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Jill Gunter weighs in on the battle between old blockchains and new protocols

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Leading crypto investor Jill Gunter has shared her view on the fierce competition between multiple established blockchains and the arrival of several new protocols.

Gunter’s exposure to crypto began in 2011 during her stint at Goldman Sachs as a derivatives trader. Then she started research on blockchain protocols and worked as a VC at Slow Ventures before co-founding Espresso Systems.

In a recent podcast, Gunter spoke about the three distinct phases of development within the crypto industry that have led it to this moment of heated competition.

The first phase according to Gunter is the era of altcoins. This period was marked by the entry of protocols like Litecoin, Dogecoin, and ZCash, when developers sought to make improvements to the Bitcoin protocol such as changing the block size to increase the throughput of the system, she explained.

“What you came out with was a lot of blockchains and a lot of tokens that had a lot of the same properties as Bitcoin, but changed the feature set,” Gunter said.

The next phase, the entrepreneur claims came with the creation of Ethereum in 2015.

Finally, the modern era of layer-one blockchains began as developers tried to tweak the feature sets of programmable blockchains to address some of the issues with Ethereum that exist today, she said

“Alternative blockchains have not been fully put to the test like Ethereum”-Jill Gunter

Pointing to Ethereum’s high transaction and gas fees as bottlenecks that have left users frustrated. the co-founder then cited the recent Yuga Labs’ metaverse land sale fiasco when people trying to buy NFTs were faced with exorbitant gas fees and failed transactions because of the popularity of the drop.

While alternative blockchains such as Solana and Avalanche offer lower costs and can process transactions much faster than Ethereum, Gunter said these other chains have not been “fully put to the test that Ethereum has been” because they haven’t had to process as many users at once.

What’s more, these newer chains have all “centralized something in some way,” Gunter stated.

Adding that all the layer-one projects out there are “making the right noises,” but have yet to be put to the test by users.

Binance postponed ApeCoin and Solana transactions

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Owing to excessive demand, Binance has temporarily put on hold the ApeCoin [APE] lending function. The amount left on the exchange is currently insufficient to satisfy the need for APE by its users. Additionally, withdrawals on the Solana [SOL] network have been suspended a few times since April 25.

In the notice published on its website, the leading crypto exchange cited high withdrawal volume generated with blank transaction IDs that led to the suspension of SOL. The blog read,

“We are actively working with the project team to provide a stable, long-term solution to reduce transaction failure and enhance the user experience. A further announcement will be posted if there are updates on this.”

Speaking about ApeCoin, the token is the heart of the Otherside Metaverse of the Bored Ape Yacht Club NFT project and is hitting a wave of milestones after its launch.

Besides being labeled as the hottest cryptocurrency in 2022, the popular coin has reached a market cap of over 5 billion dollars. Since its entry into the market in early 2022, ApeCoin has risen to a whopping 1000%. and is now the third-highest liquidated coin after Bitcoin and Ethereum, according to Coinglass.com.

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The 24-hour trade volume of APE shows the asset occupying the fourth position after Tether, Bitcoin, and Ethereum and could very well be on a path toward exceeding its all-time high of $39.40.

This value could be matched or eclipsed once the asset starts being utilized in the Otherside Metaverse ecosystem beginning tomorrow.

Apecoin- the rising star in the metaverse universe

ApeCoin, the default currency required in Otherside has become the biggest metaverse token by market capitalization and has managed to surpass bigger rivals like Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS.

At the time of publication, ApeCoin is exchanging hands at $23.12 and up by almost 4% in the past 24 hours. One of the main reasons behind APE’s meteoric rise is the frenzy surrounding the sale this weekend.

Around 50,000 plots of virtual land are open for public sale on Otherside, a soon-to-be-released metaverse platform. Interested buyers will need ApeCoin to purchase a plot, which is contributing to the price surge. 

Solana releases new mainnet version 1.8.14; more upgrades are soon to follow

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Solana officially admits to a ‘performance degradation’ after being hit by a series of network instability recently for two or three days. In a report released by Solana status via Twitter, it said that the Solana mainnet beta is experiencing high levels of network congestion and that the current issue faced by validators is due to excessive duplicate transactions.

In an effort to mitigate the issue, the report states that Engineers have just released the 1.8.14 version. According to the report, the upcoming releases are aimed at improving the state of the network, with more improvements expected to debut in the next 8-12 weeks. Many of these features are currently live on Testnet, where they are being rigorously tested, the report added.

In a series of tweets, the report explains that the previous version 1.8.12 was specifically aimed at improving issues of program cache exhaustion, which are largely responsible for the recent performance degradations.

Asserting that developers have made a significant amount of progress on this, but the work is still not completed. Pointing out that the last 24 hours are a testimony to the fact that the systems still need to be improved in order to meet the demands of users and support the more complex transactions on the network.

Solana network woes continue to haunt

Solana despite being trumpeted as the potential alternative to Ethereum has suffered network outages in the recent past. The first such incident of this kind was reported on September 14, 2021, when the blockchain slowed down owing to a resource exhaustion problem, according to the Solana Status account.

The blockchain suffered yet another outage on December 4, when the Mainnet Beta network stopped producing blocks that prevented new transactions from being confirmed, and engineers had to restart it to resume working.

Again on January 4th, 2022, there were reports about a DDoS attack via spam transactions on the Solana network. However, Anatoly Yakovenko, co-founder of Solana debunked those reports, stating that “there was some congestion due to mismetered transitions, and some users experienced their txs timing out and had to retry.”

Then on January 6, 16:11 UTC, the Solana network experienced performance degradation affecting the throughput of the system and causing it to drop certain transactions.

Where is Solana [SOL] price heading?

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As the new year dawned, major altcoin Solana [SOL] seemingly headed for a slow start as it sank by more than 17% in just 3 days only to recover by 6% at $179 along the same time period. Amidst ambitious predictions by the community, the overall market traded in the green on the first day of 2022 fuelling hope for an exciting beginning after a dull December.

At the time of writing, SOL’s price was changing hands at $176 with a 24-hour trading volume of $1.07 billion. The coin surge by 1.81% in the last 24 hours. However, Solana posted a decline of 11.21% in the weekly index. The 5th ranked asset’s market cap stood at $54 billion as per data on Coinmarketcap. With respect to the price technicals, the overall outlook does not look too grim.

Solana [SOL] price technicals analysis

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Where is Solana [SOL] price heading? 3

From the four-hour chart above, in the trading aspect, the Relative Strength Index [RSI] indicator hovering below the 50-median is indicating the dominance of the sellers and the weakening position of the buyers in the coin market. However, the Chaikin Money Flow, [CMF] cruising above the equilibrium layer is indicating an increase in the capital inflow. Riding along a similar trajectory, the green price bars of the Awesome Oscillator [AO] too reiterated the bullish narrative in the near term for the asset’s price action.

Solana which is regarded for its speed and security has another reason to cheer. One of its fastest-growing wallets built for decentralized finance [DeFi] and nonfungible tokens [NFT] known as Phantom has seen incredible growth in 2021 with 1.8 million monthly active users in a span of 9 months. Apart from that in 2021, its users have staked over $16 billion worth of SOL, swapped over $1.3bliion of tokens, and made over 55 million transactions on their favorite dApps or centralized applications.

Solana [SOL] gains over 9% Intraday, heading for another Rally?

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After recovering from a steep correction, Solana [SOL] managed to hold the ground, registering a 9.06% surge in the last 24 hours and reaching $220 by mid-day on the 1st of November 2021. Interestingly, the price surge took place in the backdrop of the major asset management firm, Grayscale Investment’s announcement of adding SOL to its investment portfolio, yesterday on its official Twitter handle.

At the time of writing, SOL’s price was trading at $217.50 with a 24-hour trading volume of $3.14 billion. The asset rose by 8.10% in the last 24 hours. It is currently ranked at #5, with a market cap of $66 billion as per data on Coinmarketcap.

What do Solana [SOL] price technicals indicate?

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Solana [SOL] gains over 9% Intraday, heading for another Rally? 6

From the four-hour chart above, the Relative Strength Index [RSI] indicator rising above the 50-median is leaning towards bullish tendencies as buyers resort to dominating the market. With regards to the Chaikin Money Flow, [CMF] cruising above the equilibrium layer is suggesting an increase in the capital inflow. Similarly, the green price bars of the Awesome Oscillator [AO] too reiterated the bullish narrative.

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Solana [SOL] gains over 9% Intraday, heading for another Rally? 7

With respect to the above daily chart, the price has been on an uptrend, as evident from candles hovering above the 50,100 and the 200-day moving average [DMA] that are acting as support from the further downtrend.

The recent decision by Grayscale Investments to add Solana into its product line would undoubtedly attract visibility from high-net-worth and institutional investors. The reason behind that is Solana’s tremendous growth as a blockchain project in 2021. The layer-one protocol emerged as a top contender against a behemoth like Ethereum, after providing users with one of the lowest cost and fastest transaction speed public ledgers.

Despite its price uptrend, market speculators however warn that the native token might face some serious hurdles due to issues such as ‘excessive valuations on longer-timeframe charts and the chances of network outages’

Solana [SOL] eclipses world’s largest stablecoin Tether [USDT] after ATH

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Solana [SOL] cruised past Tether [USDT] to become the fourth-largest cryptocurrency by market cap, hitting a new all-time high close to $260, earlier this morning. Astonishingly, in a span of the last three months, SOL rose by more than 1000% as it managed to outpace several well-known assets. Following the latest surge, the world’s largest stablecoin moved to the 5th position by market value which stood at $71.9 billion.

This comes just days after Cardano [ADA] lost its battle to SOL as the latter stole the 5th position. This was the first time that SOL entered the top five cryptocurrencies by market cap.

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The smart contract platform Solana has gained tremendous popularity and usage owing to its faster transaction and significantly lower fees compared to mainstays like Ethereum [ETH]. Its native token, SOL, continued to enjoy support from enterprises that have also invested in the network. As per digital asset management firm, CoinShares, SOL’s investment vehicle witnessed inflows worth $15 million, bringing the total assets under management [AUM] to nearly $200 million.

Solana [SOL] massive strides in DeFi and NFT

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Solana’s growth in decentralized finance (DeFi) and non-fungible tokens (NFTs) has advanced by leaps and bounds. At present, the network was hit an all-time high in terms of total value locked (TVL) with $15.33 billion, a surge of 1,145% from August, according to DeFi Llama. With regards to NFT trades, the token registered $240 million, along with offering a wide array of upcoming games, as observed by DappRadar’s October 2021 industry overview.

It was first launched in March 2020 by Anatoly Yakovenko who also pioneered Qualcomm OS. The main aim behind its design was to enable smart contracts and support the creation of decentralized applications [DApps]. It is noteworthy to mention that the native token’s price movement skyrocketed by more than 13,000% since the beginning of the year.

Solana [SOL] price technicals

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SOL soared to more than 39% over the week. At press time, it was changing hands at $257.61 following a rise of 4.38% in the last 24 hours. The digital asset recorded a 24-hour trading volume of $3.89 billion. With the ever-increasing volume, the daily technicals look pretty optimistic.

As gauged from the above price chart, the Klinger Oscillator [KO] is heading for the bulls. Riding along a similar trajectory is the Awesome Oscillator [AO] which depicted a strong bullish momentum in the coin market. The Relative Strength Index [RSI] climbed higher in the overbought zone after moving above 70 demonstrating buyers have intensified. In a nutshell, SOL is poised for more upside price rally.

Solana [SOL] Remains Strong in Face of Adversity as Crypto Market Flinches

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The new week started with the market displaying a mix of bearish and bullish signals. This price flux came when Bitcoin [BTC] was taking a breather after setting new all-time high levels. Over the same time period, altcoins led their own charge which saw several tokens climb higher than ever before on the charts.

One altcoin that was making inroads was Solana [SOL], currently sitting at number 6 in terms of market cap. Solana’s upward turn has been the talk of the town since the cryptocurrency persevered even during the bear runs. At press time, Solana was trading for $208 with a market cap of $4.51 billion. The cryptocurrency’s price charge was in part owing to the number of updates and developments occurring on the network.

Solana 1 hour:

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Solana [SOL] Remains Strong in Face of Adversity as Crypto Market Flinches 13

Since the 20th of this month, there has been a significant uptick in the Solana ecosystem. This was evidenced by the formation of consecutive green candles and new immediate support at $180.2. A majority of the indicators in the time period between October 20-25 displayed a sinusoidal pattern.

Relative Strength Index: Even though the indicator was still in the overbought zone, there was a slight decrease in the periphery. This was a sign that there was a Solana sell-off occurring during a bearish period in the crypto market.

Chaikin Money Flow: The CMF was opposite to that of the RSI with a healthy climb above the zero line. As more users enter the Solana market, the capital influx is only slated to increase.

Parabolic SAR: Almost all of the nearer markers stayed below the price candles. The user sentiment sided with the bull during the day end of a purple patch.

Solana 1 day:

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Solana [SOL] Remains Strong in Face of Adversity as Crypto Market Flinches 14

In the long run, the cryptocurrency was trying to keep it steady on the road to ATH. The daily support was near the $120 market as the level seemed to be safe for the time being.

Chaikin Money Flow: The CMF hovered above the zero line as the market tried to settle on a pattern. Repeated appearances by the bear and the bull allowed the graph to roam freely.

Parabolic SAR: Just like in the hourly spectrum the markers stayed below the candles here too. Bullish momentum set in right after the last price support was threatened.

Relative Strength Index: Solana’s daily RSI broke the overbought threshold as more and more users bought into the market. This was a strong indicator of the longevity of the cryptocurrency and its user interest.

Solana [SOL] Shields Up Against Bear as Major Coins Lose Footing

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Over the past weeks, the cryptocurrency market has gone through some major changes in terms of price peripherals. Altcoins did their part in price elevation as Bitcoin hit new all-time highs. Despite how well the week began, some cryptocurrencies fell victim to the bear on Friday.

Solana [SOL], currently the 6th largest token on the charts, enjoyed a reversed trend which elevated its value and market cap. At press time, SOL was trading for $203.4 with a market cap of $61.18 billion. The token’s 28 percent weekly gain also lifted it’s daily trading volume to $6.65 billion.

Solana [SOL] 1 hour chart:

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Solana [SOL] Shields Up Against Bear as Major Coins Lose Footing 17

Solana’s hourly performance has been something to watch as the cryptocurrency rocketed upwards over the previous 24-hours. With a new immediate support of $167, SOL was making headway in a bearish territory.

Parabolic SAR: The markers stayed below the price candles as the momentum shifted into the green.

Relative Strength Index [RSI] : After the latest price hike, Solana’s RSI climbed to the overbought threshold. This meant that the buying pressure had overtaken the selling pressure.

Chaikin Money Flow [CMF] : Solana’s CMF bounced off the zero line as the capital influx into the ecosystem increased. A resurgence in user interest was one of the main reasons for the spike.

Solana [SOL] 1 day chart:

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Solana [SOL] Shields Up Against Bear as Major Coins Lose Footing 18

In the long term, SOL was still reeling from consecutive red candles. The saving grace came in the form of the last bull run where the price support was lifted.

Chaikin Money Flow [CMF] : Just like in the hourly spectrum, the CMF was recovering here too. In the long run, October has been Solana’s most stable CMF run.

Parabolic SAR: The bull helped Solana’s markers stay below the price candles for a sustained period of time.

Relative Strength Index [RSI] : The RSI was the only indicator that made a split difference. In the long run, the marker was in the middle of the graph. This indicated a market waiting for a change in trends.

Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer

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As the week drew closer the cryptocurrency market entered a flux consisting of bearish and bullish trends. Altcoins tried to match Bitcoin’s spike rate as new superstars like Solana and Polkadot rule the roost. Solana [SOL], currently holding the 7th rank, was the biggest gainer of the day after fervent activity on the charts.

The SOL community has been waiting with bated breath for a steady price hold with the latest bull run acting as just that. At press time, Solana was trading for $159 with a total market cap of $46.78 billion. Solana’s 7 percent price hike over the previous 24-hours was followed by Ethereum, which rose by 3 percent on Friday. Daily volume had touched $3.4 billion after a rousing response from the community.

Solana 1 hour chart:

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Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer 21

Three strong green candles changed Solana’s hourly dynamic as the cryptocurrency tore away from its immediate support. SOL user sentiment may have begun to swing after witnessing the strong upward push. Immediate support was clocked at $143, a steady marker for the cryptocurrency.

Parabolic SAR: The markers stayed below the price candles as user momentum shifted into the green.

Bollinger bands: Both the bands diverged from each other after registering six consecutive green candles. The size of the Bollinger cloud was a definitive sign of Solana’s entry into the bull territory.

Chaikin Money Flow: The graph bounced back from the zero line, mostly enabled by the price hike. This further meant that more capital was entering the SOL ecosystem.

Solana 1 day chart:

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Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer 22

Long-term resistance was clocked in at $126 after a tumultuous September. The previous week was a strong sign for price recovery as the market cap shot up in the daily spectrum.

Bollinger bands: The band’s moved parallel to each other as the candles constricted themselves within the bandwidth. After a month of slight movement, the last green candle climbed to new levels.

Chaikin Money Flow: SOL formed a k-shaped curve as the capital influx overtook the money leaving the market. The cryptocurrency showed similar patterns displayed at the start of August.

Parabolic SAR: Unlike the short-term yield, the markers here stayed above the candles. This was a sign that the market momentum was shifting after a period of dwindling seed funds.

Solana [SOL] aims to ramp-up price action back to $150-level

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Solana [SOL] has raked in impressive price gains as it positioned itself as the seventh-largest crypto asset by market cap on the leaderboard. After decoupling from top coins, SOL has managed to attract buyers and even briefly touch $200. Lately, its price has been trending lower after increased bearish momentum trapped the asset in a consolidation phase. The drop in volatility indicated that the market participants will have to wait for a rally.

Over the past 24-hours, Solana [SOL] noted a minor surge of 1.34%, which pushed the price to $137.9. The crypto-asset held a market cap of $41.37 billion and recorded a 24-hour trading volume of $2.80 billion at the time of writing.

Solana [SOL] Daily Price Chart:

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Solana [SOL] aims to ramp-up price action back to $150-level 25

Solana’s fall was cut short after a brief bullish reversal which firmly held a crucial support area. Despite the gradual d, the decline on the daily chart, the moving averages have not been able to reclaim position above the price candles. As a matter of fact, the upsloping 50 DMA [Pink], 100 DMA [Blue], and the 200 DMA [Yellow] continued to hover below the SOL candletick arrangement respcectively.

Additionally, the volume has been moderate which could aid in the growth of the crypto-asset.

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Solana [SOL] aims to ramp-up price action back to $150-level 26

The technicals look promising. For instance, the Chaikin Money Flow [CMF] noted an uptick depicting a minor decline in capital outflow from the SOL market The Klinger Oscillator [KO] also hinted bullish reversal signs after three weeks of flashing red. Echoeing a similar optimism was the daily Relative Strength Index [RSI] which made a headway above the 50-median line after struggling near it over the past week. This essentially signifies the dwindling dominance of sellers.

Solana’s immediate resistance levels stood at $150.5, $168.9, and $191.3. On the other hand, its support levels were found to be at $125.5, $118.2, and $75 respectively.