Solana's Active Users Increase While Other Network Stats Decline, Investor Sentiment Improves
Solana's active users have increased, indicating greater adoption of the blockchain. However, daily transactions and DEX volume have decreased recently. Despite this, investor sentiment towards SOL has improved as its price has risen, making it the 10th largest crypto by market cap. Trading volume and bullish indicators on its daily chart suggest a potential price increase.
VanEck Research: Solana (SOL) Has Huge Upside Potential With Certain Conditions Met
VanEck's digital asset research department has stated that Solana (SOL) has significant potential for growth if certain conditions are met. The research report released by VanEck last week predicted that Ethereum could reach $51,000 by 2030 if it becomes widely adopted across various business sectors. The head of VanEck's digital asset research, Matthew Sigel, stated in an interview that the same outlook could be applied to Solana, but with a higher risk profile. However, there are concerns about centralization and opacity in the Solana chain, which limits the position sizes of tokens like ATOM and Solana.
BitKeep Swap Now Supports Solana
Multi-chain wallet BitKeep has announced that its swap feature, BitKeep Swap, now supports token swaps on the Solana chain. Via seamless integration with Raydium, a decentralized exchange protocol on Solana, BitKeep Swap provides users with a fast and cost-effective trading experience on the Solana network. Additionally, users can also access K-line chart queries for comprehensive market analytics and information.
Solana Price Struggles to Recover Above $20 as Bearish Momentum Gains Strength
Solana's price has experienced a bearish trend, falling below $20 against the US Dollar and struggling to recover above the $20 and $21 resistance levels. The price is currently trading below $19.80 and the 100 simple moving average (4 hours), with a major bearish trend line forming with resistance near $19.90 on the 4-hour chart of the SOL/USD pair. If the price fails to clear the $20.50 resistance, it could continue to move down towards initial support at the $19.00 level and major support at the $18.80 and $18.20 levels. Technical indicators show the MACD for SOL/USD is gaining pace in the bearish zone and the RSI is below the 50 level.
Solana Becomes First L1 Blockchain to Adopt AI, But Launch Fails to Uplift SOL's Losing Streak
Solana has become the first L1 blockchain to integrate artificial intelligence (AI) through the newly launched ChatGPT plugin. This marks a significant moment in the convergence of AI and blockchain technology. However, the launch did not have a positive impact on the native token SOL, which continued its losing streak. Despite this, Solana remains the busiest blockchain in the ecosystem, processing over 21 million transactions in the last 24 hours. Additionally, the Solana Foundation has increased funding for its AI-focused grants program from $1 million to $10 million to encourage developers to unlock new possibilities of Solana blockchain and AI convergence.
Solana Integrates ChatGPT Plugin, But SOL Price Fails to React
Solana has become the first Layer 1 blockchain to integrate with artificial intelligence through the release of a ChatGPT plugin. The plugin is available for download on GitHub and will make it easier for users to understand Solana data and protocols.
Solana Integrates AI with ChatGPT Plug-in for Improved User Interaction and Onboarding
Solana, a major player in the crypto industry, has integrated artificial intelligence (AI) into its network through a ChatGPT plug-in developed by Solana Labs. The plug-in is designed to help end users understand Solana data and protocols more easily, and to help them onboard seamlessly into the Web 3.0 space. Users can download the ChatGPT plug-in from GitHub and use it to perform several functions, such as buying and listing non-fungible tokens (NFTs), transferring tokens, interpreting data, verifying transactions, and finding NFT collections by floor price. Solana has also announced its decision to increase funding for grants targeted at the development of AI on the Solana blockchain, and has launched an accelerator program for university students to experiment with blockchain and AI.
Solana Faces Challenges To Compete With Established Blockchain Networks Like Ethereum and Bitcoin
Ethereum has been a major player in the blockchain industry, particularly in decentralized finance and applications. However, it has faced criticism for its scalability issues and high transaction fees, leading to the emergence of other blockchain networks such as Solana. Solana has gained attention for its high speed, low transaction fees, and scalability, making it a promising alternative for developers and users.
Solana's On-Chain Activity Declines Despite Surge in New Addresses Joined the Network
Despite a surge in new addresses joining the Solana (SOL) blockchain, its on-chain activity experienced a decline in May, which has raised questions about the factors influencing its overall engagement and usage. The decrease in on-chain activity is unique as it contradicts the influx of new participants, which typically suggests strong fundamentals for a blockchain.
Solana Creator Says New Laws Could Cause Surge In Crypto Community Investments,Dogetti Could Benefit From This Too
Anatoly Yakovenko, the co-founder of Solana, believes that the recent changes in US crypto laws could lead to wider adoption of cryptocurrencies, potentially benefiting meme coin Dogetti (DETI). Yakovenko hopes that the legislation of stablecoins will encourage the growth of the crypto industry and attract new users to the digital currency era.
