Solana’s native cryptocurrency SOL had a strong bounce back since the start of the year as did many top cryptocurrencies.However, since February, the altcoin has experienced a slowdown.But a recent signs suggested that the bulls are back and in a big way.Is your portfolio green? Check out the Solana Profit Calculator SOL exchanged hands at $23.53 at press time, which represents a 16% upside in the last 24 hours at the time of writing.Zooming out reveals why this latest price spike is an important observation.A long-term descending resistance line underpinned SOL’s price action since November 2021.The latest rally managed to push above the same resistance line.
From a technical analysis perspective, this bullish bounce indicated a pattern break which may underscore the next phase of SOL’s price action.
In other words, there is a notably higher likelihood of an extended bullish recovery after this pattern break.Furthermore, Solana’s on-chain metrics highlighted a spike in the weighted sentiment, reflecting an investor confidence boost.It was also accompanied by a volume surge which marks the second highest spike in the last 30 days.The rally was fueled by huge influx of liquidity.SOL’s market cap grew by roughly $1.3 billion in the last two days, and at press time, stood at its highest level in the last four weeks.The added upside might be fueled by short positions being liquidated, thus forcing trades to buy aggressively to cover their short losses.Realistic or not, here’s Solana’s market cap in BTC’s terms The rally also came at a time when SOL’s volatility was at its monthly low.It notably pivoted, confirming that it has regained some volatility.
However, it’s not all sunshine around SOL.Solana’s development activity didn’t exactly inspire confidence as it was down to its lowest level in the last four weeks at the time of writing.
Low development activity may have a negative impact on investor confidence.On the other hand, it appears to have had no impact on the latest rally, but may potentially discourage investors from holding on to their coins for longer.Solana name service integration The price surge wasn’t the only thing on Solana’s book of offerings and SOL investors couldn’t be happier.
As of 11 April, Solana announced that Brave finalized the Solana name service integration.But what does this mean? According to the official announcement, users can now use the .Sol domain names within the Brave wallet.This development will facilitate easier transactions, identity management, and offer easier access to censorship resistant websites.
Solana Name Service (SNS) is now available to all Brave users! SNS is a top-level domain system on the Solana blockchain that allows for identity management, easier transactions & access to censorship-resistant websites.Learn more at https://t.co/9JhBxzp4cs pic.twitter.com/fTPeQI3yU5 — Brave Software (@brave) April 11, 2023 Leave a Reply [Cancel reply](/news/as-sol-breaks-through-key-resistance-level-this-is-what-investors-can-expect/#respond) Leave a Reply altcoin Why HBAR could sit in a tight spot despite much to celebrate on Hedera’s part – Michiel Milder of Swirlds Labs spoke about HIP-412 and what it aims to achieve – Hedera’s NFT space also registered substantial growth lately, but HBAR’s performance was sluggish Hedera’s [HBAR] recent podcast features Michiel Mulders, developer advocate at Swirlds Labs, wherein he discussed HIP-412.Special thanks to @michiel_mulders for joining us on the podcast to discuss HIP-412 and #NFT metadata: a commonly overlooked yet critical component of #NFTs.HIP-412 standardizes #HederaNFT metadata for improved interoperability and flexibility🛠️ 🎙️https://t.co/iICAuQJm7I pic.twitter.com/dJMZDgc4bs — Hedera (@hedera) April 10, 2023 How much are 1,10,100 HBARs worth today Before moving further, let’s understand what the Hedera Improvement Proposal (HIP) 412 is.
The primary aim of HIP-421 is to standardize the way metadata gets structured for NFTs while maintaining interoperability across other chains.As per Hedera, the token metadata has been developed with the input of over a dozen developers and projects in the NFT space.
The use cases taken into account for developing the metadata structure include multi-file NFTs, non-image NFTs, and several more.During the podcast, Michiel Mulders discussed a few key points about the HIP-421, highlighting its importance and how Hedera had plans to implement it.Mulder pointed out the importance of metadata and how sometimes it becomes more important than the NFT itself, citing an example of real estate NFTs.He also mentioned several use cases for NFT metadata, such as licensing.Additionally, Mulders added that NFT explorers and NFT wallets are the first places in which Hedera wants to implement the HIP-421.Hedera’s performance in the NFT space HIP-421 can be a game changer for Hedera NFTs, as standardization can also help improve scalability.
The implementation can further help Hedera’s NFT space to grow, which has already registered a massive surge in metrics over the last 30 days.Santiment’s chart revealed that in the last month, Hedera witnessed a massive surge in the total number of NFT trade counts and trade volume in USD.Thanks to the hike in trade counts, the number of NFT holders also increased, which was pretty optimistic.The amount of unique addresses that bought more than $1,000 and $100,000 NFTs also rose sharply.Is HBAR on the profit making train then? Though Hedera’s NFT space was booming, the same can’t be said for the network’s native token, HBAR.While most cryptos registered gains, thanks to the bullish market condition, HBAR’s performance wasn’t at par with the others.
According to CoinMarketCap, HBAR’s weekly chart was red.Though its price increased by more than 1% in the last 24 hours, the gain was not as high as several others.
At press time, HBAR was trading at $0.06629 with a market capitalization of over $2 billion.Realistic or not, here’s HBAR market cap in BTC‘s terms What metrics suggested It was interesting to see that despite HBAR’s sluggish price action, its demand in the futures market was high, as evident from its Binance funding rate.HBAR’s social volume was also high, indicating its popularity in the crypto space.However, negative sentiments around HBAR were dominant, as its weighted sentiment remained low.
altcoin RocketPool takes a page off Lido Finance’s playbook with liquid staking.Here’s how… – RocketPool sets its sight on the staking big leagues – RDL’s bullish performance may just be the beginning if RocketPool plays its cards right Lido Finance has been enjoying immense success thanks to its liquid staking mechanism.
As a result, other staking platforms such as RocketPool are starting to notice and emulate Lido’s staking model.Is your portfolio green? Check out the RocketPool Profit Calculator A recent Messari analysis took into consideration the level of growth that Lido and its competition have been enjoying since November 2020.Based on the analysis, RocketPool achieved significant growth and dominance, coming in third after Lido and Coinbase.The Messari report also noted that the reason behind RocketPool’s growth was because it had adopted similar strategies to those of Lido Finance.
[[email protected]]has established itself as the market leader in liquid staking protocols, contributed to by its attractive incentives.New entrants like @RocketPool are adopting similar strategies, using their native $RPL token to increase market share and liquidity.
pic.twitter.com/j9iiLAJe7f — Messari (@MessariCrypto) April 10, 2023 Liquid staking platforms are bound to become more popular over time.This is because of the risks that come with centralized staking platforms.History has so far proved that centralized staking platforms are hot targets for malicious attacks and theft since they operate on a custodial mechanism.Can RocketPool compete with Lido Finance’s lead? Lido Finance already has a strong lead thanks to its first-mover advantage.
This is reminiscent of Bitcoin’s [BTC] comparison with Ethereum [ETH] where the latter was playing catch up while the former is in its own league.Similarly, RocketPool will likely struggle to get to Lido’s current level.Perhaps the best way to establish whether RocketPool can compete effectively with Lido is to look at its stats since the start of 2023.RocketPool’s market cap is one of the areas that delivered robust growth in the first three months of the year.It grew from as low as $261 million in January, and briefly managed to push above $1 billion in February.
RocketPool had a $906 million market cap at press time.For reference, Lido Finance had a $2.07 billion market cap at press time.Realistic or not, here’s RPL’s market cap in BTC’s terms RocketPool kicked off the year with less than 30 daily active users but peaked at 724 DAU in the second week of February.It has so far maintained a daily average above 200 DAU.Its network growth reflects the daily active users.
Is Rocketpool’s native token RPL undervalued? RPL had almost 19,257,026 tokens in circulating supply, meaning it had its total supply in circulation.Its $47.29 press time price represented a 156% upside from its historic lows.
RPL is a low cap token based on the circulating supply.The fact that it previously managed to secure $1 billion in market cap in its early stages means it is off to a healthy start.It has robust growth potential if it maintains the same trajectory.altcoin Solana [SOL] jumps to an upper range – Is the $23.93 target reachable? Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – SOL hit its bullish target of $22.6 – However, development activity and weighted sentiment witnessed a dip Solana [SOL] followed Bitcoin [BTC] and inflicted a breakout.BTC crossed $30K, hitting $30.$K before cooling off slightly at press time.
Similarly, SOL also managed to hit its bullish target of $22.58 and eased into a key upper range.Read Solana [SOL] Price Prediction 2023-2024 SOL witnessed a much-needed boost especially after the exchange Crypto.com became the latest to introduce the SOL staking service.Investors will thus, have more staking options to maximize their rewards.
Which way for SOL – consolidation, pump, or dump? SOL appreciated by over 12%, rising from the channel’s lower boundary of $20 to the bullish target of $22.58.But the resistance range of $21.99 – $22.58 could slow the uptrend, especially if BTC fails to maintain its surge beyond $30K.However, as the overall market remains upbeat for higher moves, any BTC move beyond $30K could tip SOL bulls to break above the upper range of $21.99 – $22.58.Such an upswing could set SOL to retest the immediate overhead resistance of $23.93 – a 6% potential rally.
One likely trade setup for such a potential upswing could be a long position with an entry at $22.58 after confirming an uptrend continuation.The lower range of $21.99 will be the stop loss, and the immediate target will be $23.93.The supply zone at $26 can slow any further uptrend momentum.Conversely, a close below $21.99 may attract more selling pressure and could set SOL to retrace to the channel’s upper boundary of $21.21 or the mid-level of $20.57.
These levels can act as shorting targets in such a downswing scenario.Meanwhile, the Relative Strength Index (RSI) spiked to the overbought zone – showing a strong bullish sentiment and buying pressure.
The On-Balance Volume (OBV) also saw an uptick, highlighting increased demand in the past few days.Development activity and sentiment declined At press time, the development activity declined, bringing down investors’ confidence, as shown by the drop in weighted sentiment despite the recent rally.
The trend could undermine a strong recovery.How much are 1,10,100 SOLs worth today? However, the open interest (OI) rate increased from April 10, showing an influx of money into SOL’s futures market.A cross above $23 alongside a rising OI will reinforce the bullish sentiment.Top posts Bitcoin3 hours ago BTC vs.
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