Kategorie: Crypto Analysis

Solana price has rallied in the past five days straight as investors continue buying the coin’s dip. The rally accelerated after a major news in its ecosystem. It is trading at $37, which is about 40% above its lowest level last week.

Magic Eden now valued at $1.6 billion

Solana is a leading blockchain project that is well-known for its speed and regular outages. In the past few months, the number of well-known applications in its network has risen. Some of the most popular projects in its ecosystem are Solend, Brave, StepN, and Audius.

Solana price is rising as investors cheer news that Magic Eden has raised $130 million even as the NFT winter continues. The company raised funds at a $1.6 billion valuation, tenfold from where it was in March this year. 

The raise comes at a time when there are worries about the NFT industry. Some analysts believe that they are a bubble that is slowly bursting. Besides, the total volume of all NFTs traded on a daily basis has declined sharply. Also, most people who bought NFTs are now sitting on large paper losses.

Magic Eden is disrupting the NFT industry by making it easy and cheap to buy various collections. Some of the most popular Solana NFTs in its ecosystem are Primates, Okay Bears, Yeah Tigers, and Udder Chaos among others. 

According to its website, the total volume of NFTs traded in its ecosystem were worth over 116k SOL, which is equivalent to ove $4.3 million. Magic Eden, which is already profitable, is expected to generate over $100 million in revenue this year.

Solana price is also rising after Solend DAO voted to liquidate some of the funds that are owned by a large whale. The concern is that the whale has deposited a small amount and takes millions more in loans. The protocol would have liquidated 20% of these funds if SOL price dropped to $22.30.

Solana price prediction

The daily chart shows that the Solana price has been crawling back in the past few days. It has managed to jump by more than 40%. The coin remains below the 25-day and 50-day moving averages while the MACD is slightly below the neutral level.

Therefore, while this recovery is welcome, there is a likelihood that the SOL price will resume the downward trend and retest last week’s low.

The post Solana Price Prediction as Magic Eden Valuation Soars to $1.6B appeared first on CoinJournal.

For a long time, Tether has been the biggest stablecoin in the market. Its market cap has sent it among the top 10 crypto assets. The importance of Tether also became even more underscored with the fall of Terra’s UST. But USDC, another major stablecoin is starting to make some progress. In fact, data shows that it could replace Tether despite growing skepticism about it. Here are some important points:

• The total supply of USDC has been growing month after month

• USDC has also seen a 1000% jump in its market cap since January

• USDT on the other hand saw the largest number of redemptions in May

Data Source: TradingView 

Is USDC taking over?

Well, so far, USDC has not yet reached the same level as Tether. But it seems the fall of UST has accelerated the adoption of USDC in a huge way. Take this for example. At the start of the year, USDC had a market cap of around $4.1 billion. Today, the stablecoin has a market cap of above $55 billion. It’s almost 10 times higher than it was. 

Also, as USDC reported this growth, USDT on the other hand saw record numbers of redemptions over the past few weeks. In fact, redemptions for USDT hit -$13 billion in May alone. Now, these signs indicate that investor appetite for USDC is rising. If this trend continues, the coin will be much closer to USDT by the end of the year.

Are there risks of USDC de-pegging?

When Terra’s UST de-pegged from the dollar, it was largely the beginning of the end for the stablecoin. There are also fears that other dollar-pegged coins including USDC could follow the same fate. 

However, right now we do not see any immediate risks of USDC de-pegging. As a matter of fact, even during the most difficult months in crypto, USDC has maintained its peg quite impressively.

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Synthetix (SNX) is now the top-performing cryptocurrency over the past 254 hours. While some of these gains are largely linked to a broader recovery in the market, there is also some outstanding platform news. Synthetix is a major DeFi platform that brings traditional financial assets into the blockchain. Here are some highlights.

• SNX haD gained over 100% at some point in 24-hour intraday trading.

• The token did however pull back slightly but was still above 60% in the green.

• The surge came as news broke of massive growth in Synthetix’s daily trade volume.

Data Source: TradingView 

Synthetix: Why the surge will continue

As noted above, Synthetix reported some exciting on-chain news. Just recently, the platform introduced a new feature called ‘Atomic Swaps’. The feature helps to support derivative liquidity on Synthetix. Today, it was announced that Atomic Swap had seen a surge in trade volume. In fact, the platform is now able to process $200 million per day. 

This is one of the highest in the market. It beats other competitors like 1Inch and Curver by huge margins. It also seems that investors were quite upbeat about the news. SNX saw daily trade volume surge by nearly 1200%, suggesting that people are buying it in huge numbers.

The price also went up massively. At one point, SNX was higher by 100% before it retreated slightly. As the success of Atomic Swap continues, more investors will buy into SNX. The coin could see a bullish rally over the next 7 days, taking the price closer to $5.

Should you buy SNX

Well, the most important thing for any investor out there is the underlying fundamentals of a project. SNX has everything you would look for in a DeFi protocol, and it’s actually growing faster.

This is a good time to buy for a long-term investor. Also, short-term traders can still ride the Atomic Swap success this week and exit at around $5.

The post Synthetix has surged 100% in 24 hours – Here is why appeared first on CoinJournal.

June has been a devastating month for crypto investors. But despite this, we are seeing some recovery as major coins build modest upward momentum. AVAX is not any different, and the coin has now managed to reclaim an important support zone after crashing in June. So, where will it go next? Is the rally short-lived or permanent? Here are some highlights:

• AVAX had crashed nearly 65% in June alone.

• However, the coin has rallied in the past two days with a 15% gain in 24 hours.

• More importantly, AVAX has reclaimed the $14 support.

Data Source: TradingView 

Where will Avalanche go from here?

Well, there are many scenarios at play here. First, the rally we have seen by AVAX over the past two days corresponds to a broader recovery in the market. This could suggest that perhaps we were seeing a short-term relief after massive sell-offs last week. If that’s the case, then AVAX could lose upward momentum very fast.

The good news though is that the coin is now trading above the $14 mark. For the most part in 2022, this support has held strong even in the face of massive bear pressure. So, even if the coin was to pull back from its current 2-day rally, the bulls will have a better chance of defending the $14 mark than they did a week ago.

However, failure to keep $14 could mark the beginning of a major decline for AVAX. In fact, after $14, the only other real support is at $10.70.

Why AVAX still poses major risks?

Despite rising above the $14 mark, we still see major risks with AVAX. First, the coin has in the past few weeks struggled to keep the momentum going above $20. 

As such, we expect it to begin losing momentum as it strives toward $20. This could lead to a sharp pullback that eventually puts the $14 support under real threat.

The post Avalanche reclaims $14 support after June crash appeared first on CoinJournal.

The cryptocurrency market performed excellently over the past 24 hours as major coins and tokens recovered from their recent losses. 

The cryptocurrency market recorded huge losses last week, with billions of dollars wiped out from the major coins and tokens. The total market cap dropped below the $1 trillion mark for the first time this year a week ago.

Despite the recent bearish performance, the crypto market performed well over the weekend. The cryptocurrency market is up by more than 8% in the last 24 hours, with the total market cap now around $900 billion.

Bitcoin, the world’s leading cryptocurrency, is trading above $20k again after dropping towards the $17k support level a few days ago. Meanwhile, Ether maintains its price above $1,100 after adding more than 9% to its value in the last 24 hours.

BNT, the native token of the Bancor ecosystem, is underperforming the broader market at the moment. BNT is up by 2% in the last 24 hours, which is below the total market average at the moment. 

The poor performance can be attributed to the Bancor team announcing earlier on Monday that it has temporarily paused Impermanent Loss (IL) Protection due to the current market conditions. As a result, withdrawals performed during this unstable period will not be eligible for IL protection, the team added. 

Key levels to watch 

The BNT/USD 4-hour chart is still bearish despite BNT currently trading in the green zone. 

The MACD line is below the neutral zone, indicating a bearish trend. The 14-day RSI of 41 shows that BNT is no longer in the oversold region. 

At press time, BNT is trading at $0.530. If the positive performance continues, BNT could surge past the $0.61 resistance level over the coming hours. However, it would need the support of the broader market to rally past the $0.82 resistance level. 

The post BNT is up by 2% today despite Bancor pausing IL protection appeared first on CoinJournal.