Fun

News Feed - 2023-11-12 12:11:09

Yashu Gola8 hours agoWhy is Solana price up this week?Solana"s price is up 40% this week due to easing FTX-dump fears and growing Bitcoin ETF buzz, while SOL/USD technicals hint at more upside.9689 Total views27 Total sharesListen to article 0:00Altcoin WatchJoin us on social networksThe price of Solana (SOL) has soared 40% this week to establish a new 2023 high at around $58. 


That is Solana"s best weekly performance since January 2023. Many factors have contributed to the gains, including a general cryptocurrency market uptrend led by Bitcoin ETF euphoria and growing appetite for risk overall.Solana (SOL) weekly price chart. Source: TradingViewFTX-dump fears fails to shake Solana bulls


Solana"s rise coincides with the daily selling of 250,000-750,000 SOL tokens by FTX bankruptcy estate in the last two weeks.FTX has been selling between 250k-700k $SOL every day for the last 2 weeks while price has either been going up or sideways.

so far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week.

once this seller is gone i can… pic.twitter.com/AtnTqz3uxG— Bluntz (@Bluntz_Capital) November 9, 2023


The Delaware Bankruptcy Court approved the sale of 55.75 million SOL tokens in September 2023. The limited impact of these sales, due to some tokens being either vested or locked, and a weekly sale limit of $100 million, has transformed initial fears into investor enthusiasm.


For instance, Solana-focused funds, one of the barometers to gauge institutional flows in the SOL market, witnessed inflows worth $10.80 million in the week ending Nov. 3, according to CoinShares.Institution net flows across crypto funds. Source: CoinShares


Bitcoin ETF euphoria is one of the primary reasons for the overall uptrend in cryptocurrency prices, led by Bitcoin"s rise toward $38,000. Solana, however, has been the best-performer in the past 30 days. Top cryptos 7-day and 30-day performances. Source: Messari Solana open interest pops alongside funding rate 


Solana"s futures open interest reached a significant level of around $772 million on Nov. 11, the highest since November 2021, when SOL"s price had established its record high of $260. High open interest levels indicate greater interest and potentially greater liquidity in the market.​Solana futures Open Interest. Source: Coinglass


Meanwhile, Solana"s rising OI coincides with increasing funding rates, a fee paid by one side of the perpetual contracts to the other every 8 hours. A positive funding rate typically means that longs (buyers) are dominant in the market, i.e., they"re paying shorts (sellers).


Earlier this week, SOL"s funding rate increased to 0.035% per eight hours. This funding rate represents a 0.735% weekly cost for leverage longs, suggesting strong bullish sentiment in the market.Solana OI-weighted funding rate rate. Source: Coinglass


A rising OI and funding rate together hints at a higher appetite for leveraged longs among investors.


Simply put, most derivatives traders anticipate the SOL price rally to continue further.SOL price technical breakout


Solana"s gains this week appears as part of a bullish breakout move. Notably, SOL"s price broke above the horizontal trendline resistance of its ascending triangle channel two weeks ago.SOL/USD weekly price chart. Source: TradingView


If the ascending triangle bottom reversal plays out, the upside target for SOL price before the end of the year is at around $90, up 50% from current price levels.


Related: Is it altseason? Altcoin 30-day performance and total market cap flash bullish


The bears, however, will pin their hopes on the weekly relative strength indicator (RSI), which is now at its most overbought level since September 2021.SOL/USD weekly price chart. Source: TradingView


Therefore, the risk of a correction are high, with a correction toward the triangle"s upper trendline near $30 on the table.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Cryptocurrencies# Altcoin# ETF# Markets# Tech Analysis# Market Analysis# Altcoin Watch# Solana# FTXAdd reactionAdd reactionRead moreExpect new IRS crypto surveillance to come with a surge in confiscation3 theses that will drive Ethereum and Bitcoin in the next bull marketWhy is Ether (ETH) price up today?

News Feed

Savannah Fortis10 hours agoGrimes’ collaboration with music platform makes 200+ AI songs available for creatorsGrimes’ manager Daouda Leonard and music platform Slip.stream explain the importance of artists owning th
Hamster Kombat token price plunges on exchange debut
Helen Partz11 hours agoHamster Kombat token price plunges on exchange debutAmid Hamster Kombat officially listing on exchanges such as Binance and HashKey, the HMSTR token has been plummeting.8502 Total views38 Total sha
How to generate passive crypto income with masternodes
Dilip Kumar Patairya1 hour agoHow to generate passive crypto income with masternodesMasternodes enable investors to earn a steady passive income by contributing a vast amount of computing power to a blockchain network.56
Google Cloud Is Running a Solana Validator, Blockchain Node Engine to Support SOL Chain Next Year
Google Cloud Is Running a Solana Validator, Blockchain Node Engine to Support SOL Chain Next Year After Google Cloud announced that it would offer a product called the “Blockchai
What 15% BTC price crash? Bitcoin bulls charge higher as $67K returns
William Suberg22 minutes agoWhat 15% BTC price crash? Bitcoin bulls charge higher as $67K returnsBitcoin cancels its snap correction below $60,000 as the latest data shows traders willing to take a fresh bet on BTC price
FBI issues warning about scammers impersonating crypto exchanges
Ezra Reguerra12 hours agoFBI issues warning about scammers impersonating crypto exchangesThe FBI urges victims to report scam activities through official channels and provide any transaction information related to the sc
Brayden Lindrea48 minutes agoFrom walls to wallets: Barcelona graffiti artists share their love for BitcoinNine months after launching, the Street Cy₿er artist collective has over 100 street artists, musicians and Bitc
Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New Law
Israeli Lawmakers Plan to Exempt Bitcoin From Capital Gains Tax in Draft New LawIsraeli lawmakers have proposed in a draft new law to treat bitcoin as a currency instead of an asset
South Korean party bets on US Bitcoin ETF access for votes
Ana Paula Pereira6 hours agoSouth Korean party bets on US Bitcoin ETF access for votesSouth Korea"s political parties are pledging crypto-related incentives to attract voters ahead of parliamentary elections.1917 Total v
South Korea Pauses CBDCs, Stablecoins Heat Up: Here’s Why Best Wallet Wins the New Crypto Framework
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model
BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model The Bank for International Settlements (BIS) has released a report summarizing t
Croatian E-bike Company Greyp Bikes Integrates Cryptocurrency Payments
Croatian E-bike Company Greyp Bikes Integrates Cryptocurrency Payments Greyp Bikes, a company founded by Croatian innovator and entrepreneur Mate Rimac, has integrated crypto payme