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SOL price outlook following bearish sentiment in cryptos

  • Solana’s SOL token plunges 79% YTD

  • Token affected by network outages and overall bearish market

  • SOL faces resistance at $36

Solana is an open-source blockchain project aimed at supporting decentralized applications. The network uses a hybrid consensus model comprising the proof-of-history and proof-of-stake algorithm.

Founded in 2017 by Anatoly Yakovenko and Greg Fitzgerald, Solana has been keen on making its transactions scalable and low-cost. Its developers cited the slow transactions in PoW networks and how its timestamp technology could solve the drawbacks.

Solana’s popularity surged in 2021 when it was poised to be the ‘Ethereum killer.’ However, the blockchain now seems to be a shadow of itself. Aside from the crypto crash in the first half of 2022, Solana has suffered numerous network outages. The challenges have shaken the confidence of its community driving value downwards.

SOL drops 79% year-to-date 

According to the year-to-date price outlook, Solana has plunged 79% since trading at $173. The sell-off has also seen the token tank 86% since peaking at $258 in 2021, according to data from CoinMarketCap. SOL’s market capitalization has then decreased from $77 billion to $12 billion.

Solana’s total value locked is currently at $2.61 billion at #5 behind Ethereum, BSC, Tron, and Avalanche as per Defi Llama. Ethereum and BSC have $47.43 billion and $6.23 billion in TVL, while Tron and Avalanche have $5.3 billion and $2.7 billion, respectively.

SOL meets resistance at $36 (4-hour chart) 

Source: TradingView

From the 4-hour chart above, SOL has found resistance at $36. The token is, however, showing some bullish momentum having moved from $32. The MACD indicator is also bullish. The latest data from CoinMarketCap shows that SOL is currently trading at $35.79, after a surge of 5.81% in the past day and a jump of $2.93% in the past week.

Summary

Although Solana seems to be losing popularity, traders can still benefit from the short-term gains. The recent network outages and the overall bearish sentiment are some factors affecting SOL price. A surge above the $35 resistance can usher in some bullish momentum, and the $42 will be the next resistance to watch.

The post SOL price outlook following bearish sentiment in cryptos appeared first on CoinJournal.

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Elon Musk’s Boring Company accepts Dogecoin (DOGE) for Loop rides

The Las Vegas Loop is a network of transit tunnels constructed by Boring Company, which Elon Musk founded in 2016.

Elon Musk’s The Boring Company has reportedly added support for users of the Las Vegas Loop to pay for rides via Dogecoin (DOGE).

The Loop is a network of small tunnels dug by the company Musk founded in 2016, and which targets having 50+ Loop stops. For now, the Boring Company has opened its first stop at the Las Vegas Convention Center and uses human controlled Tesla vehicles that travel at speeds of about 35 mph.

Pay with DOGE at the Las Vegas Loop

A report by CNN says the company revealed plans to accept Dogecoin on the Loop transit system on Friday.

Currently, people can hop onto a Tesla on the Loop and enjoy a free ride. However, the company has indicated plans to introduce charges – $1.50 for single rides and $2.50 for a day pass.

Customers will pay for tickets by scanning a QR code, while those that don’t have DOGE will pay via credit card or US dollars.

Dogecoin and Musk

Tesla and SpaceX CEO Elon Musk is the highest profile supporter of Dogecoin, a cryptocurrency that launched in 2013. The cryptocurrency, which has inspired several others using the Shiba inu dog logo, became very popular in late 2020 and 2021 following Musk’s comments. 

During the bull market, the price of DOGE rose to highs of 73 cents. 

But Musk’s support of the meme coin has seen a class action lawsuit filed in the US alleging the billionaire’s tweets and comments amount to promoting a pyramid scheme.

But Musk recently said he has never asked anyone to purchase cryptocurrencies, vowing at the same time to continue supporting development of the Dogecoin blockchain and ecosystem.

The post Elon Musk’s Boring Company accepts Dogecoin (DOGE) for Loop rides appeared first on CoinJournal.

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Binance announces zero-fee Bitcoin spot trading

As it celebrates its 5th anniversary, the world-leading crypto exchange Binance has announced the elimination of trading fees on a range of bitcoin spot trading pairs. The exchange revealed this through an announcement on its blog page.

In a separate article Binance stated:

“As #BinanceTurns5, join in the celebration with zero fees on a selection of BTC trading pairs… Trading BTC just got a whole lot cheaper. Well… free, in fact! We’re in the giving mood and want to show our community how much they’re appreciated as we turn five years old.”

Binance’s move is aimed at establishing it as a global leader in cryptocurrency pricing especially since it has long maintained some of the lowest spot trading fees in the industry.

Bitcoin spot pairs to trade for free on Binance

Binance removed the trading fees for a total of 13 bitcoin spot trading pairs. These pairs include BTC/USDT, BTC/BUSD, BTC/TUSD, BTC/USDC, BTC/USDP, BTC/RUB, BTC/EUR, BTC/TRY, BTC/AUD, BTC/GDP, BTC/BRL, BTC/BIDR, and BTC/UAH.

Traders shall “enjoy zero maker and taker fees” for the above bitcoin pairs without incurring any trading fees as of July 8 (two days from now).

According to the press release, Binance did not give information on when the zero-fee trades will last. It stated that the free bitcoin spot trading will be in effect “until further notice.” This means that traders will enjoy the new trading fees beyond the two weeks of the anniversary celebrations.

The post Binance announces zero-fee Bitcoin spot trading appeared first on CoinJournal.