Market
Solana (SOL) Price Drop: Reversal Soon?
Solana (SOL) price is down 6% in the last 24 hours, catching the attention of investors. Technical indicators like the Relative Strength Index (RSI) suggest the cryptocurrency may be approaching oversold territory, indicating a possible reversal.
Increased activity on Solana’s major application, PumpFun, hints at renewed user engagement that could positively influence SOL’s performance. These developments set the stage for potential changes in SOL’s price trajectory in the near future.
SOL Is Approaching The Oversold Stage
SOL currently exhibits a RSI of approximately 34.82, a notable decrease from around 70 just fifteen days prior. This substantial drop indicates a significant shift in market sentiment, moving from a bullish phase — where buying pressure was dominant — to a more bearish outlook characterized by increased selling activity. The RSI is a technical indicator used to gauge the momentum and speed of price movements.
Oscillating between values of 0 and 100, the RSI helps identify overbought and oversold conditions in the market. Traditionally, an RSI reading above 70 suggests that an asset is overbought and may be due for a price correction, while a reading below 30 indicates it is oversold and could be primed for a rebound.
Read more: Solana vs. Ethereum: An Ultimate Comparison
With SOL’s RSI nearing the oversold threshold of 30, it signals that the coin might be reaching a point where the selling pressure is waning, and buyers could start stepping in.
Such a scenario often precedes a trend reversal, where the asset’s price may begin to climb as market participants perceive it as undervalued. Therefore, according to its RSI metric, Solana price could be gearing up for a rebound, and an emerging uptrend might be on the horizon as investors look to capitalize on the lower price point.
Can New Coins Pump Solana Price?
Solana’s biggest application in the last few months, PumpFun, could serve as a strong proxy for the overall health and activity on the Solana blockchain. Recent trends on PumpFun indicate that the memecoin mania within the SOL ecosystem might be making a comeback, which could positively influence SOL’s price.
On August 13, the number of unique tokens launched on PumpFun reached an all-time high of 20,465 but then experienced a dramatic decline, dropping to just 4,629 by September 14.
Historically, significant surges in the number of tokens launched on PumpFun have been followed by substantial gains in SOL price. Notably, the daily number of new PumpFun tokens began climbing again at the end of September, reaching at least 13,000 per day between September 26 and October 1.
This resurgence could indicate that the Solana chain is attracting users once more, potentially positively impacting SOL’s price, as increased activity often correlates with heightened investor interest and demand.
SOL Price Prediction: Back to $162 Soon?
Solana is exhibiting signs of a potential trend shift. Its short-term Exponential Moving Average (EMA) lines are nearing a crossover below the long-term EMAs. That formation is known as a “death cross.”
This pattern in technical analysis suggests possible bearish momentum and potential price declines in the near future. EMAs are indicators that assign more weight to recent prices, helping traders identify market trends.
If this downtrend materializes, SOL’s price could test support levels at $133 or even $110. However, if the Relative Strength Index (RSI) reaches the oversold stage (below 30) and PumpFun continues to attract new coins, this negative trend could reverse.
Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024
Notably, the number of new PumpFun tokens launched daily has been climbing again since late September. This resurgence indicates renewed user interest, which could positively impact SOL’s price. In this scenario, SOL could retest the resistance level at $162, as it did at the end of August. That would mark a potential 13% gain from current prices.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
-
Ethereum13 hours ago
Ethereum Analyst Sets $3,400 Target Once ETH Breaks Key Resistance – Details
-
Market12 hours ago
Bitcoin Price Pushes Rally Further: Bulls in Full Force
-
Altcoin24 hours ago
3 Promising Crypto Coins with 5000% Returns in 2025
-
Altcoin23 hours ago
Shiba Inu Burn Rate Rockets 3,700% Sparking Optimism, SHIB To Hit $2?
-
Market10 hours ago
Solana (SOL) Rallies Strongly, Setting Sights on $200
-
Altcoin22 hours ago
Ripple CLO Reveals How Donald Trump Can Make US The Crypto Capital
-
Altcoin21 hours ago
XRP Price At Risk As Ripple Moves $250M?
-
Ethereum5 hours ago
MrBeast faces allegations of crypto insider trading