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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Solana Epic Bounceback To Pre-FTX Heights: Brace Yourself For What’s Next

Christian Encila
Christian Encila
1 year ago
4 mins read
Solana

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Solana (SOL) has experienced remarkable growth in the past month, outpacing its peers in the cryptocurrency market. According to data from Messari, SOL’s market capitalization surged over 60%, solidifying its position among the top ten crypto assets. 

This rally comes after a challenging period for SOL bulls who struggled to maintain support at the $20 mark, not to mention the significant drop to $8 following the FTX exchange implosion in November.

The price of major ecosystem tokens has recently been on the rise.

Solana in particular has experienced a nearly 55% price appreciation over the last 30 days.

Major Ecosystem Screener: https://t.co/TPNhzaeln4 pic.twitter.com/EXbjvQvO79

— Messari (@MessariCrypto) October 23, 2023

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Solana Price Recent Fluctuations

SOL’s price reached a peak of $32 before settling at its current level, approximately $31.28, as reported by CoinGecko. Although there has been a slight 0.4% dip in the last 24 hours, the cryptocurrency has shown an impressive seven-day rally, with a gain of 30.2%. To put this in perspective, the last time SOL was trading at a similar price level was in November 2022, just before the FTX exchange incident shook the market.

The surge in SOL’s price can be attributed to the overall bullish momentum in the cryptocurrency market over the past few weeks. Data from Santiment reveals that SOL’s daily trading volume has surged by more than 30% since October 16. This increased trading activity indicates growing investor interest and confidence in Solana’s potential.

Source: Santiment

A closer look at the momentum indicators on a daily chart highlights the significant accumulation of SOL compared to distribution among spot traders. This indicates that buying activity has been outpacing profit-taking activity, contributing to the sustained rally in SOL’s price. 

However, it’s important to note that these indicators also suggest that the cryptocurrency has become overbought and may be due for a correction. Investors should remain cautious and monitor the market closely in light of this overbought signal.

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Solana Barrels Close To $32: Critical Levels Traders Should Watch

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SOL market cap currently at $12.992 billion. Chart: TradingView.com

Solana’s Expanding Influence In The Web3 Space

The interest in Solana extends beyond the native token SOL, as the Solana protocol continues to gain ground in the Web3 ecosystem. One notable development is the adoption of Solana by Ryder, a pioneering hardware wallet secured by a user’s social network. Ryder has chosen the Solana blockchain due to its unparalleled scalability and rapid transaction capabilities.

Ryder will integrate @solana and join the mission of unlocking value beyond browsers and phones.

Imagine a world where Web3 seamlessly weaves into our daily lives.https://t.co/wq7Y0RJu6N

— Ryder (@Ryder_ID) October 24, 2023

Ryder’s move to utilize Solana’s blockchain is a strategic step toward achieving ultimate decentralization within its ecosystem, reducing reliance on major tech companies. This highlights the blockchain’s versatility and its potential to reshape the landscape of decentralized finance and applications in the near future.

Solana’s recent surge in market capitalization and price is indicative of the cryptocurrency’s growing prominence in the digital asset landscape. However, investors should remain vigilant as overbought conditions may necessitate a market correction. 

Meanwhile, Solana’s expanding influence in the Web3 space showcases its potential to revolutionize how we interact with technology and finance, making it an exciting project to watch in the blockchain industry.

(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 The Daily Hodl

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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