Major cryptocurrencies like Bitcoin, Ethereum, and Solana have already reached their lowest points of the cycle, according to former ARK Invest executive Chris Burniske, who predicts that the long-term uptrend for these digital assets will persist into 2024 and 2025 despite potential market fluctuations.
Bitcoin and other cryptocurrencies are facing intense pressure as prices drop and short-term holders offload their assets, signaling a possible capitulation phase and suggesting further downside potential. Additionally, major altcoins like Ethereum, Solana, and Cardano have witnessed a decline in their Total Value Locked (TVL) over the past week, indicating a decrease in popularity and utilization in the decentralized finance (DeFi) ecosystem.
Bitcoin and Ether rose over 3% to reach their highest prices in a week, while Solana, NEAR, Cardano, Polkadot, and Binance's altcoins also experienced gains, following a surge in traditional markets; however, experts predict that the downtrend in digital assets may continue for the next few weeks.
Solana (SOL) and Cardano (ADA) led the gains in the crypto market as Bitcoin (BTC) gradually recovered, with large holders returning to the market aiding the recovery.
Crypto analyst Benjamin Cowen warns that Solana (SOL) could experience a significant decline similar to Cardano (ADA) in the last cycle, potentially falling over 50% to $10, while also predicting a possible double bottom pattern for Bitcoin (BTC) and suggesting Litecoin (LTC) will underperform Bitcoin.
The total value of assets locked in Solana's blockchain has increased by 50% since the beginning of 2023, with the volume of transactions also rising, indicating a potential recovery in SOL price despite its current downward trend.
Solana (SOL) has the potential for significant gains in the next bull market, as it competes against other projects in the crypto space, while Binance Coin (BNB) faces uncertainty due to regulatory developments in the United States.
Solana (SOL) price dropped 12% and found support at $19.15, but could rally 10% if bullish momentum continues.
Solana (SOL) is predicted to outperform Ethereum (ETH) in the next risk expansion in crypto markets, according to venture capitalist Chris Burniske.
Interest in altcoins may have waned, but Solana remains the most loved altcoin amongst investors, with $700,000 invested in it over the past week and $26 million year-to-date inflows.
The price of bitcoin fell nearly 1% in the past 24 hours to below $25,700, following a surge last week after Grayscale's court victory, while the announcement of extended oil production cuts by Saudi Arabia and Russia could be bearish for bitcoin prices. However, Solana's SOL token saw a 3.7% increase after Visa's announcement of expanding its stablecoin settlement capabilities with Circle's USDC stablecoin to the Solana blockchain.
Ether's price has been supported by the Federal Reserve's injection of $300 billion, but doubts are growing about its ability to sustain this level due to bearish sentiment in the cryptocurrency market and declining metrics on the Ethereum network, including a decrease in the number of ETH investors and a decline in activity on decentralized applications. Competitors such as Solana are also benefiting from stablecoin volumes, and there is an increased likelihood of Ether's price dropping below the $1,600 support level.
A bankrupt crypto firm holding billions of dollars in digital assets could cause a price collapse, with traders selling due to fears of FTX liquidating its $3 billion crypto holdings.
FTX, a bankrupt crypto exchange, is seeking court approval to liquidate $3.4 billion in cryptocurrencies, with a maximum offload of $100 million per week, potentially impacting the market in a more gradual manner rather than causing a sharp fall in asset prices; this article examines the price movements and potential impact on Solana (SOL), Dogecoin (DOGE), and Aptos (APT).
The bankrupt FTX estate has amassed around $7 billion in assets, including $1.16 billion in solana tokens and $560 million in bitcoin, as it seeks to return funds to creditors through the sale of its crypto holdings.
FTX, the failed crypto exchange, owns $1.16 billion worth of Solana (SOL) tokens, which represents over one-third of its total liquid crypto portfolio.
Collapsed digital asset exchange FTX has been approved by a judge to sell $3.4 billion in crypto assets, including Solana, Ethereum, and Bitcoin, to repay creditors and recover from bankruptcy.
XRP and Solana, despite experiencing significant losses over the past 30 days, are showing potential for a comeback due to important catalysts such as court rulings and partnership agreements with major institutions. Both cryptocurrencies have strong underlying value and growth prospects, making them bullish investments.
Bitcoin's rise may trigger leverage liquidations and price increases for alternative cryptocurrencies like solana's SOL, as traders who were shorting those tokens risk being forced to cover their positions.
Solana (SOL) price is currently trapped within a bearish technical formation, with the possibility of a prolonged downtrend unless there is a decisive daily candlestick close above $20.23. Increased selling momentum could push SOL down to around $17.29, while a breach of the channel's upper boundary and overcoming the 21-day EMA at $19.51 could open the path for an uptrend.
The volatility in Bitcoin remains low, similar to the stability in US stock and bond markets, and is expected to continue after the Federal Reserve rate decision.
The filing from FTX's bankruptcy estate reveals that Sam Bankman-Fried's father, Joe Bankman, was paid a $200,000 salary by FTX's US division but expected to receive $1 million annually.
Binance's Bitcoin trading volumes have decreased significantly due to lawsuits and regulatory scrutiny, while Coinbase's volumes have increased.
TON coin has replaced Solana's SOL token as the 10th largest cryptocurrency by market capitalization.
Bitcoin, Ethereum, and Solana could experience significant price declines, with Bitcoin potentially dropping by over 20% and Ethereum and Solana also facing dips, according to crypto strategist Kaleo.
FTX's bankruptcy court-approved liquidation of $7.1 billion worth of crypto assets, including Solana and Bitcoin, is not expected to cause a market crash, as the court has implemented measures to ensure market stability during the process.
Solana's total value locked (TVL) has reached $338.82 million, its highest since the start of the year, driven by popular projects and a surge in the native SOL token, but concerns arise about the possible effect on SOL's price after the approval of FTX estate to sell its crypto holdings.
Solana (SOL) is showing signs of surpassing Ethereum (ETH) in a new trend formation, according to crypto investor Chris Burniske.
Closely followed crypto analyst predicts a strong bull market for Solana (SOL), advising long-term bulls to accumulate the asset for maximum opportunity.
Solana has emerged as the most loved altcoin among institutions, with 27 weeks of inflows and partnerships with financial institutions like Visa, while Ethereum continues to be the least-loved altcoin, experiencing seven straight weeks of selling.
Despite the recent rally in Solana's SOL, it's unclear whether the price surge is a result of Bitcoin's movement or other factors, such as the successful network upgrade to version 1.16 and increased usage of decentralized applications and NFT volumes on Solana. Solana is trying to establish itself as the fifth-largest cryptocurrency by market capitalization, but faces stiff competition from Ethereum layer-2 solutions.
Despite some positive announcements, the prices of Bitcoin and Ethereum remained relatively stable, indicating that cryptocurrencies are less influenced by current news compared to the past; however, Avalanche and Solana experienced notable price rallies.
Crypto investments surged by $78 million, with Bitcoin and Solana leading the way, according to CoinShares' latest investment report. Bitcoin received $43 million in inflows, while Solana experienced its largest weekly inflow since March 2022.
Ethereum rival Solana is gaining favor with institutional investors, as digital assets receive significant inflows, with Solana seeing the largest weekly inflows since March 2022.
Crypto analyst predicts that Solana (SOL) could reach 10% of Ethereum's (ETH) market cap, implying a $231 price target for SOL, and potentially even 20% of ETH's market cap which would result in a $461 price target and an ROI of 2,038%.
The FTX bankruptcy estate has staked millions of dollars worth of ether and solana on the blockchain, potentially earning significant rewards in the future.
FTX's bankruptcy estate staked $122 million in Solana (SOL) tokens and $5 million in Ethereum (ETH) in an effort to generate passive yield, as part of the company's "Digital Asset Management and Monetization Program," approved last month.
