altcoin – The Solana protocol witnessed improvements in terms of activity as interest in NFTs increased.- SOL’s price went up, but volatility surged as well.Solana [SOL] has experienced a large number of network downtimes in the past.These outages led to a decline in the sentiment towards the protocol and its token.Is your portfolio green? Check out the Solana Profit Calculator Despite these factors, the activity on the Solana network stayed high.
According to data from 28 April, Solana managed to keep up with Polygon, the Ethereum mainnet, and Arbitrum in terms of daily activity.The spike in activity could be attributed to the interest in the platform’s NFTs.Blue chip collections on the network, such as y00ts, DeGods, and Solana Monkey Business, contributed greatly to the NFT success.
According to solana floor’s data, the overall volume of the blue-chip index on the Solana protocol increased materially over the last month.Solana’s dApps contributed to the growth of the protocol as well.
According to Dapp Radar, popular dApps such as Rarible, MeanFi and Saber observed a spike in terms of unique active wallets on the protocol.Saber, a marketplace on the network, also witnessed a surge of 3.33% in terms of volume.Subsequently, the number of transactions on the network also grew.In terms of staking activity, there was high interest shown in Solana.
Staking Rewards’ data indicated that the number of stakers on the network increased by 3.81% over the last 30 days.At press time, the number of stakers was 603,790.
More stakers participating in the network can lead to higher transaction throughput, as there are more resources available to validate and process transactions.Overall, a high number of stakers is a positive sign for the network’s health and growth.
Read Price Prediction for Solana [SOL] 2023-24 Should holders turn optimistic? At press time, SOL was trading at $22.67, and its price increased by 4.35% in the last 24 hours, according to CoinMarketCap.Its volume also surged along with its price over the last few days.However, the volatility of the SOL token also increased, which could make risk averse investors lose interest in the token.
Leave a Reply [Cancel reply](/news/solana-sol-sustains-high-activity-despite-the-outages-in-the-past-what-next/#respond) Leave a Reply – TRX again became the top blockchain in terms of daily active users.- TRX’s open interest declined, which could be good news for investors.Tron [TRX] has been trying to increase adoption for quite a while now and it recently reached a new milestone.
TRONSCAN pointed out on 27 April that the total number of accounts on Tron surpassed 156 million, which is a commendable number.
🎉🎉🎉Congratulations!!! #TRON’s total accounts have reached 156,094,033, exceeding 156 million! #TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.🥰Appreciation to all #TRONICS! pic.twitter.com/VlHLl6bmNH — TRONSCAN (@TRONSCAN_ORG) April 27, 2023 Read Tron’s [TRX] Price Prediction 2023-24 This helped Tron to remain as the top blockchain in terms of daily active users, outperforming BNB by a huge margin of over 900,000.Apart from TRX and BNB, Bitcoin [BTC] made it to the top three on the list.This can propel further growth Justin Sun mentioned earlier this year that he believes China will eventually accept Tron.The possibility was again highlighted recently by Tron Community as it tweeted that China could be the country that plans to accept Tron as a legal tender.Justin Sun shared earlier that a large nation plans to legalize #TRON as tender this year; could it be #China? 🤔 If they endorse it, this could lead all #BRICS countries to adopt the same approach 🤯 pic.twitter.com/RIZjMto5DH — TRON Community (@TronixTrx) April 27, 2023 If this happens, it will be a major breakthrough for Tron, as China is a major player in BRICS, an association of countries that are trying to break the US dollar’s monopoly in global trade.China’s adoption can influence others, which can change Tron’s fate for good.
Tron Staking is improving Tron also witnessed growth in staking, which earlier showed a declining trend.TRONSCAN’s data revealed that total TRX staked gained an upward momentum since 19 April with a staking rate of over 48%.Tron’s network health also seemed to be on point, as evident from its TVL.DeFiLlama’s chart showed that Tron’s TVL was on the rise, which looked optimistic for the network’s overall health.
TRX remains flat While adoption and network value increased, TRX failed to register any gains over the last week.According to CoinMarketCap, TRX’s price increased marginally last week, and at press time, it was trading at $0.06616 with a market capitalization of over $5.9 billion.A look at Santiment’s chart pointed out quite a few metrics working against TRX.Realistic or not, here’s TRX’s market cap in BTC terms For instance, TRX’s funding rate was down considerably, reflecting low demand in the futures market.
The token’s social dominance also fell over the last week.Another negative metric was its development activity, which went down.However, it was interesting to note that, as per Coinglass, TRX’s open interest declined.A drop in open interest indicates that the market is closing out.This suggests that the current price trend is coming to an end and that TRX could register gains in the days to come.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- The lower timeframe momentum and structure favored ETH bulls.- The presence of strong resistance above meant that short sellers could find an opportunity next week.
Ethereum [ETH] bulls were able to defend the $1840 support in recent days and managed to push prices past $1900.While this was encouraging for lower timeframe bulls, there was the possibility that a foray to $2000 would see ETH rejected.Read Ethereum’s [ETH] Price Prediction 2023-24 A confluence of technical factors suggested that the $2010-$2070 area was likely to offer stern resistance to bullish advances.Although Ethereum has traded within a range from $1800-$1965 recently, it appeared that a false breakout followed by a rejection was a likely scenario in the coming days.
Range highs or FVG or breakout past $2000? The MACD formed a bullish crossover and pushed above the zero line as well.This showed strong bullish momentum, although the trading volume has been below average in the past few hours.Although ETH saw a retest of both the range highs and lows, the market structure was bullish since the price did not form a lower low.There was a significant area of resistance at the $2025-$2150 area.
An imbalance on the H4 chart was highlighted in white, and a bearish order block was directly overhead as well.Hence, a possible scenario in the coming days was the near-term bullish momentum forcing a bullish breakout toward $2000, followed by a rejection from the bearish OB.Another scenario that could unfold for Ethereum was a rejection from the range highs directly, but the presence of the imbalance above meant it was likely to attract the prices before reversal.The idea of rejection from the $2100 area can be somewhat risky for bears.
This was because a breakout past the $2000 psychological level could see a rapid shift in sentiment and heavy demand could drive prices higher, with short liquidations fueling the rally as well.Therefore, risk management would be extremely important.Is your portfolio green? Check the Ethereum Profit Calculator Lower timeframe bias was bullish due to significant demand The one-hour chart from Coinalyze showed that the spot CVD has formed higher lows since 22 April.
Despite the sharp pullback on 26 April, the CVD advanced higher.This indicated that ETH buyers were stronger and pointed toward a short-term rally.
The Open Interest showed that bullish speculators were not as enthusiastic as spot buyers.The OI rose noticeably over the past couple of days but remained in a downtrend, if we consider the past ten days.- There was a sharp jump in BNB Chain’s development activity.- Large addresses began to accumulate BNB tokens in their portfolios.Right from regulatory clampdowns to growing number of hacks, the Binance ecosystem faced numerous challenges in 2023.
However, there were signs that the situation was easing out for the crypto behemoth.BNB Chain [BNB] recorded a noticeable jump in transaction fees collected on the platform, clocking a weekly growth rate of more than 6%, according to Token Terminal.
The jump was due to increasing network traffic as the number of daily active users on the chain rose by nearly 5% in the same time period.Is your portfolio green? Check the BNB Profit Calculator The recent move by BNB Chain to cut down its transaction cost by 40% could have played a big part in enticing users to its network.However, there was more to look forward to.Another key upgrade in the pipeline The BNB Smart Chain performed the ‘Luban’ hard fork on its testnet on 27 April, which was set to bring a host of enhancements and new features.The most prominent among them was the BEP-126 which introduces fast finality mechanism.
This modification would make it possible to reach block finality in two blocks, decreasing the likelihood of chain reorganization.However, the fast finality capability won’t be fully activated until the Plato upgrade.🚀 New features introduced on the #BSC testnet! Beside the gas fee reduction on mainnet, we have a booming protocol with new upcoming features.Here’s a quick overview of what’s new on BSC Testnet this week: 🔗 Fast Finality Mechanism (Part 1) * BEP describing fast finality… — BNB Chain (@BNBCHAIN) April 27, 2023 Another enhancement, the BEP-174, will bring a new governance proposal to improve the management of the relayer whitelist by introducing Relayer Managers.Furthermore, BEP-221 will introduce a new precompiled contract to validate the CometBFT light blocks.BNB whale accumulation increases but… Though the Luban Upgrade was only launched on the testnet, there were reasons to believe that the upgrade would be live on the mainnet soon, as indicated by the jump in BNB’s development activity.This metric is an indicator of a network’s commitment to improve the capabilities of products.
How much are 1,10,100 BNBs worth today? Big addresses reacted to these ecosystem updates and started to stack their portfolios with BNB tokens.The supply held by large addresses, which was stagnant until 22 April, showed an uptick of late.Still, it was not enough to bring a change in investors’ perception.This was evident as the weighted sentiment trended in the negative territory.
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