Solana's recent continued price increase is largely driven by memecoin trading on its network, according to the founder of a Solana-based decentralized exchange.

Zeta Markets founder Tristan Frizza said the token's increase in value was largely driven by an increase in memecoin trading activity on the Solana network.

“Memecoin has definitely become an important factor driving activity on Solana. Beyond speculation, this also demonstrates Solana's ability to handle high transaction volumes at low costs, making it the ideal environment for retail users.” Frizza shared with The Block.

To illustrate this, Frizza pointed to on-chain metrics such as Solana's total value locked (TVL) surpassing $4.9 billion. “This shows strong network activity, and the number of active users has also continued to increase, with monthly active addresses reaching a new high of 41.65 million in May,” Frizza added. .

Solana is up more than 5% in the past 24 hours and is currently trading at $175 at the time of writing, according to The Block's price page.

Solana is driven by growth in DeFi

According to this week's Bitfinex Alpha report, Solana's DeFi ecosystem is experiencing growth, as demonstrated by its lending, liquidity staking, and perpetual markets.

“The resurgence of Solana is due to the advantages it offers over other blockchains in terms of transaction speed per second and scalability. Both Solana and Ethereum continue to grow, but Solana's growth is notable

SOL technical analysis

Solana (SOL) is seeing an uphill battle between bulls and bears near a breakout level of $162.

If the bears prevail and push the price below $162, the SOL/USDT pair can drop to the 50-day SMA ($153). This level could act as minor support but is likely to be broken. The pair could then slide to $140.

If the bulls want to stop the decline, they will have to quickly push the price above $174. If they do so, the pair could rally to $189 and then $205. The bulls may have difficulty overcoming the $205 resistance.
#SOLUSDT $SOL

Solana developer says new crypto phone is 'crazy', but it already has $65 million in pre-orders

Steven Laver is currently the lead software engineer on Solana Labs' efforts to transform the crypto experience, by bringing blockchain capabilities to users.

It's called Chapter 2 and it's scheduled to launch in early 2025. Pre-orders for the new device are priced at $500, and Solana says it already has more than 130,000, or $65 million in pre-orders. .

However, at first glance, Steven Laver does not seem like the person who would lead the boldest project in cryptocurrency. He didn't even work in the crypto space until early 2022. The 43-year-old software engineer worked on BlackBerry in the 2000s and later helped develop the Windows Phone app store at Microsoft.

Chapter 2 is Solana's attempt to liberate cryptocurrency from the desktop and the dominance of Apple and Google application platforms. Silicon Valley powerhouses have long made it difficult for crypto-friendly mobile developers, by charging hefty fees or banning crypto apps from their platforms. In a world where investing, shopping, banking and everything else happens on smartphones, cryptocurrencies are still struggling to gain a foothold. Last year, Solana tried its hand with Solana Saga which worked on Android. Customers bought about 20,000 units, worth $600 each, too low compared to the target of 50,000. $SOL

After the Ethereum spot ETF will there be the Solana ETF?
Sharing on the CNBC program, BKCM CEO Brian Kelly commented that Solana could be the next approved crypto ETF.

The CEO shared:
"It's not the time when it's approved, what we need to pay attention to is the next moves of the market."
When asked about which crypto ETF will receive the "nod of approval" next, Mr. Brian Kelly replied that it is highly likely to be Solana. According to him, Bitcoin, Ethereum and Solana are the three major ecosystems on the market today. Nowadays, ETF SOL easily receives the most attention.
If the SOL ETF is considered, Robinhood and Coinbase will be the two names that gain the most. As it stands, these are the two platforms that account for the majority of SOL trading volume in the US.
However, unlike BTC or ETH, SOL does not yet have a futures ETF and is classified as a security by the SEC. So this seems to have less feasibility when compared to Bitcoin or Ether ETFs.
52 tokens were declared securities by the SEC
A leading ETF issuer also said they are not interested in launching ETFs other than BTC or ETH at the present time.
Bloomberg analyst James Seyffart said the process is that the Solana futures ETF must first be approved by the CFTC, and then consider the spot ETF. This process can take up to several years.
The FIT21 bill recently passed by the House of Representatives will likely push the timeline, but in general, the path to ETF SOL is still "thorny".

Technical analysis SOL May 23, 2024
$SOL

Solana (SOL) broke above the nearest resistance at $185 on May 20, but the bulls could not sustain the higher levels.

The price dropped below $185 on May 21, showing that the bears have not given up yet. However, the upsloping 20-day EMA ($161) and the RSI in positive territory signal that the path of least resistance is to the upside.

If the buyers overcome the hurdle at $165, the SOL/USDT pair could retest the key resistance at $205. This positive view will be invalidated in the near term if the price turns down and breaks below the moving averages.

NEAR Protocol prepares to launch NEAR AI: User-owned AI system

NEAR Protocol (NEAR) co-founder Illia Polosukhin announced in a social media post on Wednesday plans to launch NEAR AI, a user-owned AI system that allows users to create applications web3 without encryption on an end-to-end network. NEAR Protocol, a blockchain network that uses decentralized applications (Dapps) to improve user-friendliness, recently revealed plans to launch user-owned AI. Illia Polosukhin, co-founder of NEAR, revealed the protocol's plans to become the home for user-owned AI, aiming to optimize AI technology for user privacy and sovereignty. To achieve this goal, they founded NEAR AI, a research lab focused on AI projects. He tweeted:
“Today we announced that we will focus on making NEAR the home for user-owned AI. We need AI optimized for user privacy and sovereignty. With the introduction of user-owned AI, NEAR hopes to welcome anyone interested in building end-to-end Web3 applications without coding, shifting the focus from centralized units in branch." NEAR rose 4%, as the news appeared to have had an impact on its market price. This news also contributes to the continued attention that AI tokens have attracted over the past few months. #NEAR🚀🚀🚀

#SOLUSDT Solana Leads as the Fastest Blockchain Among Large-Scale Blockchains

Research from CoinGecko says Solana is the fastest among large-scale blockchains, with average daily actual transactions per second (TPS) reaching a record high of 1,504 on April 6, 2023 as the rush meme coin explodes. Such statistics make Solana about 46 times faster than Ethereum and 5 times faster than Polygon.

To determine the fastest blockchains, CoinGecko research analyzed the processing speeds of the top 30 blockchains based on their total value locked (TVL) ranking on DefiLlama as of May 15, 2024. Processing speed is measured using actual or executed transactions per second (TPS), calculated as a daily average to ensure standardized comparisons across as many blockchains as possible.

CoinGecko claims the highest real TPS value reported in the study may differ from other calculations because they use daily averages. TPS data is derived from publicly available information provided by the respective blockchain explorers and Dune Analytics. However, several blockchains, including Hyperliquid, PulseChain, Kava, Cardano and Rootstock, were excluded from the study due to lack of complete data.

Solana is the next brightest candidate for spot ETF after ETH

Recent buzz surrounding the possible approval of a spot Ethereum ETF has not only boosted Ethereum prices but has also attracted significant interest in Solana as the next brightest candidate for an ETF. Amid this optimism, Daniel Yan, co-founder of Matrixport, proposed a strategic direction for investors, suggesting a focus on Solana.

Is Solana the next candidate?

In a post on X, Yan analyzed the immediate market reactions to major ETF approvals and provided a strategic analysis for potential future moves. His insights are based on historical market behavior observed after the Bitcoin spot ETF was approved.

After the Bitcoin spot ETF was approved on January 10, BTC experienced a sharp decline (-15%) in the following weeks. The pattern of a sudden drop followed by a sharp increase could provide a warning to investors eyeing the possibility of Ethereum ETF approval.

While the intuitive reaction might be to invest in Ethereum, as its price has increased nearly 20% in the past 24 hours, Yan suggests a more nuanced approach that could yield greater benefits: “BUY SOL/ETH” trading strategy. This proposal is based on three main observations:

Next candidate for an ETF: Yan believes that Solana could be the next cryptocurrency to be considered for an ETF if the ETH ETF is approved. This expectation could lead to increased interest from investors and a potential rally in SOL's price.
#SOLUSDT

Inflows into BlackRock's Bitcoin ETF hit 6-week high

BlackRock's Bitcoin Spot ETF accounted for 95% of total inflows into US Bitcoin Spot ETFs on Tuesday, totaling more than $300 million in net inflows.

According to preliminary data from Farside Investors, BlackRock's iShares Bitcoin Trust (IBIT) recorded a massive inflow of $290 million on May 21. The total net inflow for all 11 ETF issuers combined was 305, 7 million USD. This latest number is also more than the total cash inflow in the previous 21 trading days combined. In total, more than $1 billion has flowed into spot Bitcoin ETFs over the past four trading days amid a fluctuating Bitcoin price rally.

However, Tuesday's big inflow figure was not without a decline. VanEck's Bitcoin Trust ETF (HODL) saw outflows of $5.9 million and Bitwise's Bitcoin ETF (BITB) saw outflows of $4.2 million.

Fidelity Wise Origin Bitcoin Fund (FBTC) had small inflows of $25.8 million; The rest are all zeros.

Enthusiasm for a Bitcoin ETF has been fueled by the rise in BTC prices over the past week, in which the asset has increased by 12%.

BTC hit a six-week high of $71,600 on May 21 but retreated below $70,000 in early trading on May 22, when it was trading at $69,444 at press time.

The possibility that the US Securities and Exchange Commission could approve spot Ethereum ETFs in the United States has also boosted crypto markets this week.
#bitcoin #ETHUSDT.

Bitcoin (BTC) experienced a surge, rising 8.5% within 24 hours to reach $71,926 on May 21. This price is just 2.5% off its all-time high. Bitcoin. Furthermore, BTC derivatives are showing favorable conditions to reach new ATHs in the coming weeks.

The recent price rally appears to be driven by growing optimism surrounding the approval rate of a spot Ethereum ETF in the United States and the general market trend of seeking inflation protection. This trend also pushed gold and the S&P 500 to new all-time highs on May 20.

Many traders wonder if Bitcoin's recent price surge is due to the excessive use of leveraged long positions and what is the significance of a spot Ether ETF?

The regulator's stance changed after the US Senate rejected SAB 121

Bloomberg senior ETF analyst Eric Balchunas raised the approval rating for the Ethereum spot ETF from 25% to 75% on May 20, due to political pressure. This adjustment comes after the US Senate rejected SEC policy SAB 121 on May 16, which would have imposed strict capital requirements on banks holding digital assets. of cutomer.

#btc #Solana⁩

#Sol Du doan gia Sol Q3
Up to 205$SOL
Up to 244.56 $SOL
Up to 275 $SOL