According to Odaily, on May 29, the sectors leading the surge were the Payment, Meme, and Solana Ecosystem sectors. The APM saw a 24-hour increase of 125.13%, DINO had a 24-hour increase of 48.36%, and SAMO had a 24-hour increase of 22.33%.

At the time of the report, the top three cryptocurrencies in terms of real-time gains were TOAD, DOGEMOB, and APM. The top three cryptocurrencies in terms of transaction volume were BTC, SOL, and ETH. These figures indicate a significant shift in the market, with certain sectors and cryptocurrencies outperforming others.

This information provides valuable insights into the current state of the cryptocurrency market, highlighting the sectors and cryptocurrencies that are currently leading the way in terms of growth and transaction volume.

Solana’s (SOL) price trajectory is pointing towards a catastrophic crash, with the potential to nosedive to a mere $80. Let’s delve into the depths of this exclusive analysis to unravel the complexities behind Bluntz’s alarming forecast.

Bluntz’s analytical prowess is underpinned by the intricate framework of the Elliott Wave theory, a technical approach revered for its ability to decipher market sentiment through wave patterns.&middot

For the full story, head over to TheCurrencyAnalytics.com.

Solana (SOL) is currently displaying promising technical indicators that suggest a potential upswing in price. According to analyst Jelle, SOL is closely following the February-March playbook, forming a post-breakout higher low. This development has investors and traders eagerly anticipating the next leg higher for the cryptocurrency.

Technical Analysis Highlights Attractive Entry Opportunity

A recent technical analysis by altFINS has identified a compelling trade setup for Solana. The analysis reveals that SOL is currently in an uptrend, with the pullback near the $160 support level and the long-term up trendline at $143 presenting an attractive swing trend entry opportunity.

The potential upside target is set at $200, representing a 25% increase from the current price levels. To manage risk, a stop loss (SL) level is suggested at $140.

Pullback in Uptrend Pattern

The current price action of Solana is exhibiting a classic “Pullback in Uptrend” pattern. This pattern occurs when the price remains in an uptrend but experiences a temporary pullback, potentially offering a “buying dip” opportunity for investors.

Traders are advised to look for the nearest support level where the price could stabilize and resume its uptrend. This support level could be a level where the price has bounced off in the past or a level that previously acted as resistance.

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Show more +Show less – Strong Uptrend Across Multiple Timeframes

Source: altFINS – Start using it today

The altFINS analysis highlights the strength of Solana’s uptrend across various timeframes. The short-term, medium-term, and long-term trends are all classified as “Strong Up,” indicating a robust bullish sentiment surrounding the cryptocurrency. This multi-timeframe confirmation of the uptrend adds credibility to the potential for further price appreciation.

According to the RSI-14 (Relative Strength Index) levels, Solana is currently neither overbought nor oversold. This balanced momentum suggests that there is room for the price to move higher without facing immediate resistance from overbought conditions.

The analysis also identifies key support and resistance levels for SOL. The nearest support zone is located at $160, followed by $125. On the upside, the nearest resistance zone is identified at $200, which aligns with the potential upside target mentioned in the trade setup.

Read more: Crypto Analyst Shares Altcoins Other Than Solana (SOL) That Could Build Generational Wealth: Render (RNDR) and Kaspa (KAS) Rank Top

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The post Is a Solana (SOL) Price Rally to $200 Imminent? Trends and Patterns Signal Upside Potential appeared first on CaptainAltcoin.

Solana validators Read CoinChapter.com on Google News

LUCKNOW (CoinChapter.com) — Solana’s community has approved a governance proposal to allocate 100% of priority fees to validators. The proposal, known as SIMD-0096, passed with 77% of votes in favor, according to on-chain governance data released on May 27.

Source: X

Validators are crucial participants in the Solana blockchain network. They run software to confirm transactions and maintain the network’s security. Priority fees, on the other hand, are additional fees users can pay to have their transactions processed more quickly during times of high network congestion.

Previous 50/50 Split Incentivized “Side Deals”

Previously, the network split priority fees, with 50% being burned (removed from circulation) and the other 50% going to validators. However, the proposal creator tao-stones argued this incentivized validators to make opaque “side deals” with users to secure more fees.

Allocating 100% of priority fees to validators ensures they focus solely on maintaining network performance and security. Proponents argue this change will disincentivize potential ‘side deals’ and improve efficiency.

Related Post: Anthony Scaramucci Predicts Solana ETF Approval

Solana Community Divided on Inflation Concerns

While the proposal has been approved, it has also sparked a debate within the Solana community. Some members, including validators like Stakewiz, have raised concerns about the potential inflationary impact of introducing more SOL tokens into circulation without burning any fees. Stakewiz estimates that this change could increase SOL’s issuance by 4.6%, contributing to inflation.

Source: X

One opponent to the proposal also said:

Solana’s inflation is about to increase as validators vote to pay themselves more. More traffic on SOL network? More tokens from thin air go to validators that will dump on you.

However, others in the community support the proposal, arguing that it will eliminate opaque “side deals” and make the fee structure more transparent and fair for users.

Source: X Gradual Implementation and Further Improvements

Implementing SIMD-0096 is not immediate, as it requires subsequent software releases (such as Solana’s versions 1.17 and 1.18) to incorporate the necessary changes. This delay provides an opportunity to develop further and integrate a more comprehensive fee distribution system, as proposed in SIMD-0123.

Solana’s co-founder, Anatoly Yakovenko, has stated that the update could enable stake pools with programmatically frozen tokens to receive all priority fees and tips. He also said that such a mechanism would take ‘6 months to 1 year’ to become operational.

Source: X SOL Price Reacts Positively

Amidst this development, the Solana (SOL) token has experienced a bullish price movement. At the time of writing, SOL is trading at $168.9, a 5.56% increase from its intraday low.

SOL/USD 1-Day Price Chart. Source: TradingView

SOL’s market capitalization and 24-hour trading volume have also seen notable increases of 5.59% and 9.47%, respectively.

You Might Also Like: SOL Indicators Point to Potential Rally Above $200

The post Solana Validators to Get 100% Priority Fees — Massive SOL Inflation Ahead? appeared first on CoinChapter.

Despite intraday weakness in the market, Solana (SOL) price maintains optimism, sustaining above the $160 mark.

Solana has seen a 15% surge over the past 30 days and a market cap of $74.72 billion, indicating a path to recovery.

The SOL price action near the $160 mark remains crucial, with a bullish comeback potentially breaking above the previous swing high of $200.

Despite the intraday weakness in the market, as Bitcoin and Ethereum struggle to maintain their positions, the Solana (SOL) price trend sustains an optimistic outlook. Even with a bearish closing to last week, the SOL price has managed to hold above the crucial $160 mark, offering a bullish perspective.

The weekly chart reveals a rounding reversal from the $120 support zone, indicating a rise in underlying demand. As Solana’s trend reversal gains traction, the question arises: Will SOL cross above the $200 mark and hit the $500 target in 2024? Our SOL price prediction delves into the details.

Solana Price Performance Analysis

Solana has experienced a 15% surge over the past 30 days and boasts a market cap of $74.72 billion, signaling a path to recovery. However, last week’s candle shows a higher price rejection due to the broader market slowdown.

Nevertheless, buyers have managed to avoid any bearish continuation this week, with a 2.18% jump in price. Furthermore, Solana sustains above the 61.80% Fibonacci level, presenting a buy-the-dip opportunity before a potential comeback.

Will SOL Price Reach $200?

As the broader market anticipates Bitcoin reaching the $100,000 mark, altcoins are expecting an altseason to follow soon. With the altseason approaching, the bull run in Solana is likely to gain momentum, potentially propelling the price beyond the $200 level.

In the short term, however, the SOL price action near the $160 mark remains crucial. A bullish comeback this week could break above the previous swing high of $200, potentially extending the uptrend to reach the $250 peak.

Conversely, a breakdown rally under $160 could lead to a drop towards the $130 support level.

A proposal designed to increase yields for validators rather than burn tokens is a significant factor in SOL’s upward action.

Solana validators will receive the full priority fee amount per transaction after a governance proposal passed with 78% support on Monday, shifting away from the current 50% reward and 50% burn model.

Solana Will No Longer Burn 50% Of The Priority Transaction Fees

The majority of Solana validators approved Solana Improvement Document SIMD-0096, which proposes charging validators all transaction priority fees. The proposal has officially been implemented.

For those unaware, Solana users with urgent transactions pay optional priority fees to avoid network congestion. Validators can, in turn, prioritize and fast-track their transactions, a crucial way Solana mitigates network congestion. 

This proposal seeks to improve incentives around how validators receive priority fees, thus enhancing network security. SIMD-0096 will also eradicate possible opaque and off-chain side deals between block producers and transaction submitters, improving the overall efficiency of the validator system.

“This ensures that validators are appropriately incentivized to prioritize network security and efficiency, rather than being incentivized to engage in potentially detrimental side deals,” the proposal creator Tao Stones explained.

According to CoinGecko data, SOL’s price slipped by 1.4% on the day after the SIMD-0096 proposal passed. Users have spent $1.9 million on Solana fees in the past 24 hours, as per DeFi Llama. Notably, the proposal to eliminate the 50% burn rate might negatively affect the Solana network by making SOL more inflationary.

The Problem With Removal Of The Burn Function

While the recently passed proposal could boost Solana’s security, some community members have voiced serious concerns about its impact on SOL’s tokenomics and the fact that only validators were allowed to vote on it.

With validators receiving 100% of the priority fees and none being burnt, this means more SOL issuance and inflationary pressures. One opponent to the proposal, going by the online moniker FreedomFighter, said:

“Not essentially stealing a deflation aspect people bought into Solana for, every user will suffer with higher inflation, doesn’t matter how much you undermine the amounts, it still remains a fact.”

Leading Solana validator Stakewiz also criticized the SIMD—0096 proposal. “I’m generally for a removal of priority fee burn, but I’m against this proposal for its lack of data-driven reasoning and failure to address the concern of priority fee inflation,” Stakewiz explained.

The proposal is considered to be more beneficial to validators than Solana users. How the SOL price reacts following the proposal remains to be seen.

Solana found support near the $160 zone. SOL price is slowly rising and might gain bullish momentum if it clears the $172 resistance zone.

SOL price corrected lower and tested the $160 support zone against the US Dollar.

The price is now trading above $165 and the 100-hourly simple moving average.

There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair (data source from Kraken).

The pair could clear the $172 resistance unless it fails to stay above $165.

Solana Price Could Gain Momentum

Solana price formed a support base near the $160 level and started a recovery wave. SOL underperformed Bitcoin and Ethereum but managed to clear the $165 resistance.

There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair. There was even a spike above the $170 zone and the 50% Fib retracement level of the downward move from the $181 swing high to the $160 low.

Solana price is now trading above $165 and the 100-hourly simple moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the $172 resistance could set the pace for another major increase.

Source: SOLUSD on TradingView.com

The next key resistance is near $176 or the 76.4% Fib retracement level of the downward move from the $181 swing high to the $160 low. Any more gains might send the price toward the $180 level.

Are Dips Supported in SOL?

If SOL fails to rally above the $172 resistance, it could start another decline. Initial support on the downside is near the $167 level.

The first major support is near the $165 level, below which the price could test $160. If there is a close below the $160 support, the price could decline toward the $150 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $165, and $160.

Major Resistance Levels – $170, $172, and $180.

Source: NewsBTC.com

The post Solana (SOL) Eyes a Strong Comeback: Will the Rally Ignite a Surge? appeared first on Crypto Breaking News.

On May 27, 2024, 16:55 PM (UTC). According to Binance Market Data, Solana (SOL) has crossed the 170.00 USDT benchmark and is now trading at $171.65 USDT, with an increase of 5.57% in 24 hours.

Solana validators are now to get 100% of the priority fees, which has sparked concerns about the inflationary effect on SOL. 

After the recent market pump, Solana (SOL) recovered an important support zone. As a result, analysts have debated whether the altcoin is poised for a liftoff to a new all-time high (ATH) or about to face a meltdown.

Related Reading

Analysts Fear SOL’s Top Is In

After recovering the $160 support zone over a week ago, Solana reached heights not seen since the beginning of April. SOL neared the $190 resistance level but failed to surpass it. Instead, the token’s price hovered between the $180 and $170 mark before returning near the $160 support zone over the weekend.

Despite underperforming compared to Bitcoin (BTC) and Ethereum (ETH), the token reached a new ATH in a key metric during this cycle. In March, Solana’s market capitalization surpassed its previous ATH, reaching a market cap of $93 billion.

Last week’s pump saw SOL surge by over 56% from its price during the May 1 retrace, propelling its market cap above its 2021 ATH to levels resembling March’s ATH. Nonetheless, some crypto analysts see the possibility of a meltdown ahead for Solana.

Crypto analyst Bluntz posted a video looking at SOL’s macro chart. Per the post, the analyst considers that “SOL is done, SOL is exhausted, and it’s probably time for ETH to catch up, which will probably be the last leg of the bull market.”

The analyst considers the macro chart to display some concerning signs that suggest the token has “probably topped.” Per Bluntz’s chart, SOL had a five-way climb to its cycle high of $210 in March. Despite not making the price ATH due to inflation, the analysts highlighted Solana’s market cap ATH as a key factor.

Solana’s macro chart. Source: Bluntz on X

Moreover, the crypto trader pointed out a five-way decline since March’s highs, followed by a three-way move up. To the analyst, this suggests that Solana is “exhausted” as it’s starting to struggle.

According to Bluntz, there’s a high chance that the highlighted performance will result in a “macro lower high.” Additionally, he forecasted SOL’s price to retrace below the $100 mark.

Is Solana Poised For A Liftoff Or A Meltdown?

Similarly, pseudonym analyst Credible issued a warning regarding SOL’s future. To the analyst, “coins like $SOL are just in larger distribution structures now.” However, Credible considers that BTC’s strength will relieve SOL as it initially “drags the whole market up.”

The analyst agreed with Bluntz’s prediction, stating that it is “ultimately where we are headed,” but considers there’s a good chance Solana sees highs above March’s mark “before the real meltdown.”

Nonetheless, some crypto analysts disagree with the gloomy forecast. DocXBT asserted he has “seen a lot of terrible Solana takes lately.” The analyst believes the token is “holding daily trends” and displays positive support and resistance levels.

SOL’s performance during this cycle. Source: docXBT

Moreover, he considers that investors should “stop overthinking it” unless “we lose daily trends” as the performance looks “supper clean.”

Related Reading

On a similar note, CryptoJelle pointed out that SOL is “forming the post-breakout higher low.” To the analyst, Solana is following the same behavior it did during the February-March leg.

Ultimately, Jelle suggests that the token could have found its bottom, and it’s currently getting ready for liftoff to a new ATH. The analyst forecasted a $600 price prediction for SOL this cycle.

Solana is trading at $171.18 in the three-day chart. Source: SOLUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Source: NewsBTC.com

The post Is Solana Preparing For Liftoff Or Meltdown? Analysts Forecast SOL’s Future appeared first on Crypto Breaking News.

According to Foresight News, CoinShares' weekly report indicates that digital asset investment products have seen inflows for the third consecutive week, reaching $1.05 billion. The total inflow for the year has hit a record high of $14.9 billion. The recent price surge has also pushed the total amount of digital asset ETPs to $98.5 billion.

In terms of regional distribution, the majority of the funds are concentrated in the United States, with inflows amounting to $1.03 billion. Meanwhile, the outflow from the existing Grayscale this week has significantly dropped to just $15 million. Most of the funds flowed into Bitcoin ETPs, with inflows last week reaching $1.01 billion, while there was a total outflow of $4.3 million from those shorting Bitcoin.

Ethereum saw inflows of $36 million last week, the highest level since March, possibly in response to the approval of the US ETH ETF. Solana also welcomed inflows of $8 million last week.

Solana (SOL) has emerged as a key player, renowned for its high-performance block chain technology. However, recent market turbulence has cast a shadow over SOL’s trajectory, leaving investors on edge. Let’s delve into the latest developments surrounding SOL and analyze its resilience in the face of adversity.

Solana’s Journey: From Ascending Channel to Uncertain Terrain

For weeks, Solana (SOL) has been navigating an ascending channel, offering hope to investors with its steady climb.&middot

For the full story, head over to TheCurrencyAnalytics.com.

SOL’s price rose 1.32% to $166.27 with a market cap of $74.69 billion and a 9.82% trading volume increase.

Solana’s price surged over 22% in the past month due to positive sentiment and Solana-based meme coins.

Solana’s TVL is $4.745 billion, with stablecoins holding $3.083 billion and generating $1.4 million in fees in the last 24 hours.

Solana (SOL) has recently exhibited signs of a bullish trend following a price recovery. Should bullish traders manage to elevate the price beyond the $170 resistance threshold, it could pave the way for additional upward movement. 

Overcoming this critical barrier might propel SOL towards the next significant resistance at $190, with sustained momentum potentially pushing the price to an ambitious $200. In the last 24 hours, SOL’s price has climbed by 1.32%, reaching $166.27. This positive trend has bolstered its market capitalization to $74.69 billion. The trading volume in the past day has surged to $2.4 billion, a notable 9.82% increase, reflecting heightened market activity.

Over the past month, Solana’s price has soared by more than 22%, driven by favorable market sentiment and a surge in meme coins based on the Solana blockchain, such as WIF, BONK, BOME, and POPCAT. This enthusiasm has spurred investor interest and contributed to the upward price trajectory.

However, the past week saw a slight decline of 6.72% in SOL’s value, following a period of relative stability. This minor dip occurred amidst broader market volatility and growing uncertainty among investors. Despite this, the recent price rebound indicates resilience and the potential for a continued recovery.

Solana’s Total Value Locked (TVL) is $4.745 billion, demonstrating strong engagement and confidence in the Solana ecosystem. Stablecoins on the network have a combined market capitalization of $3.083 billion, and the network generated $1.4 million in fees over the past 24 hours, showcasing its active usage.

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BRISE Coin Jumps 7%, Igniting FOMO

The post Solana: Will Breaking $170 Resistance Ignite Further Gains? appeared first on Crypto News Land.

Coinspeaker Dogwifhat (WIF) Price Surges 9% to Make Top 30 Assets

The price of Solana meme coin dogwifhat (WIF) has soared 9.21% in the last 24 hours to trade at $3.28, indicating new inflow from the big bulls. The price jump is reflective of the wider performance of meme coins, which have generally been experiencing massive gains in the market today. As of press time, the combined market capitalization of meme coins is $63.7 billion, a 1.21% rise in the last 24 hours.

Although there’s a wider gaining trend among meme coins, Solana tokens appear to be doing the most. They have recorded over 12% gains in a manner that saw them outshine the wider market today. Even their daily volumes have also continued ro climate, nearing $2.4 billion.

Meanwhile, the performance of WIF and other similar assets is undoubtedly linked to Solana’s bullish trend, which has brought massive inflows to memecoins.

Dogwifhat (WIF) Breaks into Top 30

Dogwifhat has been on a steady journey of growth since its launch on the Solana blockchain in November 2023. Its WIF token became an instant hit and succeeded in flipping the PEPE token to become the third-largest meme coin by market cap in March. Its performance thus far has seen it attract a growing number of users, and the result can be seen in its metrics.

Moments ago, WIF broke into the top 30 crypto assets by market capitalization. That is, after overtaking Filecoin (FIL). As of publication, however, its market cap stands at $3.24 billion while daily volumes have skyrocketed 142.92% to $1.1 billion.

Despite the impressive gains, WIF is still significantly off its all-time high of $4.85 that it attained on March 31. It currently trades 32% below its all-time high, however, bulls are lining up to take new positions following the recently recorded wins.

Moreover, there is a buzz around the recent approval of spot Ether ETFs that has suddenly brought life into the market. That is not to mention the fact that US lawmakers are also beginning to rally behind the industry as the newest crypto bills suggest.

Other Solana Meme Coins

Interestingly, the impressive performance of Dogwifhat has sparked a similar rally in other assets like itself. Kitty AI, for instance, has posted triple-digit gains of 214% to become the biggest gainer in the past 24 hours. Wojak and Banana Cat are also up 41.66% and 42.8% respectively within the same period.

next

Dogwifhat (WIF) Price Surges 9% to Make Top 30 Assets

Crypto Boy, with his 40.5k YouTube subscribers, reviews the Sealana (SEAL) token presale, highlighting its low market cap and potential for quick gains.

Building on the momentum of Slothana, another meme coin hopeful, Sealana is stirring excitement in the presale arena.

Having already secured over $3 million, Sealana mirrors Slothana’s presale success and the explosive growth potential that has propelled other Solana meme coins to 100x returns.

Solana’s meme coin craze heats up: Sealana follows Slothana’s surge

Fueled by Slothana’s presale surge and subsequent 3,500% price increase, Solana’s meme coin scene is experiencing significant growth. Now, Sealana aims to capitalize on this momentum with its own unique charm.

Leveraging clever marketing and a relatable seal mascot reminiscent of South Park’s art style, Sealana has built a strong online presence, garnering over 6,000 social media followers.

The project’s presale success is further bolstered by its multi-chain accessibility, allowing purchases with SOL, ETH, and BNB, significantly broadening its investor pool. Notably, accepting ETH payments streamlines the buying process, addressing a common pain point for users.

With a current price of $0.022 SOL per $SEAL token, Sealana presents an attractive entry point for investors seeking future gains. Potential investors can visit our guide on how to buy Sealana tokens here.

Exploring opportunities and strategies in the $SEAL token presale and beyond

Considering Sealana as an investment offers several exciting possibilities. Participating in the presale provides an opportunity to secure tokens at potentially favorable prices compared to post-listing market rates.

The dynamic nature of cryptocurrency markets presents a chance to be among the early investors capitalizing on Sealana’s growth potential. Understanding the purpose and planned use cases of Sealana tokens is essential for making informed decisions.

#Sealana ain’t slowing down anytime soon! 🔥With his companions he’s out here finishing what @realDonaldTrump started! 🦭💪
Send $SOL to clean out the swamp 🏞️ and make #Memecoins great again. 🚀💰
Once the swamp's clear, it's Lambos 🚗, Massive Gains 📈and Freedom all the way!!!… pic.twitter.com/vFMEaRZWKW

— Sealana (@Sealana_Token) May 27, 2024

Exploring the project’s tokenomics and roadmap provides insights into how the team aims to create long-term value for investors. Platforms like Solana’s Phantom Wallet and Solflare facilitate smooth participation in the presale and subsequent transactions, ensuring an efficient user experience.

As the Sealana presale heats up, staying informed about project developments is crucial for potential investors. With the presale selling out quickly, the community buzzes with anticipation for the token’s launch.

Early investors are drawn in by the possibility of 100x returns. You can explore the potential future of Sealana by checking out our $SEAL price prediction.

Conclusion

Investors are flocking to Sealana’s presale, mirroring the excitement surrounding Slothana’s recent success. While each project carves its own path, Sealana presents an attractive opportunity to enter the crypto presale market.

Strategic planning and an eye on market trends can position early investors to capitalize on Sealana’s potential. Staying informed through reliable sources is paramount for those considering the presale or following Sealana’s journey. To participate in the $SEAL token presale, visit sealana.io.

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Bad news for the crypto Solana from the bankruptcy of FTX.

According to Bloomberg, the bankruptcy trustee of the group of the famous exchange that failed in 2022 has auctioned off several SOL at a heavily discounted price.

Latest news: The sale of FTX of the crypto Solana

Bloomberg reported that in total, after several weeks of auctions, FTX sold Solana for a total value of 2.6 billion dollars. 

It is worth noting that the overall market capitalization of SOL is just over 74 billion dollars, so the amount of the FTX sale is more than 3.5% of its entire capitalization. 

Among the buyers, there would appear to be Figure Markets and Pantera Capital.

According to anonymous sources from Bloomberg, Figure Markets would have purchased 800,000 SOL paying a total 

80 million dollars. Therefore, the purchase price would have been around 100$ per token, much lower than the current 165$ they have on the market. 

Indeed, such a price SOL had not seen since the end of February, so even assuming that such a sale was made, for example, at the beginning of May, or at the end of April, the purchase price was still much lower than the market price. 

In fact, the minimum price of SOL in the last two months is the 127$ from the beginning of May, and this makes the purchase of Figure Markets definitely convenient, if the rumors reported by Bloomberg are true. 

FTX: The impact on the price of the news of the sale of the crypto Solana (SOL)

Seven days ago the price of Solana had risen to about 187$. 

However, this is not the annual high of 2024, because in the second half of March it had also exceeded $200.

However, that figure was reached in the midst of the bull run of Bitcoin, followed by a retracement that began particularly the week before the halving on April 20.

Anche il prezzo di Solana ha subito un ritracciamento, terminato per l’appunto il primo di maggio a 127$.

So first it rose from $100 at the end of February to $200 at the beginning of April, then at the beginning of May it had dropped to $127, but only to return to $187 a week ago. 

Since then it has started a phase of decline, apparently still ongoing, which first brought it to $170, and then to the current $165. However, yesterday it also touched $162. 

Given that this dynamic started after a remarkable rise from around $20 in October 2023 to $120 at the end of December, it is possible to state that the price of Solana not only seems to still be in a growth phase, net of the three mini-bubbles that inflated in December, March, and mid-May, but also proves to be decidedly volatile. 

Tale Volatility piace molto soprattutto agli speculatori sul breve periodo, mentre gli holder di sicuro apprezzano maggiormente il trend ascendente sul medio periodo. 

The failure of FTX

Il curatore fallimentare di FTX, ed il suo team, sono riusciti a racimolare talmente tanta liquidità con le vendite degli asset del gruppo da essere in grado di restituire ai creditori dell’exchange fallito persino più dell’importo dovuto. 

The fact is that, although the exchange failed because it did not have enough funds to meet all user withdrawal requests, it still had a significant amount of illiquid assets. 

Many of the illiquid assets owned by the group were purchased with users’ funds, but it took quite a while to liquidate them in order to collect sufficient funds to repay them. 

It should be noted, however, that users who had criptovalute on deposit with FTX at the time of the withdrawal closure will not receive their crypto back, but an amount in fiat currency slightly higher than the value calculated in fiat currency of their crypto at the time of the bankruptcy, at the end of November 2022. 

So actually they will have lost, given that the current value of those cryptocurrencies would be much higher, but the amount in fiat currency they will receive will at least cover the loss calculated in fiat currency at the time of the failure. 

Part of the funds recovered by FTX in this way (16.3 billion dollars) also comes from the sale of SOL. 

The future impact

Now, however, the problem could be another. 

In fact, those who bought SOL at around $100 from FTX a few weeks ago might be tempted to sell them even at a price well below the current $165, to monetize the gains in the shortest possible time. 

It could also be precisely this the reason for the drop in the price of Solana from 187$ to 165$ during the last seven days. 

Indeed, to tell the truth, this dynamic could still have a depressing impact on the price of SOL, if it continues, even though it is very difficult to predict its actual extent.

On the other hand, even if the price of SOL were to return to the $127 at the beginning of the month, the buyers from FTX could theoretically profit from selling on the market.

However, in the case where they foresee an increase in the market value of Solana, they might also decide to postpone sales waiting for better times, or even to keep a part of it in their portfolio until the next bull.

Probably it is for these reasons that in the last 24 hours the price of SOL has not dropped, but has merely oscillated between $161 and $166.