Altcoin
Solana Price Eyes Recovery Toward $180 As Whales Buy the Dip
Solana price experienced a sharp decline, reaching a multi-month low of $126.15. This represented a 57% drop from its highest value this year. However, the cryptocurrency rebounded to $145 following a major purchase by SOL whales.
Solana Price Stabilizes After Crash – Is a Rally to $180 Possible?
Solana price saw a major decline, falling from its yearly peak of $295 to $126.15. This drop marked its lowest level since September 6. The decline also led to a breakdown below the $170 support level.
Meanwhile, a Solana whale purchased $14 million worth of SOL, withdrawing it from Binance and staking the tokens. The accumulation occurred before a $1.75 billion token unlock, a typically bearish event. The purchase helped ease sell pressure and contributed to the slight SOL price recovery.
Despite the rebound, Solana price remains below key resistance levels. If the bullish momentum continues, traders target the $170 level as a short-term target. A breakout beyond this level could push SOL toward the $180 mark.
Meanwhile, according to a recent report, CME Group announced plans to introduce Solana (SOL) futures on March 17, subject to regulatory approval. This move positions Solana alongside Bitcoin and Ethereum as one of the few cryptocurrencies with futures trading on the platform. Market analysts suggest that the launch could strengthen the case for a potential Solana ETF in the future.
Solana’s Total Value Locked Declines by Nearly 50%
Solana’s total value locked (TVL) has dropped significantly in recent weeks. The TVL, which peaked at $12.19 billion, has now declined to $6.94 billion. The drop reflects lower investor confidence and reduced capital inflow into Solana-based decentralized finance (DeFi) projects.
The decline in TVL has been linked to the crash of top Solana-based meme coins. The market cap of Solana meme coins fell from $25 billion in January to $8.9 billion. This shift in capital has negatively affected the Solana network’s liquidity and overall market position.
While TVL remains under pressure, some Solana-based meme coins have started to recover. The overall DeFi activity on the network will be a key factor in determining the future movement of Solana price.
Key Resistance Levels to Watch
Solana price is approaching a critical resistance zone between $147.09 and $166.42. This area represents a fair value gap in the market. If SOL breaks above this range, it could signal a stronger recovery toward the $180 resistance level.
Supporting the bullish move by SOL whales, technical indicators suggest increasing momentum in favor of buyers. The Parabolic SAR (Stop and Reverse) indicator, displayed as dots above and below the price action, has shifted below the recent candles. This shift indicates a potential reversal from the previous downtrend. As long as the dots remain below the price, it suggests that buyers are in control, and the uptrend may persist.
Similarly, the Moving Average Convergence Divergence (MACD) indicator and its histogram reinforce this bullish outlook by SOL whales. The MACD line has crossed above the signal line, which is a classic bullish crossover indicating strengthening upward momentum.
Additionally, the histogram bars have turned positive and are expanding, confirming buying pressure. If the momentum sustains, Solana price might break key resistance levels toward $180.
More so, according to analysis, SOL price has shown signs of stabilization after crashing 40% and reaching extremely oversold levels. Historically, such deep RSI drops have often preceded price reversals, hinting that Solana price could regain upward momentum.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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.
With Ripple’s XRP lawsuit settlement finally in place, the crypto community is abuzz with anticipation over a possible XRP ETF launch. Despite the growing frenzy over XRP exchange-traded funds, the world’s largest asset management company, BlackRock, remains silent, sparking significant attention.
Detailing BlackRock’s vision and possible reasons behind its silence, expert All Things XRP shared a series of X posts. Let’s explore the expert’s threads, reading through the key points that shed light on BlackRock’s strategic approach to crypto investments.
Why Is BlackRock Silent on XRP ETF?
In a series of X posts, expert All Things XRP shed light on BlackRock’s strategic moves that steer them away from an XRP ETF. According to the expert, BlackRock’s hesitation to launch an XRP exchange-traded fund is driven by many factors regulatory concerns, market dynamics, and strategic considerations.
BlackRock Focuses on Bitcoin and Ethereum
Notably, the asset manager’s focus on Bitcoin and Ethereum ETFs is one of the main reasons to shy away from XRP. BlackRock is currently riding the wave of success with Bitcoin and Ethereum.
Reportedly, iShares Bitcoin Trust boasts over $30 billion in Assets Under Management (AUM). In addition, BlackRock’s ETH ETF has reached $1 billion in AUM in just two months. In light of this success, the platform is cautious about exploring other altcoins to mitigate potential risks.
Moreover, XRP may not meet BlackRock’s internal thresholds for demand, liquidity, and legal clarity. According to the company’s ETF executives, only Bitcoin and Ethereum currently meet these requirements.
Regulatory Concerns
As noted by the expert, regulatory concerns play a major role in BlackRock’s hesitation to back Ripple. Although both Ripple and the SEC dropped their appeals in the XRP lawsuit, the case is not officially over, with the label of “security” still lingering around. This uncertainty may deter the investment giant from applying for an XRP ETF.
Recently, All Things XRP shared insights on CEO Brad Garlinghouse’s crucial role in Ripple’s growth.
BlackRock’s Strategic Wait-and-See Approach
Interestingly, BlackRock is adopting a cautious approach, waiting for competitors like Grayscale and Franklin Templeton to launch their XRP ETFs. While these platforms will face the possible regulatory hurdles first, it will pave the way for BlackRock’s easy entry into the ETF space. This approach will also allow BlackRock to gauge institutional appetite for XRP products and assess the risk landscape.
Whoever takes the lead, an XRP ETF launch is poised for a significant price surge in the Ripple coin.
In addition, the asset manager’s fake XRP ETF filing in 2023 has further strengthened their cautious stance. Previously, the filing went viral and sparked ambiguity within the crypto market. The investment firm had to publicly deny involvement, potentially damaging their reputation. This incident might have made them cautious about pursuing an XRP ETF, at least for now, as they may want to avoid similar PR issues.
Will BlackRock Launch an XRP ETF?
Additional factors like lack of demand and XRP’s relatively small market share have also contributed to the asset manager’s decision. However, BlackRock is expected to push for an XRP ETF in the future after tackling all the possible hurdles.
BlackRock is known for launching products at the right moment, when the odds are in their favor. The strategic move is expected when XRP meets complete regulatory clarity and market stability. As per All Things XRP, BlackRock is envisioning dominating the market. The expert cited, “But if and when they do, it’ll be to dominate the space — not just participate.”
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
While investors are scanning the horizon for a short-term Solana (SOL) rally, cryptocurrency expert CryptoCurb is predicting an ultra-bullish price movement. CryptoCurb argues that a Solana price of $2,000 is “absolutely realistic” given the current fundamentals and on-chain indicators.
Solana Price To $2,000 Is A Realistic Projection
Pseudonymous cryptocurrency analyst CryptoCurb is predicting a massive growth spurt for Solana in the near future. In an X post, the expert says the Solana price can achieve a valuation of $2,000 given its impressive network metrics.
He hinges his projection on several factors, including Ethereum’s previous price performance. Ethereum price spiked to a $600 billion market capitalization during the last cycle with its steep fees and scalability issues.
A $2K SOL price will translate to a $1 trillion market capitalization that will see it flip Ethereum as the largest altcoin. CryptoCurb notes that if Ethereum can post impressive figures during the last cycle, Solana has the capabilities to be valued at $2,000.
“2K is absolutely realistic if Solana keeps its global adoption pace with minimal disruptions and continues to scale,” said CryptoCurb.
Rising network inflows are expected to send the Solana price on a short-term rally to $150 before a big push to $2K. Currently, the Solana price is pegged at $140 with a market capitalization of $72.6 billion, making CryptoCurb’s prediction an uphill climb.
A Wave Of Impressive Metrics Around SOL
While CryptoCurb did not disclose an exact timeline for his $2,000 prediction, he points to a short-term seismic price increase. The expert his backing his predictions with a swathe of network metrics pointing to fresh bullishness.
Solana has the highest number of active addresses over the last seven days at 28.4 million. The network led the pack for transactions at 369 million, trouncing Tron, BNB Chain, Base, and Bitcoin.
Solana is finding application in several Web 3 verticals given its speed, low cost, and scalability. In the last week, the Solana price has risen by nearly 7% while 24-hour trade volume has risen by 36%.
Last week, Canada launched the first SOL ETF with prices projected to surpass $250, reversing a forming death cross. Solana open interest crossed 5.5 billion, climbing by 10% amid rising whale activity in the ecosystem.
Rising bullish metrics for the network suggest that SOL will reach $200 before ETH reclaims $3,000.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Crypto expert PiMigrate recently predicted that the Pi Network price could reach a new all-time high (ATH) of $5. This comes amid recent whale movements, with these investors moving 41 million Pi Coins off exchanges.
Expert Predicts Pi Network To Reach $5
In an X post, PiMigrate stated that Pi Network’s journey to $5 has just begun. He remarked that the altcoin has very strong support at $0.6. As such, the expert believes that this $5 price target is a “very possible valuation.” PiMigrate added that good utilities will push the altcoin to this target.
Another expert, Moon Jeff, also predicted that the Pi Coin price can reach this $5 target. In an X post, the expert concluded that the altcoin can reach this price target following his analysis.
He alluded to his accompanying chart, which he described as being bullish, indicating that the Pi Network price can indeed reach this $5 target. The chart also showed that the altcoin has formed a strong support level at its current price.
Crypto analyst Xia also recently claimed that the Pi Coin’s momentum is building fast after it surged past the $0.63 mark with strong volume. She also noted that the RSI and MACD are turning bullish for the altcoin.
This bullish outlook for the Pi Coin comes amid recent huge whale accumulation. A Pi community page revealed that these investors moved a whopping 41 million coins (around $27 million) off exchanges in 48 hours. Specifically, these whales moved over 13 million Pi Coins from OKX to several wallets. This presents a bullish outlook for the coin since exchange supply is declining.
Pi Needs To Reclaim This Symmetrical Triangle
While analyzing the Pi Network’s price on the higher timeframe, analyst Alpha Crypto stated that the altcoin needs to reclaim its symmetrical triangle to resume its upward move.
The analyst remarked that once Pi reclaims this structure, market participants can look for a potential long setup. He added that on the flipside, if the price falls outside the triangle, it could open up a short opportunity. Alpha Crypto urged traders to wait for confirmation rather than rushing.
From a fundamentals perspective, top exchange listings could send the Pi Coin price higher. CoinGape recently reported that top exchange HTX had fueled listing speculations with a cryptic post on its X platform. Meanwhile, Pi community members remain hopeful that Binance will soon list the altcoin.
These community members will have their eyes on the Consensus 2025 conference, where Pi Network founder Nicolas Kokkalis will allegedly join an exclusive list of industry players to speak at the event.
Expert Dr. Altcoin described the event as a pivotal moment for Pi Network, as it will provide an opportunity for the Pi team to promote the network’s ecosystem.
At the time of writing, the Pi Coin price is trading at around $0.63, down almost 3% in the last 24 hours. Trading volume is also down over 36%, with $96.34 million traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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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