitcoin swiftly recovered, adding $3,000 in less than a day to graze the $38,000 mark once more.
While Bitcoin has not yet firmly surpassed this level, remaining about $500 shy, its market cap has impressively grown by about $30 billion, now standing over $730 billion on CoinMarketCap (CMC).

Altcoins Register Positive Gains

In sync with Bitcoin’s volatile swings, the altcoin market has also seen significant activity. The larger-cap altcoins like ETH, BNB, XRP, TRX, LINK, and LTC have all posted gains up to 4%.
Ethereum, notably, has crossed the $2,000 threshold, while Binance Coin is trading above $250. More dramatic surges are observed in Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%). Avalanche stands out with a remarkable 27% daily increase, pushing its price well above $23.
The total cryptocurrency market capitalization has experienced a substantial boost, growing by over $60 billion overnight and nearing $1.45 trillion on CMC.

Bitcoin Surges to $38K, Crypto Market Gains $60 Billion in a Day

The crypto market has seen a significant boost, adding $60 billion in a single day, with Bitcoin leading the charge by soaring $3K to reach $38K.

Bitcoin's Resurgence to $38K

Bitcoin experienced a remarkable rebound, surging to $38,000, a level not seen in 18 months. Despite initial resistance from the bears causing a $2,000 dip, Bitcoin regained its momentum over the weekend, maintaining above $37,000. After facing a setback mid-week, with a drop to $35,000, Bitcoin swiftly recovered, adding $3,000 in less than a day to graze the $38,000 mark once more.
While Bitcoin has not yet firmly surpassed this level, remaining about $500 shy, its market cap has impressively grown by about $30 billion, now standing over $730 billion on CoinMarketCap (CMC).

Altcoins Register Positive Gains

In sync with Bitcoin’s volatile swings, the altcoin market has also seen significant activity. The larger-cap altcoins like ETH, BNB, XRP, TRX, LINK, and LTC have all posted gains up to 4%.
Ethereum, notably, has crossed the $2,000 threshold, while Binance Coin is trading above $250. More dramatic surges are observed in Solana (11%), Cardano (9%), Dogecoin (6%), Polkadot (8%), Toncoin (8%), and Uniswap (5.5%). Avalanche stands out with a remarkable 27% daily increase, pushing its price well above $23.
The total cryptocurrency market capitalization has experienced a substantial boost, growing by over $60 billion overnight and nearing $1.45 trillion on CMC.

Solana's Price Surge: An Opportunity Not to be Overlooked!

Solana (SOL) has recently breached the $65 threshold, experiencing an additional growth of 15% as of November 15th, thereby continuing its impressive upward trajectory. Following a slump to $8 by the end of 2022, triggered by the FTX bankruptcy, SOL has staged a remarkable rebound, registering gains exceeding 700%. Market experts and financial analysts are closely watching this prominent alternative cryptocurrency, which has recorded a monthly rise of nearly 200%, anticipating its potential ascent towards the $100 mark.

Robust Institutional Endorsement Fuels Solana’s Rise
Solana's standing as a formidable contender to Ethereum (ETH) is partly attributed to its robust support from institutional investors. The Grayscale Solana Trust (GSOL) has experienced a notable surge in institutional funds recently, with its value crossing the $200 mark. There was a period when GSOL shares traded at an astounding 300% premium over Solana's spot price, although this premium has since adjusted to around 100%.
Cathie Wood of Ark Invest has praised Solana's performance, stating, “Solana has excelled remarkably. It initially outperformed Ethereum in terms of speed and cost-efficiency, which is what initially attracted us to ETH. Solana is even more efficient and faster than ETH.” Wood's positive outlook towards Solana reflects her keen investment interest in the altcoin.

SOL Aiming for $100: A Realistic Goal?

The significant upward movement in SOL’s price has coincided with the Solana Blockchain's strong showing in decentralized finance (DeFi). From the start of October, the total value locked (TVL) in the protocol has surged from $233 million to a remarkable $557 million. The count of active wallet addresses in Solana’s DeFi segment has also seen a substantial increase, now standing at 130,554. The bullish trend in the price chart suggests that SOL's next targets could be $70 and possibly $100.

Bitcoin and Ethereum Analysis: Current Market Outlook

Bitcoin (BTC) Analysis:
Following a surprising sell-off, Bitcoin, the leader of the cryptocurrency realm, has made a resurgence, crossing the $37,700 mark, accompanied by whirlwind volatility. Altcoins, although yet to reclaim their pre-drop resistance levels, show potential for double-digit rallies if daily closing remains stable. What does this mean for the current BTC and ETH landscape?

As of now, Bitcoin, having found support at $37,600, is on an upward trajectory. Recent inflation data has been notably positive, and today's PPI (Producer Price Index) data, a leading indicator for CPI (Consumer Price Index), revealed a monthly decrease of -0.5%. This suggests a continued decline in inflation.

On November 13th and 14th, Bitcoin faced profit-taking, prompting hasty actions from panicked investors. However, after a significant sell-off, the price has rebounded to its initial position. Data from Glassnode indicates that addresses holding over 1,000 BTC have been engaged in rapid selling lately.

Regarding the price action, the robust bounce from the support line underscores the attraction of lower levels for buyers. Bulls will attempt to push the BTC/USDT pair past the resistance line, although formidable selling pressure from bears could pose a challenge. A decisive move above $38,000, with a successful close, is crucial.
In an alternative scenario, the current target rests at $34,400, with support levels in the
$32,400-$31,800 range.

Ethereum (ETH) Analysis:

ETH initially breached the $2,000 mark with ETF support, but the price volatility in BTC's domain led to a retreat from the formidable resistance zone. Ethereum must now regain the $2,000 level and conquer the resistance territory spanning $2,137 to $2,200. Achieving this feat would unlock the path to a new all-time high (ATH).
Furthermore, Ethereum has experienced a return to negative inflation. The chart below reflects data from the last 30 days, indicating a rise in network transactions and reasonable levels of ETH being burned.

SOL and AVAX: Shining Bright Amid Bitcoin's Weekly Lows

In a market clouded by bearish sentiment, a select few altcoins, notably SOL and AVAX, have defied the prevailing negativity to maintain their upward trajectory.

Bitcoin's Weekly Lows: A Recap

Over the last 24 hours, Bitcoin has witnessed a decline, sliding from the $36,000 threshold to hit a weekly low of $35,000. This descent comes on the heels of heightened volatility observed the previous Thursday, when Bitcoin surged to an 18-month pinnacle at $38,000 before experiencing a swift rejection that brought it below $36,000.
In the subsequent days, Bitcoin had appeared relatively stable, hovering around the $37,000 mark during the weekend and into Monday. However, signs hinting at a possible retracement began to emerge as Bitcoin dipped just above the $36,000 level. The release of US CPI figures initially had a limited impact, but the situation took a turn for the worse later.
Under mounting bearish pressure, Bitcoin plummeted to its weekly low of $35,000, as observed on Bitstamp. It managed to stage a recovery of nearly $1,000 thereafter. Nevertheless, Bitcoin's price currently remains below the $36,000 threshold, with its market capitalization teetering on the edge of dropping below $700 billion.

SOL and AVAX: The Resilient Exceptions

While most alternative coins traced a similar downward path as Bitcoin, two notable exceptions emerged in the form of Solana (SOL) and Avalanche (AVAX). These digital assets displayed remarkable resilience, with SOL and AVAX notching gains of 9% and 12.5%, respectively. SOL is edging closer to the $60 mark, while AVAX is priced at $19.
Additionally, other standout performers include LDO, KAS, RUNE, and ATOM, all registering double-digit daily price increases.
Despite an overnight decline that saw the total cryptocurrency market capitalization shrink by $40 billion, roughly half of this loss has since been recouped from the daily lows.

Early Identification of Meme Coins: A Guide for Savvy Investors

Introduction:
In the ever-evolving realm of cryptocurrencies, meme coins such as Shiba Inu (SHIB) and Pepe (PEPE) offer the promise of substantial returns. However, amidst the crypto frenzy, recognizing these hidden gems can pose a significant challenge. To assist in this endeavor, an experienced crypto analyst presents a concise roadmap for uncovering meme coins before they capture the spotlight on social media.

Tools for Timely Discovery:

Crypto expert BlackbeardXBT introduces a strategy for early meme coin detection utilizing the Dexscreener platform. This platform provides real-time data on both emerging and established projects, empowering investors to make well-informed decisions.

Steps to Identify Meme Coins:

Select your preferred blockchain network.
Navigate to the "New Pairs" section to explore recently introduced coin pairs.
Utilize the "Filter" feature to fine-tune your search criteria, considering factors such as liquidity, FDV (Fully Diluted Valuation), pair age, and 24-hour trading activity.
Prioritize elements such as liquidity, FDV, pair age, and 24-hour trading activity.
Confirm that the coin aligns with current or impending narratives.

Conclusion:

Unearthing meme coins with exponential potential is an exhilarating yet demanding pursuit. By employing tools like Dexscreener and implementing meticulous filtering, investors can enhance their prospects of identifying these concealed treasures early in their crypto journey. Whether one's preference lies with meme coins or utility tokens, comprehensive research remains the guiding principle.

Crypto Market Witnesses Influx of Capital for the First Time in 17 Months

In a noteworthy development, the cryptocurrency market is experiencing a net capital inflow after 17 months. This positive shift is primarily attributed to the increased supply of the top four stablecoins, marking a significant turnaround.

Data compiled by blockchain analytics firm Glassnode reveals that the 90-day net change in the supply of major stablecoins, including tether (USDT), USD Coin (USDC), Binance USD (BUSD), and Dai (DAI), has entered positive territory. This is a remarkable reversal of the trend that persisted since the collapse of Terra in mid-May 2022.

Stablecoins have played a pivotal role in facilitating cryptocurrency transactions since 2020. Consequently, the upswing in stablecoin supply indicates potential buying pressure and available resources that investors can utilize to acquire cryptocurrencies or engage in margin trading for derivatives.

It's worth noting that this indicator had turned negative during the initial half of May 2022, coinciding with the sharp decline of Terra's LUNA token, which was designed to support the blockchain's algorithmic stablecoin, UST. The sudden crash from $80 to mere cents resulted in substantial losses for investors and negatively impacted market sentiment.

Subsequent months witnessed a continued outflow of liquidity from the market due to various factors such as fund bankruptcies, challenges faced by crypto lenders, and issues at the FTX exchange. These events collectively eroded investor confidence, leading to the prolonged negative trend in the supply of stablecoins.
Now, with stablecoin supplies rebounding, the crypto market is showing signs of renewed vigor, drawing attention from investors and traders eager to take advantage of the fresh capital inflow.

Nasdaq's Proposal to SEC: Regulating Ethereum ETF Like Commodity Funds

Introduction:

Nasdaq has submitted a proposal to the SEC, seeking permission to oversee BlackRock's Ethereum exchange-traded fund (ETF) under the same regulations applied to commodity-based funds. This move follows the SEC's recent approval of Ethereum-based futures ETFs in October. Nasdaq aims to establish the iShares Ethereum Trust under its Nasdaq Rule 5711(d), which governs the listing and trading of commodity-based Trust shares.

Uniformity in Digital and Traditional Asset Regulation:

Nasdaq advocates for consistent regulations governing both digital and traditional assets. It suggests that both Bitcoin (BTC) and Ethereum (ETH) should be classified as commodities, aligning the rules for spot ETFs of these digital assets with those governing gold ETFs. These arguments are akin to those presented in spot Bitcoin ETF applications. Nasdaq contends that the SEC should permit spot Bitcoin or Ethereum-based ETFs, as it already allows the CME to host futures-based ETFs for these assets.

Ensuring Investor Safety:

Nasdaq assures that it meets all regulatory requirements to protect investors, including having a surveillance agreement in place to monitor market fraud and manipulation. It highlights its membership in the Intermarket Surveillance Group (ISG) and its partnership with Coinbase, both of which contribute to investor protection. Nasdaq asserts that market surveillance for spot Bitcoin or Ethereum is as robust as that for futures markets and aligns with SEC criteria.

ETF Details:

The proposed iShares Ethereum Trust will operate under a trust agreement between iShares Delaware Trust Sponsor and BlackRock Fund Advisors. Coinbase Custody Trust Company will serve as the Ether Custodian, storing most of the ETH securely. The ETF's net asset value (NAV) calculation may not follow U.S. GAAP, with iShares Delaware Trust Sponsor determining the NAV. Valuation will rely on the CME CF Ether-Dollar Reference Rate for pricing, calculated daily based on Ether-USD trading across major spot platforms.