Ripple CEO Brad Garlinghouse says the latest court ruling on Ripple’s securities lawsuit “is a big win.” He stressed that “absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security.” The Ripple executive slammed allegations of misleading statements about his XRP position, stating that the […]
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Grayscale Highlights Risks of ETH Staking Restrictions in Latest SEC Disclosure
According to supplemental disclosures in Grayscale’s Ethereum Trust 8-K report, submitted to the U.S. Securities and Exchange Commission (SEC) on June 20, the trust’s inability to utilize its ethereum for staking services places its shares at a “comparative disadvantage.” Grayscale: Ethereum Trust Strategy Could be Impacted by Staking Limitations While multiple exchange-traded fund (ETF) issuers […]
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Microstrategy Increases Bitcoin Portfolio to 226,331 BTC After Latest Purchase
Nasdaq-listed Microstrategy has acquired 11,931 more bitcoins for 6 million, raising its total cryptocurrency holdings to 226,331 bitcoins, valued at .33 billion with an average purchase price of ,798 per coin. The acquisition was funded through proceeds from a private offering of convertible senior notes that offer a 2.25% annual interest rate. MSTR Now Hodls […]
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Solana Sees Sharp Decline To $146, Will SOL Overcome Latest Hurdles?
SOL, the native token of Solana, a leading blockchain platform renowned for its high-speed transactions and innovative technology, is currently facing significant price hurdles. As the cryptocurrency market experiences volatility, Solana’s price has encountered resistance levels that pose challenges to its bullish trajectory. Investors and analysts are closely watching these developments, trying to gauge what lies ahead for SOL.
This article explores the current price hurdles facing Solana, delves into future outlooks, and offers predictions on how these obstacles could impact its market performance. Understanding these dynamics is crucial for investors seeking to navigate the uncertain terrain of Solana’s price movements.
As of the time of writing, SOL has a market capitalization of over billion, a trading volume of over .3 billion, and a price drop of 5.40%, trading at around 6 over the past 24 hours. Despite the price decline, its market capitalization and trading volume increased by 0.64% and 40.90%, respectively.
Current Market Analysis For Solana
Currently, on the 4-hour chart, the price of SOL after attempting to move upward has begun to drop again with two bearish candlesticks dropped. Also, Solana is trading below the 100-day Simple Moving Average (SMA) indicating that the price might remain bearish.
Although the composite trend oscillator indicator on the 4-hour chart indicates that SOL’s price may move upward as both the signal line and the SMA of the indicator are heading toward the zero line, it should be noted that this is only a short-term measure because the price will eventually drop even further.
Meanwhile, on the 1-day chart, it can be observed that Solana is bearish as it is trading below the 100-day SMA and also attempting to drop a bearish candlestick with strong momentum.
Also, the signal line and SMA of the 1-day composite trend oscillator have broken below the zero line and are moving toward the oversold zone, which suggests that the price of SOL may move very bearish.
Expert Opinions On SOL’s Price Outlook
As of right now, Solana’s price is moving downward toward the 0 support level. If SOL breaks below this level, it will continue to move downward to test the 8 support level and may move on to challenge the support level if it breaks below the 8 level.
Nonetheless, prices may begin to increase in the direction of the 0 resistance level if it is unable to cross any of the previously mentioned levels. If it breaks above this 0 level, it will continue to rise and challenge the resistance level at 8. Furthermore, should SOL break above this level, it can also see a higher price move to challenge the 5 resistance level on the chart.
VC Firm Paradigm Secures $850 Million For Crypto Projects In Latest Fundraise
Venture capital firm Paradigm has reportedly raised 0 million for its third fund, supporting early-stage cryptocurrency initiatives led by Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang.
Increased Venture Capital Interest In The Industry
Paradigm’s previous investments include prominent projects like decentralized exchange (DEX) Uniswap and Optimism, a scaling solution for the Ethereum blockchain.
According to Bloomberg, with the capital raised in the latest funding round, Paradigm aims to contribute to early-stage crypto work and plans to prioritize such projects in the future.
The latest fundraising comes after Paradigm’s notable achievement in 2021 when it secured a .5 billion fund, the largest-ever crypto investment vehicle at that time.
The current surge in interest and confidence within the venture capital community towards the crypto industry has led to increased funds focused on cryptocurrency strategies.
Paradigm’s fundraising success reflects the growing market appetite for crypto investments. Recent developments, such as the introduction of Bitcoin ETF and the impending approval of ETFs centered around Ethereum, have fueled the industry’s expansion.
Hivemind Capital Joins Paradigm In Venture Funding Race
Paradigm is not the only venture firm seeking to raise funds within the crypto space. Hivemind Capital, for instance, is actively raising a specialized million non-fungible token (NFT) fund.
Hack VC, which previously announced a 0 million fund, is also exploring opportunities to raise over 0 million for another investment vehicle. These initiatives highlight the increasing interest and confidence in the potential of the crypto industry from venture capitalists.
While Paradigm faced criticism, including temporarily removing cryptocurrency references from its website, the firm rectified the situation and reaffirmed its commitment to the industry.
Fred Ehrsam transitioned from managing partner to general partner at the firm in October, further solidifying Paradigm’s dedication to fostering crypto innovation.
Despite setbacks, Paradigm continues to support crypto projects actively. Recently, the firm led an investment round in Merkle Manufactory, a company responsible for developing software infrastructure for the Farcaster social media network.
The funding round valued Merkle Manufactory at approximately billion, underscoring Paradigm’s ongoing belief in the potential and value of the crypto industry.
Overall, Paradigm’s successful fundraising efforts for its third fund demonstrate investors’ continued interest and confidence in supporting early-stage cryptocurrency projects.
In recent months, the crypto industry has experienced a consistent outflow of funds, resulting in a decline in the total market capitalization from its yearly peak of .7 trillion to the current level of .3 trillion.
The dominant cryptocurrency in the market has been the primary driver of the recent price drops. It is currently valued at ,700 and has experienced a 3% decrease within the past 24 hours. Similarly, Ethereum has also declined, with its price dropping by 4% to approximately ,475.
Featured image from DALL-E, chart from TradingView.com
Is Now The Time To Buy Bitcoin? Latest Chart Analysis Says Yes – Here’s Why
Bitcoin has recently been spotlighted due to an intriguing buy signal identified on its hourly chart. This indication emerges amidst a notable fluctuation in Bitcoin’s price, setting the stage for potential short-term gains.
Renowned crypto analyst Ali has highlighted a significant development on the hourly chart of Bitcoin, specifically noting a ‘buy signal’ detected by the TD Sequential indicator. This technical tool, developed by Tom DeMark, is respected for its ability to predict price reversals by analyzing exhaustion points in trends.
Decoding The TD Sequential Indicator On Bitcoin Chart
The TD Sequential operates in two main phases: the setup and the countdown. The setup phase requires nine consecutive price bars closing progressively higher or lower, depending on the trend’s direction.
Following a successful setup, the countdown phase begins, searching for a sequence of 13 bars that continue the trend but must close beyond the high or low of two bars prior.
Completing this countdown typically signals an exhausted trend, poised for a reversal. Bitcoin’s hourly chart shows the completion of this pattern, suggesting an imminent uptick over the next few hours.
The TD Sequential presents a buy signal on the #Bitcoin hourly chart, predicting a potential rebound of one to four candlesticks for $BTC! pic.twitter.com/pnAMFHHbPe
— Ali (@ali_charts) June 11, 2024
This technical prognosis arrives as Bitcoin contends with downward pressure, recently dipping below ,000, a price level not seen since late May. Currently, Bitcoin is trading at ,855, marking a 3.7% decline, which has sparked widespread commentary among investors and analysts.
Buy The Dip, Says Mow
Samson Mow, the CEO of Jan3 and a notable Bitcoin advocate, recently stirred the Bitcoin community with a post on his X account that included an optimistic forecast for Bitcoin’s price. Revisiting his earlier post, he added a highly optimistic prediction that Bitcoin could reach as high as million per BTC.
In his post, Mow used a visual diagram to compare the current available capital in the market with the amount of Bitcoin available and potentially mine-able in the future.
The illustration did not specify quantities but effectively showed the small amount of Bitcoin available relative to the vast amount of capital that could potentially purchase it.
The diagram, designed as overlapping triangles resembling an hourglass, emphasized the scarcity of Bitcoin in comparison to available capital.
Mow’s post highlighted his perspective on the ongoing price dip, suggesting that despite the drop, the fundamental outlook for Bitcoin remains strong due to its limited supply and growing adoption. He use the term “BTFD” – “buy the f**king dip” – to suggest a bullish outlook.
Feels weird seeing #Bitcoin price go down when we’re at a level of unprecedented adoption. BTFD!
— Samson Mow (@Excellion) June 11, 2024
Featured image created with DALL-E, Chart from TradingView
Bitcoin Core’s Latest Optech Newsletter Urges Upgrade to Version 25.0, Discusses New Vulnerability Disclosure Policy
Bitcoin Core’s Optech Newsletter #306 is recommending users to, “to upgrade to Bitcoin Core 25.0 or higher within the next two weeks, with the latest version being 27.0.” A new policy was discussed by several Bitcoin Core project members concerning disclosures of vulnerabilities. Low-severity vulnerabilities will be disclosed about two weeks after a new version […]
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South Africa’s Regulator Tightens Rules for Crypto Asset Transfers via Latest Directive
The Financial Intelligence Centre (FIC) has proposed a directive regarding crypto asset transfers. This directive follows the licensing of 75 crypto asset service providers (CASPs) by the Financial Sector Conduct Authority in South Africa. The FIC aims to tighten regulations by requiring CASPs to implement more detailed and stricter requirements for digital transactions. The directive’s […]
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Football Star Cristiano Ronaldo Seemingly Ignores $1 Billion Lawsuit After Urging Fans to Sign Up Latest NFT Drop
The Portuguese footballer Cristiano Ronaldo has informed his 111 million followers on the social media platform X to prepare for the unveiling of his latest collection of non-fungible tokens (NFTs) on Binance. In a post dated May 24, Ronaldo encouraged his followers who are eager to relive the NFT journey to register for his fourth […]
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Fantom Price Continues To Shine – What’s Behind The Latest 15% Surge?
Fantom price has been such a joy to watch for investors in recent days, as a much-needed breath of fresh air continues to spread throughout the crypto market. Bitcoin and other large-cap assets seem to be recovering well after a period of sluggish and frustrating price action.
Notably, Fantom emerged as one of the best performers in the cryptocurrency market over the past week, posting a substantial 26% price increase in the last seven days. The Layer 1 token has particularly been on a hot streak in the past day, soaring by 15%.
The Catalyst Behind The Latest FTM Surge
The much-awaited Sonic upgrade has been critical to the turnaround the Fantom price has witnessed in the past few months. Sonic is expected to improve Fantom’s technology stack and introduce major scalability enhancements without a disruptive hard fork.
Most recently, the Fantom Foundation unveiled the details of the upcoming layer-1 chain Sonic Network. According to the blog post, the new blockchain network will be connected to and be able to tap into vast amounts of liquidity, users, and protocols from “Ethereum and beyond” via a native layer-2 bridge.
As disclosed previously, the Sonic Network is expected to go live alongside a new token, with the ticker S. In the latest memo, the project revealed that FTM token holders will be able to migrate Sonic’s token at a 1:1 ratio, depending on the results of a governance vote.
The Fantom Foundation said in its latest blog post:
Initially, this migration process is anticipated to be bi-directional, which will allow users to swap back and forth between $FTM and $S. Since the $S token will only exist on Sonic and $FTM will only exist on Opera, we anticipate utilizing a bridge to enable bi-directional swaps. This process enables a seamless migration for current Opera network participants to experience Sonic. After a transitional period (to be determined in the future), the migration process is expected to transition to a one-way migration of $FTM to $S.
The project noted that the supply of the new S token will match that of FTM to facilitate the token migration process after the Sonic chain launch. It is worth mentioning that the Fantom price experienced a significant surge following this update on the Sonic Network on May 17.
Fantom Price At A Glance
As of this writing, the Fantom price is around .908, reflecting an almost 15% increase in the past 24 hours.