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The SOL goes on – All the reasons behind Solana’s latest uptick

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The SOL goes on – All the reasons behind Solana’s latest uptick

SOL has been progressing well on the charts over the last few days. In fact, Solana’s governance token has hiked by 9.40% in the past 24 hours, according to CoinMarketCap. A lot of individual appreciation, in tandem with the general recovery of crypto-assets since mid-July, has contributed to the same. However, another reason behind the same is the expansive growth of the Solana ecosystem in recent days.

The SOL goes on

Ecosystem growth has been an important aspect of Solana’s rapid development in the recent past. According to Solana News, several tokens have expanded in activity of late. Stepn’s GMT token has topped the chart for the most traded token on Solana at $248.04 million. Ranking behind Stepn is the SRM token, with over $102.99 million traded during this period.

The ecosystem recently also updated the community about the growing active addresses on Solana’s dApps. Gaming platform Gameta went on to top these charts with over 50.11k users. It was followed by the NFT marketplace, Magic Eden, with over 30.22K users on the day.

Solana also shared a tweet about the most traded NFT collections over the last 24 hours. Genesis Genopets Habitats recorded the highest sales volume since yesterday with figures of over $183,539. It was followed by Okay Bears with a sales volume of $142,964 during the day. These collections are being followed by the Mischievous Maxi, Dust Mines and Infected Mob collections.

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Worth pointing out, however, that while these collections surged in volume, Solana’s NFT sales dropped by 25% over the past week.

Source: Solana News

Furthermore, Solana’s Nakamoto Coefficient recently hit 31. This number has grown steadily since the chain’s launch in March 2020 and continues to rise.

This indicator helps one in analysing the health of an ecosystem and Solana is showing all the signs for it. In fact, this was part of the datat released by the Solana Foundation to the community recently.

Source: Solana Foundation

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With the crypto-market now recovering steadily, Solana may be primed to further expand its utility across the board. As expected, SOL too is responding well to the ecosystem’s growth, with the altcoin trading at $47.07 at press time.

Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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QNT sets the stage for a bearish pullback but here’s the catch

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QNT sets the stage for a bearish pullback but here’s the catch

Quant’s QNT holders have enjoyed a smooth ride to the top in the last seven days as the rest of the market faced the heat. But what goes up must come down and QNT has already started showing retracement signs. It might even be ripe for a quick short position and here’s why.

QNT just concluded a very bullish seven days during which it achieved a 48% uptick. The rally occurred after it retested short-term support which constituted its short-term ascending price channel.

It peaked at $145 before retracing slightly to its $135 press time price.

Source: TradingView

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Although it managed to achieve a new 5-month high, QNT is already overbought at its current price level. In addition, the pullback in the last 24 hours revealed that sell pressure is increasing and could soon trigger a substantial retracement.

The downside expectations are not just in QNT’s price action. Some of Quant’s on-chain metrics also point towards such an outcome. For example, its velocity metric pivoted halfway into the rally and was down to its lowest monthly level, at press time on 28 September.

Source: Santiment

The lower velocity may indicate that the trend is growing weak and this means it will soon give way to the bears. QNT’s 90-day Mean coin age metric already pivoted after attaining a new monthly high on 26 September. This pivot confirmed that some of the individuals that have HODLed during the 90-day period are starting to sell their holdings.

Investors looking into QNT’s next course of action should also consider whether there is an incentive to sell at the current price level. The cryptocurrency’s MVRV ratio just had its monthly peak at 21.7% and has also pivoted.

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Source: Santiment

The MVRV ratio confirms that most of those who bought at the monthly lows are deep in profit. In other words, there is an incentive to sell, especially if those gains face potential erosion in case of a sizable retracement.

Investors who are still unsure of the next move should consider evaluating the age-consumed metric. This metric provides an overview of the number of coins that are exchanging hands after being dormant for some time.

Source: Santiment

Quant’s age consumed metric peaked at 9.17 million QNT on Monday (26 September) and roughly 2.82 million in the last 24 hours. This confirms that a large amount of cryptocurrency has been switching hands in the last few days. Well, a large spike especially after a bullish period might be confirmation of incoming sell pressure.

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The above metrics do not necessarily provide clear-cut confirmation that a retracement is happening. However, the shifts in their dynamics may help investors to prepare for the next move.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

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Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

Binance Coin’s [BNB] antics, since the start of September, may have left investors in disappointment. However, a report revealed that the exchange cryptocurrency managed to put up some good performance in some other areas.

According to BNBburn, the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, BNB tokens burned in Q3 was 2,040,503.56 BNB, compared to 1,976,739.87 BNB in Q2. 

Interestingly, all these happened despite a lower average trading price registered by the former. As expected, this led to a significant difference in the worth of the BNB burned. The second quarter value amounted to $626,356,129.623  while Q3’s worth was $562,592,435.15. 

In dire need of a helping hand

Despite the increase in burned tokens, it may seem that BNB could need some help. Details from DeFi Llama showed that the Total Value Locked (TVL) on the Binance Smart Chain (BSC) was worth less than it was on 27 September.

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According to DeFi Llama, BNB’s TVL was $5.25 billion at press time, representing a 1.87% decline from the previous day. 

Source: DeFi Llama

Additionally, it was not only the BNB price that experienced a decline. A look at its one-day circulation also showed that it was nowhere near impressive. Furthermore, Santiment data showed that the uptick on 20 September to 358,000 had reduced to 125,000. 

Fortunately, it seemed that traders were most active in the NFT sector of the BNB chain. The on-chain data platforms showed that BNB NFT trades were $1.52 million at the time of this writing.

Source: Santiment

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How about the charts?

Some days ago, it was observed that the burning effect could not lead BNB to $300. As of then, BNB was trading a little above the current price. So, has the momentum changed since then?

The Awesome Oscillator (AO) showed that BNB’s momentum was currently bearish with its value at -4.3. Also, the AO status also showed that there was a bearish twin peak, indicating that a bullish momentum was unlikely  in the short term. 

Source: TradingView

It was a similar result with the Relative Strength Index (RSI). Based on the four-hour chart, the RSI had succumbed to the overbought pressure it earlier experienced. 

With BNB failing to hold on support and resistance repeatedly, the expectations of a price rise in the fourth quarter may well be at an extremely low point. Still, assuming that there would be less profits could sound too hasty as Bitcoin [BTC] cannot be written off in recovering. In most cases, BNB follows the same trend. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

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Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

Ethereum [ETH], ever since the Merge, faced some massive selling pressure that came as a after-effect of the event. However, can the decline in the price of ETH open up the possibility of investors purchasing the alt at a discount?

Will ETH regain some interest?

Despite the events post the Merge, the reduction in token issuance could possibly induce a spike in Ethereum’s prices. This could depend on the demand for the token: whether it increases or decreases in the future.

Source: Messari

Furthermore, despite the volatility it witnessed, ETH still makes up a massive part of the crypto space. With more than half of the DeFI ecosystem still running on Ethereum, the altcoin has a long way to go.

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One of the positive indicators for Ethereum was the amount of revenue generated with the help of its network fees. At press time, this figure stood at $4.8 billion. Ethereum, thus, managed to outperform the rest of its competitors by a huge margin.

Source: Twitter

But that’s not all. The exchange reserves witnessed a decline as well. The decline in the exchange reserve indicated  that selling pressure stood at a low. 

A discount deal

Ethereum’s price movement in the past few days may have been a discounted deal for some. Whales, to be specific, seemed interested in ETH over the past few weeks.

There was also a been a spike in the development activity over the last few weeks. This implied that the team at Ethereum was constantly working on improving Ethereum’s technology.

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Source: Santiment

Even though all these factors allude to a positive future for the altcoin, Ethereum’s short term future looked bearish.

Proceed with caution

The Market Value to Realized Value (MVRV) ratio was on the decline over the past month. This indicated an extremely negative future for ETH’s prices. Ethereum’s market cap saw some dwindling as well, along with Ethereum’s velocity.

ETH”s velocity also saw a massive drop over the past couple of days. This means that the number of times ETH exchanged addresses also dropped drastically.

Source: Santiment

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Ethereum, at press time, was trading at $1,281.16 and depreciated by 6.66% over the past 24 hours.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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