The Solana Foundation, a non-profit organization dedicated to empowering developers and companies to build decentralized applications on the Solana blockchain, has announced the winners of its seventh hackathon. The event, called Grizzlython, brought together more than 10,000 participants from around the world who submitted 813 final projects across various categories, including Infrastructure, Payments, DeFi, Mobile, Gaming, DAOs, Network States, and Web3 Consumer.

According to the Solana Foundation, the Grizzlython was aimed at identifying the next wave of high-impact projects that could be launched on the Solana ecosystem. The event was sponsored by several companies, including Stripe, Amazon Web Services, Monaco Protocol, SolanaFM, Brave, Solana Mobile, Superteam, EasyA, and Hello Moon.

The Grand Champion prize of $50,000 in USDC and passes to attend Breakpoint, the annual Solana conference in Amsterdam from October 30 to November 3, 2023, went to Underdog API, a platform that enables anyone to seamlessly integrate dynamic NFTs into products and turn the blockchain into a shared data layer.

The Mobile track first prize was awarded to Tap, a cash app that makes sending, spending, and earning cash easy, powered by Solana and USDC, with an award of $30,000 in USDC. Meanwhile, the Infrastructure track first prize was awarded to Bunkr, a permissionless asset protection tool powered by code-based 2FA in your authenticator app of choice, also with an award of $30,000 in USDC.

In the Gaming track, first prize was awarded to Michi, a casual roguelike dungeon crawling game powering an ecosystem of games/products, with an award of $30,000 in USDC. For the DeFi track, first prize was awarded to DBL DEX, an on-chain periodic double auction DEX and DeFi primitive, with an award of $30,000 in USDC. Finally, in the Web3 Consumer track, first prize was awarded to Lancer, a marketplace for hiring developers on a per-task basis, with an award of $30,000 in USDC.

The Solana Foundation has expressed its excitement about the projects that have been launched during the Grizzlython hackathon, saying that the builders in the Solana ecosystem are paving the way for the mass adoption of blockchain technology. The judges also recognized several honorable mentions in each category. All the project submissions can be found in the Grizzlython public directory.

#Solana #SOl #Binance #crypto2023 #azcoinnews

This article was republished from azcoinnews.com

Altcoins, or alternative cryptocurrencies to Bitcoin, have been trading mixed today, with some seeing gains and others seeing losses. Solana (SOL) is one of the top performers today, up over 5%.
There are a number of factors that could be contributing to Solana's strong performance today. One factor is the upcoming launch of the Solana mainnet beta. The mainnet beta is a major milestone for Solana, and it will bring the network one step closer to full launch.
Another factor that could be contributing to Solana's strong performance is the growing popularity of NFTs. Solana is a popular platform for NFTs, and the demand for NFTs has been increasing in recent months.
In addition, Solana has been benefiting from a number of positive developments in recent weeks. For example, Solana recently partnered with Visa to enable Visa payments on its network. Solana also recently announced that it is working with Google Cloud to develop new products and services for the Web3 ecosystem.
Other altcoins that are seeing gains today include Avalanche (AVAX), Polkadot (DOT), and Terra (LUNA). Avalanche is a smart contract platform that is similar to Ethereum, but it offers faster transaction speeds and lower fees. Polkadot is a blockchain platform that connects different blockchain networks. Terra is a blockchain platform that is focused on stablecoins.
However, not all altcoins are seeing gains today. Some altcoins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), are seeing losses today. Dogecoin and Shiba Inu are meme coins that have gained popularity in recent months, but they are also known for their volatility.
Overall, the altcoin market is mixed today, with some altcoins seeing gains and others seeing losses. Solana is one of the top performers today, up over 5%.
Additional thoughts
The altcoin market is still relatively immature, and it is more volatile than the Bitcoin market. This means that investors should be careful when investing in altcoins. However, there are a number of promising altcoin projects that could see significant growth in the coming years.
Solana is one of the most promising altcoin projects. Solana has a number of advantages over other altcoin projects, such as its high transaction speed and low fees. Solana is also attracting a lot of attention from developers and investors.
Other altcoins that could see significant growth in the coming years include Avalanche, Polkadot, and Terra. These altcoin projects are all working to solve real-world problems, and they have strong teams behind them.
Investors who are interested in investing in altcoins should carefully research different projects before investing. Investors should also consider their risk tolerance before investing in altcoins.
#topGainer #SOl #NeverGiveUp

The Solana (SOL) price is at risk of breaking down from an ascending support line that has been in place since the start of the year.

Since the line has been in place for a long period of time, the breakdown below it would mean that the ongoing increase has ended. So, it could cause a sharp decrease toward the closest support.

Solana Price Risks Breakdown From Long-Term Structure

The SOL price has increased alongside an ascending support line since the start of 2023. While doing so, it reached a yearly high of $27.12.

However, the price has fallen since April 20 and is in the process of breaking down from the line. Since the line has been in place for 125 days, a breakdown from it would be a decisive bearish development.

The Relative Strength Index (RSI) gives a neutral reading. Traders utilize the RSI as a momentum indicator to assess whether a market is overbought or oversold, and to determine whether to accumulate or sell an asset.

If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.

SOL Price Prediction: Will Correction Continue?

According to technical analysis and price action from the six-hour time frame, the ongoing downward movement in Solana is expected to continue, leading to a bearish SOL price prediction.

This is mainly due to the wave count. Technical analysts use the Elliott Wave theory to determine the trend’s direction by studying long-term price patterns and investor psychology.

The movement in March and April (highlighted) appears to be a corrective structure, resembling a short-term A-B-C pattern. Since the movement is upward, the Elliott Wave theory suggests that the dominant trend is likely to be downward.

The decrease since the yearly high may also be another larger A-B-C corrective structure, with a low of $15 predicted if waves A:C have a 1:1 ratio (white).

Although this price level is below the previously identified horizontal support area, it coincides with the 0.618 Fib retracement support level (red).

Fibonacci retracement levels suggest that after a significant price change in one direction, the price will retrace or revisit a previous price level before resuming its original direction. As a result, this area is likely to act as a bottom for the price.

Looking at the above, it can be derived that The closest support area is at $17. While the next resistance is at $26.

If the SOL price increases above $26, it will indicate that the trend is still bullish. Therefore, the price may continue to rise toward at least $32.

#solana #crypto2023 #crypto #Binance #SOl

Solana, a major layer-1 blockchain, has experienced a tumultuous two years of price action, witnessing a significant -90% decline from its previous all-time high (ATH) in November 2021. Despite an impressive +147% pump in January 2023, driven in part by the integration with Neon EVM, SOL's 2023 recovery rally seems to be heading south. As the cryptocurrency faces a first major retracement for the year, investors are growing concerned about the potential for further plummeting price action. This analysis delves into the current state of Solana's price, the impact of key indicators, and the possibility of finding lower support levels. #EVM

Downtrend Continues: Solana Struggles to Regain Momentum

The rejection at $32.00 on July 14th has been a significant setback for Solana in 2023, leading to the first major retracement. As a result of the resistance at the top trendline, SOL is currently trading at $23.72, marking a 24-hour change of -4.2%. The downward movement has now reached -28% over the last 10 days, causing concern among traders who had hoped the 20DMA would provide strong support.

Threat to Support Levels: 20DMA Under Pressure

The 20-day moving average (20DMA), which initially offered support, now faces a threat as SOL rapidly slips below the level around $23.75. Historical data from June 6, when Solana fell below the 20DMA, shows a -30% bleed-out, hinting at potential further downward price action.

Next Potential Foothold: Lower Support at the 200DMA

As the 20DMA support level comes under pressure, attention turns to the 200-day moving average (200DMA), which currently sits around $21. This level is likely to serve as the next foothold for Solana if it continues to push lower.

Indicator Concerns: Overbought Signals Persist

Solana's key indicators offer little reassurance to investors. Despite a rapid cool-down on a grossly overheated Relative Strength Index (RSI), the indicator is still displaying an overbought signal at 53.5. The Moving Average Convergence Divergence (MACD) also mirrors this concern, showing bearish divergence at -0.31.

Risk-Reward Balance: Downside Appears Likely

With the current price direction risking freefall to lower support levels, the risk-reward structure for Solana reflects a downside dominance at 0.86 on the short-time frame.

In Summary:

While it is unlikely that Solana will hit zero, thanks to lower support levels at $21, $16.75, and $15, the cryptocurrency is still grappling with downward movements in the chart. As a result, many investors are reallocating their capital in search of more lucrative returns, with meme coins emerging as the top gainers in the space. The future remains uncertain for Solana as it navigates the challenges of the 2023 downtrend. #SOLANA #SOl $SOL #ATH