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Solana Slides Back To $12, Cardano Dumps 20% In 7 Days, And These Coins Remains Stable

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Solana Slides Back To $12, Cardano Dumps 20% In 7 Days, And These Coins Remains Stable

After consolidating at $15 almost the whole of last week, Solana (SOL) support started weakening before the end of the weekend. As of this writing, SOL was trading at $12.66. During the same period, Cardano was dumping, while Bitgert (BRISE) and Centcex (CENX) maintained a stable price.

The crypto market has been on a downtrend, and crypto analysts say a number of factors might push marketcaps down further this week. The FED November meeting is happening this week, where the rates are likely to be increased by about 75% for the next 30 days. This will impact the whole stock market, where Solana and Cardano will be some of the affected assets.

 

Solana and Cardano Performance

Solana (SOL) price started tanking after the FTX coin started collapsing. The association that Solana has had with FTX and Bankman-Fried over the years was the reason why the coin was largely affected by the FTX crash. In fact, SOL has been one of the assets referred to as ‘Sam’s coin.’

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Solana investors feared that Alameda withdrawing its $SOL holdings, which is about 10% of the SOL marketcap, would wobble the coin. To avoid losses, investors released their holdings, and the cascading effect has brought Solana down to $12.66 as of writing.

The market still looks bearish, and Solana might drop further this week. It might touch $10 before the end of this week. The Cardano coin was down 6% at the time of this writing. With the FED meeting expected to trigger selling pressure, we are likely to see the coin post a decline in the next few days.

 

Bitgert (BRISE) and Centcex (CENX) Performance

The price performance for these coins has been impressive, and they have maintained stable growth last week and also this weekend. Bitgert (BRISE) and Centcex (CENX) are two coins that have managed to withstand the crashing markets this year. These coins have, in many cases, posted a pump in the bear market.

If the raising of the rates by FED will trigger selling pressure in the market, then we are looking at Bitgert (BRISE) and Centcex (CENX), maintaining the stability they have posted over the last few weeks.

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Crypto analysts also predict that Bitgert (BRISE) and Centcex (CENX) might post a pump in the next few days due to the adoption of their products. Bitgert has also released many new projects and partnerships recently. So, BRISE and CENX might be some of the best performers and a good buy today.

The post Solana Slides Back To $12, Cardano dumps 20% in 7 Days, and These Coins Remains Stable appeared first on Analytics Insight.

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Solana Price Could Target $15 If It Breaches These Levels

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Solana Price Could Target $15 If It Breaches These Levels

The Solana price has turned bullish on the daily chart. Over the last 24 hours, the altcoin has risen by 1%. SOL has logged close to a 6% gain in the last week. Although the coin depicts positive price action on the daily time frame, the bulls might fade on the weekly time frame if demand for SOL doesn’t appreciate.

The technical outlook of the Solana price indicated accumulation, which meant that demand was returning in the market. The asset’s price has crossed the $14 mark, which has acted as a stiff resistance for the coin.

Despite that, SOL has not secured the $14 mark as a solid support line. If buyers start to wane, SOL could fall to its next support line. SOL trades at a 94% discount to its all-time high set in 2021. There are two important price resistances that SOL has to break through to target a move to $15. A move below $14 will land the altcoin near the $13.60 support line.

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Solana Price Analysis: One-Day Chart

Solana was priced at $14 on the one-day chart | Source: SOLUSD on TradingView

SOL was exchanging hands at $14 on the one-day chart. The bulls could finally push through the $14 resistance mark; however, demand for the coin remains wobbly despite an uptick. Bulls must ensure that the Solana price remains above the $14 mark to surpass the two vital trading levels.

Immediate resistance was at $14.20, above which SOL would face resistance at $14.90 before revisiting $15. The nearest support line for Solana was at $13.60; however, a fall to $13.60 could further drag the asset price to $12. The amount of SOL traded in the last session was green, which showed short-term bullishness.

Technical Analysis

Solana depicted bullish divergence on the one-day chart | Source: SOLUSD on TradingView

SOL had broken above its descending resistance line, and the coin has been attempting to move north ever since that. In the shorter time frame, Solana formed a bullish divergence. The Relative Strength Index was past the 40-mark, which meant that buyers were slowly gaining strength and that SOL was registering demand.

A bullish divergence is related to positive price action. Similarly, the price of Solana was above the 20-Simple Moving Average line; this sign means that the buyers were driving the price momentum in the market.

Solana noted buy signal on the one-day chart | Source: SOLUSD on TradingView

Of the increase in buyers, the altcoin registered a buy signal on the one-day chart. The Moving Average Convergence Divergence underwent a bullish crossover and formed green histograms, which were a buy signal for SOL. Buyers could profit in a shorter time frame.

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The Chaikin Money Flow indicates the capital inflows and outflows; although CMF was above the half-line, there was a significant decline in capital inflows at press time. For Solana to continue to make gains, the asset has to trade above the $14.20 price mark.

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FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive?

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FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive?

Solana (SOL), post-FTX life, has been very rough. On a monthly and biweekly time frame, CoinGecko data shows bearishness, while daily and weekly time frames show modest appreciation.

What this proves is that the wounds left by the demise of FTX have not been healed by Solana’s native token.

Ever since FTX collapsed, SOL has been losing a huge amount energy.

As bearish signals continue to emerge from technical analysis, the price decrease is likely to continue.

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It’s possible that prices will fall down below the 61.80 Fibonacci level, which is now at $12.58.

This may be because Alameda Research, FTX’s sibling in the business, had a significant role in the Solana ICO.

Investor trust plummeted as concerns about Solana’s close ties to SBF and his company developed in the wake of the failing exchange’s holding of almost a billion in SOL.

Is The Star Just Fading Or Dying?

SOL was the poster child of DeFi in that side of the crypto industry. As of writing, the token is trading at a red candle at $13.55, a staggering 62.2% decrease in value from its $36.83 price pre-FTX.

However, Solana’s prospects are bleak even before the crash. Messari’s Q3 report on Solana reveals that only certain ecosystem components, such as NFTs, have truly stabilized and even flourished.

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Chart: TradingView

However, the token’s technical aspects show potential. The RSI readings are oversold, while the metric is slowly gaining pace. This is backed by a favorable increase in the CMF index.

However, this occurs on a daily basis. In the 4-hour time frame, it created a triangle that is, to say the least, bearish.

With a Pearson’s R score of 0.7, the regression channel confirms a further downward push, indicating that a downtrend is more likely than an uptrend.

The narrow BB channel is likewise extremely bearish. Not to mention the resistance posed by the center band.

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Anxiety Pervading In Solana’s Ecosystem?

FUD (fear, uncertainty and doubt) is prevalent in this case.

The market is dominated by fear and a negative market mood as a result of Solana’s tight relations to FTX.

The 4-hour timeline provides insight about SOL’s future course. The $13.07 is a vital support zone for SOL to stay out of extinction.

If the indicated support is breached by the bears, a plunge below the 61.80 Fibonacci level is not out of the question.

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SOL total market cap at $4.9 billion on the weekend chart | Featured image from Business 2 Community, Chart: TradingView.com

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Mythbusting Solana – downtime, competition and technology with Matt Sorg of Solana Foundation – SlateCast #38

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Mythbusting Solana – downtime, competition and technology with Matt Sorg of Solana Foundation – SlateCast #38

Mythbusting Solana – downtime, competition and technology with Matt Sorg of Solana Foundation – SlateCast #38 Zeynep Geylan · 1 hour ago

According to Matt Sorg, Solana is a differentiated technology in terms of speed and scalability.

34 min watch

Updated: December 2, 2022 at 11:49 am

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Solana Foundation‘s Product and Technology Leader, Matt Sorg, talked to CryptoSlate’s Akiba about Solana and its future in the crypto sphere.

Akiba started by asking what attracted Sorg to Solana. As a response, Sorg said that he believed Solana to be a lot more different than other protocols in terms of technology, scalability, and future potential. He said:

“Solana is differentiated technology, there is a lot of noise in the space about how things l scale in the future but Solana is ready today and has a very clear path in scaling very arbitrarily in the future in a very user-friendly way.”

He also explained why Solana is one of the top protocols Web3 gamers prefer. “Gamers have very high-performance requirements for their apps,” Sorg added that Solana stands out for them by having the best times in transaction confirmation.

Solana breakdowns

When Akiba asked why Solana had been breaking down so much, Sorg explained why by giving two reasons.

First of all, according to Sorg, Solana doesn’t primarily have marketing concerns in mind. He stated:

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“We are not marketers. We call certain things outages, while other chains would call them congestion.”

He further explained that Solana still facilitated several hundred transactions per second in its downtimes. Sorg said this is still much more than what many chains facilitate at their best states. Still, such a situation would be identified as congestion by the standards of other chains, “but by Solana standards,” Sorg said, “it is an outage.”

Secondly, Sorg mentioned that the outages result from its decentralized infrastructure. Although, from time to time, “different systems can’t agree on what the next block should be,” Sorg said, “they halt because they can’t propagate blocks.”

The future of blockchain and Solana

When discussing the possibility of a multi-chain future, Sorg spoke about the importance of consolidation and shared security. He said:

“We’re going to have different technologies that’ll optimize in a different way. I think there will  be some consolidation where different chains and different protocols will take some learning from other protocols,”

With that being said, Sorg also acknowledged that the security weaknesses of bridges should be addressed. He defined the issue as a “hard problem.” It is all about having different networks and relying on one chain to tie them up, which can be solved by proper “chain-level consensus and agreement.”

Regarding Solana’s position in this multi-chain future, Sorg said it will be “even more configurable over time.” He further added:

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“Its hard to realize how much innovation is happening inside solana when looking from outside. Today, the solana protocol is much more stable than January this year. Arbitrary scling will be seen over the 12-18 months, as demand increases, also more configuration options are coming out.”

Solana and the FTX crash

Solana token (SOL) was one of the major ones affected by the FTX crash. A few days after the exchange started having troubles, SOL fell by 67.7%, going from as much as $38.49 to as low as $12.40. It is being traded for $13.70 at the time of writing.

SOLUSD

The fall resulted from Solana’s ties to the FTX. FTX’s venture capital side had several Solana-based projects, which led the investors to perceive the protocol as a part of FTX.

However, Solana Foundation responded to the community’s congestion concerns by stating they have minimal exposure to FTX. In a blog post published on Nov. 14, the foundation revealed that it held certain assets worth around $190 million before the exchange collapsed, but their value fell below $35 million after the crash.

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