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.
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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 .
The Solana Foundation has taken a huge leap recently. They have finally released the launch of Saga, the latest addition to Web3. And, SOL’s prices have been reacting positively.
Back in the game
In an interesting development, Solana has released its flagship mobile phone, Saga. The $1000 android mobile phone will be the latest addition to Web3. The Solana team announced the release late on 23 June in the following tweet.
Reportedly, the mobile phone has “unique functionality and features tightly integrated with the Solana blockchain, making it easy and secure to transact in web3 and manage digital assets, such as tokens and NFTs.”
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Saga powers the Solana dApp store which is an app distribution store on android for decentralized apps. The phone also accompanies other exciting features including the Solana Mobile Stack (SMS). It also includes a Seed Vault built to secure the hardware for users.
However, the news wasn’t well-received across the crypto community. Cardano founder Charles Hoskinson took a dig at the launch of Saga in a recent tweet. According to Hoskinson, people would need to find seven of their friends in Discord to reboot the mobile phone. This was probably in reference to Solana’s outages over recent months.
And all you need to do is find seven of your friends over discord to reboot it… https://t.co/580TodWOAA
Saga has generated a lot of chatter on social media since its official launch on Twitter late on 23 June. SOL prices have shot up ever since. It is currently up 12.5% in the past day to $40.8, at press time. The SOL prices have also recovered tremendously over the last week with a 31% bullish surge. The volume has also spiked to a 32% surge at $1.89 billion in the past day.
The social dominance metric skyrocketed after the announcement of Saga. As shown clearly in the chart below, the metric shot up to 15.35% but later dipped to 5.18% by 24 June evening.
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Source: Santiment
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.
Bitgert (BRISE) has finally made its USDT/USDC bridge live on its chain, and the crypto community is excited about it. The Bitgert stable coin bridge was launched yesterday, and the adoption rate has been impressive. The excitement about this stable coin bridge can be seen in the industry.
Already, the price of the Bitgert coin has risen exponentially since the launch of these stable tokens. The number of new investors joining the coin has been on the rise. In addition to that, Bitgert holders have been accumulating after the launch of this bridge. Solana is one of the cryptocurrencies that have its community excited about the Bitgert USDT/USDC bridge going live.
This is because of the impact that the Bitgert stable crypto bridge is going to have on the Bitgert project. The Bitgert chain is enabling $USDT and $USDC to transact on a zero gas fee blockchain platform, the BRC20 blockchain. The Bitgert chain users, like Solana holders, will also be able to enjoy the fastest transactions when trading the $USDT and $USDC.
These two features make the $USDT bridge unique, and popular with Solana holders. The Solana community is joining Bitgert because of gasless chain and faster chain. Bitgert chain is faster than Solana chain. The Brise chain gas fee is also lower than Solana. The Solana community is also buying Bitgert because of the massive price growth expected from the mass adoption of the USDT/USDC bridge.
In fact, data shows that Bitgert price has surged since the launch of the Bitgert stable crypto bridge. That’s why Solana investors are buying Bitgert because they understand the massive growth that will come with the bridge mass adoption. That’s why we are likely to see the number of Solana holders buying Bitgert increase in the next few days.
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At the same time, Solana holders will be accumulating more Bitgert because of the bridge and the upcoming Bitgert developments. There is a strong feeling within Solana and many crypto investors that Bitgert roadmap V2 products will explode Brise price. Many Solana investors are buying Bitgert because of the Bitgert backed projects.
The USDT/USDC bridge and the upcoming Bitgert developments are the major reasons Solana investors are accumulating Bitgert. Bitgert has the potential to make investors, including Solana holders buying Brise, good profits this year.
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.
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.
Technical Analysis
Solana registered an uptick in buying strength on the four hour chart | Source: SOLUSD on TradingView
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.
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.
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