Solana Financial News

Shiba Inu was in the spotlight on Wednesday as the token zoomed over 31 per cent in the last 24 hours. The popular meme coin listed on the trading platform Robinhood apart from Solana, Polygon and Compound. With this, investors can now access 11 cryptos on its platform, including Bitcoin, Ethereum and Dogecoin. Among the newly listed tokens, Shiba Inu was the most abuzz as it rallied 31 per cent to $0.00002977 from $0.00002272 within 24 hours. However, the token is still 65 per cent below its all-time peak of $0.00008 hit in October 2021.

In the last 24 hours alone, the global market cap has tumbled more than 5 per cent to $1.85 trillion. It was over $2.05 trillion a week ago. That said, the volumes have remained strong in the digital token market.Crypto tokens fell ahead of Tuesday’s US Consumer Price Index report, said OKX research team.

The correction in altcoins was steeper and sharper compared to the larger tokens. The rising cost of energy and disruption in the supply chain is hurting the sentiments further. All of the major crypto tokens were in the red on Tuesday. Solana and Shiba Inu dived about 9 per cent each, whereas Cardano and Dogecoin shed 8 per cent each. Terra fell 7 per cent, followed by Ethereum which declined 6 per cent.

Barring the US-dollar pegged stablecoin, all other major crypto exchanges were trading with cuts during early hours. Avalanche tanked 8 per cent, whereas Solana, Cardano and XRP tanked 4 per cent each. The global cryptocurrency market cap dwindled to $1.93 trillion mark, dropping as much as 3 per cent in the last 24 hours. However, total cryptocurrency trading volume increased more than 15 per cent to $63.92 billion.

Solana (SOL) risks crashing 35% in the coming days as it comes closer to painting a so-called "megaphone" pattern.

Barring the US dollar-pegged stablecoin, USD Coin, all other major crypto were up during early hours. Solana and Avalanche rallied 7 per cent each, whereas Dogecoin and BNB advanced 4 per cent each. The global cryptocurrency market cap dwindled to $2.02 trillion mark, advancing more than 2 per cent in the last 24 hours. However, total cryptocurrency trading volume dropped sharply as much as 32 per cent to $82.83 billion.

Non-fungible tokens (NFTs) based on the Solana (SOL) blockchain, a public blockchain and a rival to Ethereum (ETH), are now supported by the major NFT marketplace OpenSea.

A sharp fall in Nasdaq stocks dragged the digital token market down. On the other hand, rising energy prices and global supply chain issues also dented the sentiments. Barring the US dollar-pegged stablecoin, USD Coin, all the other major crypto were bleeding during early hours. Dogecoin tumbled 12 per cent, whereas Avalanche, Solana, Cardano and Shiba Inu plunged 7-8 per cent each.

However, crypto trading has gained its mojo back with volumes holding around $100 billion level despite the cautious stance and economic uncertainty inflamed by the conflict between Russia and Ukraine. Barring Dogecoin and Terra, none of the altcoins were holding gains. The largest memecoin, Dogecoin, rallied 7 per cent, whereas Avalanche posted an equal fall. Ethereum, Solana and Cardano dropped 5 per cent each.

The Solana network is gaining traction among nonfungible token (NFT) traders as total sales have surged past $1.6 billion, making it the third most active blockchain by NFT sales volume.

broadcast at ET, spoke with Ashish Anand, Founder of Bru Finance; Pranav Sharma, Founding Partner of Woodstock Fund; and Sumit Ghosh, CEO and Founder, Chingari where they shared an insight of their outlook on the opportunity that will unfold in the said risk involved with the blockchain technology. The year 2020 saw the rise of Decentralised Finance (Defi), a fantastic new crypto industry that grew to prominence. While staking, yield farming, Defi, NFTs are the recent buzz words. However, there is also a notable risk involved in the newfound world of blockchain. The decentralised finance segment has grown with the rise of interest in crypto assets. India, however, has experienced a sudden boom. Opportunities of investments amidst the risk

Barring Bitcoin, Terra and the dollar-pegged US Coin, the other crypto tokens were trading higher. Solana piped Terra to become the 8th largest crypto asset, thanks to an 11 per cent rise in the token. Avalanche jumped 8 per cent. The global cryptocurrency market cap inched up to $2.16 trillion, adding over a per cent in the last 24 hours. Total cryptocurrency trading volume tumbled as much as 5 per cent to 112.25 billion.

NFT marketplace OpenSea has announced an upcoming integration of the Solana (SOL) blockchain within its platform, a long-awaited move that industry experts and numerical data suggest could have reciprocal benefits across both ecosystems, as well as positive sentiments for the wider NFT space.

Non-fungible tokens (NFTs) based on Solana (SOL), a public blockchain and a rival to Ethereum (ETH), are slated to get a boost as the major NFT marketplace OpenSea prepares to add support for these digital assets.

CoinShares data revealed on Tuesday, March 29, that institutional investments into cryptocurrencies are at the highest levels in three months, a sharp rise from the previous week which saw outflows of $47 million.

The total marketcap of Bitcoin was hovering around the $900 billion mark, with its total dominance in the crypto marketcap standing at a little more than 42 per cent, the data from coinmarketcap suggested. Interestingly, the total traded volumes of numero uno digital token zoomed about 95 per cent as Bitcoins worth more than $34.75 billion exchanged hands in the last 24 hours.

Bitcoin broke out of a narrow trading range and wiped away this year’s losses amid a broad rally for cryptocurrencies, sparking speculation that the biggest digital asset could advance past the $50,000 mark soon. The token rose as high as $47,583 on Monday, well above the $35,000-to-$45,000 band where it’s been stuck since early January. With the fresh gains, Bitcoin is now up about 1.9% for the year, compared with a 4.7% decline for the S&P 500. Ether similarly bounced as much as 3.7% to $3,358 on Monday, while altcoins such as Solana’s SOL, Avalanche’s AAVE and Dogecoin rose between 5.5% and 9.4%. Bitcoin may encounter its next resistance level at $52,000 and should it break through that, it could advance to $65,000 — not far off the all-time high it reached in November, according to Fadi Aboualfa, head of research at Copper. Rick Bensignor, the president of Bensignor Investment Strategies, said in a note Sunday that Bitcoin is “on the verge of a 20% run higher.”

Bitcoin nearing the $44,000 mark and Solana and Cardano rising up to 8 per cent in the last 24 hours. Bitcoin, the largest crypto by market value, was trading 2.45 per cent higher at $43,931.35. It is up 8.3 per cent in the last seven sessions. Ethereum added 2.79 per cent to $3,118. The second largest cryptocurrency by market value has risen 12.11 per cent in the last one week. BNB advanced 1.09 per cent, USD Coin edged 0.02 per cent lower while XRP fell 0.12 per cent. Cardano gained 3.47 per cent, taking its seven day gains to 37 per cent.

The founder of NeoNexus, a Solana-based NFT project, has stated the team is no longer developing the project, blaming the drop in Solana (SOL) prices for the decision.

Top U.S. crypto exchange Coinbase has added wallet support for Solana (SOL) and its ecosystem of Solana tokens (SPL).

The price of ethereum (ETH) has outperformed bitcoin (BTC) over the past 24 hours, after news emerged that a final testnet has gone through the steps necessary for transitioning Ethereum to its planned proof-of-stake (PoS) system.