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Solana's Phantom Wallet Introduced Bitcoin Ordinals integrationSolana ( CRYPTOCAP:SOL ), the popular cryptocurrency, has been regaining attention as it hosts Bitcoin Ordinals on its associated Phantom Wallet. The platform has announced that Bitcoin support is now out of beta and available to everyone, eliminating the need for users to rely on centralized exchanges or unfamiliar wallets for collecting Ordinals. The team of developers at Phantom has dedicated themselves to enhancing the Bitcoin experience since its beta debut in December 2023. Users can now buy and sell Ordinals and BRC-20s through various apps such as Magic Eden, Atlas 3, Ordinals Wallet, UniSat, BeFi Labs, Matrica Labs, Ordiswap, Hello, and Gamma. Solana's low cost and high-speed network attracts users due to its low cost and high-speed network. PayPal recently expanded its stablecoin, PYUSD, to the Solana ( CRYPTOCAP:SOL ) network, marking a significant leap in expansion for the online payment platform. The Phantom Wallet offers comprehensive crypto management, including recursive inscriptions and ledger compatibility. Users can securely manage their Bitcoin, Ordinals, and BRC-20s in one account through the mobile app and browser extension. The Collectibles tab allows users to discover and manage rare sats, check total sat amounts, and view "satributes" for each UTXO. Additionally, Phantom offers simple address management, enabling Native Segwit, Taproot, or both. This comeback simplifies the process of transferring and buying Bitcoin instantly, offering a comprehensive and streamlined experience for all crypto needs. Solana ( CRYPTOCAP:SOL ) has manage to regain the $170 pivot again validating its position as the third to Ethereum ( CRYPTOCAP:ETH ). The Altcoin has a Relative Strength Index (RSI) of 55.62 which is primed for a trend reversal. In the short term, Solana's ( CRYPTOCAP:SOL ) daily price chart shows a rising trend pattern from an initial falling wedge pattern.
COINBASE:SOLUSD
by DEXWireNews
1
PayPal USD (PYUSD) Goes Live On SolanaPayPal USD ( SEED_DONKEYDAN_MARKET_CAP:PYUSD ) has gone live on the Solana blockchain, marking a significant expansion beyond the Ethereum ecosystem. This collaboration between PayPal and Solana ( CRYPTOCAP:SOL ) offers millions of users guaranteed access to the token with guaranteed speed. The integration allows PayPal to leverage Solana ( CRYPTOCAP:SOL ) and the token extension to serve over 30 million merchants globally while offering transactions at a lower cost. This marks a milestone for USD-pegged stablecoin as it is its first move beyond the Ethereum ecosystem. PYUSD is also expanding its utilization as a payment method for small and daily purchases. PayPal USD has found new ways to evolve in a bid to compete with dominant alternatives like Tether ( CRYPTOCAP:USDT ) and USD Coin ( CRYPTOCAP:USDC ). Xoom, PayPal's cross-border money transfer service, recently launched a new funding option that allows U.S. users to finance international transfers using PYUSD. Users are exempt from paying transaction fees when using PayPal USD to fund eligible transfers to recipients in over 160 countries. Solana's speed and low cost may impact the PYUSD market outlook positively. Over time, Solana ( CRYPTOCAP:SOL ) known to process over 5,000 transactions per second, costing only about $0.0025. Compared to Ethereum's 15 transactions per second with higher fees, Solana offers significantly cheaper fees. PayPal's senior vice president of blockchain, Jose Fernandez da Ponte, stated that making PYUSD available on the Solana Blockchain furthers their mission of enabling a digital currency with a stable value designed for commerce and payments. Despite the fundamental, Solana ( CRYPTOCAP:SOL ) is still trading with a weak Relative Strength Index (RSI) of 54.89 signifying a bullish reversal trend in the long term.
COINBASE:SOLUSDLong
by DEXWireNews
3
Solana Set for Surge Amid ETF SpeculationNow what had to happen has happened: There is open talk about a SOL ETF. Once again, mere optimism about future billion-dollar inflows is likely to drive prices significantly higher. After the Bitcoin and ETH pumps, a Solana pump is now - and there is hardly any reasonable doubt about it - imminent. If we derive the price target from Elliott Wave Theory and reduce it a bit to avoid overextending our luck, we get a target range for SOL of around 275 USD. This bullish assessment is supported by a hidden bullishly divergent Cumulative Volume Delta.
COINBASE:SOLUSDLong
by Ochlokrat
Solana Stumbles at $190: Can the Rally Hold?Solana (SOL), a prominent blockchain platform known for its fast transaction speeds, faces a hurdle in its current price uptrend. Despite a 5% rally on , on-chain data suggests challenges that could hinder SOL from decisively surpassing the $190 resistance level. Let's delve into the factors contributing to this hesitation. Resistance at $190: A Psychological Barrier The $190 price point represents a significant psychological barrier for SOL. It previously acted as a support level in early 2024, but after a period of decline, it now presents resistance for the bulls trying to push the price higher. Breaking through resistance levels often requires significant buying pressure. If buyers are hesitant or lack conviction, the price can struggle to overcome this hurdle and may even fall back. On-Chain Data Paints a Mixed Picture While the price action shows a short-term upswing, on-chain data, which analyzes activity on the Solana blockchain, paints a less clear picture. Here's a breakdown of two key metrics: • Network Activity: Recent data suggests a stagnation in Solana's network activity compared to its competitors. While SOL's price rose, the number of transactions and active users haven't seen a proportional increase. This could indicate a lack of organic growth and user adoption, which are crucial factors for sustained price appreciation. • Impact of Inflationary Proposal: A proposed change to Solana's tokenomics, SIMD-0096, has sparked debate. While some argue it will increase network security, others believe it could lead to higher inflation for SOL. This uncertainty might be discouraging some investors from entering the market. External Factors Affecting SOL The broader market sentiment also plays a role in SOL's price movement. The recent approval of an Ether (ETH) exchange-traded fund (ETF) in the US may have drawn some investment away from alternative blockchains like Solana. Investors may be shifting their focus towards established players like Ethereum, potentially impacting SOL's short-term momentum. What to Watch Out For For SOL to overcome the $190 resistance and maintain an uptrend, several factors need to be monitored: • Network Activity: A significant increase in transactions and active users on the Solana network would be a positive sign, indicating organic growth and potential for further price appreciation. • Clarity on Inflationary Proposal: If the community reaches a consensus on the SIMD-0096 proposal, and its impact on inflation is well-understood, investor confidence in SOL could improve. • Overall Market Sentiment: A positive performance by the broader cryptocurrency market would create a tailwind for SOL, potentially aiding its breakout above $190. Conclusion Solana's recent price rally is encouraging, but the resistance at $190 and mixed on-chain data pose challenges. Network activity, the outcome of the inflationary proposal, and overall market sentiment will be crucial factors to watch in the coming days and weeks. If SOL can overcome these hurdles, it could pave the way for a more sustained uptrend. However, if the price falls back from $190, it may indicate a need for more fundamental developments to drive long-term growth for the Solana ecosystem.
COINBASE:SOLUSDLong
by bryandowningqln
Solana - Why You NEED THIS Indicator📢COINBASE:SOLUSD SOL is flashing some bullish signs on the indicator and it seems that we're gearing up for another move towards the upside. This is the indicator that I used to call the new BTC bullish cycle in November last year, as seen below: In 3 short minutes, we'll discuss the functionality of this technical indicator and why it's really helpful when monitoring the market. Make sure you don't miss my most recent update on BTC, and why I say another ATH is imminent: ____________________________
COINBASE:SOLUSDLong
by CryptoCheck-
1
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 4H - Ascending Channel, Potential Pivot to $210 & Breakout CRYPTOCAP:SOL has been respecting an ascending channel for some time. Fibonacci zones and the parallel channel show SOL respecting some demand zones. It appears SOL may be gearing up toward a new ATH. Stronger support remains around $157. I would not be surprised to see CRYPTOCAP:SOL pump with CRYPTOCAP:BTC & CRYPTOCAP:ETH towards $210, retest the $200 zone, and then break out into new all-time highs toward $270. Fundamentals remain bullish in my view. SOL has increasingly strong utility in crypto this bull run, some may anticipate a future SOL ETF approval, other leading coins are showing bullish possibilities of growth this year, and North American economies may eventually be pressured into implementing rate cuts to avoid recessionary risks. Let me know what you think!
COINBASE:SOLUSDLong
by MakkInvests