Solana

Solana Surpasses PayPal In Market Cap As Price Soars 6%; Analyst Predicts ‘Big Breakout’ Ahead

Published

1 month ago

October 29, 2024

Este artículo también está disponible en español.

Solana (SOL), the fifth largest cryptocurrency by market cap, has recently outperformed several of the top ten cryptocurrencies with a notable 6% price increase over the past week. This rise puts Solana just behind Dogecoin (DOGE), which gained 7.8% over the same period, as the two best performers among the top ten cryptocurrencies by market capitalization.

As a result, Solana has surpassed the payment platform PayPal in market capitalization, marking a significant milestone for the cryptocurrency.

Solana Market Cap Hits $83.56 Billion

As of now, Solana’s market capitalization stands at approximately $83.56 billion, reflecting a 2% growth. In contrast, PayPal’s market cap is slightly lower at $83.52 billion, underscoring the growing interest and investment in SOL as it continues to attract attention from investors.

In terms of trading volume, Solana has seen a remarkable increase of nearly 28% in the last 24 hours, amounting to around $2.76 billion. This contrasts sharply with PayPal, which has averaged $11.66 million in trading volume over the past three months.

Despite its recent gains, Solana has faced challenges in breaking through its most important resistance level in the short term at $180, experiencing four unsuccessful attempts within the past week.

This struggle has led to a slight retracement of 1% in the last 24 hours, bringing the current trading price to $175.60 per SOL.

Potential Upside Breakout From Triangle Pattern

Despite any short-term obstacle, crypto analyst CryptoBullet has recently shared a bullish outlook for the Solana price, suggesting that the SOL/BTC trading pair is on the verge of a “big breakout.” According to the analyst, this potential movement could represent the final leg up in Solana’s current market cycle.

Previous predictions from CryptoBulltet indicated that Wave 4 of Solana’s price action on the weekly chart has concluded, setting the stage for a breakout from a “massive” triangle pattern, which could lead to new all-time highs.

However, while Solana is currently trading between $175 and $179, it remains down nearly 33% from its all-time high of $259, achieved during the 2021 bull market in November.

Looking at the key support levels, with the current consolidation mode experienced over the past week, the token has found strong support at $170, preventing it from retesting even lower levels, which if breached in the current retracement could take SOL to the $164 area, where its next support level is located.

However, given the number of bullish predictions for Solana and the broader market in the final months of the year, especially with the upcoming US elections, if the token manages to break above $180 and consolidate, the next target would be the $200 level, which has not been tested since the start of the last bearish trend at the end of July.

Featured image from DALL-E, chart from TradingView.com

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Altcoins

This Solana Rival Is Looking Great Amid Bitcoin Pullback, Says Top Crypto Analyst

Published

1 day ago

November 27, 2024

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A closely followed crypto analyst says that one Solana (SOL) rival is exhibiting market strength despite Bitcoin’s (BTC) pullback to the lower $90,000 range.

Pseudonymous analyst Pentoshi tells his 822,400 followers on the social media platform X that the native token of the layer-1 blockchain Sei (SEI) is primed for another leg up.

“SEI is another one that not only looks great with a high timeframe flip and clear invalidation, but also holding up very well like many alts on this BTC pullback. Here is the daily and weekly. Just to compare to a similar setup shared [on November 23rd]. When BTC chills out, alts should continue up.”

SEI is trading for $0.69 at the of writing, up 12.9% in the last 24 hours.

The analyst is also bullish on the modular blockchain network Celestia (TIA) after the native token took out its resistance at around $7.00.

“Really strong, and we should see it continue higher.”

TIA is trading at $8.22 at time, up 3.9% in the last 24 hours.

The analyst believes that many altcoins may start outperforming Bitcoin. He shares a chart of the Bitcoin Dominance (BTC.D), which has suddenly dropped out of the 60% range. The BTC.D index tracks how much of the total crypto market cap belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are about to outshine Bitcoin.

“Looks a lot more convincing 1732712443 and our large/mid caps have made some decent moves in terms of both USD and BTC pairs.”

The BTC.D is hovering at 58.61% at time of writing.

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meme coin

Capybara is down by nearly 30% in 24-hour trading

Published

1 day ago

November 27, 2024

admin

The Capybara token has gone down by 29.2% in the past 24-hours of trading, despite the Solana-powered token having soared through the week at 76%.

In the past day, the Capybara(CAPY) token has slid down by 29.2% according to data from crypto.news. The animal-themed token is currently trading hands at $0.002478.

Despite the downhill slope it is currently in, CAPY has been on an upward trend in the past seven days, with its price going up by nearly 80%. The Solana-based token has even seen a 121.87% in the past month, but it seems its rally has come to an end.

Capybara is down by nearly 30% in 24-hour trading - 1 — Price chart for the Capybara token in the past 24-hours of trading, November 27, 2024 | Source: CoinGecko

The token featuring the adorable South America-native rodent has had an experience quite similar to other animal-themed meme coins such as MOODENG(MOODENG). Just a few days ago on Nov. 22, CAPY went through a meteoric rise, reaching a new all-time-high of $0.0191521. But the token has since struggled to climb back up to its peak.

At the time of writing, the Capybara token’s trading volume stands at $4,538, decreasing by more than 50% compared to the previous day. Though, the token does not have a visible market cap, therefore it is nowhere near the cryptocurrency rankings. Not only that, CAPY also does not have any tokens on its circulating supply, despite its total supply amounting to 1 billion tokens.

On X, CAPY is being tweeted almost every minute along with other meme coins like CATI, HMSTR, DUCKS and DOGS. Most of these tweets seem to be automatically generated by bots using random accounts.

On the official website, Capybara World, the CAPY token is described as a community-driven token inspired by “the most peaceful animal in the world.” The Capybara token was launched in Dec. 2021, available for trading on Raydium and dexlab.

Over the years, the capybara has become one of the internet’s favorite animals. According to the South China Morning Post, there has been an influx of capybara content on various social media platforms like Instagram, TikTok and YouTube. The capybara is known for its laid-back and serene demeanor, becoming a symbol of peace and tranquility.

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Bitcoin

NFT sales drop 9.6% to $160.9m, Ethereum and Bitcoin network sales plunge

Published

5 days ago

November 23, 2024

admin

As Bitcoin surges toward the $100,000 mark, touching a new all-time high of $99,655.50, the non-fungible token (NFT) sales volume has shown a drop of 9.6% to $160.9 million.

The global cryptocurrency market capitalization has continued to surge, reaching $3.35 trillion from last week’s $3.03 trillion. This marks a 2% increase over the last day, with Bitcoin (BTC) currently trading at $98,620.

The last week’s NFT sales volume stood at $178.8 million. However, according to recent data from CryptoSlam, the NFT market has seen a pullback.