Despite a strong performance and increasing adoption, Solana’s (SOL) price might fail to break its all-time high this year. This prediction is based on several key indicators that have been crucial in determining the altcoin’s direction.

At the beginning of 2024, SOL’s value was less than $100. Three months later, the altcoin broke the $200 mark. However, since then, it has struggled to reach the milestone, and investors might have to wait until 2025 before seeing the token surpass $260.

Investors Reduce Exposure to Solana 

One reason SOL reached $208 was its Open Interest (OI), which is an indicator of speculative activity. At that time, the OI climbed to $2.65 billion. Open Interest refers to the sum of the value of all open contracts in the market.

An increase in open interest, coupled with rising prices, typically signals the buildup of long positions. In most cases, this suggests that the upward trend is likely to continue. However, as of this writing, open interest has dropped by nearly $1 billion, indicating that many traders have reduced their exposure to the cryptocurrency.

From a price perspective, the declining OI, combined with the recent price surge over the past seven days, indicates that the uptrend may be losing momentum. If this trend continues, Solana’s price could struggle to retest the $200 mark before the end of 2024.

Read more: How to Buy Solana (SOL) and Everything You Need To Know

Besides that, one deciding factor has been the $180 supply zone. On several occasions, wherever SOL’s price hits $180, it becomes challenging to rise above the level without substantial buying pressure. 

For instance, on April 9, the token hit $180. But a few days later, it lost 23% of its value. Fast-forward to July 30, and a similar thing happened as the altcoin declined by a similar ratio. Therefore, even if SOL tries to hit that point again, it might experience a double-digit decline.

SOL Price Prediction: Sub-130 Still Possible

From a short-term perspective, the Chaikin Money Flow (CMF) has fallen into negative territory. The CMF is a technical oscillator that gauges the level of accumulation or distribution.

When the CMF rises, it signals a high level of accumulation, which can lead to a price increase if sustained. Conversely, a decline in the CMF indicates a higher level of distribution, which could signal potential bearish pressure.

Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024

Due to the CMF’s current condition, Solana’s price might decrease to $127.75. But If the OI increases massively before this quarter ends, the prediction might not come to pass. Instead, SOL could rally above $200.

MKR, the governance token of the leading stablecoin lender MakerDAO, has experienced a sharp decline in recent weeks. It currently trades at $1,206, noting an 11% price drop over the past week.

The altcoin now trades at its lowest price since September 2023. If the downward trend continues, MKR’s price could fall below $1,000 for the first time since 2023. This analysis explains why.

Maker Holders May Be in Trouble

Since August, MKR has traded below its Ichimoku Cloud. This indicator tracks the momentum of its market trends and identifies potential support/resistance levels. 

Read More: What Are Tokenized Real-World Assets (RWA)?

When an asset’s price falls below it, it signals a shift from a bullish to a bearish trend. If the price consistently stays beneath this cloud, it strengthens the downtrend. It suggests that a recovery above the cloud may be challenging unless driven by a significant increase in new demand.

However, such new demand has been lacking in the MKR market for several weeks, as evidenced by its plummeting Chaikin Money Flow (CMF). This indicator, which measures how money flows into and out of an asset, is at -0.40, MKR’s lowest since August 2022.

When an asset’s CMF drops along with its price, it indicates weakening buying pressure and growing selling momentum. This alignment between price decline and a falling CMF reinforces the bearish outlook in the market. It signals that capital is flowing out of the asset, making a recovery less likely without a shift in market sentiment.

MKR Price Prediction: Sentiment Has To Shift

As of this writing, MKR is trading at $1,206. Based on readings from the altcoin’s Fibonacci Retracement tool, with the increasing selling pressure, MKR’s price could fall toward $511, marking its lowest level since May 2023.

Read More: Maker (MKR) Price Prediction 2023/2025/2030

However, this downward projection could be invalidated if market sentiment shifts from bearish to bullish. In that case, MKR’s price may attempt to break through the resistance levels formed by its Ichimoku Cloud at $1,954 and $2,632. A successful breakout could set the stage for a potential rally toward a six-month high of $4,118.

DBS Bank, the largest consumer bank in Singapore, is opening its DBS Token Services to institutional clients. This program connects the bank’s functions to an EVM-compatible blockchain, enabling tokenization and smart contracts.

So far, DBS Bank has yet to comment on a possible rollout to non-institutional clients.

DBS Bank’s New Program

DBS Bank, the largest consumer bank in Singapore, announced today via press release that it would introduce blockchain-powered banking. The program, available to institutional clients, is called DBS Token Services, and it includes a variety of new features like tokenization and smart contracts.

Read More: What is Tokenization on Blockchain?

More specifically, DBS Token Services integrates the bank’s payment channels into an EVM-compatible blockchain. This enables several new functions by hooking up the bank’s pre-existing “Treasury Tokens” system to smart contract features, thus allowing clients to program various novel solutions.

“By leveraging tokenization and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimize liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement. It marks a significant step forward in transaction banking,” Lim Soon Chong, Group Head of Global Transaction Services

This is far from DBS Bank’s first foray into the crypto space. Two years ago, the firm opened up crypto trading to its wealthiest clients, which inspired its main competitors to enter the space as well. Additionally, it conducted a brief experiment with the Metaverse last year after it had already lost mainstream interest.

However, considering that this feature was only available to clients with at least $246,000 in investible assets, it does beg the question of whether these services will ever reach private clients. The press release discusses tools for “corporate treasurers” and “public sector entities,” but does not mention non-institutional clients.

Read More: Understanding Smart Contracts: Read, Write, and Audit

Nevertheless, this is still a landmark for crypto’s institutional adoption. DBS Bank has over $200 billion in assets under management, and Singapore has attracted a great deal of interest from the space. If this move inspires its main competitors to start offering similar services, as it did two years ago, the industry as a whole will benefit.