- Solana Pushed Past $35
- Bitgert is bullish after keeping a stable price during the bear market
- Bitgert can sustain a bullish growth this year
The last few days have been good for the Solana community. The crypto market has been bullish, and the Solana coin has been one of the best-performing coins. The Solana price had surpassed the $35 mark to trade at $37.59 at the time of this writing.
The Solana team has been working on a mechanism to help reduce the whale’s liquidation crisis, and it is one of the major reasons why Solana has done well in the market over the past few days.
Solana has managed to post a 13% increase in the past 24 hours and 24% in the past 7 days. But even with the Solana price taking an upward trajectory, Solana holders are increasingly buying new crypto coins that are mooning.
Bitgert (BRISE) is one of the mooning coins that Solana holders are buying. This includes the Solana whales who have been accumulating Bitgert. Bitgert has gotten Solana investors’ attention due to the massive potential this coin holds. Unlike Solana, Bitgert has the potential to explode 100x this year. This growth rate is almost impossible for the Solana project to achieve.
The Bitgert team has so far developed one of the most powerful blockchains in the industry. The Bitgert BRC20 is the only blockchain that has addressed the scaling and expensive cost of trading on the blockchain at once. The Bitgert chain has overtaken Solana speed with its 100k TPS. But it is the zero gas fee Bitgert blockchain that attracts most Solana holders.
The mass adoption of the Bitgert blockchain is one of the reasons BRISE is doing pretty well in the market. As the Bitgert team adds more products and projects to the Bitgert chain, then the price of the Bitgert coin is expected to start skyrocketing. This is why more Solana holders are buying Bitgert.
Bitgert is already in the process of delivering the roadmap V2 products, and there are hundreds of Bitgert backed projects that will be joining the Bitgert chain. Therefore, Bitgert is preparing for a bullish explosion this year.
The projected Bitgert explosion explains why Solana holders are buying Bitgert today despite the Solana price pushing upwards. We are likely to see more Solana holders buying BRISE as Bitgert products and project releases.
The post Solana Pushes Upwards, But $SOL Holders Are Still Buying Bitgert (BRISE) appeared first on .
Solana Falls Below $35.60, Where Is The Coin Headed Next?
Solana over the last 24 hours registered a loss of 7% and fell below the $35.50 price mark. The bears have mauled the cryptocurrency market and overall altcoins have fallen on their charts. Solana also is under the bearish price action despite registering minor gains on the hourly chart.
Despite the gain, bears will try to hinder the price movement as technical outlook painted a negative picture. Bitcoin continues to remain close to the $20,000 mark while other market movers also keep struggling at the time of writing.
The altcoin is dangerously close to the support line of $35. The bulls however have continued to defend the next support line of $30. Buying strength also remains low in the market, with increased selling pressure SOL could again dip and trade near the $30 price level.
The global cryptocurrency market cap today is $941 Billion with a fall of 2.6% in the last 24 hours.
Solana Price Analysis: Four Hour Chart
SOL has been optimistic over the past week with double digit gain of 20%. SOL has remained one of the altcoins that have recovered considerably over the week. Despite the recovery, the bulls are tired of pushing the price up.
As the chart flashed a descending triangle which is tied to fall in the price, SOL followed through and declined on the chart. At the time of writing, Solana was trading at $35.65. The coin might witness stiff resistance at the $38 price level.
A fall from the current price level will drag price of SOL to $30 and then to $26. The volume of SOL traded in the last trading session fell signifying that buying strength hasn’t fully picked up.
SOL flashed an increase in buying strength but there is a chance that buying strength might dip over the immediate trading session. The Relative Strength Index noted an uptick and was seen above the half-line indicating that buyers outnumbered sellers on the four hour chart.
It is however too soon to conclude if the coin will continue to maintain this price momentum. The coin barely managed to move over the 20-SMA line which indicated that selling strength was still present in the market. At press time however, buyers were driving the price momentum in the market.
Suggested Reading | Bitcoin Steady Above $20K After Drop To $17K – A Slow Climb To Green?
Moving Average Convergence Divergence depict the price momentum and trend reversals. The indicator went through a bearish crossover and formed red histograms. The onset of these histograms were a sell signal for the coin. This can be tied to incoming price decline for SOL.
Average Directional Trend is responsible for registering the strength of the current trend. ADX was moving close to the 20-mark with a downtick, this signals that the trend was losing strength which again pointed towards continued bearishness in the market.
Related Reading | Cardano (ADA) Moved Upwards After Consolidation, What To Expect Next?
Featured image from UnSplash, chart from TradingView.com
Solana’s ‘Whale Liquidation Crisis’ Pushes Holders To Buying More Bitgert
- Solana’s poor performance pushes $SOL holders to Bitgert
- The failed whale liquidation solution exposed Solana to a plunge
- Bitgert rigidity in the market is attracting investors
The Solana’ whale liquidation crisis’ has been the hottest topic in the crypto market lately. The Solana lending app, Solend, tried to address the possibility of the coin collapsing, which is mostly caused by the massive withdrawals. Solana wanted to control the whales from dumping, which would cause massive damage to the Solana project.
The proposal was passed but would later be reversed by the second voting by the Solana community. These events have greatly impacted the Solana price over the last few days. First, the Solana price stabilized when the rest of the markets plunged. The $SOL price would then push to $38.80 before pulling back to $35 at the time of writing.
With the Solana going back to normal and the whales still unregulated, more Solana whales are now looking for the best alternative coins to invest in. Bitgert (BRISE) has been one of the most preferred coins by Solana investors over the last few weeks. The reason why more Solana holders are buying Bitgert is the massive potential the Bitgert coin has.
Bitgert is, without a doubt, one of the biggest Solana rivals. In fact, crypto analysts have said that Bitgert has the potential to kill Solana. Bitgert building a blockchain that is faster and has a lower gas fee than Solana means the team is working towards becoming the next Solana. What the Bitgert team is working on is building a powerful blockchain ecosystem to beat Solana.
With the Bitgert prospect looking better than Solana, there are so many Solana holders that are now buying Bitgert. With the Solana whales still allowed to sell at will, then it means that Solana might be preparing for a massive sell-off. That’s why many Solana holders are picking Bitgert because of its ability to remain stable even during the bear market.
Solana investors are also buying Bitgert because of the massive developments coming up. Bitgert has the potential to post a bullish explosion this year, which is almost impossible for Solana projects.
With the Bitgert roadmap V2 and the hundreds of Bitgert Startup Studio projects coming up this year, Bitgert will be the fastest-growing ecosystem in 2022. That’s why more and more Solana holders are buying Bitgert today.
The post Solana’s ‘Whale Liquidation Crisis’ Pushes Holders To Buying More Bitgert appeared first on .
Solend backtracks on ’emergency power’ proposal following community backlash
Solend backtracks on ’emergency power’ proposal following community backlash Oluwapelumi Adejumo · 14 hours ago · 2 min read
Solend says the recent price recovery of SOL has given them some time to get more feedback and also seek new alternatives.
2 min read
Updated: June 20, 2022 at 12:55 pm
Cover art/illustration via CryptoSlate
Solana-based decentralized finance protocol Solend backtracked on its initial proposal to take over a whale’s wallet by allowing users to vote on whether it should proceed or find another solution.
The decision was made after the crypto community extensively criticized its initial proposal, which would have raised questions about its ‘decentralization.’
Meanwhile, the new proposal SLND2 has three implications: it will invalidate the first proposal, extend the voting period to a full day, and initiate a new, less encroaching way to solve the whale wallet crisis on the protocol.
According to the developers, the recent price recovery of SOL has given them some time to get more feedback and seek new alternatives.
However, the voting period is just a day because they believe there is a need to act fast and address the system risk. The risk here is that 20% of the whale’s wallet could get liquidated if SOL’s price should fall to $22.30.
The liquidation will amount to around $20 million in bad debts, and developers worry that this could cause too much sell pressure on Solana. And such an event could even lead to a network failure.
Crypto community bashes Solend
While Solend developers believe they are acting in the best interest of the protocol, members of the crypto community are questioning its claims of decentralization.
Congratulations, gentlepeople of Solend, you’ve reinvented TradFi, but with more steps and more frequent and unpredictable interruptions.
— Emin Gün Sirer🔺 (@el33th4xor) June 19, 2022
According to Ava Labs founder Emin Gun Sirer, Solend developers have essentially gone the route of traditional finance and centralization by not allowing the contract to play out.
Absolute comedy. @solendprotocol, a supposed “decentralized” lending protocol built on Solana has “voted” to take over a whales account with emergency powers to eliminate the chance of forced liquidation.
“Decentralized” in name only. pic.twitter.com/Vrua3dFoES
— Dylan LeClair 🟠 (@DylanLeClair_) June 19, 2022
Another crypto community member, Dylan LeClair, declared that Solend is “decentralized” in name only, and their actions are an “absolute comedy.”
my mind is blown by this
not only is this contrary in every way to the “DeFi” ethos, it’s also illegal
at *best*, this is trespass/conversion
…with potential to get much worse depending on how things play out… https://t.co/FK3lyb495X
— _gabrielShapir0 (@lex_node) June 19, 2022
The general counsel at Delphi Digital, Gabriel Shapiro, said the action is illegal and contrary to the ethos pushed by DeFi.
To add some context – *not* executing this OTC will force the Solend team to repay $20m in bad debt and will put user deposits at risk if the position nukes.
But the broken precedent & trust from the team assuming control of someone else’s funds without consent is a big deal.
— FatMan (@FatManTerra) June 19, 2022
FatMan Terra also said the action would be a bad precedent and break trust in the team.
However, in its defense, the Solend team said it tried reaching out to the whale wallet owner to request lowering the liquidation threshold to $18.50.
Posted In: Solana, DAOs, DeFi
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