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Solana, Jasmy prices brace for rare risky chart patterns

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Solana, JasmyCoin, and other altcoins continued their strong sell-off this week as the crypto fear and greed index fell.

Solana and Jasmy are in a bear market

JasmyCoin (JASMY) dropped to a low of $0.01717, down by over 58% from its highest level this year, bringing its market cap to $908 million. 

Solana (SOL), the fifth biggest cryptocurrency, retreated to the support of $120, much lower than the year-to-date high of $209. 

This sell-off has mirrored the performance of Bitcoin, which has dropped from over $73,800 in March to $54,000.

Solana’s sell-off has happened as its ecosystem goes through some challenges. Pump.fun, its meme coin generator, is seeing stiff competition from the recently launched SunPump. Data shows that SunPump has collected over $25 million in fees a few weeks after launch while tokens in its ecosystem are valued at over $428 million.

Pump.fun tokens have over $487 million in market cap while its ecosystem has generated over $140 million in fees, nine months after launch. This means that Tron is catching up with it.

Tron has also passed Solana in terms of total value locked in the DeFi industry. It has over $7.69 billion in assets, higher than Solana’s $4.60 billion. Solana has over $3.6 billion in stablecoins while Tron has $60 billion. Most of Solana’s stablecoins are USD Coin (USDC).

Therefore, there are signs that Solana is losing momentum. Technically, the token has formed a triple-top chart pattern, a popular bearish sign.

Most notably, it is about to form a death cross chart pattern as the 200-day and 50-day moving averages are about to cross each other. 

The spread between the two moving averages has narrowed from 13% in August to just 3.70%. Such a pattern will likely lead to more downside, with the initial target being last month’s low of $110.

Solana price
Solana price | chart by TradingView

Jasmy is also about to form a death cross

Jasmy, a Japanese cryptocurrency, retreated even after Mitsubishi UFJ, Mizuho, and SMBC announced their entry into the crypto industry by testing stablecoin transfers. 

In most periods, Jasmy rises when there is a major crypto-related news from Japan.

Like Solana, the spread between the 200-day and 50-day moving averages has narrowed, rising the formation of a death cross. 

Jasmy formed a golden cross — the opposite of a death cross — in November 2023, leading to a 788% rally. Therefore, if this death cross happens, there is a risk that the token will continue falling in the coming months.

A key risk for Solana, Jasmy, and other altcoins is that the industry may be moving into a crypto winter that can be prolonged. The last winter lasted between November 2021 to January 2023. 

Jasmy price
Jasmy price chart | Source: Tradingview



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Perp-Focused HyperLiquid Experiences Record $60M in USDC Net Outflows

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HyperLiquid, a layer-1 blockchain and decentralized exchange for perpetual futures (perps), has experienced a notable outflow of the USDC stablecoin amid speculation North Korean hackers are interacting with the platform, according to a post on X by pseudonymous observer Tay, known for tracking threats posed by to crypto protocols by the country.

A record $60 million of USDC fled the exchange by 10:00 UTC Monday, according to Hashed Official’s Dune-based tracker. USDC, the world’s second-largest dollar-pegged stablecoin, is used as collateral on HyperLiquid. The deposit bridge still holds $2.2 billion in USDC.

Addresses associated with hackers from the Democratic People’s Republic of Korea (DPRK) have accrued losses exceeding $700,000 while trading on HyperLiquid, Tay said. The transactions indicate the hackers are potentially familiarizing themselves with the platform’s inner workings to launch a malicious attack.

“DPRK doesn’t trade. DPRK tests,” Tay said.

CoinDesk contacted HyperLiquid on X for comments on the USDC outflows and potential threat from North Korea.

Tay said they reached out to the platform two weeks ago, offering help in countering a potential threat.

“I really want to emphasize that these are the most sophisticated and rapidly evolving of all of the DPRK threat groups. They are very creative and persistent. They also get their hands on 0days (such as the one Chrome patched today,” Tay’s message to the platform said.

HyperLiquid is the leading on-chain perpetuals exchange, commanding over 50% of the total on-chain perpetuals trading volume, which tallied $8.6 billion in the past 24 hours.

The platform debuted its token HYPE on Nov. 29. Since then, it has
surged over 600% to $28.6, briefly topping $10 billion in market capitalization. As of writing, HYPE was the 22nd largest digital asset in the world, according to Coingecko.





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DeFi Protocol Usual’s Surge Catapults Hashnote’s Tokenized Treasury Over BlackRock’s BUIDL

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There’s been a change of guard at the rankings of the $3.4 billion tokenized Treasuries market.

Asset manager Hashnote’s USYC token zoomed over $1.2 billion in market capitalization, growing five-fold in size over the past three months, rwa.xyz data shows. It has toppled the $450 million BUIDL, issued by asset management behemoth BlackRock and tokenization firm Securitize, which was the largest product by size since April.

Market cap of Hashnote's USYC and BUIDL over time (rwa.xyz)

Market cap of Hashnote’s USYC and BUIDL over time (rwa.xyz)

USYC is the token representation of the Hashnote International Short Duration Yield Fund, which, according to the company’s website, invests in reverse repo agreements on U.S. government-backed securities and Treasury bills held in custody at the Bank of New York Mellon.

Hashnote’s quick growth underscores the importance of interconnecting tokenized products with decentralized finance (DeFi) applications and presenting their tokens available as building blocks for other products — or composability, in crypto lingo — to scale and reach broader adoption. It also showcases crypto investors’ appetite for yield-generating stablecoins, which are increasingly backed by tokenized products.

USYC, for example, has greatly benefited from the rapid ascent of the budding decentralized finance (DeFi) protocol Usual and its real-world asset-backed, yield-generating stablecoin, USD0.

Usual is pursuing the market share of centralized stablecoins like Tether’s USDT and Circle’s USDC by redistributing a portion of revenues from its stablecoin’s backing assets to holders. USD0 is primarily backed by USYC currently, but the protocol aims to add more RWAs to reserves in the future. It has recently announced the addition of Ethena’s USDtb stablecoin, which is built on top of BUIDL.

“The bull market triggered a massive inflow into stablecoins, yet the core issue with the largest stablecoins remains: they lack rewards for end users and do not give access to the yield they generate,” said David Shuttleworth, partner at Anagram. “Moreover, users do not get access to the protocol’s equity by holding USDT or USDC.”

“Usual’s appeal is that it redistributes the yield along with ownership in the protocol back to users,” he added.

Usual offers yield and ownership of the protocol through its stablecoin and governance token (Usual)

Usual offers yield and ownership of the protocol through its stablecoin and governance token (Usual)

The protocol, and hence its USD0 stablecoin, has raked in $1.3 billion over the past few months as crypto investors chased on-chain yield opportunities. Another significant catalyst of growth was the protocol’s governance token (USUAL) airdrop and exchange listing on Wednesday. USUAL started trading on Binance on Wednesday, and vastly outperformed the shaky broader crypto market, appreciating some 50% since then, per CoinGecko data.

BlackRock’s BUIDL also enjoyed rapid growth earlier this year, driven by DeFi platform Ondo Finance making the token the key reserve asset of its own yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG) token.





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Chainlink price double bottoms as whales accumulate

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Chainlink formed a double-bottom pattern, pointing to a potential rebound, as signs showed that some whales were accumulating the token.

Chainlink (LINK), the biggest oracle provider, bottomed at $20.12 on Friday and rebounded to $22.50 on Sunday, Dec. 22. Still, the coin remains about 27% from its highest point this month, meaning that it is in a bear market.

A potential catalyst for the LINK token is that whales are accumulating it. According to LookOnChain, nine new wallets withdrew 362,380 coins from Binance in the last two days. These coins are now valued at over $8.19 million.

Crypto.news reported last week that another whale accumulated 65,000 LINK coins valued at $1.8 million.

These whales bought Chainlink a week after World Liberty Financial (WLFI), the DeFi platform launched by the Trump family, bought over 78,300 LINK tokens valued at over $1.7 million. It’s worth noting that President-elect Trump and his family mostly own WLFI tokens.

Chainlink, known in the crypto industry for its fundamentals, is the biggest oracle in the sector with over $35 billion in total value secured. That figure is higher than its biggest competitors like Chronicle, Pyth, Edge, and Redstone.

Chainlink’s ecosystem will likely grow as more chains and networks embrace its technology. Justin Sun’s Tron, the most recent chain to use its oracles, has switched from WINKLink to Chainlink.

Chainlink has also formed major partnerships in the Real World Asset tokenization industry, including by companies like Coinbase, Emirates NBD, SWIFT, and UBS. 

LINK, like other cryptocurrencies, has dropped sharply in the past few days as concerns about the Federal Reserve remained.

The token has remained above the 50-day moving average on the daily chart. Most importantly, it has formed a double-bottom chart pattern at $20.12. This pattern happens when an asset fails to move below a specific price two times. It is one of the most bullish reversal patterns in the market.

LINK has also formed an inverse hammer pattern, a popular reversal sign. Therefore, the coin is likely to bounce back in the next few days as investors target the key psychological at $30, which is about 35% above the current level.

On the flip side, the bullish view will become invalid if the coin drops below the double-bottom point at $20.12. 

Chainlink Price
LINK price chart | Source: crypto.news





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