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Tech Expert Says Solana is Centralized, What’s Next For SOL Price?

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5 hours ago

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SOL price has been affected by the ongoing market decline and has potentially abandoned the anticipated bull pennant breakout. However, the pattern is still valid, and a little more consolidation between $130 and $161 should allow it to remain viable for a breakout. In the meantime, popular Wikileaks whistleblower Edward Snowden believes Solana is centralized, a tale he shared at the recently concluded Token2049.

Is Solana Being Centralized Bad for SOL Price?

Speaking at the Token2049 conference, Former NSA intelligence and government Edward Snowden said Solana was centralized and probably only good for meme coins and scams. 

He noted that Solana is a case of a group of individuals taking advantage of a generational technological revolution for profit. While Solana provides convenience through its fast speeds and low transaction costs, Snowden pointed out that investing real value in the chain would be risky because of its centralized nature.

The issue of not being decentralized has always plagued the Solana blockchain.  Generally speaking, centralization is generally not good for a cryptocurrency as it defeats the purpose of blockchain itself. Solana has been accused of inflating transaction numbers, which has had a positive impact on its SOL price.

Historically, Solana price has shown resilience despite criticisms. For instance, after the initial centralization claims emerged, the SOL price dipped but quickly bounced back as the market focus shifted to its undeniable ecosystem growth.

Moreover, the recently rejected Solana ETF filed by VanEck and 21 Shares contributed to improving Solana’s legitimacy as a top blockchain contender in the eyes of the public.

Solana Price Sets Eyes On $300 Despite Criticisms

Like in previous criticisms, Solana remains adamant to rise to new highs. The SOL price chart shows a bullish setup, which, if broken, could propel the price to over $500. 

The Solana price is currently trading at $141.64, which sits around the 38.2% Fibonacci retracement level from its larger downtrend. This is a significant level, as it often acts as a pivot point for continuation or reversal.

The 50% Fibonacci retracement at $115 is holding as strong support, with the next major resistance above the 38.2% level at the 23.6% Fib retracement, close to $164.

The arrow on the chart points to potential higher price levels, suggesting bullish momentum is expected, possibly driving Solana toward $225 (first major resistance) and beyond $325.

Solana priceSolana price
Solana price chart

Solana price prediction shows if the asset fails to sustain above the 0.5 Fibonacci retracement level, it may signal crypto market weakness, leading to lower prices. SOL may find support around $85 or $61 if the Solana price continues dropping.

Frequently Asked Questions (FAQs)

Edward Snowden described Solana as centralized and suggested it might only be suitable for meme coins and scams. He expressed concerns that a small group of individuals is capitalizing on the blockchain’s potential for profit, undermining the decentralized ethos of cryptocurrency.

Centralization contradicts the fundamental principles of blockchain technology, which promotes decentralization, security, and transparency. A centralized network can be more vulnerable to control by a few entities, raising concerns about manipulation and sustainability.

Investment decisions should be based on individual risk tolerance and market research. While some analysts see bullish potential for SOL, ongoing market volatility and concerns regarding centralization warrant careful consideration before investing.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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eigen

Is It Time to Buy in EIGEN?

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20 hours ago

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October 2, 2024

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EigenLayer (EIGEN) price, an Ethereum-based restaking protocol, marked its entrance into the cryptocurrency market on October 1. The token, which can now be traded and staked, was listed on several major exchanges, including Binance, Kraken, Coinbase, ByBit, and OKX. This listing follows the final distribution of tokens through airdrops by Puffer Finance.

Coinbase, a leading US crypto exchange by trade volume, added EIGEN to its platform yesterday. This move significantly boosts the token’s liquidity, which many holders initially received through airdrops earlier this year.

EigenLayer Price Fluctuatuats Amid Market Debut

The EigenLayer price was marked by unlocking at 5:00 AM UTC, and trading prices ranged from $3.50 to $4.50. As of now, the EIGEN price is trading at $3.74, reflecting a slight decrease of 4% amid broader crypto market downtrends.

EIGEN’s market introduction is part of EigenLayer’s strategy to enhance the utility of staked assets. The platform allows users to leverage their staked ETH or other Liquid Staking Tokens (LSTs) to support decentralized applications within the EigenLayer ecosystem. This approach aims to increase the assets’ utility and strengthen the overall security of the Ethereum ecosystem.

Since trading began, the EigenLayer price has entered the top 100 tokens by market capitalization. This rise indicates the growing interest and potential for expansion and engagement within the project. It is also poised to enhance governance and bolster EigenLayer’s role in the decentralized landscape.

Transaction data from SpotOnChain highlighted some significant activities involving large-scale holders. Justin Sun, the founder of TRON, moved a notable 5.24 million EIGEN tokens to the HTX exchange. Additionally, other substantial transfers included 496,013 EIGEN tokens sent to Binance by HashKey Capital and 253,947 EIGEN from another prominent wallet.

Despite some large holders choosing to sell, there are notable accumulations, too. For instance, two whales purchased 702,324 EIGEN tokens, valued at approximately $2.86 million, according to lookonchain data.

This dynamic trading environment underscores the high stakes and intense interest surrounding the EigenLayer price as it makes its mark in the crypto world. The project’s innovative use of staked assets within its ecosystem promises to redefine engagement and utility in the decentralized finance landscape.

According to data from DeFiLlama, EigenLayer’s Total Value Locked (TVL) has sustained a significant market presence with current holdings of over $11 billion. After surpassing the $1 billion mark in December 2023, EigenLayer’s TVL saw a rapid ascent, peaking at just over $20 billion in June. 

EigenLayer Price Prediction: Is It Time to Buy in EIGEN?EigenLayer Price Prediction: Is It Time to Buy in EIGEN?
Source- DeFiLlama

Will EIGEN Rebound Amidst Market Fluctuations? 

Since that high, the staking protocol has experienced notable outflows but maintains a robust figure of $12 billion. This figure indicates sustained investor trust and engagement despite market fluctuations. The platform’s market cap presently stands at approximately $674.61 million, with an upcoming unlock of 14.9% of holdings set for release in the next six days.

The EigenLayer price may test the crucial $3 support level if bearish trends persist. However, with sustained investor interest and upcoming token unlocks, there’s potential for a rebound that could see prices rise to as high as $5.

Frequently Asked Questions (FAQs)

EigenLayer is an Ethereum-based restaking protocol that allows users to leverage their staked ETH or other Liquid Staking

EigenLayer tokens can be traded on major cryptocurrency exchanges such as Binance, Kraken, Coinbase, ByBit, and OKX.

EigenLayer enhances the utility of staked assets by allowing them to be used to support various decentralized applications, increasing their overall usefulness and security within the Ethereum ecosystem.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?

Published

24 hours ago

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October 2, 2024

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Toncoin (TON), a cryptocurrency developed within the Telegram ecosystem, has entered a bearish trend after weeks of bullish momentum. This drop comes as selling pressure mounts across the cryptocurrency market, affecting various digital assets. 

Toncoin Price Plunges Amid Market Volatility

Toncoin price has recently climbed significantly. This increase aligns with rises across various cryptocurrencies in recent weeks. The main catalyst for this growth was the Hamster Kombat token giveaway on September 26. 

In the first hour post-airdrop, the network witnessed over a million transactions. Despite the prevailing downtrend in the market, these developments injected vitality into Toncoin’s valuation. However, with the ongoing bearish trend, a retraction to foundational support levels could be imminent.

Today’s cryptocurrency market has ignited extensive debates among analysts worldwide. Bitcoin’s value dipped to the $61,000 mark. Similarly, Ethereum, Solana, and XRP experienced significant volatility. This erratic behavior in crypto prices has led to a mix of optimism and caution among investors.

Can TON Price Drop to $4 soon?

The Toncoin price has seen a significant decline today. At the time of writing, the TON price is trading at $5.39, which marks a 7.55% drop over the past 24 hours. The cryptocurrency reached a high of $5.84 earlier in the day. However, it also experienced a low of $5.25. This volatility reflects the ongoing fluctuations in the crypto market

The Layer 1 coin is experiencing significant bearish momentum, indicating a possible downward trend. Market sentiment appears to be weakening, which could further exacerbate this decline. Analysts suggest that if this trend continues, Toncoin may find crucial support around the $4 mark.

The daily technical indicator for Toncoin price suggests a nuanced scenario in the cryptocurrency market. The moving Average Convergence Divergence (MACD) shows a trend. The signal line is just below the MACD line, hinting at potential bullish momentum, albeit cautiously, as the bars remain in negative territory. The Relative Strength Index (RSI) at 43 points towards a neutral stance, neither overbought nor oversold.

Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?
Toncoin Price Chart| Source: TradingView

The recent Coinglass data analysis for Toncoin indicates a significant increase in trading volume. However, open interest has decreased, suggesting a shift in trader commitment. Despite higher volumes, this reduction in open interest could lead to downward pressure on prices. 

Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?Toncoin Price Faces Potential 25% Drop; Will TON Hit the $4 Mark?
Source- Coinglass

Such trends contribute to a bearish outlook, potentially driving the price as low. This dynamic often signals a market where fewer traders are willing to maintain their positions, leading to increased volatility and possibly lower prices in the short term.

Frequently Asked Questions (FAQs)

Selling pressure across the crypto market, reduced open interest, and bearish technical indicators have contributed to a potential price drop.

Yes, market volatility impacting major cryptocurrencies like Bitcoin, Ethereum, and Solana is influencing Toncoin’s bearish trend.

if the bearish momentum continues, Toncoin could drop to a critical support level around $4.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Price analysis

Here’s Ripple Price If XRP ETF Matches Bitcoin’s 47B Inflow

Published

1 day ago

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October 2, 2024

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Ripple price could skyrocket XRP ETF optimism was revived by Bitwise Asset Management’s filing in Delaware. If approved, this will be the first XRP ETF for the United States market. Investors now speculate how this development could impact XRP price in the future. The approval of such an ETF would impact the price of XRP massively, especially if it attracts inflows similar to Bitcoin’s $47 billion.

If XRP ETF Approved, Ripple Price Could Skyrocket

If an XRP ETF is approved, the price of XRP could explode. However, to understand how high it would go, we have to study how BTC and ETH reacted to the approval of their ETFs.

  • Bitcoin Reaction: When the spot Bitcoin ETF was approved on January 10, 2024, the market saw a massive influx of capital, exceeding $1.6 billion just minutes into the launch.

btc pricebtc price

The surge in demand boosted the BTC price by 39% over the following months, and they are currently hovering around $61,500.

  • Ethereum Reaction: The approval of the Ethereum ETF in June 2024 led to investor interest and substantial inflows. While the ETH ETF initially saw some inflows, the outflows have generally become significant, and the Ethereum price dropped. Since the launch, the price of Ethereum has not surpassed the high of $3,521. Instead, the asset has lost 30% of its value and is trading at $2,478 today.

Ethereum Ethereum

Ethereum’s lacklustre performance post-ETF could be attributed to a lack of volatility following uncertainty in the global markets, which led to investors preferring Bitcoin as a hedge against inflation.

  • Potential Ripple Price Reaction: If an XRP ETF were to receive approval, we could expect an either/or situation, drawing from Bitcoin and Ethereum’s performance.
Ripple PriceRipple Price
Ripple Price chart

Given the current XRP market cap of $34 billion, a $47 billion inflow would push the Ripple price up moderately by 150%, with a potential extension to 300%. These scenarios could push the XRP price to $1.5 and $2.49, respectively.

Why XRP ETF is Different Than BTC or ETH ETF

An XRP ETF, if ever approved, will not be the same as BTC and ETH. Unlike the latter, the former doesn’t have to face the same downside pressure from Grayscale outflows, noted Sistine Research on X.

This unique aspect would make XRP ETFs more attractive to investors. Despite their performance today, Bitcoin and Ethereum ETFs recorded huge inflows during their first trading day. ETH ETF registered $107.8 million, while Bitcoin recorded $4.5 billion. Nevertheless, both the ETFs experienced outflows Grayscale despite the positive volume. 

Since XRP does not have the same Grayscale outflow pressure, its price could experience a more sustained increase.

Conclusion

The approval of an XRP ETF may have become possible after Bitwise Asset Management filed for an ETF with Delaware authorities. The ETF would be different from BTC and ETH, performing better due to the lack of outflow pressure from Grayscale. The Ripple price could surge to $1.5 or higher.

Frequently Asked Questions (FAQs)

An XRP ETF approval would mark the first XRP-based exchange-traded fund in the U.S. market, allowing institutional investors to easily gain exposure to XRP. It could lead to massive inflows of capital, similar to the impact seen with Bitcoin and Ethereum ETFs.

XRP differs from Bitcoin and Ethereum in that it does not face the same downside pressure from Grayscale outflows, making it potentially more attractive to investors. While Bitcoin and Ethereum ETFs saw large inflows initially, they later faced outflows due to Grayscale pressure, which XRP could avoid.

Projections suggest XRP could rise to between $1.50 and $2.49, depending on the size of the inflows following the approval of an ETF.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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