🚀 Navigating the ETF Approval Aftermath: A Revised Strategy for AVAX and SOL
In light of the SEC's recent decision, we re-examine the prospects for #AVAX and #Solana. Historical trends following ETF approvals show varied asset performances, making a cautious yet opportunistic approach essential.
#CryptoAnalysis #BitcoinETF #MarketTrends
As "The Crypto Sage," I'm here to navigate the latest surge in the crypto seas, particularly focusing on Avalanche $AVAX and Solana $SOL in the wake of the much-anticipated SEC decision on Bitcoin ETFs.
AVAX has shown a remarkable 12.2% increase, reaching $38.65, with trading volumes hitting $1.11 billion. This uptick reflects the growing investor confidence and market enthusiasm surrounding Avalanche's capabilities, especially in the NFT space.

Solana, with its price hovering around $102.02, projects a steady rise, potentially reaching $103.44. The fluctuations between $90 and $105 indicate market sensitivity to the upcoming SEC decision and its broader implications on digital assets.
These developments underscore the interconnectedness of the cryptocurrency market, where major regulatory decisions can significantly sway prices. After the SEC's verdict, which could redefine crypto's role in mainstream finance, AVAX and SOL present themselves as noteworthy players in an investor's portfolio. Their performance in these volatile times may offer insights into how digital assets can adapt and thrive amidst regulatory shifts.

Historical instances, like the SPDR Gold Shares ETF and Invesco's QQQ, show initial interest post-ETF launches, but broader economic factors often influence the long-term market reaction. Therefore, while AVAX and SOL show potential for growth, traders should remain vigilant of market sentiments and global economic influences.
In conclusion, while this article provides a snapshot of the current crypto landscape, it's crucial for readers to conduct their own research. Remember, this is educational content, not financial advice. Stay informed and agile in these exciting times in the crypto world.

Cryptonews Altcoin News  New Solana Meme Coin ‘WEN’ Airdropped to 1 Million Wallets – Here’s How to Check Eligibility
New Solana Meme Coin ‘WEN’ Airdropped to 1 Million Wallets – Here’s How to Check Eligibility

Ruholamin Haqshanas
Last updated: January 27, 2024 04:11 EST | 2 min read
    

Source: AdobeStock / Aleksandra Sova
WEN, a new Solana meme coin, has gained significant traction after being airdropped to over a million wallets.
The airdrop, which took place on Friday morning, was facilitated through the decentralized exchange (DEX) aggregator Jupiter, as part of a large-scale test of its new launchpad.
Jupiter will continue its airdrop spree next week with its own token, JUP, which is eagerly anticipated by nearly a million eligible wallets.
However, the WEN airdrop had an even wider reach, extending eligibility to over a million Solana wallets.
This included active Jupiter users from the past six months, holders of various popular NFT projects on the platform, and even owners of the Solana Saga smartphone.
Each wallet that met the eligibility criteria could claim an airdrop of 643,652 WEN tokens.
At the current price of $0.00009095, this translates to a value of over $58, according to CoinGecko. Since the airdrop, WEN has experienced a price increase of approximately 483%.
Different data sources reported temporary price spikes, with CoinMarketCap noting a peak at $2,915 and Birdeye recording a peak at $4,836.
However, both platforms currently show a significant drop in value from those peaks, with WEN now trading at a fraction of a penny.
While these price fluctuations may have caught some traders off guard, it is important to remember that token prices can be highly volatile, particularly during and immediately after an airdrop.
Meme coins, in particular, are known for their wild price swings.
Solana Meme Coins Continue to Make Waves
Despite the initial chaos, there is a history of Solana meme coins experiencing significant price surges, leading some WEN recipients to hold onto their tokens in the hope of a similar jump.
Specifically, some have speculated that the meme coin may follow in the footsteps of popular Solana tokens like BONK and Dogwifhat (WIF), which have seen their price skyrocket.
According to data from CoinMarketCap, BONK has gained more than 1,000% over the past year while WIF has surged by more than 110% over the past month alone.
Meanwhile, the Solana network managed to handle the immense demand during the airdrop, with approximately 118,000 wallets attempting to connect simultaneously, according to data from Solana Floor.
However, there were some technical issues reported during the early stages of the drop, particularly by the Phantom wallet, which experienced performance issues.
The Phantom team assured users that they would address these problems to ensure a smoother experience during next week’s JUP airdrop.
Solana continues to make waves in the crypto community as it achieves several significant milestones.
Earlier this month, the network surpassed Ethereum (ETH) in 7-day stablecoin trading volume for the first time ever.
As reported, the value of stablecoin transfers on Solana reached a staggering $103 billion last week, outperforming all other networks.
Ethereum secured the second position with $90.9 billion, followed by Tron with $82.3 billion and BNB Chain with $14.6 billion.
In addition to stablecoin trading volume, Solana also surpassed Ethereum in NFT trade volume for the month of December.

#meme #Solana. #binance #tradinginsight

Capital is steadily growing on Solana.
The total value locked (TVL) on the Solana network has crossed $1.8 billion for the first time since 2022, according to data on DeFiLlama.
Activity on Solana has been steadily rising since the end of last year, but the blockchain is still way off its all-time high (ATH) of $10.03 billion TVL, set on November 9, 2021.
Looking at the historical data, today’s milestone is no small feat. Throughout most of early 2022, there was roughly $4 billion locked on the network. It started 2022 with over $6 billion TVL.
That May, Terra’s UST stablecoin collapsed. It was a catastrophe that spread contagion across the industry and dealt a severe blow to crypto’s image. A sudden exodus of funds caused Solana’s TVL to plunge below $1.8 billion by June 16, 2022. It has stayed below this level until today.
Solana’s Price Recovers with TVL
The price of the network’s native token SOL has been climbing all week, according to data by CoinGecko. SOL is up 4.2% in the last 24 hours and 5.6% in the last seven days to trade at $105.19 at the time of writing.
The gains are spurred on by a market-wide rally led by Bitcoin and Ethereum, which in the last week have both climbed 8.5% and 7.2% respectively. The two coins have long dominated the market and it’s a general rule of thumb that when they’re doing well, every leading project is doing well.
Solana’s intraday gains yesterday far outpaced the two, but today the coin’s rally appears to have cooled a little.
Looking at the chart, Solana’s price has been here a few times since New Year, but has trouble breaking out. It has yet to reclaim its post-recession high of $123 set on Christmas Day, 2023, although with a current relative strength index (RSI) of 60 suggests healthy buying activity that is likely to continue.