Solana's Brief Bullish Shift Proves to be a Liquidity Hunt as Bears Remain Dominant
The writer's opinion is presented, but it should not be taken as financial advice. The market structure briefly shifted towards bullishness, but it was actually a liquidity hunt and bears remain dominant. While a brief upward move is possible, the market is firmly bearish and Solana's recent climb above $22 was short-lived.
Jim Cramer's Mispronunciation of Cardano and Solana Earns Ridicule from Crypto Community and Founder
Jim Cramer, the host of CNBC's show 'Mad Money', mispronounced the names of Cardano (ADA) and Solana (SOL) while discussing the recent lawsuit filed by the SEC against Coinbase. This earned him ridicule from the founder of Cardano and his followers, who have taken to the new catchphrase "#Cardanzo" on Twitter.
Crypto Market Update: Bitcoin and Ethereum Remain Flat as Other Coins Rally, Tether Hits All-Time High Market Cap, Regulatory Talk in Bali, U.S., and Hong Kong, Gemini Expands to UAE, CFTC Proposes Revised Risk Management Rules.
Although the markets showed some growth this week, Bitcoin and Ethereum remained relatively unchanged. Bitcoin increased by 1.8% and briefly reached $28,000 after U.S. lawmakers reached a tentative deal over the debt ceiling. Ethereum outpaced Bitcoin with a 4.1% growth to reach $1,903. Other leading cryptocurrencies did not experience significant losses, but XRP, Solana, Litecoin, and TRON saw gains. Gemini announced its plans to acquire a license to operate in the United Arab Emirates, following its recent expansion to Dublin.
Solana's NFT Ecosystem Registers Growth Despite Bearish Market Indicators
Solana's NFT ecosystem experienced growth last week, with Magic Eden becoming the top-performing NFT player. The number of NFT sellers and buyers increased by over 20%, and transaction volume also saw a marginal increase. Additionally, Solana's TVL, DEX volume, and daily transactions all showed upward momentum, indicating positive growth for the blockchain. Despite a bullish weekly chart, other market indicators for SOL remained bearish.
Solana Poised To Become the ‘Apple of Crypto’ As SOL Shows Massive Undervaluation – Could Price Surge to $50 in June?
Solana, a blockchain platform, has been dubbed as the potential "Apple of crypto" by one of its co-founders, Raj Gokal. The platform has garnered attention for its fast transaction rates and scalability, drawing similarities to Apple's success in prioritizing user experience and performance. While building a thriving ecosystem on top of the Solana platform requires time and effort, its progress and dedication to user-centric design and performance make it a strong contender in the blockchain industry. Additionally, Solana's impressive technical features and growing ecosystem have the potential to increase demand for its SOL tokens, which might boost their price.
Solana's TVL Growth Lags Behind Competitors Due to Focus on Consumer Applications, Messari Analysis Suggests
Although Solana's total value locked (TVL) has not yet reached its all-time high of $10.03 billion in 2021, its activity in the NFT space is a positive development. However, Solana's recent performance has been underwhelming, particularly in the DeFi sector where its TVL has seen little growth. According to a recent analysis by Messari, the lackluster TVL performance may be due to the focus on consumer applications, and Solana may need to create more compelling applications to retain users. Despite this, Solana's focus on consumer applications, particularly in the NFT space, shows potential for growth in the future.
Solana's v1.14 Update Approved by 97% of Validators as Number of Stakers Increases by Over 1,800%
Last week, the number of SOL stakers increased by over 1,800%. SOL's market indicators were bullish, indicating a potential price increase.
Solana Partners With Calyptus and Bladerite To Strengthen Its Ecosystem
Solana has announced partnerships with Web3's career platform Calyptus and Web3-powered gaming fusion Bladerite. The blockchain platform is trading at $20.75 with a 24-hour increase of 1.51%.
Solana Aims to Grow 10 to 100 Times Through Small Business and Infrastructure Partnerships, Co-Founder Says
Solana co-founder Roj Gokal has stated in an interview with TechCrunch that the company aims to expand 10 to 100 times through partnerships with small businesses and infrastructure. Solana is looking for partners who can move quickly, experiment, and measure results weekly, rather than established companies with set views. Solana is also investing in hackathons and creating "hacker houses" to attract independent developers. The company is also pursuing infrastructure partnerships and is interested in partnering with Stripe, with the aim of becoming the "Apple" of crypto.
Solana Aims To Be the Apple of Crypto With a Focus on User Experience and Performance
While some crypto companies are partnering with big brands to gain mainstream adoption, Solana is focused on its own development and not relying on such partnerships. Solana, a layer-1 blockchain launched in 2020, is the eighth largest cryptocurrency by market capitalization, excluding stablecoins. Co-founder Raj Gokal believes Solana has the potential to be the Apple of crypto, with a focus on user experience and performance. Solana's core engineering and ecosystem are dedicated to creating a network that feels like the regular internet, while also offering accessibility through its web3-focused Android smartphone, Saga.
