Monat: März 2023

Key takeaways

• Polygon Labs has partnered with Immutable X to launch the Immutable zkEVM.

• IMX is down by 12% today despite the strategic partnership announced between Polygon Labs and Immutable X.

• The broader crypto market is underperforming after an excellent rally yesterday.

Polygon Labs and Immutable X announce a strategic partnership

Polygon Labs announced in a blog post on Monday that it has partnered with Immutable X to launch the Immutable zkEVM. 

Polygon Labs added that building on Immutable zkEVM with the Immutable Platform would make developing Web3-enabled games faster, easier and less risky for large game studios and independent developers alike. 

Despite this latest cryptocurrency news, IMX, the native token of the Immutable X ecosystem, has been underperforming over the past few hours. IMX is down by 12% in the last 24 hours and could drop lower if the trend continues.

At press time, the price of Immutable X stands at $1.276 and could trade lower as the broader market retreats. The total cryptocurrency market cap now stands at $1.16 trillion, down by more than 1% today.

Bitcoin and the other major cryptocurrencies have also been underperforming, with Bitcoin now trading below the $28k level.

Key levels to watch

The IMX/USD 4-hour chart is currently bearish, as Immutable X has been underperforming over the last few hours. The technical indicators show that IMX is shedding some of the profits it generated over the past few days.

The MACD line is still above the neutral zone but is heading into the negative region, indicating that the market is turning bearish. The 14-day RSI of 43 also shows that IMX is close to the oversold region if the bearish trend continues.

If the bears remain in control, IMX could drop below the first major support level at $0.800 over the next few hours or days. However, unless there is a massive decline in prices, IMX should comfortably defend its price above the second major resistance level at $0.700.

Where to buy Immutable X now

Huobi

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The post Immutable X partners with Polygon Labs: IMX is down by 12% appeared first on CoinJournal.

• Solana crypto price has been in a recovery mode recently.

• Its DeFi total value locked (TVL) has dropped sharply.

• Solana NFT transactions have been in a downward trend.

Solana price has been in a strong upward trend in line with the strong crypto rally. SOL jumped to a high of $24 this week as Bitcoin surged to a multi-month high of over $28,500. At its peak this week, the coin was up by about 50% from its lowest point this month.

Disappointing on-chain metrics

Solana and its ecosystem is not doing well even as the coin’s price has jumped in the past few days. First, data compiled by DeFi Llama shows that the total value locked (TVL) in Solana has plunged to about $252 million. At its peak, Solana was one of the biggest players in the industry with a TVL of over $12 billion.

Solana’s DeFi TVL crashed after the collapse of FTX, which was then the second-biggest player in the crypto industry by valuation. FTX had a stake in both Solana and other players in its DeFi ecosystem, including Serum. At its peak, Serum had a TVL of over $1 billion and was the biggest player in the ecosystem.

Other parts of Solana’s ecosystem are not doing well either. Earlier this year, SOL price soared after the launch of Bonk, a meme coin that sought to compete with Shiba Inu. Today, Bonk has flopped as its popularity waned.

Solana’s NFT ecosystem is also not doing well. In February, total sales in its NFT ecosystem came in at over $76 million, which was lower than January’s peak of over $158 million. In March, it has sold NFTs worth about $57 million. With just a few days to go, all indications are that March will be a weaker month than February.

Meanwhile, as shown below, the number of daily active Solana accounts has been in a downward trend. It stood at 116k on March 16, lower than the year-to-date peak of 243k.

Solana price prediction

The 4H chart shows that the SOL price has been in a bullish trend in the past few days. Along the way, the coin has formed a rising wedge pattern, which is a bearish sign. It is now slightly above the lower side of this wedge pattern. Solana remains slightly above the 25-day and 50-day moving averages and the 50% Fibonacci Retracement level.

Therefore, since the wedge is yet to reach its confluence, Solana price will likely retest its upper side at about $24 and then have a bearish breakout.

How to buy Solana

eToro

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Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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The post Solana price forms a rising wedge amid weak on-chain metrics appeared first on CoinJournal.