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Solana [SOL] finds its way back into the race and Avalanche [AVAX] follows suit

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The entire crypto market was painted green. Solana [SOL] and Avalanche [AVAX] were seen leading this bull run. Every other asset, including Bitcoin [BTC], Ethereum [ETH], Binance Coin [BNB], and Cardano [ADA] were taking a backseat.

The last couple of days were quite hard on Solana [SOL]. The altcoin lost its stance and witnessed a major plummet. While the coin lost all its gains over the week following the Denial-of-Service attack. However, at the time of writing, SOL was trading for $160.99 with a 14.52% surge over the last 24-hours.

Furthermore, the market cap of the crypto-asset was at $47 billion which further allowed the coin a spot in the top ten. Standing as the seventh-largest cryptocurrency, SOL entered this list despite being fairly new to the market.

Solana [SOL] one-day price chart on Binance

Solana

The one-day price chart of SOL noted major bear sightings. The Parabolic SAR indicator formed dotted lines over the candlesticks restricting any possible uptrend. This line acted as a line of resistance. The Awesome Oscillator indicator laid out red closing bars and announced the presence of bears in the SOL market. This could further mean that SOL’s hot streak could soon come to an end.

The Relative Strength Index [RSI] pointed out that Solana [SOL] was being overtly bought.

Avalanche [AVAX] one-day price chart on Binance

Avalanche [AVAX] not only surged in terms of price but also market cap as well as ranking. The altcoin made headlines after it rose as the eleventh largest cryptocurrency. The market cap of the coin, at press time, was at $15.8 billion. The asset remained over prominent coins like Uniswap [UNI] and Chainlink [LINK].

During the time of writing, AVAX was trading for $71 with an 11.36% surge over the last 24-hours. The previous seven days proved to be profitable for the coin as it witnessed gains of about 42%.

AVAXUSD 2021 09 18 18 31 39

The one-day price chart of AVAX had the bull dancing in its market. The MACD line surged over the signal line and formed a bullish crossover. The Chaikin Money Flow [CMF] indicator stayed untethered in the bullish region. This could mean that AVAX would continue its current momentum.

The Relative Strength Index [RSI] revealed that AVAX was being overbought.

Solana [SOL] continues to endure massive loss; Bears’ permanence could push the asset below $140

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The crypto-verse is so full of twists and turns. Today, it was the bears’ turn to shine and Solana [SOL] was the victim of this bear take over. With the whole market tainted in red, several cryptocurrencies were seen enduring mild losses.

Bitcoin [BTC] was still stuck below $50K as its efforts to move beyond were constantly haggard by the bear. Ethereum [ETH], Cardano [ADA], and Binance Coin [BNB] were seen encountering the same fate. All these assets were experiencing a daily loss of 4-5%. Despite this, the market cap of these assets did not see any major changes. However, the overall market cap of the crypto-verse remained at a high of $2.12 trillion.

Solana [SOL] had finally bid adieu to its hot streak. The asset garnered immense gains and moved up the price as well as the market cap ladder. Just as the altcoin was making its way onto the moon, the bears decided to barge in. SOL witnessed a massive drop and was seen trading at $139, at the time of writing. The altcoin endured a daily drop of nearly 11%.

Recently, Solana [SOL] had overpowered XRP and took over its position as the sixth-largest cryptocurrency. This was, however, overturned as SOL’s market cap was stuck at $41 billion, while XRP’s raced towards $49 billion.

Solana [SOL] one-hour price chart on Binance

Solana

The bears were getting well settled in the short-term price chart of SOL. The Parabolic SAR indicator formed dotted lines above the candlesticks and announced the presence of the bear. The dotted lines were mounted over the candlesticks since yesterday and the trend had persisted. The MACD line remained below the signal line forming a bearish crossover. This could imply that SOL could slip below $140.

The Relative Strength Index [RSI] indicator dropped down the oversold zone. The RSI marker plummeted below the 50 median and was particularly at 30 median.

Solana [SOL] plunges after Denial-of-Service attack

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Solana, the rapidly growing Ethereum competitor, suffered a denial-of-service disruption. A Twitter account called ‘Solana Status’ updated the community that the layer one blockchain protocol’s mainnet beta had been suffering intermittent instability for quite some time. Solana reportedly encountered the problem due to a massive surge in transaction load to 400,000 per second that flooded the network to create a DoS attack and trigger forking.

The tweet regarding the same read,

“Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.”

According to the announcement, the subsequent forking resulted in excessive memory consumption, leading to some nodes going offline. Solana Status revealed that despite engineers across the ecosystem trying to stabilize the network, the attempt was unsuccessful. The community elected validator then resorted to restarting the network.

“The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.”

Hours later, Solana Status confirmed the successful competition of the network’s Mainnet Beta restarts by the validator community after an upgrade to 1.6.25. It further stated that decentralized applications [DApps], block explorers, as well as supporting systems would recuperate in the next several hours, at which point full functionality should be restored.

Solana [SOL] sees double-digit correction

SOL 7D graph coinmarketcap

The native SOL token had been one of the best-performing assets this summer. SOL had earlier decoupled from top crypto-assets such as Bitcoin and Ethereum to rally and climb to the 7th spot on the leaderboard. However, after an astounding rally during the 2021 summer, the token formed lower lows on the chart depicting a fading momentum.

The latest blockchain outage further dragged the token down. Just hours after the development, SOL lost more than 15% falling from $170 to $144. Since then, SOL has managed to recover to the press time price of $164.

Solana [SOL] Switches Direction as Bear Market Dawns On New Week

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The cryptocurrency market’s fluctuations on the charts resulted in a massive pushback in terms of market cap. Over the past few weeks, virtual assets have witnessed bull runs that elevated several low-lying coins into the top echelons of the chart. Solana, which had a tremendous September start, saw its price and market cap diminish by double digits.

At press time, Solana was trading for $158.2 with a total market cap of $46.72 billion. The ongoing 12 percent price drop contributed to the daily trading volume’s fall. On Monday, $4.6 billion worth of Solana was traded across all cryptocurrency exchanges. Solana’s next competitor Polkadot was some ways away from holding a market cap of $33.812 billion.

Solana 1 hour:

sol 1 hr 2

Solana’s hourly drop was evident on the graph as the latest green candles conducted their rescue efforts. Holders of the cryptocurrency looked for bullish signs which were eventually answered by three consecutive green candles.

Relative Strength Index: SOL’s RSI climbed back into the oversold zone with the graph tending upwards. As more users hold onto their assets, the RSI is expected to rise to earlier highs.

Parabolic SAR: The markers moved below the candles after the bull’s entry into the Solana market. Hourly gains need to be noted routinely to check if the momentum persists.

Bollinger bands: The upper Bollinger band and the lower Bollinger band moved towards one another after a large cloud expansion. As the candles stayed inside the bubble, it was safe to assume Solana’s price would be held up in the short term.

Solana 1 day:

sol 1 d

The latest crash seems to have wiped all of Solana’s September gains in one fell swoop. This change in the pattern comes after almost a month of meteoric gains by the seventh-placed cryptocurrency.

Parabolic SAR: The markers shifted to the top of the candles as a definite bear market took over. This was further evidenced by the creation of 5 consecutive red candles.

Bollinger bands: Solana saw the creation of the largest Bollinger cloud in its history during its all-time high formation. The new price action forced the lower band to move upwards to close the mouth of the cloud.

Relative Strength Index: After peaking over the overbought line, Solana was brought back sharply into the trading zone. This was the first clear indication of more users selling their SOL tokens rather than buying more.

Solana witnesses NFT sale of Degen Ape worth $1.1M

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The prominent layer one solution, Solana, is one fire. The blockchain witnessed its first-ever million-dollar non-fungible token [NFT] sale of Degen Ape.

Both NFT and Solana ecosystem has been bustling with activity like never seen before. In the latest development, the blockchain advisory and investment partnership firm Moonrock Capital announced the purchase of the Solana-based NFT for a whopping 5,980 SOL, which is roughly worth $1.109 million. Its tweet regarding the same read,

Solana’s Degen Ape #7225 happens to be one of the Degenerate Ape Academy NFTs listed as the 13th rarest in the collection. The NFT features a zombie version of an ape that is scarred all over its face and body. It also has a halo on top of it, a gold tooth, and a brain squished in its mouth.

Solana at the forefront of the market

Nevertheless, Solana has had a wild run this summer. It has observed a meteoric rise in terms of the price of its native crypto SOL. Despite the tremendous success, it couldn’t escape the technical difficulties facing NFTs released on the blockchain. All in all, the project has been at the forefront.

It continues to dominate crypto conversations even as the broader market was stuck in a southbound price movement. Over the past week alone, SOL clocked in gains of 27.05% amidst market-wide rout. The rise also coincided with the launch of NFT Degenerate Ape Academy, created on Solana blockchain on August 15. At the time of writing, the sixth-largest crypto asset was priced at $179.69.

The Andreessen Horowitz-backed platform’s spectacular growth can be attributed to the spike in investors’ interest in Ethereum’s rival blockchains with decentralized finance, NFT, and smart contract offerings. Its emergence as a stiff competitor to Ethereum can be evidenced by the $12.09 billion in TV, according to DeFi Llama’s latest stats. The latter’s TVL figures, on the other hand, have taken a significant plunge as gas fees hiked.

Solana

Solana [SOL] Price Hike Hits Brakes As Reddish Hue Sets On Crypto Market

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Solana’s meteoric rise over the past few weeks put it on the map with a rush of new investors further elevating its market cap. The cryptocurrency seemed to ignore bearish signals earlier after SOL hit all-time highs. As the week comes to a close, SOL’s weekly gains were wiped off as it became the biggest loser in the top 10 cryptocurrency club.

In the past 24 hours, Solana witnessed a 15.2 percent dip in value as the token traded for $178.07 on Friday. If Solana’s weekly gains were compared with the rest of the market, it would ironically emerge as the biggest gainer. Solana also saw it’s daily trading volume dwindle to $9.18 billion after a hectic week on the floors.

Solana 1 hour:

sol 1 hr 1

With the immediate support near the $155 mark, Solana was still some ways off from breaking it. Technical indicators showed a bearish bump in the market as the momentum shifted downwards.

Relative Strength Index: Solana’s RSI fell towards the oversold zone after a change in investor sentiments. The sudden drop pushed more holders into selling their assets.

MACD: The short term MACD crashed below the histogram as the signal line and the MACD line diverged from one another. Solana’s MACD histogram continued to blink red as the amplitude increased.

PSAR: Markers stayed above the price candles as the sentiment stayed bearish.

Solana 1 day:

sol 1 day 1

In the long term, Solana broke away from its bullish pattern after the formation of two consecutive red candles. This had happened for the first time since the end of July. Solana’s long-term support stayed near the $70 mark with indicators pointing to a slowdown.

Parabolic SAR: The markers here were below the price candles as the current bear run wasn’t enough to disrupt the strong uptrend. A third red candle formation could possibly lead the markers to jump above the candle.

Relative Strength Index: As more people bought Solana in August, the graph stayed above the overbought threshold.

MACD: The signal line and the MACD line moved upwards in tandem, signaling a bullish overturn. According to the MACD histogram, the atmosphere was still bullish for traders to jump into the market.

Solana [SOL] positions itself as the 6th-largest crypto-asset after surpassing XRP

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Solana [SOL] has emerged as one of the hottest cryptocurrencies of late. The abrupt plunge in Bitcoin’s [BTC] price dragged the entire market into a sea of red. A sentiment of uncertainty has engulfed the crypto world. Investors expect bearishness in the next couple of trading sessions as top alts flashed sell signals. But not Solana.

SOL managed to weather the storm and record massive weekly gains of 78.88%. As a matter of fact, the crypto-asset was up by 35.64% over the past day alone. It was now trading at $208.5, according to the latest data on CoinMarketCap. Boasting a total market cap of $60.84 billion, SOL even blasted past XRP and was now the sixth-largest cryptocurrency. This comes just a day after it surpassed popular meme-coin Dogecoin [DOGE] to position itself on the 7th rank by market cap.

Among the top 10 cryptocurrencies, Solana was the best-performing asset as it decoupled from Bitcoin. XRP and DOGE, on the other hand, have failed to no impressive rallies as they continued closely mimick the price action of the king coin.

SOL 1M graph coinmarketcap

NFT boom backing Solana’s rally?

With a massive parabolic run-up, SOL’s price continued to exceed all expectations. One of the main drivers is the thriving sector of non-fungible tokens of NFTs. A major chunk of NFT-related transactions occurs on the Ethereum blockchain. However, the network suffers from higher congestion and inflated gas fees which has paved the way for alternative layer one solutions to take the stage.

Solana is one of them. Owing to its public base-layer blockchain protocol that aims to address inefficiencies and eliminates Ethereum’s performance bottlenecks, the SOL ecosystem and its reduced gas fees have catalyzed its case as an emerging player in the NFT space. Additionally, Solana’s integration with the NFT marketplace of the prominent crypto derivatives platform FTX has further strengthened its position in the industry.

Solana’s [SOL] hot-streak persists as bulls camp in its market

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Despite attaining massive gains, the crypto market still witnessed a fall. However, Solana [SOL] kept sprinting ahead.

Bitcoin [BTC] hit a high of $52K and stunned the crypto community. While the king coin has called back to the $51K zone, the asset’s efforts to move on to $52K were still on. $1 trillion market cap wasn’t too far off either for BTC. Ethereum [ETH] stayed stagnant within the $4K zone. Almost every other asset was seen painted in red.

Solana [SOL] has been proving its worth throughout the month. The fairly new coin was seen running while all the other assets were jogging. The altcoin fast-tracked from less than $100 to an all-time high of $194 in a short period of time.

At the time of writing, the altcoin was trading for $185.47 with a surge of $29.29% over the last 24-hours. SOL even bagged gains of about 53% during the previous seven days.

Additionally, with regard to its market cap, SOL overshadowed an array of assets and plunged towards the top. The asset with a market cap of $54 billion, stood as the seventh-largest cryptocurrency.

Solana [SOL] one-day price chart on Binance

Solana

The one-day price chart of SOL was quite clearly with the bull. The bulls were seen setting out camps in the SOL market. The Parabolic SAR indicator has been the same since the 26th of August. The indicator set out dotted lines below the candlesticks and has maintained the same. This line further acted as a barricade against any possible downward breakout.

The Awesome Oscillator indicator rolled out green closing bars and affirmed the presence of the bull in the SOL market. This further indicated that the chances of the asset hitting $200 were high.

Furthermore, the Relative Strength Index [RSI] indicator announced that Solana [SOL] was being overbought as the marker was at 90 median.

Solana Continues it’s Rocket Ship Ride as New All-Time High Gets Set

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Solana [SOL], has emerged as one of the biggest winners of the past week and saw massive double-digit gains. The new week started with a spark for cryptocurrencies all across the charts as prices blinked bright green. While Bitcoin was sitting pretty above the $51k mark, the altcoins were pulling their own weight by ascending.

At press time, Solana was trading for $145 with a total market cap of $42.4 billion. The spike becomes apparent when one compares Solana’s price point just a month ago. Back in August, Solana was trading for a lowly $26.6 after which the cryptocurrency saw a price and rank boost on the charts. A 43 percent weekly climb elevated SOL’s market volume to $3.143 billion.

Solana 1 hour:

  • sol 1 hr

Solana’s performance in the hourly spectrum has been consistent for the past 72 hours. Price action pointed to a cryptocurrency in the throes of a battle between the bull and the bear. SOL’s immediate support clocked in at $115 while the green candles dominated over the past day.

Relative Strength Index: The RSI dipped slightly from the overbought zone, indicating a change in holding behavior. There was no immediate reason to panic as the investors continued to remain bullish.

Chaikin Money Flow: SOL CMF climbed strongly above the zero-line to show that the capital coming into the market was more than the outflow.

Parabolic SAR: The markers holding below the price candles was a ticker for the rising momentum in the SOL ecosystem. The PSAR’s bullish lean was helped along by solid green candles.

Solana 1 day:

sol 1 day

In the long term, it was clear that SOL was hitting cruise control to set new all-time highs. The cryptocurrency’s current price point of $145 is the highest it has ever reached with indicators showing more sustained pushes.

Relative Strength Index: SOL’s RSI was above the overbought threshold, settling at its highest point ever. All-time highs have contributed to the largest influx of users into the Solana ecosystem.

Parabolic SAR: With red candles barely able to make a dent in Solana’s price action, the Parabolic SAR markers continued to stay under the graph. The markers only blinked bearish once in the last month.

Chaikin Money Flow: Solana’s CMF formed a K-shaped graph after a sudden spike in investments. The strong bullish sentiment was accentuated by the fact that the last time the CMF fell below the zero line was in the middle of July.

Solana [SOL] rises over Dogecoin in ranking as its price inches closer to $150

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A mixed sense of emotions was seen in the crypto market. Solana [SOL] was once again seen stealing the show. After witnessing consecutive highs, Solana seemed to be reaching out to the moon. Just last week, the altcoin moved over $100 and proved its caliber. At the time of writing, SOL noted another boost as it was seen trading for $138 with a 20.50% surge in the last 24-hours. With a whopping 68.59% rise in the previous seven days, SOL was on cloud nine.

Furthermore, in terms of market cap, SOL climbed up the crypto ladder. The altcoin rose above prominent assets like Dogecoin [DOGE], Polkadot [DOT] as well as Uniswap [UNI]. Solana was settling down in the seventh position with a market cap of $40.56 billion.

Additionally, Bitcoin [BTC] had hit $50K and was striving to move towards $51K. Ethereum [ETH] sprinted towards $4K while Cardano [ADA] experienced a slight push back below $3.

The global crypto market cap was at $2.27 trillion and noticed no major changes over the last day. However, with BTC aiming for $1 trillion, the chances of a surge in the overall numbers were high.

Solana [SOL] one-day price chart on Binance

Solana

The one-day price chart of SOL was solely focused on prolonging the stay of the bull in the market. The Chaikin Money Flow [CMF] indicator was inclined towards the bull. The CMF marker remained over the zero median and was accommodated by the bull. The Awesome Oscillator indicator followed this path as it laid out sturdy green closing bars further announcing the presence of the bull.

This could mean that SOL would receive a much-anticipated push towards $150.

The Relative Strength Index [RSI] indicator noted major buying activity. The RSI marker was over the 80 median further indicating a buyers’ market.