Solana's Rally Hits 184% Gain in 30 Days as $19M in SOL Shorts Liquidate in 24 Hours

This weekend, the crypto community’s buzz centered on solana (SOL) and its notable surge in value against the U.S. dollar over the previous week. SOL has posted an 11% gain in the last 24 hours, with a striking 45.2% uptick over the week, ascending to the rank of the sixth largest asset by market cap.

Solana Leapfrogs in Crypto Race With 45% Weekly Rise
Among the leading ten crypto assets by market value, solana (SOL) has outperformed its peers this week. Currently, SOL boasts a 45.2% increase over the last week and has vaulted by 184% against the U.S. dollar in the last 30 days. On Saturday, November 11, trading prices for SOL ranged from $53.59 to $63.44 per coin. With around $4.41 billion in global trade volume over the past day, SOL ranks as the fifth most traded cryptocurrency in terms of trading activity.

The recent uptick in solana’s value has resulted in a significant number of short positions wagering on the digital currency’s decline being liquidated. Data from Coinglass reveals that solana tops today’s chart with short position liquidations amounting to $19.28 million. Concurrently, conversations about SOL’s rise are peppered across social media networks, including X.

“I missed SOL because less than 30 minutes after my bottom call when I went to buy it had pumped to $12 in one straight candle and now it’s at $62,” wrote Eric Wall. Meanwhile, others gloated over their SOL gains. “Mfers watching me make life changing gains with solana right now,” one individual remarked. Another added: “GM to all the people who understand why SOL is headed [higher] than it’s ever been! Now is the time to CHAD a bit more.”

Data from Cryptocompare indicates that on Saturday, SOL’s primary trading pair is tether (USDT), capturing 52% of the activity, with trades against the U.S. dollar ranking second at 17.83%. The Korean won is responsible for a significant 16.27% slice of all SOL trades, while BTC claims 5.83% of the market share.

#ETHvsBTC Ethereum, Bitcoin users reignite scalability debate as gas fees surge

Ethereum gas fees reportedly breached the $200-mark for certain high-priority transactions in the last 24 hours.

A recent spike in transaction fees on Ethereum and Bitcoin appears to have reignited the debate around solutions for scalability and the role of layer 2s.

Over the last 24 hours, cryptocurrency users began sharing screenshots showing double, occasionally triple-digit transaction fees on Ethereum and Bitcoin.

One screenshot showed gas fees were as high as $220 for a high-priority transaction on Ethereum while other screenshots showed figures around the $100 mark.

Bitcoin users meanwhile, reported fees that were around $10 for high-priority transactions. While this is relatively low, the average Bitcoin (BTC) transaction cost has hovered around $1 over the last three months, according to BitInfoCharts. BTC fees haven’t been this high since May.

At the time of writing, a transaction from an Ethereum hot wallet comes with a network cost of $45.65 for a $300 transfer on decentralized exchange Uniswap, according to a test transaction conducted by Cointelegraph.

The rise in gas fees have prompted proponents of Solana and other blockchains to flaunt how much cheaper transactions are on those respective chains.

One X (formerly Twitter) user, “Bobby Apelrod” noted that Solana only charges $55-60 per minute for all Solana users, while each “poor Ethereum user” had to pay that much for a single transaction.

“Currently, #PulseChain gas fees are 4'000X cheaper than Ethereum and 14'000X cheaper than Bitcoin,” said “KaisaCrypto.”

The price of network fees is dynamic and is a product of demand or how congested the network is. An increase in on-chain activity often occurs in bull markets or when market sentiment is strong, but an added side effect is the impact on lower income users.

“How does this help the unbanked and lower income population,” Lopez iterated in a post which showed a “high priority” Bitcoin transaction fee of $10.50 on Nov. 9.

#BTC Bitcoin Price Bullish Streak Takes A Break But Bulls Are Not Done Yet..

Bitcoin price rallied further above the $37,200 resistance zone. BTC is now consolidating and might aim for more upsides above the $37,600 resistance zone.

Bitcoin started a strong increase above the $37,200 resistance zone.
The price is trading above $36,200 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is consolidating gains and might continue to rise toward $38,000.

Bitcoin Price Remains Strong

Bitcoin price started a fresh increase above the $36,500 resistance zone. BTC gained pace for a clear move above the $37,200 resistance zone and rallied over 5%.

A new multi-week high was formed near $37,971 before there was a downside correction. There was a move below the $37,000 level. The price spiked below the 50% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high.

Bitcoin is now trading above $36,200 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair.

The pair is also holding the 61.8% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high. It is now consolidating near the $36,750 level and is now attempting a fresh increase. On the upside, immediate resistance is near the $37,000 level.

The next key resistance could be near $37,300, above which the price might accelerate further higher. In the stated case, it could test the $37,800 level. Any more gains might send BTC toward the $38,000 level.

Buy Dips In BTC?
If Bitcoin fails to rise above the $37,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,500 level.
The next major support is near the $36,200 zone or the trend line. If there is a move below $36,200, there is a risk of more downsides. the price could drop toward the key support at $35,500.

Tag: #BTC

Bitcoin's Current Uptick Just The Start, Benzinga Pinpoints 3 Major Catalysts Ahead $BTC

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In the ever-evolving landscape of digital assets, Bitcoin BTC/USD remains a topic of robust discussion and speculation, particularly in relation to what catalysts might propel its value to unprecedented heights.

Benzinga has identified three potential bullish catalysts that could send Bitcoin soaring.

The prospects of the apex crypto will be among the topics of deep conversation at Benzinga's Future of Digital Assets conference on Nov. 14, where investors and experts will converge to dissect the future trajectories of cryptocurrencies.

Spot Bitcoin ETF Approvals

The first catalyst centers on the potential approval of spot Bitcoin exchange-traded Funds (ETFs).

A spot ETF, unlike its futures counterparts, is based on the current price of Bitcoin and allows investors direct exposure to the cryptocurrency.

The U.S. Securities and Exchange Commission (SEC) has been historically hesitant to approve such investment products due to concerns over market manipulation and volatility.

The price of the smart contract platform Cardano ($ADA ) has risen significantly so far this year, as it’s up 53% year-to-date. Most of those gains came over the past month, with ADA moving up 49.7% in the last 30-day period and Cardano price predictions suggesting moderate growth for the rest of the month.

Cardano is at the time of writing trading at $0.376 per token after rising an additional 22% over the past week on gains that came shortly after on-chain analytics firm Santiment revealed Cardano has maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT ) and its public pre-production environment Kusama ($KSM ).

Various analysts have been making Cardano price predictions over the last few weeks, with some even pointing to a whopping surge of over 9,000% to reach the $30 mark.

As for the rest of November, PricePredictions’ machine learning algorithm has predicted the price of ADA will fluctuate between $0.30 and $0.32 showing a stable performance for the price of the cryptocurrency, although pointing to a slight downturn.

However, CoinCodex analysts, who use technical analysis and market sentiment, estimate that ADA could see some more growth in the near future as they project that ADA could reach $0.348.

According to analysts are crypto trading platform Changelly, the price of ADA could move to $0.33 by the end of the month, which would still represent some downside taking into account the cryptocurrency’s current price level.

Despite the price rise, institutional investors haven’t been betting on Cardano-focused investment products, with these only seeing $6 million of inflows so far this year and $300,000 so far this month, according to CoinShares.

Cardano’s ADA could rise as much as 43.5% in November as historical data suggests that the cryptocurrency’s price could go up this month based on average returns, although its median return over the month suggests a potential decline of 2.5%.