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Why Solana User Demand Spike Hasn’t Lifted SOL Price

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Layer-1 (L1) blockchain Solana saw a surge in user demand in October. During those 31 days, Solana’s monthly user activity climbed to its year-to-date high. 

Despite this uptick in user demand, the price of SOL has struggled to maintain momentum. The popular altcoin has encountered significant resistance over the past month, keeping its value under $190.

Solana Welcomes New Users

In October, user demand on Solana skyrocketed, as reflected by the rise in its daily active addresses. During the 31-day period, the number of unique addresses that signed transactions on the L1 totaled 123 million, its highest count since the year began. It also represented a 41% uptick from September’s 86 million unique addresses. 

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana Active Addresses. Source: Artemis

During the review period, Solana also saw an influx of new users. On-chain data shows that the total number of unique first signers to transact on the Solana Network was 148 million in October — the highest count this year and a 32% increase from September’s 100 million new users.

Solana New Address Count.
Solana New Address Count. Source: HelloMoon

Altcoin’s Reaction Is Subdued

Despite the surge in network activity, SOL’s reaction has remained mostly muted. A series of resistance levels have prevented it from reaching the $190 mark. BeInCrypto’s analysis of the SOL/USD daily chart shows key resistance at $159.96 and $171.78 — levels where the coin has experienced significant selling pressure over the past month.

SOL is currently trading at $168.01, reflecting a 4% drop over the past 24 hours. Meanwhile, a 6% surge in trading volume signals intensified selling activity in the market.

When price declines alongside increased trading volume, it generally signals a bearish market sentiment. This pattern suggests that more traders are offloading their assets, adding further downward pressure on SOL’s price.

Solana Price/Trading Volume
Solana Price/Trading Volume. Source: Santiment

Further, the setup of SOL’s moving average convergence/divergence (MACD) indicator confirms the spike in selloffs. The coin’s MACD line (blue) has just crossed below the signal line (orange), suggesting a shift in the market trend from bullish to bearish.

The MACD indicator measures an asset’s price trends and momentum and identifies its potential buy or sell signals. When the MACD line falls below the signal line, it signals a bearish trend reversal, indicating that the asset’s momentum is weakening. Traders often view this crossover as a sign to consider selling or reducing positions.

Solana MACD
Solana MACD. Source: TradingView

SOL Price Prediction: This Level Must Become Support

As of this writing, SOL trades at $168.01, hovering just below the $171.78 level, which recently served as brief support. With demand waning, this level could soon turn into a resistance point, increasing selling pressure on the altcoin.

If $171.78 turns into resistance, SOL’s price may slide further to $159.96. Should this support level fail, a decline toward $148.14 becomes likely. 

Read more: Solana vs. Ethereum: An Ultimate Comparison

Solana Price Analysis
Solana Price Analysis. Source: TradingView

On the upside, a demand rebound could flip $171.78 back into support, potentially pushing SOL toward $188.60 — a critical hurdle before targeting its year-to-date high of $210.03.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Swift, UBS, Chainlink Pilot Simplifies Tokenized Fund Transactions

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In partnership with UBS Asset Management and Chainlink, Swift has completed a pilot program designed to streamline tokenized fund transactions through its established financial network.

Conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, this pilot demonstrates how financial institutions can leverage Swift’s existing infrastructure to manage off-chain cash settlements for tokenized assets.

Swift, UBS Asset Management, and Chainlink have completed a pilot for settling tokenized fund subscriptions through the Swift network. The initiative addresses inefficiencies in the $63 trillion global mutual fund market by connecting 11,500 institutions to streamline manual processes and cut costly settlement delays that hinder liquidity.

“Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets,” Chainlink co-founder Sergey Nazarov said.

Read more: RWA Tokenization: A Look at Security and Trust

Chainlink and Swift’s pilot bears real potential in demonstrating how financial institutions can streamline these processes in the future. It automates payment processing for tokenized investment funds without requiring a fully blockchain-based system. This approach makes transactions faster and more efficient.

The pilot builds on earlier work between UBS Asset Management and SBI Digital Markets. Their previous collaboration focused on developing a Digital Subscription and Redemption system for tokenized funds.

Using Swift’s established infrastructure, the pilot demonstrated how fund transactions could be settled efficiently by connecting traditional systems with blockchain. Upon meeting specific conditions, UBS’s tokenized investment funds automatically issued or canceled fund tokens for investors.

UBS rolled out a tokenized fund on the Ethereum blockchain on November 1. The “UBS USD Money Market Investment Fund Token,” known as “uMINT,” aims to meet growing demand for tokenized assets. Meanwhile, MAS highlighted its dedication to asset tokenization, drawing insights from 40 institutions and 15 pilot trials.

“Our collaboration with UBS Asset Management and Chainlink under MAS’ Project Guardian uses the Swift network to bridge digital assets with existing systems. This approach supports our goal of helping financial institutions securely transact across various digital asset classes and currencies,” Swift Head of Strategy Jonathan Ehrenfeld commented.

Read more: How To Invest in Real-World Crypto Assets (RWA)?

The pilot highlights the growing momentum toward integrating digital assets with mainstream financial systems, illustrating how established infrastructures like Swift’s can support the fast-evolving digital economy.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why FET Recovery Could Be More Than 10% in November

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Artificial Superintelligence Alliance (FET) is one of the top gainers today, registering a 10% increase within the last 24 hours. This FET recovery contradicts its performance in October, when its price decreased by 13.39%.

Following this rebound, on-chain data shows that the altcoin could be working toward wiping out those losses. Here is how.

Artificial Superintelligence Alliance Sees Buying Pressure  

Yesterday, FET’s price was $1.10. But as of this writing, the altcoin’s value has risen to $1.25. According to the 4-hour chart, FET’s price climbed this high due to rising buying pressure. 

Notably, Bull Bear Power (BBP) has jumped to the positive region after remaining in the red area since November 1. The BBP shows whether the strength of buyers is greater than that of sellers.

When the reading is negative, bears have the upper hand. Therefore, in this instance, bulls are in control. As such, the altcoin’s value could continue to climb if this remains the same. 

Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies?

FET recovery driven by bulls
FET Bull Bear Power. Source: TradingView

The Money Flow Index (MFI) is another indicator suggesting that the FET recovery could be swift. The MFI, which measures buying and selling pressure by analyzing price and volume data, has shown a positive trend for FET. 

A rising MFI indicates increased buying pressure, which supports the likelihood of continued price growth as demand for the asset strengthens. Therefore, if bulls sustain this momentum, then the altcoin’s price might continue to rise.

FET recovery is ongoing
FET Money Flow Index. Source: TradingView

FET Price Prediction: Token to Breach Resistance

Since the IOMAP indicates that there is only one significant resistance level for FET at $1.28, where 3,590 addresses hold 616.89 million tokens, it suggests that surpassing this level could open up further upside potential. 

Notably, the IOMAP tool categorizes addresses by whether they are making a profit, breaking even, or incurring losses at the current price

This accumulation zone acts as a key psychological barrier. The volume of tokens accumulated here is notably higher than the amounts held between $1.06 and $1.25, signaling that if buyers manage to push the price beyond $1.28, FET could gain strong momentum.

Read more: Which Are the Best Altcoins To Invest in November 2024?

FET bulls to breach resistance
FET In/Out of Money Around Price. Source: IntoTheBlock

Therefore, if buying pressure continues to increase, FET could rally all the way to $1.44. However, if bulls fail to breach the resistance, the altcoin price might pull back, and FET could drop to $1.10.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead?

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Bitcoin’s (BTC) price climbed to $70,000 today ahead of the US presidential election, indicating the connection between major political events and cryptocurrency movements. Historically, political uncertainty and significant elections have influenced crypto market sentiment and volatility.

As the election begins, on-chain analysis provides insights into potential future price movements. Analysts are also weighing in on the implications of the election outcome for Bitcoin, with opinions varying on whether the cryptocurrency could continue its upward trend or face downward pressure. Here are all the details.

According to Glassnode, the Bitcoin price increase comes amid a drop in the sell-side risk ratio. This metric shows whether investors are confident about a bullish performance or if conviction is low.

High values in this metric indicate periods when significant amounts of value are being realized, often correlating with increased market volatility. Such periods are commonly seen during the late stages of bull markets.

Conversely, low values suggest periods with minimal value realization and reduced market volatility. This can also signal macro market bottoms, accumulation phases, and environments with lower sell-side pressure and risk, potentially indicating the onset of future bullish trends.

Read More: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

Bitcoin selling pressure reduces
Bitcoin Sell-Side Risk Ratio. Source: Glassnode

Therefore, the rise in Bitcoin’s price indicates that selling pressure is low, and the US elections could be bullish for the cryptocurrency.

Regarding this development, Juan Pellicer, Senior Researcher at IntoTheBlock, opined that a Donald Trump win would be good for BTC and the crypto market at large.

“The market appears primed for further upward movement, with the US election serving as a potential catalyst. Sentiment suggests that Trump’s more favorable stance on cryptocurrencies could provide the momentum needed for a decisive breakthrough to a new all-time high.” Pellicer told BeInCrypto

Meanwhile, CryptoQuant’s weekly report says that BTC is at a favorable price level ahead of the elections. It noted that the cryptocurrency is currently not overvalued. Hence, if demand increases, Bitcoin’s price might rally post-election.

For instance, BTC prices rallied by 22% between election day and December 2012. In 2016, it climbed by 37%, while the cryptocurrency saw a 98% increase in 2020. 

Therefore, if past performance influences future trends, the BTC might reach a new all-time high before the end of the year.

Data from the on-chain data provider also showed that demand for Bitcoin has increased. This is similar to the trends of 2016 and 2020. Hence, if sustained, the Bitcoin price might climb well above $70,000 soon.

Bitcoin demand rises
Bitcoin Apparent Demand. Source: CryptoQuant

BTC Price Prediction: $73,000 Possible

On the 1-hour chart, Bitcoin has attempted to break out on four different occasions. However, each time that happened since October 31, the coin faced rejection. However, today, the trend has changed as bulls pushed the cryptocurrency above $68,336.

This breakout has ensured that Bitcoin’s price has risen to $70,288. Furthermore, the Bull Bear Power (BBP) shows that bulls are in control. If sustained, Bitcoin’s price might rally much higher in the coming days.

Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030

Bitcoin US election day price analysis
Bitcoin 1-Hour Analysis. Source: TradingView

If bullish momentum persists, Bitcoin could potentially climb to $73,623 ahead of the announcement of the US election results. However, should BTC face rejection at resistance levels, this forecast might be invalidated, with the cryptocurrency possibly declining to $67,405.

The post US Election Day Boosts Bitcoin to $70,000: Further Rally Ahead? appeared first on BeInCrypto.



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