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Solana's Phantom Wallet Spike in Popularity, Surpasses Facebook Solana's Phantom Wallet, a popular app for accessing Solana's web3 ecosystem, has surpassed Facebook and ChatGPT in the Google Play Store's U.S. rankings. Currently ranked #11 behind Cash App and Snapchat in the free download category, it saw an estimated 770,000 downloads in April. Phantom Wallet, originally designed to hold only Solana ( CRYPTOCAP:SOL ) tokens, has since expanded to support Bitcoin, Ethereum, and Polygon. It also secured the third position in the Apple App Store's utility category, just behind Google and Google Chrome. In April, it reported over 7 million active monthly users, a sign of growing adoption. The token was trading just above $168, marking a modest 1.35% increase in the last 24 hours and a 16.9% jump over 30 days. Technical Outlook Solana ( CRYPTOCAP:SOL ) is down by 0.26% trading with a Relative Strength Index (RSI) of 54.48 which is poised for a trend reversal. Despite the token sale from FTX, Solana was able to retain the $160 support level.
COINBASE:SOLUSD
by DEXWireNews
2
SOL Down 4% As FTX Bankruptcy Estate Concludes Solana Token SaleFTX's bankruptcy estate has completed the sale of $2.6 billion worth of Solana ( CRYPTOCAP:SOL ) tokens at significant discounts. Figure Markets and Pantera Capital were among the latest buyers, acquiring a block of 800,000 tokens for approximately $80 million, equating to about $102 per token. Solana ( CRYPTOCAP:SOL ) is down 3.3% on the day. Pantera Capital also participated in the auction, although the specific price paid remains undisclosed. Both the FTX estate and the involved firms did not immediately comment on the transactions. The liquidation of Solana ( CRYPTOCAP:SOL ) tokens has been a contentious issue in the FTX bankruptcy proceedings. While FTX creditors will receive full repayment plus interest, they will not regain their crypto assets, potentially missing out on future market gains. Earlier in May, FTX announced that the estate would have up to $16.3 billion to distribute, while it owes approximately $11 billion to over two million customers and other creditors. Pantera Capital aimed to raise $250 million to purchase Solana tokens from FTX in March, winning a batch of discounted tokens in April. Due to the token sale campaign, Solana ( CRYPTOCAP:SOL ) is down 4.54% at $168.14 with the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) showing impending bearish trend coming up.
COINBASE:SOLUSD
by DEXWireNews
2
Should You Long SOL on Solana ETF Rumors? A Deep DiveCNBC's Brian Kelly, a crypto investor and "Fast Money" trader, recently ignited a debate by suggesting Solana (SOL) could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the US. While this news might sound bullish for SOL, the decision to "go long" – meaning buying and holding for a price increase – requires careful consideration. Here's a breakdown of the factors to weigh before diving into SOL based on ETF speculation. Potential Benefits of a Solana ETF • Increased Accessibility: An ETF streamlines the process of investing in SOL. Unlike buying directly on crypto exchanges, which can be intimidating for new investors, an ETF would trade on traditional stock exchanges. This could attract a wider audience and potentially drive up demand for SOL. • Enhanced Liquidity: ETFs generally trade with higher daily volume compared to individual cryptocurrencies on exchanges. This increased liquidity could benefit SOL by making it easier to buy and sell without significant price fluctuations. • Boosted Credibility: SEC approval of a SOL ETF would provide a significant stamp of legitimacy for the project. This could attract institutional investors who are often hesitant to enter the unregulated crypto market. A potential influx of institutional money could significantly boost SOL's price. However, Don't Get Carried Away Yet • Uncertain Approval Timeline: While Kelly's prediction sparked a conversation, it's important to remember it's just speculation. The SEC has not officially confirmed plans for a Solana ETF, and the approval process could take months or even years. • Regulatory Hurdles: Just like with Ethereum ETFs, the SEC might raise concerns about potential market manipulation or the underlying technology of Solana. These hurdles could delay or even derail the approval process. • ETF Structure Matters: The devil is in the details. Not all ETFs are created equal. Some might hold actual SOL, while others might use derivative contracts. The specific structure of the proposed ETF will significantly impact your investment exposure. Alternatives to Consider • Direct SOL Purchase: If you're confident in Solana's long-term potential, buying SOL directly on a crypto exchange could be a viable option. However, ensure you understand the risks associated with managing your own crypto wallet. • Diversified Crypto Funds: Several investment funds offer exposure to a basket of cryptocurrencies, including Solana. This might be a good option for investors seeking broader diversification within the crypto market. Ultimately, the decision to "go long" SOL should be based on your individual investment goals, risk tolerance, and thorough research. Don't base your investment solely on ETF speculation. Analyze Solana's fundamentals, track its development roadmap, and stay updated on regulatory developments. Here are some additional factors to consider: • Solana's Recent Performance: While SOL has experienced significant growth in the past, its price can be volatile. Analyze its historical performance and understand the risks involved. • Competition within the Smart Contract Space: Solana faces stiff competition from established players like Ethereum and emerging projects. Research how Solana is differentiating itself and its long-term competitive advantage. • Your Investment Horizon: Are you looking for a short-term trade or a long-term investment? ETFs might be more suitable for a long-term approach, while direct crypto purchases could offer more flexibility for short-term trading (but with higher risk). Remember, investing in any cryptocurrency is inherently risky. Conduct your own due diligence and never invest more than you can afford to lose.
COINBASE:SOLUSDLong
by bryandowningqln
SOL Solana Invest Or Trade - Technical Analysis and Trade IdeaIn this video we cover two SOL (Solana) options, an entry point if you are looking to dollar cost average in as an investor, and a scalping and or intraday trade idea if you are looking to trade this. As always the video covers my trade entry points my opinion in terms of the trend, market structure and price action, and as always this information is educational in nature and not to be construed as financial advice.
Long
by fxtraderanthony
Solana Surges in Profitability, Outpacing Ethereum for the FirstIn a significant development for the cryptocurrency landscape, Solana (SOL) has emerged as a more economically profitable blockchain than Ethereum (ETH) for the first time ever. This news comes amidst a strong year for SOL, which has significantly outperformed Ethereum in terms of price gains as well. Solana's Profitability Milestone On-chain analyst Leon Waidmann reported this milestone, highlighting a chart that depicts the total economic value (TEV) of both Solana and Ethereum over a specific period. TEV considers transaction fees and Maximum Extractable Value (MEV) to determine the overall economic profitability of a blockchain. This suggests that Solana's network activity is currently generating more economic value for its validators compared to Ethereum. This newfound profitability is likely due to Solana's key advantage: its blazing-fast transaction speeds and significantly lower fees compared to Ethereum. These factors have attracted a surge in user activity on the Solana blockchain, leading to a rise in transaction fees and MEV. Ethereum's Challenges Ethereum, the dominant smart contract platform, has been plagued by scalability issues for some time. The network often experiences congestion, resulting in high gas fees that can deter users and developers. While Ethereum is undergoing upgrades to address these issues, the process is ongoing. Solana's Price Performance Solana's economic momentum translates well to its price performance in 2024. SOL has significantly outpaced Ethereum in terms of returns year-to-date. As of May 20, 2024, Ethereum has delivered a respectable 31.5% return for investors. However, Solana has surged by an impressive 61.5%, currently trading comfortably above the $160 support level. This price surge reflects growing investor confidence in Solana's potential. The faster transaction speeds and lower fees make Solana a more attractive platform for developers to build decentralized applications (dApps) upon. Additionally, the increasing adoption of DeFi (decentralized finance) protocols on Solana further fuels its growth. Looking Ahead Solana's newfound profitability and strong price performance mark a significant development in the ongoing competition within the blockchain space. While Ethereum remains the industry leader in terms of market capitalization and established dApps, Solana poses a serious challenge with its superior scalability and lower costs. The coming months will be crucial in determining the long-term trajectory of both platforms. Ethereum's success hinges on the successful implementation of its planned upgrades. Conversely, Solana will need to maintain its network stability and attract a wider range of high-quality dApps to solidify its position. Investor Considerations The recent developments highlight the importance of considering both economic factors and price performance when evaluating cryptocurrencies. While Ethereum boasts a larger ecosystem, Solana's recent surge in profitability suggests it could be a more lucrative investment for validators. Investors with a long-term perspective should consider the potential of each platform to overcome its current challenges. Ethereum's established network may prove more resilient in the long run, while Solana's faster and cheaper transactions could attract a broader user base. Ultimately, diversification across these leading blockchains might be a prudent strategy for investors seeking exposure to the ever-evolving cryptocurrency landscape.
COINBASE:SOLUSDLong
by bryandowningqln
2
SOLUSDT / SOLANA USD SPOT Money Heist PlanMy Dear Robbers / Traders, This is our master plan to Heist SOLUSDT based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart. Our target is Red Zone that is High risk Dangerous level market is overbought / Consolidation / Trend Reversal at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level, Once it is cleared we can continue our heist plan to next new target. support our robbery plan we can easily make money & take money 💰💵 Join your hands with US. Loot Everything in this market everyday.
by Thief_Trader
1
SOLUSDT / SOLANA USD SPOT Money Heist Plan My Dear Robbers / Traders, This is our master plan to Heist SOLUSDT based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart. Our target is Red Zone that is High risk Dangerous level market is overbought / Consolidation / Trend Reversal at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level, Once it is cleared we can continue our heist plan to next new target. support our robbery plan we can easily make money & take money 💰💵 Join your hands with US. Loot Everything in this market everyday.
by Thief_Trader
Solana Price Spikes With Analyst Sighting $200 As Next PivotSolana's price surge to $173 has sparked optimism among investors, with experts hinting at a potential rise to $200. The surge is driven by positive sentiment and upcoming upgrades, such as the Frankendancer upgrade. Syncracy Capital's co-founder Daniel Cheung expressed confidence in Solana's strength, highlighting its potential to reclaim $200. He also highlighted the potential for Solana ( CRYPTOCAP:SOL ) to reach $200 by the end of the month, a significant reversal in the monthly timeframe and readiness for new highs. As anticipation builds, Solana ( CRYPTOCAP:SOL ) remains a key focal point in the cryptocurrency market, with prominent players in the digital asset space attracted for its potential to reach new highs. BitMEX co-founder Arthur Hayes shared the Solana ( CRYPTOCAP:SOL ) price chart and advocated for accumulating the crypto in a blog post from early May. As of writing, Solana's price soared 3.01% to hit $173.25, after reaching a 24-hour high of $174.16. Despite the rally, its trading volume fell 25% to $2.71 billion, and the Solana Futures Open Interest soared 4.91% to $2.32 billion, suggesting a bullish sentiment in the market. The asset has a Relative Strength Index (RSI) of 63.97 which is moderately overbought.
COINBASE:SOLUSDLong
by DEXWireNews
Solana Surges: Can It Break Past $204 Resistance?Solana (SOL) has defied the recent crypto market slump, surging nearly 15% and reclaiming the crucial $150 resistance level. This positive momentum has analysts excited about the possibility of further gains, with $204 emerging as the next key hurdle to overcome. Breaking Through Resistance The recent SOL price increase follows a period of consolidation. After finding support around $138, Solana staged a breakout above the $150 resistance level. This bullish signal is further bolstered by the price now trading above the 100-hourly simple moving average, an indicator often used to gauge short-term momentum. Technical Analysis Paints a Bullish Picture Technical indicators on the hourly chart add weight to the bullish sentiment. The SOL/USD pair successfully breached a key bearish trend line with resistance at $148. This breakout suggests a shift in market control from sellers to buyers. Analysts believe that if SOL can maintain its position above $158, a clear path towards the $165 resistance zone opens up. Recent Developments Fueling Optimism Several recent developments are likely contributing to Solana's positive price movement. The highly anticipated launch of staking on Robinhood, a popular trading platform, has undoubtedly boosted investor confidence in SOL. Staking allows users to earn rewards for holding their crypto assets, making SOL a more attractive investment option. Furthermore, Solana's continued focus on innovation with the introduction of its new Liquidity Layer is another factor generating excitement. This layer aims to improve decentralized exchange (DEX) functionality on the Solana blockchain, potentially attracting more users and developers to the platform. Challenges on the Horizon Despite the current bullish outlook, some analysts remain cautious. Overcoming the $165 resistance level will be a significant test for SOL. If the price fails to hold above $158 and falls back below $150, it could indicate a potential reversal in the uptrend. Moreover, the broader cryptocurrency market remains volatile. A significant downturn in Bitcoin (BTC) or Ethereum (ETH), the leading cryptocurrencies, could trigger a sell-off in SOL, even if its own fundamentals remain strong. Looking Ahead Solana's recent surge is a welcome sign for investors who believe in the project's long-term potential. The successful break above $150 and the positive technical indicators suggest that the momentum is currently with the bulls. However, the $204 resistance level presents a significant challenge. Close attention should be paid to whether SOL can maintain its gains above $158 and how the broader cryptocurrency market performs. If these factors align, there's a good chance Solana could continue its upward trajectory and establish a new price floor above the current resistance level. Disclaimer: This article is for informational purposes only and should not be considered financial advice. Please consult with a financial professional before making any investment decisions.
COINBASE:SOLUSDLong
by bryandowningqln
1
Solana SOL Update: Bullish Breakout or Bearish Retreat?As I have reported out yesterday, technically Solana is trading in the "no man's land" and can move in either direction. A bullish move towards and a break-out of $165 will push SOL towards $205 and, possibly, higher. Below $165 , risk of bearish move towards $131 is still there and, if $131 is broken to the downside, we can see a further bearishness to $113. Note, as long as Solana is trading between $131 and $165, the price action will be slow and choppy.
by Trade-Lean
1
Solana Price Puzzle: $165 Breakout or $131 Plummet?Solana is trading in the middle of the daily range zone between $131 and $165, where (1) it can move from in either direction and (2) the price action is expected to be slow and choppy. A bullish break-out of $165 will push SOL towards $205 and, possibly, higher. It is yet to make a higher high relative for the most recent swing and until then there is a a risk of bearish move towards $131 and, if broken to the downside, lower to $113.
by Trade-Lean
1
Solana Slides on FTX Liquidation, Open Interest DropsSolana ( CRYPTOCAP:SOL ) has experienced a drop in price due to renewed concerns over FTX liquidation, leading to a decrease in trading activity and a significant drop in open interest. The token, known for its high speed and low fees, has shown resilience amid the ongoing FTX bankruptcy. However, the price has dropped due to renewed concerns over FTX liquidation, resulting in a decrease in derivatives trading volume and a 5.53% drop in open interest. In the last 24 hours, Solana ( CRYPTOCAP:SOL ) witnessed $7.61 million in total liquidations, with long positions accounting for $4.7 million and short positions for $2.91 million. Long-short ratios on Binance and OKX indicate traders' optimism about a potential rebound, while technical analysis shows bullish signals. Solana's technical indicators show a predominantly bullish sentiment, with both the 10-day Exponential Moving Average (EMA) and the Simple Moving Average (SMA) signaling buy. However, longer-term moving averages, including the 30-day EMA and SMA, indicate potential resistance at higher levels. Oscillators are generally neutral, with the Relative Strength Index (RSI) at 48.35 indicating neither overbought nor oversold conditions. Technical indicators reflect current market sentiment rather than predicting future movements. Solana ( CRYPTOCAP:SOL ) has been battling ongoing congestion issues, largely caused by increased DEX volumes. Understanding Solana's technicals provides insight into the market's reactions to SOL's FTX sales, which is crucial for both traders and investors in the SOL ecosystem.
COINBASE:SOLUSD
by DEXWireNews
Solana (SOL) Finds Support, Eyes Return to $203 The cryptocurrency market has seen its share of volatility recently, and Solana (SOL) has been no exception. However, when we zoom out and take a look at the weekly timeframe, a clearer picture emerges. This article dives into SOL's recent price action and explores the potential for its next move. Solid Support at $149 A crucial observation from the weekly chart is the strong support level established at $149. Despite price fluctuations, SOL has managed to hold above this key area, even during periods where the price dipped momentarily below. This indicates significant buying pressure at this level, suggesting that many market participants view $149 as an attractive entry point. Range Bound The consistent bounce off the $149 support has led to the formation of a range between this level and $203. This price range reflects a period of consolidation, where buyers and sellers are temporarily reaching an equilibrium. The price action within this range suggests some indecision in the market, with neither bulls nor bears able to exert dominance. Looking Ahead: Potential Move to the Upside Given the presence of the established support level at $149, and the recent price holding within the defined range, there's a possibility that SOL might attempt a move back towards the upper range boundary of $203 in the coming days or weeks. This potential upswing could be fueled by several factors: • Increased Buying Pressure: If more buyers are attracted to SOL, particularly at current levels, it could push the price higher. This buying pressure could stem from renewed confidence in the Solana project, positive news developments, or simply technical factors related to the range itself. • Short Squeeze: If a significant number of traders are currently shorting SOL (i.e., betting on the price to decrease), a sudden shift in sentiment could lead to a short squeeze. This occurs when shorts are forced to buy back SOL to cover their positions, which can drive the price up rapidly. • Overall Market Sentiment: The broader cryptocurrency market sentiment also plays a role in SOL's price movement. If the overall market sentiment turns bullish, it could lift all cryptocurrencies, including SOL. Important Caveats While the potential for a move towards $203 exists, it's important to consider some factors that could prevent this from happening: • Failure to Hold Support: If the price breaks decisively below the $149 support level, it could signal a bearish trend and lead to further price decline. • Negative News or Events: Any negative news surrounding the Solana project or the cryptocurrency market as a whole could dampen investor sentiment and hinder a price increase. • Resistance at $203: Even if SOL reaches $203, it might face resistance at this level. Overcoming this resistance would require sufficient buying pressure to push the price through. Conclusion Solana (SOL) has found support at $149 and is currently trading within a range between $149 and $203. The coming days and weeks could see SOL attempt to move back towards the upper end of this range, potentially reaching $203. However, several factors could influence this possibility, and close attention should be paid to market sentiment, news developments, and price action around the support and resistance levels. Disclaimer: This article is for informational purposes only and should not be considered financial advice. It's crucial to conduct your own research before making any investment decisions.
COINBASE:SOLUSDLong
by bryandowningqln
Solana Price Pumps 7% as Solana-Based Token POPCAT Hits New ATHSolana ( CRYPTOCAP:SOL ) has become the top performer among the top 10 crypto tokens, with Popcat (POPCAT) hitting a new all-time high of $0.6100 and market capitalization upwards of $577.58 million. This surge is attributed to the growing popularity of projects launched on the CRYPTOCAP:SOL blockchain, which have consistently posted remarkable success. Meme coins on Solana, including Dogwifhat ( CRYPTOCAP:WIF ) and Bonk Inu ( SEED_DONKEYDAN_MARKET_CAP:BONK ), have also seen significant growth, with CRYPTOCAP:WIF dethroning Pepe coin ( CRYPTOCAP:PEPE ) before reclaiming its position as the third meme coin on market capitalization metrics. A new meme coin class is emerging: cat-themed tokens. Popcat ($POPCAT) is the biggest gainer on Thursday with almost 30% in gains, hauling the altcoin to a new all-time high of $0.6100 and market capitalization upwards of $577.58 million. Jito ( CRYPTOCAP:JTO ) has become the largest Solana protocol on TVL metrics at $1.43 billion, representing a TVL growth of over 12% in 24 hours. A rise in TVL generally indicates that more assets are being deposited and locked into the DeFi protocol, indicating growing user participation and confidence in the platform. This may also indicate increased liquidity and trading volume within the protocol, potentially leading to higher returns for users and a stronger ecosystem overall. Technically, Solana's daily price chart depicts a start of a "Rising Wedge" Pattern but for the pattern to be accentuated, Solana has to break the ceiling of the rising wedge to spark investors' confidence.
COINBASE:SOLUSDLong
by DEXWireNews
At what price you are ready buy SOLANA in your invest portfolio?Probable wave analysis on the #SOLUSDT chart The bottom of wave 4 has either already been formed or is yet to come. Therefore, we have marked three points where you need to be as careful as possible when deciding whether to buy CRYPTOCAP:SOL or whether it is too early. 1️⃣ $120 - if the price does not go lower, further growth will be quite rapid, as buyers will show their strength. 2️⃣ $90 - a stop of the falling in a strong liquid zone, which can be "considered a prudent buy zone". 3️⃣ $70 - this is where the price can reach on panic sales, liquidations, and stop losses. Interestingly, the calculations show that wherever the #SOLUSD price falls, t he chance of growth to $650-670 is the same from the three points, it's just a matter of time. So, what price will you choose to buy #SOLANA?
by P_S_trade
12
SOLUSDT.1DThe daily chart for Solana (SOL/USDT) displays a retracement following a strong uptrend. The price has formed a peak around $210.18 and has since pulled back to current levels at $153.36. The first resistance level (R1) is now at $184.67, which could act as a ceiling for any upward moves. The next resistance level (R2) is at $211.52, just above the previous high, potentially serving as a target for a bullish continuation. The chart also shows established support levels at $121.04 (S1) and $92.78 (S2). The RSI is just below the midpoint at 46.92, suggesting some bearish momentum, but not overwhelmingly so. The MACD is below the signal line and negative, which traditionally suggests bearish momentum. As a trader, I would watch for the price action to approach R1 for potential resistance or a breakthrough, which could indicate a move to R2. A failure to breach R1 could see prices retest S1. Given the indicators, a cautious approach would be prudent, with tight stop losses and a close eye on both RSI and MACD for signs of trend strength or reversal.
Long
by MarsSignals
Solana (SOL) Breaks $150 Resistance Level: Time for the SurgeThe Solana cryptocurrency has recently experienced a significant breakthrough by surpassing the $150 resistance level, paving the way for a possible continuation of its upward trend. This is a critical milestone, as the $150 resistance level is considered a significant barrier between the bullish and bearish markets. However, despite this breakthrough, there has been a noticeable decline in trading volume, which may suggest a lack of conviction behind the move and raise questions about the sustainability of the price above this level. If the volume does not pick up, it might suggest that the break above $150 may not hold, leading to a potential price correction. The Solana ( CRYPTOCAP:SOL ) cryptocurrency faced significant resistance levels, such as the 50-day MA, which must be conquered to maintain its upward momentum. If these levels are not surpassed with confidence and accompanying volume, they could act as catalysts for a bearish reversal. Solana ( CRYPTOCAP:SOL ) must establish a new support level above the recently breached $150 mark for a growth scenario to unfold. If CRYPTOCAP:SOL manages to maintain its position above this line, the next challenge will be imminent. A convincing break above the 50-day MA could clear the path toward higher price points, with $170 serving as the next psychological resistance. The future of Solana's rise depends on the market sentiment post-halving, project developments, and the ability of buyers to drive and sustain higher prices. However, the possibility of a reversal remains uncertain. In addition, Solana meme coins have been the subject of numerous scams, leading to significant losses for investors. According to crypto detective ZachXBT, over $26 million worth of Solana ( CRYPTOCAP:SOL ) has been lost in rugged presales of Solana meme coins. Many of these projects have failed to deliver on their promises after raising significant amounts of SOL. This has raised concerns within the crypto community about the lack of accountability and transparency in meme coin presales on the Solana blockchain. Solana co-founders Raj Gokal and Anatoly Yakovenko have issued repeated warnings to investors against considering such random Solana meme coin presales on X. It is advisable for investors to exercise caution and due diligence before participating in such meme coin projects, as the risk of rug pulls remains high.
COINBASE:SOLUSDLong
by DEXWireNews
2