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Why Is The Solana Price Dropping Today?

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3 days ago

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The Solana price is down almost 5% today, having lost the crucial $190 support level. This price decline has occurred due to various factors, including a drop in Solana’s network activity, which presents a bearish outlook for the crypto.

Why The Solana Price Is Dropping

CoinMarketCap data shows that the Solana price is down almost 5% today and at risk of dropping below $180. Crypto analyst Ali Martinez revealed one possible reason for this price decline in an X post. The analyst stated that the number of wallets holding more than 100 SOL has declined by 2.24% over the past two weeks, dropping from 154,653 to 151,184.

This indicates that some Solana whales have been offloading their coins, contributing to Solana’s price decline. As CoinGape reported, the meme coin launchpad Pump.fun recently offloaded 148,759 SOL, worth just over $28 million at the time.

The Solana price has also dropped due to a decrease in decentralized exchange (DEX) activity on the network. DeFiLlama data shows that there has been a 24% decline in DEX volume on Solana. This is likely a result of the rotation of capital from Solana to the BSC network, whose meme coin ecosystem again looks to be thriving. For context, further data from DeFiLlama shows that DEX volume on BSC has surged by almost 50% in the last seven days.

Libra Meme Coin’s Role In This Price Decline

The LIBRA meme coin saga also looks to have contributed to the Solana price decline. Argentina’s President Javier Milei had last week promoted a SOL meme coin, LIBRA, on his meme coin on his X account. This coin eventually turned out to be a rug pull as it crashed over 94% in hours.

According to the Solana Post, 74,698 traders lost over $286 million on this token, which Milei promoted. On the other hand, insiders are reported to have cashed out over $100 million.

This development has brought about a lot of fear, uncertainty, and doubt (FUD) in the Solana ecosystem, with the network labeled as one filled with many bad actors in its meme coin ecosystem. Consequently, meme coin traders on the network look to be rotating their capital to other networks, especially with Solana’s once-bubbling meme coin ecosystem on the decline.

This also explains the decline in Solana’s DEX volume, as its meme coin ecosystem had attracted a lot of liquidity to these exchanges and the network in general.

Amid this development, the Solana price is still at risk of suffering a further crash. As CoinGape reported, SOL could face significant selling pressure from the $2.06 billion tokens that will be unlocked in early March. These coins form part of the proceeds from FTX’s bankruptcy estate, which firms like Pantera Capital bought through an auction.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. 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 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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Binance To Delist These Token Pairs Soon, Prices At Risk?

Published

57 minutes ago

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February 20, 2025

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Binance has sparked bearish investor concerns despite a broader crypto market recovery trend on Thursday as it unveiled plans to delist certain token trading pairs ahead. In an official announcement on February 20, the crypto exchange giant revealed that it is delisting specific ALGO and ATOM pairs, posing a risk factor to the asset prices. Market watchers remain cautious about what lies ahead for these coins as the latest decision by the exchange comes as a setback presenting reduced market visibility and thus, diminished investor interest.

Binance To Delist These Specific Trading Pairs Ahead

According to an official Binance announcement, the crypto exchange will remove five ‘Dual Investment’ token pairs for ALGO and ATOM on February 21 at 06:00 UTC.

Here Are The Token Pairs To Be Delisted:

  • ALGO/USDT
  • ALGO/USDC
  • ATOM/USDT
  • ATOM/FDUSD
  • ATOM/USDC

Why Is Binance Delisting These Pairs?

Per the official announcement, this mover by the exchange comes to enhance the liquidity and services for its colossal user base. Following a thorough and regular review process of ‘Dual Investment’ token pairs, the crypto exchange giant decided to delist the abovementioned pairs.

More About The Delisting Process

Also, Binance added that users will no longer be able to subscribe to these pairs after the removal. The existing subscriptions are to remain unharmed and a settlement is to be conducted upon expiration.

Altogether, the delisting by one of the top crypto exchanges set off investor concerns, projecting a gloomy outlook for the assets due to reduced offerings in the market. For context, the tokens could witness diminished money inflow into their ecosystems amid not-so-diverse trade offerings for the assets in the market.

Past Chronicles Solidify Investor Concerns

CoinGape previously reported that Binance announced the removal of certain DOGS, FET, NOT, & NEIRO pairs recently. As a result, these coins have defied the broader market uptrend today, encountering volatility.

Also, the tokens AMB, VITE, STMX, and CLV witnessed a price crash with their delisting on the same exchange. In the wake of these volatile actions, investors remain apprehensive about ALGO and ATOM price actions ahead.

ALGO price also faced turbulence, exchanging hands at $0.2630, up nearly 1% intraday. The coin’s 24-hour low and high were $0.2568 and $0.269, respectively. ATOM price jumped by 3% intraday and closed at $4.78. The coin hit a bottom and peak of $4.61 and $4.87, respectively.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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BTC Reclaims $97K, Altcoins Jump In Sync

Published

4 hours ago

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February 20, 2025

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Crypto market today (February 20) has shown signs of a potential recovery trend brewing after a massive bloodbath witnessed recently. Bitcoin (BTC) price regained a break above $97K, whereas leading altcoins traded in the green zone despite nearly $300 million liquidated across the sector yesterday. As an upshot, market watchers remain highly optimistic about a price recovery and the continuation of this bull cycle moving ahead.

Crypto Market Today Reflects Optimism As BTC, ETH, XRP Soar

Notably, BTC, ETH, XRP, and SOL witnessed an uptick of 1%-6% on Thursday early Asian hours. Also, the global crypto market cap saw a 1.71% upswing to $3.2 trillion, indicating rising asset prices.

However, the total market volume was down by 24.43% to $82.89 billion on Thursday. Let’s dig deeper into some of the buzzworthy coins and the latest updates for today:

BTC Price Regains Hold Above $97K

At the time of reporting, BTC price chart indicated a 1.5% pump in value, reaching $97,090. The flagship crypto hit a low and high of $95,019.07 and $97,364.05 intraday. Notably, the coin soars alongside a new Bitcoin reserve bill unveiled by Montana’s House Business and Labor Committee. However, BTC’s dominance declined by 0.17% to 60.12%, signaling that altcoins gained harder on Thursday.

ETH Price Gains 2% Mirroring Crypto Market Trend

ETH price gained by slightly over 2% today, reaching $2,742. The coin’s intraday bottom and peak were $2,666.39 and $2,750.38, respectively. Ethereum rises against the backdrop of bullish market support, CoinGape recently reported. Notably, exchange-held ETH hit a record low at 6.38%, whilst whales bagged a massive $2.5 billion worth of tokens amid the recent market dip, indicating a rally lies ahead.

XRP Price Surges 6%

XRP price pumped by over 6% today and exchanged hands at $2.70. The coin’s 24-hour low and high were $2.52 and $2.74, respectively. Notably, the Ripple-backed asset soars amid rising speculations of a halt in the XRP lawsuit against the U.S. SEC. Further, it’s also worth mentioning that the U.S. SEC acknowledged WisdomTree’s Spot XRP ETF filing recently, adding to optimism over price. XRP futures OI was up by nearly 7% today to $4.09 billion amid the optimistic developments.

SOL Price Up 4%

SOL price today witnessed gains worth 4% intraday and closed in at $174. The coin hit a bottom and peak of $163.96 and $174.12 in the past 24 hours. Solana price rises despite the ongoing meme coin panic on the network, sparking market speculations amid rising SOL staking activity.

Meme Crypto Market Gains Parallelly

Simultaneously, DOGE price witnessed a nearly 2% increase today, reaching $0.2567. Also, SHIB price has gained nearly 3% over the past day, reaching $0.00001559. PEPE & TRUMP prices also surged 3-5%, closing in at $0.000009595 and $17.10, respectively. Overall, the meme coin market shows strength in tandem with today’s broader crypto market trend.

Crypto Market Gainers Today

Story (IP)

Price: $2.89
24-Hour Gains: +35%

Aptos (APT)

Price: $6.95
24-Hour Gains: +20%

Bittensor (TAO)

Price: $445.86
24-Hour Gains: +20%

Crypto Market Losers Today

Movement (MOVE)

Price: $0.4844
24-Hour Loss: -5%

Toncoin (TON)

Price: $3.58
24-Hour Loss: -2%

Bitget Token (BGB)

Price: $4.80
24-Hour Loss: -2%

Altogether, traders and investors remain optimistic about the market’s future despite macro heat, primarily attributed to bullish stats and events unfolding across the broader sector. BTC, ETH, SOL, and XRP continued trading in the green zone, per the hourly time frame chart, signaling the potential for further gains ahead.

Meanwhile, the market is currently abuzz with rumors of Donald Trump looking to abolish capital gains tax on BTC on crypto, as revealed by renowned expert “Ash Crypto” on X. Market watchers continue to await further details and an official confirmation on the matter, given it could substantially aid the current market state.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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Analyst Predicts XRP Price To Hit $3.4 Trillion Market Cap, Here’s How

Published

16 hours ago

on

February 19, 2025

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Crypto analyst Egrag Crypto has provided an ultra-bullish outlook for the XRP price, predicting it could hit a $3.4 trillion market cap. The analyst revealed how this could happen and also boldly asserted that the crypto could hit a trillion market cap in this cycle.

How The XRP Price Will Hit $3.4 Trillion Market Cap

In an X post, Egrag Crypto predicted that the XRP price would hit a $3.4 trillion market cap at some point. The analyst explained this was possible based on a Logarithmic measured move, which puts XRP’s market cap at $3.4 trillion.

Meanwhile, the crypto analyst noted that the non-logarithmic measured move puts the crypto’s market cap at $200 billion. Egrag Crypto further remarked that these logarithmic charts are used for long-term analysis of exponential growth, and linear charts are for short-term precision in trade entries and exits.

ImageImage

Based on XRP’s circulating supply, this means that the XRP price could reach $58 if the crypto hits a $3.4 trillion market cap. Meanwhile, XRP could reach a new all-time high (ATH) of $3.5 as it hits a market cap of $200 billion based on the non-logarithmic measured move.

Interstingly, Egrag Crypto asserted that XRP could hit a trillion market cap in this market cycle. He revealed that the Fibonacci 1.618, often referred to as the golden ratio, is sitting at $978 billion, which makes a $1 trillion market cap achievable.

The analyst further explained that XRP’s market cap skyrocketed 15,000% in the last cycle from just above Fib 1.0 to the top. As such, he is confident that the crypto hitting the Fib 1.618 or a $1 trillion market cap is “super doable.”

Egarg Crypto also suggested that XRP could even surpass the $1 trillion market cap, stating that these calculations don’t account for when utility kicks in. It is worth mentioning that the crypto analyst recently predicted that the XRP price could reach $110 in the next cycle.

What Needs To Happen For Bullish Continuation

The XRP price is rebounding following a crypto market crash yesterday. Egrag Crypto stated for a bullish continuation and to negate the bearish count, XRP needs to close above $2.69 and $2.73 on the 4-hour time frame or even higher time frames to yield even better results.

Crypto analyst Ali Martinez stated that XRP looks to be breaking out of an ascending triangle on the lower time frames, setting it up for a potential 4% move toward $2.68.

ImageImage

Crypto analyst Dark Defender also suggested that the XRP price was ready to continue its upward trend. According to him, XRP is proceeding based on his projected lines. He remarked that after the corrective Wave 2 move, XRP will continue with the 3rd to 5th Waves on the daily chart.

The analyst revealed that the support levels to watch out for are $2.4467 and $1.9996. Meanwhile, the resistance levels to watch out for are $2.6052, $3.3999, $5.8563, and $8.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. 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 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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