Kategorie: Crypto News

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Solana price prediction for May 2022: Worrying pattern forms

Solana price held steady on Monday morning even as the network’s outage challenges continued. The SOL token is trading at $90.50, which is about 11% above the lowest level in April. Its market capitalization remains at over $30 billion, making it one of the biggest cryptocurrencies in the world.

Solana suffers another outage

Solana price did well during the weekend as investors reacted to the latest outage in the network. During the weekend, the network suffered a seven-hour outage as the number of bots in the network rose. According to reports, these bots were attempting to mint NFTs in the network. 

The specific NFT that was being attacked was Candy Machine. The rising number of these bots caused the mainnet to fall out of consensus and crash as nodes collapsed under the weight. 

During the bot attack, traffic to the network soared to over 4 million transactions per second. In normal times, Solana is able to handle less than 3,000 transactions per second.

Solana has seen other outages in the past. For example, in January, it suffered an 18-hour outage. And in 2021, it suffered several multi-day outages, leading to significant disruptions in the network. 

The rising outages in the network have had a negative impact on Solana’s network in the past few months. For one, the total value locked (TVL) in the network has dropped by 24% in the past month. 

However, there have been some positives. For example, Solana was in the spotlight in April as the value of Stepn’s GMT continued jumping. It is now worth over $2 billion, making it the biggest move-to-earn cryptocurrency in the world. As such, Solana is positioning itself to be a major player in the Web 3.0 industry. 

Solana price prediction

The SOL price has been in a bearish trend in the past few weeks. The current price has moved below the April high of $144. The price is approaching the important support level at $76.72, where it has struggled to move below this year. The coin has also dropped below the 25-day and 50-day moving averages while the MACD has moved below the neutral level.

A closer look also shows that the Solana price has formed a head and shoulders pattern. Therefore, there is a likelihood that the coin will have a major bearish breakout in May. This view will be invalidated if the coin moves below $76.72.

The post Solana price prediction for May 2022: Worrying pattern forms appeared first on Coin Journal.

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Solana restarts after bots cause a 7-hour outage

The Solana Mainnet Beta had lost consensus after a flood of transactions – reportedly 4 million per second and at over 100gbps – hit the network on Saturday.

Solana validators have successfully restarted the proof-of-stake blockchain network after seven hours of downtime, according to an update posted today, 1 May.

“Validator operators successfully completed a cluster restart of Mainnet Beta at 3:00 AM UTC, following a roughly 7 hour outage after the network failed to reach consensus. Network operators and dapps will continue to restore client services over the next several hours.”

This is a second major outage for Solana, a PoS blockchain that’s only behind Ethereum for NFTs. In September last year, the network went dark for 17 hours amid another flood of inbound transactions.

Bots sent 4 million transactions per second

According to details shared on Twitter, Solana went offline on Saturday around 20:00 UTC after bots flooded it with 4 million transactions per second and 100gbps of transaction data. 

The transactions were largely related to the Metaplex Candy Machine, an NFT program most new Solana projects use to mint NFTs.

With such a huge demand on the network, validators ended up unable to reach consensus. The result was that block production stopped.

It was not until seven hours later that Solana validators managed to coordinate a restart using instructions from one of the network’s validators. The restart, handled via Solana’s discord channels and the Google doc instructions, saw validators finally take control at slot 131973970.

While the network is back online, the Solana core developers are still investigating the outage and why validators were unable to recover. Metaplex has announced measures to help “stabilise” the network.

SOL price

In the market, SOL, the native token of the Solana network, slumped sharply following the incident. SOL/USD traded to lows of $83.19 before recovering slightly after the restart.

The pair currently changes hands around $88.56, nearly 5.6% down in the past 24 hours as the broader crypto market battles sell-off pressure.

The post Solana restarts after bots cause a 7-hour outage appeared first on Coin Journal.

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Metahero (HERO) price surged by over 5% yesterday and slid back to red: here is why

Due to market uncertainty, the HERO coin has been one of the most volatile cryptocurrencies over the past month. Yesterday it surged by more than 5% but later dropped to today’s 8.74% price drop%. 

But why did the coin rise yesterday and why was the rise too shallow. In this article, we will look at the possible reasons behind yesterday’s uptrend.

Metahero background

But before we delve into these reasons it’s important, we first enlighten those who might be coming across the term ‘Metahero’ for the first time.

In a nutshell, Metahero is a crypto coin metaverse launched in July 2021 with a vision to create an ultra-realistic digital world where users can scan real-world humans and objects into the Metaverse.

It partnered with the leading 3D 16k scanning technology and also the leading gaming industry, Wolf Digital World (WDW), to aid its vision.

Metahero Metascanner on site at FAME MMA # 14

One of the main reasons why Metahero’s price is rallying is the current development it’s undertaking with the recent one being the sponsorship from the FAME MMA event where they will make their first traveling scanner (Metascanner) available on site. All the users will have an opportunity to check this one out.

This event is scheduled to take place next month, on May 14. 

Metahero’s Everdome NFT drop

Another reason that has highly contributed to the recent bullish trend is after Everdome (Metahero’s Metaverse) finished the Genesis NFT drop snapshots last week.

DOME (Everdome native token) holders will be allowed to claim founding keys to Everdome.

HERO staking announcement

Another reason that might have spiked the rally to some extent is after Metahero announced last week that HERO staking was going to commence on April 22 on a new centralized exchange, Kanga.

https://metahero.io/news/hero-staking

However, according to the announcement, the withdrawn tokens will be locked for 7 days and APYs generated automatically based on Kanga’s system.

The post Metahero (HERO) price surged by over 5% yesterday and slid back to red: here is why appeared first on Coin Journal.

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Here is why the price of XDC Network (XDC) coin has been surging in the past two weeks

While the majority of the altcoins are dipping, the price of the XDC coin has been rallying in the past two weeks.

Yesterday the price of the XDC coin surged by more than 13% hitting a daily high of $0.06817 before tracing back to today’s price level of $0.06077. The coin has rallied by over 7.8% over the past seven days and by over 11.0% in the past two weeks.

In this article, we will focus on the reasons why XDC Network’s price has been rising in the past two weeks.

XDCNFT project launch by BlocksWorkz tech firm

One of the main reasons for the current price surge is its recent project (XDCNFT) launch by BlocksWorkz tech firm.

The project is a Non-Fungible Token, (NFT) marketplace that uses XinFin’s blockchain technology (XRC20 network).

The project’s new features

Even though the project was launched at the beginning of this year, 2022, it has continued to add more new features and new NFTs. The NFT partnerships with XDCNFT have also caused it to gain more traction.

In addition to these new and exclusive features, XDCNFT offers only 1% transaction fees and free installation.

XDCNFT tokens

XDCNFT only accepts two tokens for the purchase of NFTs. These tokens are; the XDC (XinFin’s native token) and BLKZ (BlockWorks native token).

All the XDCNFT users are required to have either of the two tokens to sell or buy the NFTs of their choice. Besides, as the number of XDCNFT users increases, the number of BLKZ and XDC holders has also been increasing.

However, the XDC token will have a greater impact on buying as compared to the BLKZ token. This is because XDC has more circulation and usage in the market.

In addition, the increased number of XDC transactions on the XRC20 network increases the market price of the XDC token.

The post Here is why the price of XDC Network (XDC) coin has been surging in the past two weeks appeared first on Coin Journal.

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Significant downside risk could push Decentraland (MANA) to $1 in the coming days

Decentraland (MANA) has continued to push lower over the last few days. The coin has in fact been under pressure for all of April. Sadly, it doesn’t seem like things will improve soon as MANA sells off. Here is what you need to know:

  • Despite consistently dropping for the last month, a trend reversal for MANA is unlikely for now.

  • The coin may bottom at $1 in the near term before its next bull run

  • MANA has closed in the red for 5 straight trading sessions.

Data Source: Tradingview 

Decentraland (MANA) – price prediction 

April has been one of the most difficult months for MANA. The coin has largely been on a downtrend for the whole month, and while there were some signs the sell-off could ease, so far, the price action has failed to rally. But the worse is not even over yet.

In fact, we do not expect any reversal of this downtrend anytime soon. As a result, MANA will continue to fall in the near term and could bottom at $1 before its next bull run. This will be a loss of nearly 50% from its current price.

Besides, MANA’s fall did not start in April. The coin had in fact peaked in February and was trading at around $3.55. This was the best price in 2022. However, MANA has lost over 50% from those highs, with more losses expected to come in the coming weeks.

Will MANA rise again?

Yes, MANA will rise again. The metaverse coin still has a lot of upside in the longer term. However, current sentiment in the market remains very unpredictable. 

We are likely to see a sustained period of volatility and selling pressure before the price action finally stabilizes. Despite all this, we still think that MANA will deliver incredible returns this year, even though it will struggle to hit the success of 2021.

The post Significant downside risk could push Decentraland (MANA) to $1 in the coming days appeared first on Coin Journal.