Solana price prediction as Bitcoin, Ethereum congestion intensifies

Solana price prediction as Bitcoin, Ethereum congestion intensifies
фото показано с : invezz.com

2023-5-9 07:10

Solana (SOL/USD) price retreated to the lowest point since April 27th as concerns about Bitcoin and Ethereum congestion continued. The coin plunged to a low of $21, which was much lower than the year-to-date high of $27.13.

Bitcoin and Ethereum congestion

The biggest cryptocurrency news story on Monday was that congestion among Bitcoin and Ethereum continued. As a result, Binance announced that it had temporarily paused withdrawals of Bitcoin as the team handled the situation.

Bitcoin’s network fees have therefore soared. On-chain data shows that the total fees in Bitcoin surged to 6.13 BTC. Including subsidies, the fees have jumped to 12.38 BTC.  It is unclear why this happened. However, data further data from Binance showed that the largest Bitcoin withdrawal on record happened during the weekend.

A BTC holder withdrew 162,000 BTC valued at over $4.5 billion. Meanwhile, data compiled by DeFi Llama shows that Binance had outflows valued at over $293 million in the past 24 hours.

BREAKING: #Binance outflow data confirms largest withdrawal in it's history, over 162,000 $BTC has left the exchange, valued at over $4.6 Billion.

Are Whales/Insiders jumping ship? 👀 pic.twitter.com/QSXYAEvHkt

— WhaleWire (@WhaleWire) May 7, 2023

All these developments are positive for Solana, a blockchain that is known for its speed and low transaction costs. While Bitcoin has over 400k transactions and Ethereum has over 200k transactions pending, Solana has zero. This could be a positive catalyst for Solana prices as demand rises.

Meanwhile, the total value locked (TVL) in Solana has crawled back in the past few months. It stands at 47 million SOL, the highest point since December. It started the year at 25 million SOL. This happened as the number of active users jumped to over 200k, which was higher than the year-to-date low of about 100k.

Solana price prediction

SOL chart by TradingView

The 4H chart shows that the SOL price has lost the momentum it had a few months ago. It has already slipped by more than 20% from the highest point in March. This means it has moved into a bear market. The coin has moved below the 25-day and 50-day exponential moving averages.

Notably, Solana has retested the ascending trendline that connects the lowest levels since March 15. Solana price has also formed a head and shoulders pattern. Therefore, from a technical perspective, the outlook remains a bit bearish, with the next key support to watch being at $20. A move above the right shoulder at $23 will invalidate the bearish view.

The post Solana price prediction as Bitcoin, Ethereum congestion intensifies appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Solana (SOL) на Currencies.ru

$ 164.61 (+0.88%)
Объем 24H $1.739b
Изменеия 24h: -0.85 %, 7d: -0.47 %
Cегодня L: $161.97 - H: $164.77
Капитализация $75.67b Rank 5
Цена в час новости $ 20.52 (702.19%)

solana ethereum congestion price bitcoin low plunged

Источник: invezz.com

solana ethereum → Результатов: 126


Expert Explains Why Accumulating Ethereum (ETH) and Solana (SOL) in This Crypto Cycle Should Be Top Priority

Accumulating Ethereum (ETH) and Solana (SOL) should be a top priority for investors in the current crypto market cycle, according to well-known industry expert Raoul Pal. In a video titled “You Only Have 2 Weeks Left! Why Ethereum & Solana Will Outperform MASSIVELY” on the Jamie Tree YouTube channel, Pal laid out a compelling case […] The post Expert Explains Why Accumulating Ethereum (ETH) and Solana (SOL) in This Crypto Cycle Should Be Top Priority appeared first on CaptainAltcoin.

2024-5-30 21:30


Solana Founder Doesn’t Want Network To Be Called ‘Ethereum Killer’ – Here’s Why

Solana’s creation was designed to work with all the functionalities of Ethereum and improve upon the issues that arose in the network’s early days. The blockchain has since grown in popularity in the past few years, with many crypto participants touting Solana as the one to dethrone Ethereum in the altcoin market. However, it seems […]

2023-12-4 21:00


Solana Labs Debuts Solang Compiler To Onboard Ethereum Developers

Solana announced on its official Twitter handle on July 19, 2023 the launch of Solang, a powerful compiler aimed at facilitating the integration of Ethereum developers into the Solana ecosystem.  With Solang, developers proficient in Ethereum’s Solidity programming language and Ethereum Virtual Machine (EVM) can now create and deploy smart contracts on the energy-efficient Solana […]

2023-7-21 01:00


Beyond Ethereum (ETH) & Solana (SOL): Exploring an AI Cryptocurrency with Greater Long-Term Growth Potential

Investor sentiment towards Ethereum and Solana has been negatively impacted by recent developments in the market. The increasingly crowded blockchain landscape has introduced numerous competitors, such as Polkadot and Cardano, offering improved scalability, efficiency, and smart contract capabilities, all contributing to the shift in interest.

2023-6-17 19:00


Криптотрейдер сделал ценовой прогноз по Solana, Ethereum и STEPN (GMT)

Популярный аналитик установил целевые уровни для претендента на роль Ethereum Solana (SOL), а также сделал прогноз по поводу того, что будет дальше с ETH и STEPN (GMT). Криптоаналитик Altcoin Sherpa сообщил своим 179 900 подписчикам в Твиттере, что использует инструмент восстановления Фибоначчи для построения уровней поддержки и сопротивления Solana, отмечая, что дело добром не закончится, […] Материал Криптотрейдер сделал ценовой прогноз по Solana, Ethereum и STEPN (GMT) появился сначала на WHATTONEWS – Новости криптовалют.

2022-7-7 14:16


Аналитик американского банка называет Solana главным конкурентом Ethereum

Стратег Bank of America Алек Шах на днях высказал свое мнение относительно будущего криптовалютного проекта Solana, назвав его, кстати, главным конкурентом Ethereum. По мнению известного аналитика, Solana активно входит в рынок цифровых активов, отнимая популярность в Ethereum.

2022-1-20 00:22


Эксперт объяснил, с чем связана критика Solana сторонниками Ethereum

Многие сторонники Ethereum в своей критике Solana оказываются в положении биткоин-сообщества в его спорах с противниками цифровых активов. Об этом заявил основатель криптофонда BlockTower Capital Ари Пол.

2021-9-11 13:18


Solana Targets Ethereum’s Scalability Issue by Introducing a Bridge called Wormhole

After launching DEX Serum, Solana Blockchain is now going for the heart of the problem. Today, Wormhole – a secure, trustless bridge connecting Ethereum to Solana is announced. With the DeFi frenzy, up until a few weeks ago, pushing the activity on Ethereum to new highs — fees to skyrocket and the network to clog […] The post Solana Targets Ethereum’s Scalability Issue by Introducing a Bridge called Wormhole first appeared on BitcoinExchangeGuide.

2020-10-8 19:59


Проект Solana представил кроссчейн-мост с блокчейном Ethereum

Разрабатывающий масштабируемый блокчейн-протокол для создания децентрализованных приложений и смарт-контрактов проект Solana представил кроссчейн-решение, соединяющее токены сетей Ethereum и Solana.

2020-10-8 16:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

СryptoSlam: Продажи NFT упали на 54%

Объемы торгов невзаимозаменяемыми токенами, говорят цифры платформы СryptoSlam, снизились в мае по сравнению с предыдущим месяцем на 54 %, до $630 млн.

Solana meme coins are booming: Piggy Bankster (PIGS) could be next

Solana (SOL) has become one of the fastest-growing blockchains in 2024, as developers take advantage of its fast transaction speeds and lower transaction costs. It is the second-biggest player in the Decentralised Finance (DeFi) industry after Ethereum while its DEX platforms like Raydium, Orca, and Jupiter have become giants  Solana’s meme coins are doing well […]