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Solana [SOL] succumbs to the bear like every other coin

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Drained in red, the crypto market was seen captivated by the bears. Solana [SOL], Binance Coin [BNB], Dogecoin [DOGE], Ethereum [ETH], and XRP were the worst hit assets. With major losses, these coins lost all the gains gained over the last couple of weeks.

Bitcoin [BTC] joined the altcoins in the downward rollercoaster. The king coin dropped to $41K with a 5.83% daily dip. Ethereum [ETH] with a 9.23% plummet in the last 24-hours, was well below $3K, specifically at $2,791, during press time. All the other coins mirrored this emotion, except for Cardano [ADA]. ADA noted a daily drop of just 2.30% as its price stayed over $2.

With all the coins being a victim of the bear, Solana [SOL] was seen steering away from its hot streak. At the time of writing, SOL was trading for $132.16 with an 8.78% fall over the previous 24-hours. The entire week seemed quite bleak for the asset as its journey of going over $200 was disrupted by the bear.

The altcoin climbed the crypto ladder this month. Not only its price, but the market cap of the coin also witnessed a breakthrough. Sealing a spot as the seventh-largest coin, SOL overpowered several coins like Polkadot [DOT] and Dogecoin [DOGE], despite being fairly new to the market. During press time, Solana’s market cap was at $39 billion.

Solana [SOL] one-hour price chart on Coinbase

Solana

The one-hour price chart of SOL witnessed the take over of the bear. The Bollinger Bands indicator suggested an increase in volatility at this time. The possible surge in volatility was identified by the disparity between the bands. Such a notion during this time wasn’t feasible as the SOL market was crowded with bears. The Chaikin Money Flow [CMF] indicator affirmed the presence of the bear as the CMF marker was below the zero median in the bearish arena.

The Relative Strength Index indicator revealed a sellers’ notion in the SOL market.

Solana [SOL] Gets Sucker Punched By Bear as Supports Shatter

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The new week was not kind to the cryptocurrency market as price points and daily trading volume continued to plummet. Bitcoin’s inability to hold above the $50k mark trickled down to the other alts as well. Solana [SOL], currently 7th on the charts, fell hard in the hourly spectrum as its compatriots fared better.

At press time, Solana was trading for $132.01 while its market cap struggled to go above $40 billion. The 7.5 percent hourly dip played a major role in lowering the daily trading volume to $4.8 billion. Over the past 7 days, Solana fell by a whopping 18.2 percent. On Wednesday, Solana’s market cap was approximately $4.5 billion lower than the sixth-placed XRP.

Solana 1 hour:

sol 1 hr 3

Solana’s bearish price action since the 18th caused it to dip to current levels. The immediate support was formed last night at $121, a $10 drop-in 24 hours.

Parabolic SAR: The markers stayed below the price candles after a see-saw movement throughout the week. According to the indicator, the buying momentum in the Solana market had reduced considerably.

Relative Strength Index: The RSI moved on the zero line which meant that the number of people selling their SOL tokens was equal to the HODLers. In the last 10 days, the RSI has only hit the oversold zone threshold once.

MACD: The zero line and the MACD line moved towards each other after converting earlier. Another convergence could be expected soon if the histogram continues to blink green.

Solana 1 day:

sol 1d

Long term support was maintained at $69, a mark Solana bad hit in August. Since then the price has only steadily increased with the latest crash wiping out almost all of September’s gains.

Relative Strength Index: Solana’s daily RSI actually spiked upwards as more users bought into the ecosystem. One could hypothesize that users were “buying the dip” so that they can profit when the token rallies.

Parabolic SAR: The markers here were similar to the hourly spectrum. Solana’s price action would have to reverse to inject some bullish momentum into the ecosystem.

MACD: After converging on September 24th, both the signal line and MACD line diverged from each other. The bear sided with the indicators with the MACD histogram changing its tune to red.

Tom Brady ready to accept partial salary in Bitcoin, Ethereum, or Solana

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Tom Brady, the quarterback for the Tampa Bay Buccaneers, wanted to jump on the crypto bandwagon by expressing interest in accepting partial payment in an array of digital assets.

The crypto-verse has welcomed an array of people into its market. From celebrities to the average Joe, every individual across the globe wanted to explore the crypto industry. Several personalities from the sports sector have time and again expressed their interest in crypto. Various basketball teams and other sports personalities have already started accepting crypto as salary. Tom Brady, is the latest to join this list.

Appearing in a recent episode of the podcast, SiriusXM, Brady revealed his interest in crypto. He noted that he would “love to request” to garner his salary in crypto, particularly in Bitcoin [BTC], Ethereum [ETH], or even Solana [SOL].

Tom Brady expresses interest in crypto

Brady took to Twitter and announced his appearance in the podcast. The tweet read,

The world has recognized the impact of crypto across the globe. With the value and demand for these assets surging numerous individuals were keen on exploring the digital side of the monetary world. The interest and rate of adoption of crypto have never been this high.

Noting his interest in crypto, Tom Brady stated,

“I think it’s an amazing thing that’s happening in the world with the way the world is becoming more digital. And these digital currencies, along with a lot of, if you look how the way the world is going, with all these different digital mediums and how they’re impacting currencies.”

Brady isn’t new to the crypto-verse. The seven-time winner of the Super Bowl, Brady had previously shown interest in digital assets. His wife, Gisele Bündchen even has an equity stake in the crypto exchange, FTX.

His latest move could be influenced by this as he noted that “Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities.”

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.