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Why Is Solana Price Down Today?

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2 weeks ago

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Since yesterday, the crypto market has officially entered the fear zone, hinting at the investor’s hesitation in placing trade. The result of these hesitations is the cryptos struggling in the market, especially altcoins like Solana, Ethereum, XRP, and many others. Out of these, Solana, which ruled the market thanks to heavy demand for Solana tokens, is struggling. It is because the Solana price dropped below $130 earlier in the day, concerning the holders for its further drop amid its ongoing week-long downtrend.

Solana has lost more than 8% of its value in the last week, currently at $133.28 after a minor recovery. However, with the high selling pressure, the downtrend may continue if the SOL price fails to surge above the pivot at 139.42.

Three Reasons Why Solana Price Is Struggling

Solana’s was booming at the beginning of the year, as its price surged to a high of $202.87. However, with the bulls losing their grip on the market, most of the altcoins began to struggle, especially as the market entered the fear zone yesterday, continuing even today.

Regardless, the biggest reason for Solana’s price is the Pump.fun selling nearly 50% of its accumulated assets. With this, the Solana-based meme coin deployer, Pump.fun has dumped 274,373 SOL ($42.64M) in recent Lookonchain reports.

Since its launch in January, the platform boomed in terms of popularity and token launch. It has hit the 680K $SOL($91M) mark in revenues and has accumulated more than 0.1% of Solana’s current supply. But at the same time, it sold its first share of  254,074 $SOL($40.26M) at an average price of $158.

The https://t.co/DrKlYnPPqY Fee Account sold 10,300 $SOL($1.38M) at $134.46 again 40 mins ago!https://t.co/DrKlYnPPqY has sold 264,373 $SOL($41.64M) at an average price of $157.5.https://t.co/dZDKPfB4vU pic.twitter.com/mRLYK100zl

— Lookonchain (@lookonchain) September 3, 2024

The second selling was on September 3, which dumped 10,300 $SOL($1.38M) at $134.46, resulting in an instant SOL price drop. A few have called it locking in the profits, whereas many called it offering the token at a low before the price boost.

However, this was not the end of the Solana’s struggles. Earlier DefiLlama reports revealed that Solana’s daily revenue also hit a six-month low on Monday due to the rise of the pump.fun competitors like Ethervista and SunPump. As per reports, the Solana revenue was only $190.7K on September 1, a 90% decline from March’s peak at $2.47 million.

The impact of this declining revenue and competition has also dropped the Solana price, especially with the launch of SunPump, which has already beaten Pump.fun in terms of popularity. The impact of this popularity is also its native token as analysts believe SUN Price Could Explode 300% in future.

Final Thoughts

Despite the 4% recovery in the Solana price, the token is struggling on the weekly charts, including its drop to $123K on August 4. This drop came after the Solana meme coins deployer, Pump.fun sold almost 50% of its accumulated SOL assets at an average price of $157.5. Moreover, with rising competition like Ethervista and SunPump, the altcoin’s suffering has increased.

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Pooja Khardia

With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.

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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US Fed Cuts Interest Rate By 0.50%, Will It Spark A Crypto Rally?

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2 hours ago

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September 18, 2024

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The US Fed interest rate cut decision of 0.50%, in line with the market expectations, marks the first policy rate trim in four years. The event was eagerly awaited by the market participants, with traders now awaiting the upcoming Fed Chair Jerome Powell’s speech. Although the market was already expecting a 0.50% rate cut by the US central bank, it appears to boost the market sentiment, potentially paving the way for a crypto market rally.

US Fed Interest Rate Cut At 0.50%

According to the latest FOMC announcement, the US Fed interest rate cut comes in at 0.50%, while a percentage was anticipating a smaller policy rate trimming of 0.25%. However, the latest decision, which comes after four long years, appears to have boosted the market sentiment.

Usually, the lower policy rates aid in bolstering the market sentiment, potentially inducing borrowing and spending that helps stimulate the economy. Having said that, the latest decision appears to have been lauded by many, while raising the risk-bet appetite of the investors. Meanwhile, the lower rates also tend to boost market confidence towards riskier assets like crypto as well as stocks.

However, it’s worth noting that there are several other factors in play, that might influence the market sentiment. For instance, if Fed Chair Jerome Powell speech reveals a hawkish stance ahead, it could potentially dampen the momentum set after the dovish decision by the US Federal Reserve.

A Crypto Market Rally Ahead?

The US stock market has already responded positively to the decision, with all three indices trading in the green today. Besides, it has also fueled speculations over a potential crypto market rally, as the US central bank opted for the bigger rate cut plan.

Meanwhile, the broader crypto market has wiped off its latest losses post the US Fed interest rate cut decision. Simultaneously, BTC price moved up over 1.5% in the last hour to $60,350, after falling to as low as $59,218.25 recently. On the other hand, top altcoins like XRP, BNB, and others, have also noted significant gains following the US FOMC interest rate cut decision.

Now, the market eagerly awaits the Jerome Powell speech, which would provide further cues on the Fed’s potential stance going forward. If the Fed chair leans towards a dovish plan, it could hold the positive momentum ahead, potentially keeping the crypto market rally intact.

However, any hawkish comments, as the Fed hints towards another 50 bps rate cut in the remaining two Fed meetings, could dampen the investors’ sentiment. Despite that, some market experts anticipate a volatile market post the rate cut decision, based on historical trends. Considering that, the investors are advised to exercise due diligence while putting their bets on the assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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Terra Luna Classic Upgrade Goes Live, Binance Announces Support

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6 hours ago

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September 18, 2024

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LUNC News: Terra Luna Classic successfully completed the v3.1.5 upgrade offering improvements including a critical security fix for wasmd, improved transaction efficiency, and preparedness for Tax2Gas implementation. The world’s largest crypto exchange Binance expressed support for the Terra Luna Classic security upgrade.

LUNC News: Terra Luna Classic Completes v3.1.5 Upgrade

Terra Luna Classic developers successfully applied the wasmd security patch included in the v3.1.5 upgrade on September 18. The chain was halted at block height 19850000 for applying the terrad client release pull request. The upgrade was started at 11:26:59 UTC, with the block proposed by validator Interstellar Lounge. This was the quickest upgrade of the chain.

The Terra Classic upgrade bumps wasmd to 0.46 and wasmvm to 1.5.4. This update also includes the changes from v3.1.4. The previous version v3.1.4 containing a fix for gas estimation of taxable transactions was only released to endpoint providers as it did not contain consensus-relevant changes.

Binance announced support for the Terra Luna Classic upgrade. The exchange suspended the deposits and withdrawals of Terra Classic ecosystem tokens to support its network upgrade and ensure the best user experience. Notably, Binance burns billions of LUNC tokens monthly to support the community’s campaign to revive LUNC.

Binance, one of the best crypto exchanges, has burned 64.47 billion LUNC tokens in the last two years. This accounts for 48.5% of the total tokens burned by the community.

LUNC and USTC Prices Fell On Wider Market Sentiment

Despite the positive news, LUNC price lost most of today’s gains, with the price now down 1.74% in the last 24 hours. The 24-hour low and high are $0.00007942 and $0.00008332, respectively. The LUNC trading volume saw a 25% increase in the last 24 hours, indicating interest among traders.

Meanwhile, USTC price is trading at $0.01645, down 1% in the last 24 hours and 8% in a week. The 24-hour low and high are $0.01633 and $0.01711, respectively. The USTC futures open interests are down 3.35% in the past 24 hours and 0.84% in the past hour.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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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Anthony Scaramucci Predicts When Bitcoin Can Hit $100K

Published

11 hours ago

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September 18, 2024

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Skybridge Capital co-founder Anthony Scaramucci has once again caused a stir within the crypto community with his bullish remarks on Bitcoin (BTC). The hedge fund manager on Wednesday anticipated a record-high $100K price target for the flagship crypto ahead. This bullish projection is primarily in light of the looming U.S. Fed rate cuts and ongoing presidential elections.

Meanwhile, BTC price topped $60K today, further solidifying market watchers’ optimism in tandem with Scaramucci’s recent statements.

Anthony Scaramucci Bullish On Bitcoin’s Run To $100K

According to a recent Bloomberg report dated September 18, the Skybridge Capital founder has taken a bullish stance on BTC in the wake of the Fed’s looming interest rate cuts and a clear crypto regulatory purview with the upcoming November presidential elections in the U.S.

“We are going to get pro-cryptocurrency, Bitcoin, and stablecoin legislation in the first part of the next congressional term in the U.S.,” Scaramucci stated. Further, he added, “At the same time, you’re intersecting with rate cuts from the Federal Reserve.”

These statements, against the backdrop of the current nationwide scenario, have echoed a significant buzz. The U.S. Fed rate cut results remain due for later today with high likelihood of rate cuts. CME FedWatch Tool data shows considerably high chances of a 50bp interest rate cut ahead. Nonetheless, market watchers eagerly await Fed Jerome Powell’s official announcement.

Meanwhile, long after Republican Trump dismissed the Skybridge Capital founder from his role as communications director in 2017, Scaramucci now appears to have sided with the Democratic Party. As per the report, Scaramucci remains optimistic about crypto rules under the Harris administration despite their unclear nature and Trump’s clear public stance on digital asset regulation. However, it’s also worth mentioning that the Harris administration has given hints that it plans to support crypto nationwide without any actions yet.

Simultaneously, it’s noteworthy that Polymarket data today indicated Harris’ winning odds at 50%, whereas Trump’s stood at 48%. Altogether, in line with the abovementioned aspects, the hedge fund manager stated, “That’s going to be really good for asset prices in the U.S. and globally,” supplementing that BTC could reach $100K by year-end. As CoinGape Media reported, Anthony Scaramucci predicted BTC to reach $100K earlier this year as well.

BTC Price Touches $61K

Meanwhile, Anthony Scaramucci’s remarks gained additional traction today in light of the BTC price action. BTC price today topped $60K, gaining nearly 3% in the past 24 hours to $60,432. The coin’s intraday low and high were recorded as $58,640.59 and $61,316.09, respectively.

This rising movement falls in line with a massive $186.76 million inflow in Bitcoin ETFs as of September 17, per Soso Value data. The upsurging inflows saga has underscored rising institutional demand for the asset.

Meanwhile, a recent X post by CryptoQuant revealed that new whales and Binance traders are heavily bagging Bitcoin. Simultaneously, old whales continue to HODL. Altogether, this data has sparked market optimism for the coin’s future price movements despite the recent turbulence.

Furthermore, Coinglass data today illustrated a 4.5% uptick in BTC futures OI to $32.33 billion. The derivatives volume rocketed 53.5% to $73.05 billion. Coupled with today’s price upswing, market stats underscore an uptrend for the crypto.

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Coingape Staff

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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