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Cryptonews Price Predictions  Solana Price Prediction as SOL Transaction Volume Reaches Record-High $1 Trillion – Adoption Rising?
Solana Price Prediction as SOL Transaction Volume Reaches Record-High $1 Trillion – Adoption Rising?

Joel Frank
Last updated: February 1, 2024 05:15 EST | 2 min read
    

The Solana (SOL) price is holding firmly above key short-term support levels and eyeing a retest of $100 amid optimism about a recent strengthening of network activity, as indicated by total SOL transfer volumes on the network nearly reaching a stunning $1 trillion in January.
Last around $98, the Solana price is up 6% from earlier session lows in the $92.50 region.
Crypto prices were pressured during late Wednesday and early Thursday trade by this week’s hawkish Fed policy announcement.
But optimism about strong network fundamentals and positive recent technical developments have seen the Solana price rebound strongly.
As per data presented by TheBlock, the number of active addresses on Solana has bene shooting up in recent days.
The 7DMA was last at 842,000, while the 7DMA of daily new addresses was last around 520,000.
That’s a new record high.
The 7DMA of daily value moved on-chain has also shot up to $44 billion, its highest since late 2022.
The explosion in on-chain activity comes amid Jupiter’s successful JUP token airdrop on the blockchain.
Jupiter is a Solana-based decentralized exchange liquidity aggregator and one of the blockchain’s most popular decentralized finance applications.
The airdrop event released 13.5% of the token’s total 10 billion supply and immediately created a new crypto unicorn.
JUP has a fully diluted market cap of nearly $6 billion.
Importantly, the Solana network held up perfectly under the strain of airdrop-related activity.
The recent surge in interest for the blockchain is a sign of its growing adoption.
That, combined with recent bullish technical developments, means Solana price predictions are likely to remain optimistic.
Solana Price Prediction – Where Next for Solana (SOL)?
Chart analysis suggests that the Solana price’s next stop is a retest of last year’s highs in the $126 area.
That’s because SOL recently broke a downtrend and bounced a retest of its 21 and 50DMAs in the $93-95 area.

Solana (SOL) Price Chart / Source: TradingView
That could mean fast and easy gains in the region of 30% for Solana from here.
But that could be just the beginning for the Solana price.
Indeed, SOL remains over 60% lower versus its 2021 record highs in the $260s.
But with adoption clearly fast on the rise and a broader crypto bull market in full swing, the Solana price could be on course to blast past its prior record levels.
It wouldn’t be out of the question for Solana to reach a market cap of $200 billion this bull market cycle.
That could mean 5x gains for the Solana price.
#solana #btc #binance #tradinginsight #web3

Over the past 24 hours, the non-fungible token (NFT) market has recovered a bit, bringing a ray of light to the daily NFT news roundup.
It’s up 11% in a day, at the time of writing, rising to $32,246,366.
Buyers and sellers are down about 1%, and transactions are up less than 1%, according to CryptoSlam.
Among the top 10 collections per sales volume, the day’s best performers are LIGO BRC-20 NFT (+130%) and Dokyo (+29%).
Overall, Ordinals are in the first place by sales volume, with %1.49 million. CryptoPunks follows it with $1.36 million.
Daily NFT news: Bitcoin and Solana cross swords over the 2nd place among the top 10, Ronin unveils a major wallet upgrade, and Rario is set to close the current platform and launch a new one.
Bitcoin and Solana Duke It Out
We’ve recently seen Bitcoin and Solana crossing swords over the coveted second place in the top 10 blockchains per NFT sales volume.
Ethereum has been firmly holding the first place, and it’s still there. Though its volume is slightly down, it stands at $9.4 million, according to CryptoSlam.
But the second-place occupant has been shifting between two other popular chains. Just yesterday, Solana was there, and today, Bitcoin pushed it out. The latter’s higher increase in sales percentage-wise tipped the scale.
Bitcoin is up over 21% in the last day, with a current volume of $7.6 million. Very close by is Solana, at $7.42 million. It’s up nearly 3% over the past 24 hours.

Source: cryptoslam.io
The fourth-placed Polygon, with a 65% increase, has a volume of $2.97 million.
The day’s winners are Panini, with a whopping increase of over 1,500%, entering the top 10, and Ronin, with a 390% rise.
And speaking of Ronin….
Ronin Reveals Wallet Upgrade
Ronin, an EVM blockchain crafted for developers building games with player-owned economies, announced a large upgrade to its official crypto wallet.
Sky Mavis, the company behind the popular play-to-earn NFT game Axie Infinity, is also behind the Ronin blockchain.
“This is a chunky update which we will deploy in phases over the next 14 days,” the team said.
The existing wallets will remain accessible during this upgrade release.

Per the blog post, the team is releasing “a flurry of new features” that will bring stronger security, multi-chain support (including Ethereum and other chains), an in-app browser, and more.
The new design will also allow users to see more NFT details, view individual token activity history, and receive Ronin, Axie, and Sky Mavis news.
Ronin Wallet will be able to connect to dapps like Uniswap, show NFTs on Ethereum and other supported chains, manage ERC-20 tokens on supported chains, send and receive crypto to supported chains, resolve users’ RNS names to addresses on another blockchain, etc.
Rario Closes Existing NFT Product, Plans a New One
Rario, a cricket-focused NFT platform, has announced the closure of its current platform.
The team said it could not live up to the users’ expectations due to the issues faced over the last half a year. These include the NFT sector crash, management failures, and new Web3 regulations creating industry headwinds.
Therefore, it has formed a new management team. But to make positive changes, they argued, they’ll have to sunset the current Rario product on January 29.
Wallet cash balances will be available for withdrawal until March 31.

That said, the platform has announced “a new and improved version of Rario.” In March, the team will launch a new platform with new cricket-based games.
However, the existing Rario cards will be unusable on the new gaming platform. The owners will get additional perks, with more details coming in February, the team said.
This has caused issues, with the platform acknowledging that “some” users “have experienced losses” from investment in these cards.
The team claims to be working with stakeholders on a compensation plan. More details should be available next week.

#nft #btc #solana #tradinginsight #binance

In the first bull run, I turned $700 into $155K, faced setbacks, but rebounded with a portfolio exceeding $1.5M. Here are my 12 rules for crypto success:Define your priorities: Navigate crypto's volatility by knowing what matters most to you.Avoid emotional attachment: Stay rational; don't get too invested in a coin, as blind faith often leads to losses.Hold winners, not losers: Resist selling winning tokens to pump underperformers; let winners thrive.Specialize in a niche: Focus on one sector for in-depth knowledge and better investment decisions.Buy in times of fear: Seize opportunities when others panic; remember Luna and FTX crashes.Embrace new ideas: Explore unconventional projects early on for potential massive profits.Have a clear investment thesis: Avoid FOMO-driven buys; know why you invest and when to sell.Reduce balance-checking: Set up notifications, resist constant balance checks, and avoid unnecessary actions.Favor new altcoins: In a bull run, focus on fresh coins with exponential growth potential.Take control of your destiny: Act to change your situation instead of complaining about external factors.Take profits strategically: Avoid previous mistakes by selling 50% when the price doubles to secure profits.Optimize information sources: Quality over quantity; focus on valuable information and cut out the noise.#binance #tradinginsight #btc #eth #trend

Cryptonews Price Predictions  Bonk Price Prediction as BONK Jumps 5% in 24 Hours – Time to Buy?
Bonk Price Prediction as BONK Jumps 5% in 24 Hours – Time to Buy?

Tim Hakki
Last updated: 18:51 GMT+7 8 tháng 2, 2024 | 2 min read
    

The market’s third biggest Doge-inspired meme coin, BONK, has rallied 6% in the last 24 hours to trade at $0.00001055 at the time of writing.
That’s just over 1% higher than it was this time last week, but the token has shedded 20.5% of its price in the last thirty days due to bearish sentiment.
Today’s breakout spurt is buoyed in part by a market-wide rally that added 4.6% to market leader Bitcoin and 3% to its closest contender, Ethereum.
BONK is issued on the Solana blockchain.
The network’s native SOL token is also doing well, posting growth of 7.4%. Since late 2023, BONK’s rallies have often mirrored those of its parent network token.
BONK’s Relative Strength Index (RSI) is currently sitting at around 58, which indicates healthy buying. When that number increases to 70, as it did earlier today and several times throughout January, the token is considered overbought, and thus overvalued.
The coin is currently sitting above its 30-day moving average, as seen by the pale blue line. This indicates better than normal near-term performance.

Source: TradingView
Memecoin BONK: A Primer
BONK launched on Christmas Day, 2022, shortly after the collapse of FTX dealt a major blow to the public image of the closely affiliated Solana blockchain.
Its creators airdropped 50% of the token’s total supply to various developers, NFT holders, creators and artists.
It hit an all-time high in the middle of the following December, when it traded at $0.00003416. Today’s price reflects a 70% pullback from that.
With its current market cap of $641,624,033, BONK is the 109th biggest cryptocurrency by market capitalization. That’s some way off the capitalization of the original, number one, Doge-based memecoin, Dogecoin (DOGE), which corners $11.5 billion of the market and sits in eleventh place. Dogecoin also utilizes its own Proof-of-Work blockchain.
Shiba Inu (SHIB) over on Ethereum is also way ahead, capitalizing $5.5 billion of the market.
Still, today’s BONK rally outdoes both its competitors in the last 24 hours. DOGE added 2.2% and SHIB added 4%.
#bonk #binance #btc #tradinginsight #meme

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

In today’s financial landscape, the Bitcoin price prediction becomes increasingly significant as BTC trades at $42,700, marking a 0.75% decrease on Thursday. This trend occurs amidst a surge in market activity, highlighted by nearly $1 billion inflows into Bitcoin ETFs over just three days. Additionally, external factors such as the severe cold in Texas have led to a notable 34% drop in Bitcoin’s hash rate, reflecting the cryptocurrency’s sensitivity to real-world events.
Further influencing the market is VanEck’s decision to delist their Bitcoin Strategy ETF, a move attributed to shifting investor interest and the fund’s performance. These developments collectively paint a complex picture for Bitcoin’s future valuation and market dynamics.
Bitcoin ETF Sees $1 Billion Inflow in Just Three Days
Recently launched spot Bitcoin exchange-traded funds (ETFs) witnessed net inflows of approximately 21,000 bitcoins in their first three days, amounting to around $894.6 million at the current Bitcoin price of $42,600. Significant contributions came from Fidelity’s Wise Origin Bitcoin Fund (FBTC) with 12,112 bitcoins and BlackRock’s iShares Bitcoin Trust (IBIT) with 16,362 bitcoins.
Following the U.S. Securities and Exchange Commission’s approval, Grayscale’s Bitcoin Trust (GBTC) experienced notable outflows, losing about 25,000 bitcoins in its transition from a closed-end fund to an ETF.

Despite Bitcoin’s price dropping by roughly 10% since the ETFs’ launch, they have generated a substantial $10 billion in trading volume in the initial three days, highlighting their impact in the broader market and sparking ongoing debate about Bitcoin’s future success.
Texas Cold Snap Causes 34% Drop in Bitcoin Hash Rate
With freezing temperatures causing a strain on Texas’s energy grid, Bitcoin’s hash rate experienced a significant 34% drop. The rate, measured in Exahashes per second (EH/s), fell from over 629 on January 11 to approximately 415 on January 15. It later recovered to 454 EH/s on January 16 as temperatures slightly increased.
Texas, accounting for about 29% of the U.S. Bitcoin hash rate, became a hub for mining companies relocating from China after the latter’s regulatory crackdown.

During this period of extreme cold, major mining operations like Marathon Digital temporarily halted their activities to help preserve the electrical grid’s stability. This fluctuation in the hash rate underscores the vulnerability of Bitcoin to external environmental factors.
Despite Texas’s power grid demonstrating resilience, the volatility in the hash rate poses questions about Bitcoin’s stability and its potential influence on market prices.
VanEck to Delist Bitcoin Strategy ETF Due to Performance, Investor Shifts
Less than two years since its launch, VanEck has decided to delist and liquidate its Bitcoin Strategy ETF, attributing the move to factors including investor interest and fund performance. This decision follows closely on the heels of the SEC’s recent approval for VanEck to list shares of its spot Bitcoin ETF.
The closure of the Bitcoin Strategy ETF, trading under the ticker XBTF on the Cboe BZX Exchange, was influenced by a comprehensive analysis of various elements, particularly operational efficiency and performance metrics. The fund is set to be delisted by February 6th, giving shareholders until January 30th to divest their holdings.

VanEck hinted that the SEC’s green light for spot Bitcoin investment vehicles played a role in their decision to phase out the futures-based ETF. While this development is expected to have an incremental impact on Bitcoin prices, it also mirrors the ongoing shifts and trends within the evolving ETF marketplace, highlighting the dynamic nature of financial investment instruments.
Next, let’s explore a forecast for Bitcoin’s price and take a closer look at its technical analysis.
Bitcoin Price Prediction

On January 18, Bitcoin (BTCUSD) is exhibiting a minor decline, trading at $42,688, down by 0.11%. In the 4-hour chart, a critical pivot point is established at $43,288. Bitcoin faces immediate resistance at $44,384, with further hurdles at $45,260 and $47,060. On the flip side, support is initially found at $42,374, followed by $41,469 and $40,492.
Technical indicators show the Relative Strength Index (RSI) at 44, suggesting a neutral market sentiment. The 50-Day Exponential Moving Average (EMA) is at $43,408, hovering near the pivotal level, indicating potential resistance.

Bitcoin Price Chart – Source: Tradingview
Chart patterns reveal that Bitcoin is currently consolidating within a tight trading range, fluctuating between $43,500 and $41,500. This pattern signifies a period of indecision among traders, as Bitcoin struggles to establish a clear directional momentum.
Conclusively, the overall trend for BTC/USD appears to be bearish below the $43,400 mark. However, should the price breach this level, the sentiment could shift. In the short term, the asset is expected to test its resistance levels, with any significant break potentially altering the current bearish outlook.
#btc #bitcoin #binance #bnb #tradinginsight

    

Source: a video screenshot, Youtube
BitMEX founder Arthur Hayes has predicted Bitcoin (BTC) to find support in the range of $30,000 to $35,000.
In a recent blog post, the crypto billionaire said he has purchased a Bitcoin put option with a strike price of $35,000, which expires on March 29.
He noted that Bitcoin appears to be “heavy” and anticipates a drop below the $40,000 mark.
He attributed this potential decline to the upcoming announcement by the U.S. Treasury regarding Treasury auctions and the issuance of new debt at the end of the month.
“I think Bitcoin will find a local bottom between $30,000 and $35,000,” he wrote.
“As the SPX and NDX dump due to a mini financial crisis in March, Bitcoin will rise as it will front-run the eventual conversion of rate cuts and money printing talk on behalf of the Fed into the action of pressing that Brrrr button.”
Arthur Hayes Believes Janet Yellen to Impact Bitcoin Price
Hayes also raised the question of whether Treasury Secretary Janet Yellen would have any impact on Bitcoin’s trajectory.
The crypto boss further observed that Bitcoin’s correlation with the S&P 500 (SPX) has diminished on the downside.
He suggested that the forthcoming event at the end of January might have a bearish effect on Bitcoin, considering the preference of both Bitcoin and the S&P 500 for increased liquidity.
Hayes pointed to the U.S. Treasury’s refunding announcement on January 31 as the next significant indicator.
Previously, Hayes had mentioned that the conclusion of the Bank Term Funding Program (BTFP) on March 12 could lead to a sharp correction in Bitcoin and other risk assets.
However, he also speculated that such a market correction might prompt the Federal Reserve to ease monetary policy, potentially aiding Bitcoin’s recovery.
Hayes outlined a scenario where the market turmoil bankrupts a few banks, compelling the Federal Reserve to cut interest rates and resume the BTFP.
He predicted that Bitcoin would initially experience a significant decline alongside the broader financial markets but would rebound before the Federal Reserve meeting.
Bitcoin’s Resilience Comes From its Status as Neutral Reserve Currency
According to Hayes, Bitcoin’s resilience stems from its status as a neutral reserve hard currency that operates independently of the banking system and is traded globally.
The BitMEX founder asserted that Bitcoin recognizes the Federal Reserve’s tendency to inject liquidity when faced with adverse circumstances.
While the specific terminology used by the Federal Reserve may change, Hayes believes that Bitcoin understands that printed money, regardless of its guise, remains printed money.
Consequently, he expects Bitcoin to rise significantly in anticipation of the Federal Reserve’s eventual decision to restart the money printing process.
In November last year, Hayes said he believed that Bitcoin would outperform bonds during times of war, despite a potential initial sell-off.
At the time, he discussed his observations regarding the net of RRP (Reverse Repo) and TGA (Treasury General Account) as indicators of dollar liquidity in the markets.
Based on these factors, he said he would adjust his pace of T-bill sales and Bitcoin purchases.
#btc #bitcoin #binance #trend #tradinginsight

Jupiter (JUP) Price Chart / Source: TradingView
Solana-based decentralized exchange (DEX) aggregator Jupiter just launched a massive airdrop of its native Jupiter (JUP) token, with the Jupiter price subsequently storming higher to turn the protocol into crypto’s latest unicorn.
A crypto unicorn is defined as a project/token with a market cap of over $1 billion.
As per DEXTools’, the Jupiter price was last around $0.65, giving it a market cap of just under $1 billion.
But given just 1.35 billion tokens are currently circulating out of a total of 10 billion, the protocol’s fully diluted market cap was last around $7.18 billion.
The Jupiter airdrop went live at 1000 am EST.
On decentralized exchanges, the Jupiter price quickly pumped around 70% from around $0.41.
As per a Flipside dashboard, 47.3% of the 1 billion airdropped JUP tokens have been claimed by eligible wallets.
As per Airdrop Official, 955,000 wallets were eligible to receive JUP tokens.

Jupiter’s JUP token will be dropped via 4 separate airdrop events.
Allegedly, a 17-year-old made over $1 million via the Jupiter aidrop.

How to Check JUP Eligibility?
Solana network users can check their availability to receive free JUP tokens via Solana Airdrop Checker.
All they need to do is post their Solana wallet address into the space and hit enter.
The website will then tell them what, if any, Solana airdrops they are eligible for.
If eligible, Solana users can head over to Jupiter’s LFG Launchpad, connect their wallet and claim their tokens.
Jupiter Price Prediciton – Where Next for JUP?
Given the JUP token is only on its first day of trade, chart analysis is very unhelpful for trying to predict the future Jupiter price.
Looking at the protocol’s tokenomics and fundamentals is a better starting point.
On the day of its token launch, Jupiter’s DEX volume surpassed $1 billion for the first time this month.
Weekly trading volumes could this week recover back to the highs seen in December around $4-5 billion.
Those are big trading volumes, worthy of a DEX with a market cap in the multiples of billions.
Ultimately, the future path of Jupiter’s trading volumes will likely have the greatest impact on the Jupiter price’s long-term outlook.
But potential investors should remember the ever-present risk that airdrop hype has resulted in an over-inflation of the JUP price.
That could leave JUP ripe to a short-term pullback.
If the Jupiter price falls back towards $0.40, this could be a nice dip for the longer-term bulls to buy.
#JUP #BTC #binance #tradinginsight