Liquidity Layer Project on Solana (SOL) Surges 63% as New DApps Roll Out
The HXRO liquidity layer project, which is built on Solana (SOL), has experienced a surge of over 63% in the past week due to the increasing number of decentralized apps (DApps) being powered by its ecosystem. Despite a 5% drop in the past 24 hours, HXRO is currently trading at around $0.195, up from $0.119 a week ago.
NFT Trading Volume Declines in Q2, Ethereum Dominance Temporarily Affected, Solana Takes Major Hit
The NFT market experienced a decline in trading volume of 35% from Q1 to Q2, which can be attributed to factors such as market saturation, changing investor sentiment, and regulatory uncertainties. Ethereum remained the dominant platform for NFT trading, capturing 83% of the volume in Q2, but experienced a temporary setback in May due to the rising popularity of Bitcoin Ordinals. Solana saw the most significant decline in trading volume during Q2, mainly driven by the migration of two major collections to other networks. Despite short-term fluctuations, the long-term potential of NFTs remains promising as they continue to find utility in various industries.
The DeFi Project Parrot Voted To Redeem the Governance Token PRT at a Low Price, Causing Controversy Among Investors
DeFi project Parrot conducted a controversial vote on Solana, planning to redeem the governance token PRT at a low price. Investors panicked over the team's unfulfilled promises, and mistakes could cost tens of millions of dollars. The situation highlights the drawbacks of funding crypto protocols through unregulated token offerings. If Parrot's plan succeeds, the token value will drop significantly. Investors estimate that the redemption program will return approximately $50 million to PRT holders and retain $2,100 of them for insider equity. Polls so far show overwhelming support for the donation, but have also drawn some criticism and anger.
Solana's Demand Zone Turns into Selling Interest Area as Support Level Becomes Resistance
The demand zone for Solana is now a selling area, with the previous support level of $26.31 becoming a resistance level. Despite SOL's recent poor performance, Bloomberg Intelligence's market analyst, James Coutts, believes that SOL has shown strength against Ethereum.
Experts debate the role of point systems in Solana's DeFi growth
Point systems are driving growth in Solana's DeFi ecosystem, according to Lucas Bruder, co-founder of Jito Labs. These systems offer token incentives to attract new users and boost activity. However, Jarry Xiao, an engineer at Ellipsis Labs, warns that point systems may not be sustainable in the long-term. MacBrennan Peet, a founding team member of Mrgn Labs, believes that tokens are necessary for building open-source protocols and that points are the highest leverage way to test incentives and attract users.
Ethereum Layer-2 Solutions Flourish While Competing Chains Plateau, Says Cumberland's Global Head of Trading
According to Jonah Van Bourg, user counts and wallet addresses have plateaued on alternative layer-1 blockchains such as Solana, NEAR, and Polkadot, making their ecosystems "dead on arrival." Meanwhile, Ethereum layer-2 solutions like Arbitrum and Optimism are flourishing.
Jet's Liquidity Incentive Program will Launch on 21th July
According to Jet Protocol, a Solana-based lending protocol, announced the launch of the Jet liquidity incentive program, with a total of 137,700,946 JET token shares available. Liquidity providers will have the opportunity to receive incentives over a period of 4 years.
Solana's SOL Price Attempts Fresh Rally, Aiming for $30 Resistance
Solana's SOL price is attempting to rally above the $26.50 resistance level, with a contracting triangle forming and resistance near $27.20 on the 4-hour chart. A close above the $28.50 resistance could result in a 10%-15% rally. The price found support near $25 and is now attempting a fresh rally, testing the downside correction's 23.6% Fib retracement level.
Solana (SOL) Price Breaks Resistance Levels, Indicating Bullish Trend Reversal
Solana's price has broken through significant resistance levels, indicating a new bullish trend reversal. The weekly time frame shows a breakthrough of a descending resistance line that had been in place for 600 days, further supporting this possibility.
Neon Labs Launches "Neon EVM" to Allow Ethereum Apps on Solana
Neon Labs has launched the "Neon EVM", which allows developers to write Ethereum applications on top of Solana. This smart contract built on top of Solana enables developers to deploy Ethereum Virtual Machine (EVM) code, which was previously not possible on the network.
Deal Aggregator Prism on Solana Releases V3 Update
Prism, the deal aggregator on Solana, has updated V3, introducing aggregations, a new user interface, and breakthrough features. Designed with a mobile-first design, the platform offers seamless navigation, intuitive controls and quick access to important functions. The improved transaction aggregation algorithm not only aggregates transactions, but also optimizes the transaction path for users to ensure they get the best exchange rate. The newly added history page facilitates users to track past transaction records and helps users make more informed decisions. Additionally, Prism Pools provide efficient liquidity and charge fees to PRISM holders. Future plans include innovations such as open-source aggregators, integrated liquidity source guides, and staking tools.
Crypto Market Sees Slow Start as Bitcoin and Ethereum Face Resistance, Ripple Struggles, and Solana Corrects
The global market cap has decreased by 0.4% in the past 24 hours, leading to a slow start to today's market session. Bitcoin is trading at $30.2K with a 0.2% drop in the past 24 hours and a 57% decrease in trading volume. Ethereum is trading at $1929 with a 52% decrease in price valuation and trading volume.
Cryptocurrency Rates Surge: Bitcoin, Cardano, TRX, MATIC, Litecoin, and Solana Experience Significant Growth
Most coins have seen a significant increase in their rates, as per the CoinMarketCap ranking. Bitcoin's rate has gone up by 2.23% in the last 24 hours and is currently trading near the resistance at $31,500. Cardano has seen a rise of 20%, but may witness a correction to the $0.32-$0.34 area soon. Solana has seen the biggest increase, with a blast of 26% in the last 24 hours, and may test the $35-$40 zone by the end of the month if bulls hold the price above the resistance at $26.80.
Solana's Q2 Decline: Decreased Activity, Fees, and Stakers as SEC Lawsuits and Delistings Take Their Toll
Solana experienced a challenging Q2 with a decline in network activity and fees, leading to a loss of interest from stakers. The network faced obstacles such as the FTX debacle and downtime, but managed to gather momentum in Q1 2023.
Ethereum Tops Inaugural Institutional-Grade Crypto ESG Ranking, Bitcoin Lags Due to Energy Usage
Ethereum, Solana, and Cardano topped the first institutional-grade crypto ESG ranking, while Bitcoin lagged due to its heavy energy usage, according to a report by CCData and the Crypto Carbon Ratings Institute. The report evaluated 40 of the largest digital assets based on parameters such as decentralization, security, and climate impact.
Solana Breaks Long-Term Resistance Line, Signals Potential Bullish Trend Reversal
Solana (SOL) has achieved a significant breakthrough by breaking both long-term and short-term resistance lines, indicating a shift in market dynamics. This breakthrough suggests that the selling pressure that previously impeded its progress has weakened or been overcome by increasing buying pressure, potentially leading to an upward surge in value and a new bullish trajectory.
Crypto Analyst Predicts Short Squeeze for Binance Coin (BNB) – But There’s a Big Catch
Crypto strategist Jack predicts that Binance Coin (BNB) will experience a short squeeze due to bears betting on sustained downside price action. Jack believes that BNB is likely to bounce back as it trades close to its support at $230, and that bears will serve as fuel for the short squeeze.
Solana (SOL) Witnesses Remarkable Recovery, Surges by 10% Amidst Increased DEX Volume
Solana (SOL) has seen a significant increase in value in the past week, with a 10% rise in price to $21.80. This rise is likely due to several factors, including increased DEX volume and success in adoption by some ecosystems. However, the Total Value Locked (TVL) has not reacted to this uptrend, remaining stagnant at around $275 million. Technical indicators suggest that SOL is likely to continue its positive price action, but a decline below $20 in the short term is possible due to external market conditions.
SOL's Bullish Run May Be Coming to an End as Sell Pressure Looms: Price Prediction for 2023/2024
Solana (SOL) has experienced a bullish performance in the last three weeks, rallying by over 70% from its lowest price point on June 10. However, recent observations suggest that the cryptocurrency may be facing sell pressure as it is now overbought and has broken through long-term descending support.
Over $1 billion in funds flow into Solana in one day
To date, Solana controls a market capitalization of $8.96 billion, reflecting inflows of $1.02 billion in the last 24 hours. SOL is currently valued at $22.17, up nearly 12% daily.
