Category: Cryptocurrency News

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The recent price surge of Solana (SOL) encountered a significant roadblock at the $25 mark, which prompted a reversal following a retest in early October. Despite this setback, the market sentiment remained relatively positive, with demand showing resilience at press time.  SOL traders on higher time scales may find themselves in a state of uncertainty regarding price direction. As of the present moment, SOL has been on a modest 10% upward trajectory, surging from $21.5 to $24.70 over the past few weeks. Related Reading: Polkadot Road To Recovery – Will $4 Mark The Turning Point? This development has left traders and investors pondering the possible outcomes for SOL’s trajectory, leading to discussions about potential bullish or bearish trends, or even a breakout. Analysts have pointed to encouraging signs within SOL’s price chart, notably the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF), both of which have been exhibiting positive trends. These indicators have shown steady upticks, indicating a commendable recovery in buying pressure and an increase in capital inflows over the past few days.  Solana’s Positive Indicators Amidst Uncertainty Market observers have highlighted the significance of a convincing flip of the $25 hurdle into a support level, suggesting potential bullish momentum that could drive the price towards the $27 mark in the near future. However, cautionary notes have been sounded regarding the possibility of a price reversal, given the RSI’s overbought condition and the persistence of the resistance at $25. Solana seven-day price action. Source: Coingecko Currently, SOL is trading at $24.16 according to CoinGecko, with a 24-hour movement of 0.0%. The seven-day rally, however, stands at an encouraging 9.9%, indicating a degree of price resilience even in the face of these challenges. Related Reading: XRP On The Cusp Of Redemption? Unveiling Data-Backed Insights Adding to the complexity of SOL’s price dynamics, the cryptocurrency has experienced negative funding rates, despite the recent price rally. This discord between the price surge and the negative sentiment in the market has fueled debates among investors about the sustainability of the current upward momentum. SOL market cap currently at $10.07 billion on the daily chart: TradingView.com Discontinuation Of Services By Lido Finance In a significant development, Lido Finance, a prominent liquid-staking provider, announced its decision to phase out services on the Solana network in the coming months. As the third-largest protocol on the Solana blockchain and with a presence on multiple chains, including Ethereum, this move has sent shockwaves through the cryptocurrency community. The announcement caused a notable impact on Solana’s Total Value Locked (TVL), which witnessed a sharp decline of $100 million within a single day following the news. SOL total value locked. Source: DefiLlama As SOL grapples with these mixed signals and developments, the immediate outlook for the cryptocurrency remains uncertain. Traders and investors are closely monitoring the upcoming price movements, awaiting further market cues and developments that could potentially sway the balance towards bullish recovery or a prolonged bearish phase.  While the indicators suggest a potential breakout, the cautionary notes regarding resistance levels and market sentiment continue to linger, creating an air of anticipation and apprehension in the cryptocurrency community. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Meetinghouse

BNB price is still consolidating above the $200 support zone against the US Dollar. It could start a decent increase if there is a close above the $220 resistance. BNB price is slowly moving higher toward the $220 resistance against the US Dollar. The price is now trading above $210 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $211.5 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might gain bullish momentum if there is a daily close above $220. BNB Price Remains In A Range This past week, BNB price again retested the $200-$202 support zone. The bears made another attempt to clear the key $200 support, but they failed. A low was formed near $203 before the price started a decent increase, like Bitcoin and Ethereum. There was a move above the $210 and $212 levels. The price tested the main $220 resistance. A high is formed near $219.2 and the price is now consolidating above the 50% Fib retracement level of the upward move from the $203 swing low to the $220 high. BNB is now trading above $210 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $211.5 on the 4-hour chart of the BNB/USD pair. Source: BNBUSD on TradingView.com If there is a fresh increase, the price could face resistance near the $215.5 level. The next resistance sits near the $220 level. A clear move above the $220 zone could send the price further higher. In the stated case, BNB price could test $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance. More Losses? If BNB fails to clear the $220 resistance, it could start another decline. Initial support on the downside is near the $211 level and the trend line. The next major support is near the $207 level or the 76.4% Fib retracement level of the upward move from the $203 swing low to the $220 high. If there is a downside break below the $207 support, the price could drop toward the $202 support. Any more losses could initiate a larger decline toward the $185 level. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $211, $207, and $202. Major Resistance Levels – $215, $220, and $222.

The LSDFi sector’s total value locked has grown 5,870% since January as ETH holders seek better yields.

41% of respondents said they prefer not to hold virtual assets or cryptocurrencies — up 12 percentage points from an earlier study.

Ethereum price failed to start fresh increase above $1,600 against the US dollar. ETH is now struggling to stay above the $1,550 support zone. Ethereum extended its decline and tested the $1,550 support zone. The price is trading just below $1,580 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if the bulls fail to protect the $1,550 support. Ethereum Price Dips Further Ethereum struggled to settle above $1,650 and started a fresh decline. ETH traded below the $1,620 and $1,600 support levels. There was a short consolidation phase before the price extended its decline, unlike Bitcoin. There was a move below the $1,575 support and the price tested $1,550. A low is formed near $1,553 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD. Ethereum is now trading just below $1,580 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,570 level and the trend line. The 23.6% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low is also just above the trend line. The first major resistance is near the $1,600 zone or the 50% Fib retracement level of the downward move from the $1,669 swing high to the $1,553 low. Source: ETHUSD on TradingView.com A close above the $1,600 resistance might start a decent increase. In the stated case, Ether could rise and recover toward the $1,660 resistance. Any more gains might open the doors for a move toward $1,720. More Losses in ETH? If Ethereum fails to clear the $1,570 resistance, it could start another decline. Initial support on the downside is near the $1,550 level. The next key support is $1,520. A downside break below the $1,520 support might send the price further lower. In the stated case, the price could drop toward the $1,480 level. Any more losses may perhaps send Ether toward the $1,420 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,550 Major Resistance Level – $1,570

I want to add an SVG Image with animations to my NFT and the size is going 50 KB+, but I learned that Ethereum has a size limit of 30 Million gas, so my doubt is if I divide the SVG image into chunks and store them inside mapping or arrays and write a function…
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Reports of Hamas using crypto to fund recent attacks in Israel could make Coinbase’s lobbying efforts more difficult, says Berenberg lead analyst Mark Palmer.