Monat: April 2023

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Here’s why Solana price just made a bullish breakout

Solana price has made a strong bullish comeback in the past few days as investors focus on the great crypto comeback. SOL jumped to a high of $22.60, the highest level since March 23 of this year. It has soared by over 30% from the lowest level in March.

Crypto comeback continues

It is worth noting that Solana’s comeback has coincided with the return of the raging bull in the crypto industry. Overnight, Bitcoin surged above $30,000, as we wrote in this article.

The main driving force for this crypto rally is the feeling that the Federal Reserve is about to end its hiking cycle. Analysts believe that the bank will hike interest rates by 25 basis points in May and then maintain them at an elevated level for a while.

Some analysts expect that the bank will then start cutting interest rates later this year or in 2024. As a result, the change in monetary policy will send more people back to risky assets like cryptocurrencies and stocks.

The other reason why Solana and other cryptocurrencies are rising is the upcoming bank earnings season that will start on Friday. Expectations are that many large banks like Bank of America and JP Morgan had a good quarter as deposits rose.

However, for many regional banks, there is a likelihood that their businesses slowed after the collapse of Silicon Valley Bank and Signature Bank. During the banking crisis, we saw cryptocurrencies and gold do well as traders took them as safe havens.

Meanwhile, Solana seems to be gaining traction in the past few weeks. The most recent big news was that Render Network decided to migrate to the network. This is a notable event since Render is one of the top projects in the industry. Helium, a blockchain broadband project has also moved to Solana.

Solana’s DeFi ecosystem is also recovering. Its total value locked (TVL) in DeFi has risen to S14.1 million from its year-to-date low of S11.8 million.

Solana price prediction

The 4H chart shows that the SOL price has been in a bullish trend in the past few days. It managed to move above the important resistance at $21.66, the highest point since March 30th. The coin has jumped above the 25-period an 50-period moving averages while the MACD has jumped above the neutral point.

Therefore, there is a likelihood that the coin will continue rising as buyers target the next resistance level at $25.

How to buy Solana

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today

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.

Buy SOL with Binance today

The post Here’s why Solana price just made a bullish breakout appeared first on CoinJournal.

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Bitcoin surges above $30,100: here are the driving factors

  • It is the first time the Bitcoin price is above $30,000 since June last year.
  • The surge comes after a one-month consolidation around $28K.
  • Analysts had set a support level at $25,000 and a resistance level at $30,000.

Bitcoin price surged above $30,100 early Monday and has been above that level for the better part of the morning. It hit a daily high of $30,160.48 but was trading at $30,126 at press time.

It is the first time since June 2022 that Bitcoin has hit $30,000, thus cementing the Bull Run that the cryptocurrency started at the beginning of the year.

What pushed Bitcoin price above $30,000

The BTC price has surged by more than 46% over the last few months rising to a ten-month level.

Several analysts had predicted that Bitcoin would regain its $30,000 price tag as traders wait for the United States Consumer Price Index (CPI) report on April 12. The CPI is expected to give insight into the Federal Reserve’s battle against inflation.

The Crypto Fear and Greed Index has remained within the “Greed” region for the last week, with the latest update putting the score at 68 out of a possible 100. The Crypto Fear and Greed Index numerically present the “emotions and sentiments” toward the cryptocurrency market and Bitcoin.

The 68 Crypto Fear and Greed Index score is the highest Bitcoin has ever scored since it scored 66 on November 16, 2021, which was just days after Bitcoin hit its all-time high above $69,000.

However, despite the Crypto Fear and Greed Index score being high, a majority of technical indicators still point to a strong bullish trend which points to a possible long-term bull run over the next days.

The post Bitcoin surges above $30,100: here are the driving factors appeared first on CoinJournal.

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MetaMask introduces a new fiat purchase function for cryptocurrency

Key takeaways

  • MetaMask has introduced a new feature that allows users to purchase cryptocurrencies with fiat currencies. 

  • The wallet wants to make it easier for users to purchase cryptocurrencies directly on its platform. 

  • MetaMask has included payment options like debit or credit cards, PayPal, bank transfers and instant ACH.

MetaMask launches a fiat purchase feature 

Cryptocurrency wallet and decentralised application (DApp) provider MetaMask announced on Monday, April 10th, that it had launched a new feature that would allow its users to purchase cryptocurrencies with fiat currencies directly from its Portfolio Dapp.

According to MetaMask, the move is designed to make it easier for users to purchase crypto with fiat currency. 

MetaMask’s new “Buy Crypto” feature enables its users to buy numerous cryptocurrencies using various payment methods, including debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House). 

The wallet provider revealed that the service would be rolled out to users in 189 countries and will offer more than 90 tokens across eight networks, including Fantom, Celo, Ethereum, Arbitrum, BNBChain, Polygon, Optimism, and Avalanche. 

MetaMask users would be required to connect their wallets to the Portfolio Dapp to click on the “Buy” button in the MetaMask extension wallet to access this feature. This will allow users to select their region, payment option, the token, and the network they want to purchase on. 

MetaMask’s new feature works with location

According to MetaMask, the new feature takes into account various factors, like the user’s location and local regulations, to provide a customised payment quotation. 

Users are then redirected to a third-party provider’s website to complete the transaction, and the funds are deposited directly into the user’s MetaMask wallet afterward. 

MetaMask has been partnering with companies to make it easier for users to purchase cryptocurrencies. Last month, MetaMask partnered with MoonPay to enable direct crypto purchases in Nigeria.

Also in March, MetaMask Institutional partnered with Allnodes, Blockdaemon and Kiln to launch a staking service for institutional investors. Companies and institutional investors are able to access a wide range of staking services provided by ConsenSys Staking Allnodes, Blockdaemon and Kiln.

The post MetaMask introduces a new fiat purchase function for cryptocurrency appeared first on CoinJournal.

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Bitcoin retests $29,300 as key metric signals parabolic BTC move

  • Bitcoin price has broken above $29k, testing the $29,300 zone.
  • On-chain data shows BTC holders are increasingly betting long on the asset.
  • A macro sentiment indicator suggests Bitcoin price is poised for a parabolic move.

Bitcoin rose more than 4% on Monday to break above $29,300 again, with data showing the gains come amid a rising count of BTC holders.

The week ahead is expected to be huge for the market in terms of the economic data releases. But even as the broader market awaits the US consumer price index report, Santiment says most trader in the Bitcoin market are increasingly looking at the asset as a long-term bet.

It’s a trend likely to buoy a new upside momentum for bulls.

Bitcoin price indicator in focus – the aSOPR

According to Bitcoin analyst Ali on Twitter, BTC is primed for a parabolic ride given the outlook of one of Bitcoin’s macro market sentiment indicators.

In a price forecast he shared as BTC entered last weekend in a tight range around $28k, the analyst pointed to the Adjusted Spent Output Profit Ratio (aSOPR). The potential movement is still in play as Bitcoin crossed above $29k again on Monday.

“Another Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains. aSORP recently moved above 1, suggesting $BTC readies to go parabolic,” the analyst noted.

BTC/USD currently trades around $29,200 and bulls will want to have the stubborn supply zone at $30k locked up with a major breakout performance. 

If not, the consolidation seen in the past several weeks and a possible dip below the range is likely.

The post Bitcoin retests $29,300 as key metric signals parabolic BTC move appeared first on CoinJournal.

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Solana on-chain staking now on crypto exchange Crypto.com

  • Solana is a top blockchain network and its native SOL token ranks among the largest by market cap.
  • SOL on-chain staking is now supported on Crypto.com.
  • Investors can earn rewards of up to 5% when they stake SOL on Crypto.com.

Solana on-chain staking is now available on Crypto.com, a leading cryptocurrency exchange based in Singapore.

An announcement from the exchange on Monday revealed that Crypto.com now supports SOL on-chain staking. According to the crypto platform, SOL holders can now earn more SOL rewards when they stake on Crypto.com, with up to 5% APR.

There are also no fixed terms or minimum staking amount, the exchange announced via the Crypto.com Institutional Twitter account.

Solana among best crypto assets for staking

Crypto staking platforms are crypto exchanges, brokers, or apps that allow users to earn rewards on their crypto assets by making it possible for them to lock the tokens in wallets or staking pools for a reward that comes after a set period.

The staking process allows proof-of-stake blockchains to use staked coins to support and secure the network – which is different from the mining process of proof-of-work blockchains like Bitcoin.

Solana is the third-largest crypto asset by staking market cap, behind only Ethereum and Cardano. However, according to the latest on-chain data for staking, the Solana network boasts the largest market share when it comes to staking reward ratio.

Staking ratio refers to the percentage count of tokens eligible for staking that are being staked, and Solana’s ratio is currently at over 71%.

In comparison, Ethereum, which transitioned to a proof-of-stake consensus mechanism in September 2022 via the Merge, only has staked ETH at 15.64%. Ethereum staking was introduced in December 2020 with the Beacon Chain genesis.

Cardano and Cosmos have about 67% of tokens eligible for staking.

The post Solana on-chain staking now on crypto exchange Crypto.com appeared first on CoinJournal.