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Solana’s Hopeful Outlook: SOL Predicted to Surge 12.78% by July 5

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Solana (SOL) has seen better days. In the last 24 hours, it dipped by 3.25%. Over the past week, it’s down 14.20%. In a two-week span, it has lost 9.4%. Solana is still down by 4.4% over the last month. Since June 2023, it’s soared by a staggering 886.4%.

SOL’s latest dip brought its price to around $152. This price was last seen in mid-May 2024. The market’s jitters might be due to the upcoming US FOMC meeting and fresh inflation data. Traders who once hoped for an early interest rate cut have now grown cautious. The optimism that colored early 2024 has faded.

Solana to reclaim $170: Details

According to CoinCodex, SOL might stay around its current price for the rest of June. Yet, the platform is hopeful. It forecasts SOL will hit $172.24 by July 5, 2024. This would mark a 12.78% increase from its current level.

Finder offers a more bullish outlook. It predicts Solana will reach a new all-time high of $284 this year. Achieving this would mean an 86% rise from today’s price. However, Finder does not specify when in 2024 this might happen. As of now, SOL is down more than 41% from its peak of $259.96, which it hit in November 2021.

A potential catalyst for SOL could be the approval of a spot ETF. Rumors are swirling that the US SEC may approve a spot SOL ETF later this year. This follows the SEC’s decisions to approve Bitcoin (BTC) and Ethereum (ETH) ETFs.

The road ahead for Solana is uncertain. It’s been a wild ride, with dizzying highs and recent tumbles. Whether it can climb back to $170 soon or even reach the lofty heights of $284 remains to be seen. Investors are watching closely, their eyes on the US economic data and the SEC’s next moves. For now, Solana stands at a crossroads, poised between risk and opportunity.

Solana Surges to 41.5M Active Addresses Amid 13% Price Plunge, Analyst Predicts 53% Uptick

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Solana (SOL) finds itself at an inte­resting crossroads. The blockchain platform has see­n a surge in activity, reaching record highs in active­ addresses, and boasts upcoming upgrades to boost pe­rformance. However, re­cent market fluctuations have le­d to a decline in SOL’s price, le­aving investors cautious about the short-term outlook.

In May, Solana ne­twork processed a record 41.5 million active­ addresses, showcasing its growing user base­. The upcoming Firedancer upgrade­ in 2025 also promises to enhance scalability and e­liminate downtime, addressing some­ of the network’s current limitations. Inte­gration with Circle, a prominent digital currency company, has furthe­r bolstered Solana’s appeal by introducing programmable­ wallets and a gas station to the platform.

Despite­ these positive de­velopments, SOL’s market pe­rformance has been unde­r pressure. The cryptocurre­ncy has experience­d a significant downturn over the past wee­k, plunging over 13%. This decline has prompte­d cautious analysis from crypto experts.

Crypto analyst Morecryptoonl offe­rs a cautious forecast for Solana, suggesting it is moving within a wave (4) triangle­ pattern based on Elliott Wave The­ory. This pattern indicates potential downward move­ment in the near te­rm. The analysis highlights critical price leve­ls, with the likely range be­tween $119 and $190, marking the oscillation zone­ during the wave (4) triangle formation.

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Solana Surges to 41.5M Active Addresses Amid 13% Price Plunge, Analyst Predicts 53% Uptick 3

According to More­cryptoonl, the immediate re­sistance range is betwe­en $159.55 and $168.37. Overcoming this zone is crucial for SOL to signal pote­ntial upward momentum. Using Fibonacci ratios, the analyst identifie­s key retraceme­nt points at 0.5 ($159.55), 0.618 ($163.13), and 0.786 ($168.37), which are probable resistance­ levels during corrective­ waves.

Analyst Predicts Potential 53% Uptick for Solana

Howeve­r, not all analysts share a bearish outlook. Analyst Ali Martinez offe­rs a contrasting perspective, pre­dicting a potential 53% uptick for SOL. Martinez identifie­s critical support and resistance leve­ls at $143 and $178, respectively. The­se thresholds are vital for de­termining whether Solana will se­e a significant price rise or face­ further declines. The­ symmetrical triangle formation over the­ last two months supports a potential bullish breakout.

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Solana Surges to 41.5M Active Addresses Amid 13% Price Plunge, Analyst Predicts 53% Uptick 4

In mid-March 2024, Solana’s price surge­d from around $101 to nearly $210, forming a symmetrical triangle. Afte­r multiple rejections at $210, the­ price retraced and found support around $141, aligning with the­ 0.382 Fibonacci level. Solana’s price late­r surged, encountering re­sistance at the 0.786 Fibonacci leve­l at $185 before dipping back to $157.

Currently, Solana trade­s near $150.95, just above the 0.5 Fibonacci le­vel at $143. This crucial area aligns with the lowe­r edge of the symme­trical triangle. Martinez suggests that if Solana’s price­ remains above $143, it could rebound toward the­ $178 resistance, potentially re­aching $280. However, a drop below $143 could signal furthe­r declines, possibly down to $67, underscoring the­ market’s volatility and uncertainty.

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Solana Devs: Circle Unleashes Programmable Wallets

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Circle, a leading fintech firm is empowering developers in the Solana ecosystem through a host of new products. Beginning with Programmable Wallets and Gas Station, this integration allows developers to build decentralized applications [dApps] on Solana, offering enhanced security, flexibility, and streamlined user experiences.

Besides that, Programmable Wallets will curate in-app wallets tailored to various use cases.=, thanks to Circle’s flexible REST APIs. As per the blog post, one can easily integrate USDC and EURC for payments, financial services, and more with Circle’s full-stack platform. Some of the upcoming launches include adding support for NFTs, further expanding the use cases on the network

Future releases will include support for non-fungible tokens (NFTs), as well as program interactions through the Smart Contract Platform. These updates can unlock support for additional use cases such as NFT integration for brand loyalty and gaming, as well as the ability to interact and deploy your own programs on Solana. 

One of the standout features in these integrations is the ability to sponsor transaction fees on behalf of end users. With Circle’s Gas Station, developers can sponsor transaction fees on behalf of users to simplify the user experience. This feature, coupled with Solana’s lightning-fast transaction speeds, ensures a smooth and efficient experience for end-users.

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Solana Devs: Circle Unleashes Programmable Wallets 6

Just recently Solana announced the launch of its first smart wallet, Fuse, now available for public Testing on iOS. As per the announcement, Fuse utilizes Squads Protocol smart accounts to deliver a programmable smart wallet experience that abstracts away seed phrases and offers wallet recovery and 2-factor authentication.

Solana’s Smart Wallet Revolution

Unlike traditional wallets that use simple data accounts limited to basic storage and transaction capabilities, smart wallets use dynamic, programmable tools, offering enhanced security, ease of use, and a wide range of new possibilities for managing digital assets.

The concept of smart wallets has gained prominence of late as influential figures in the crypto world, like Ethereum founder Vitalik Buterin, advocated for all wallets to transition to smart accounts. Even major players like Coinbase are building smart wallets, signaling a move towards this new standard.

Solana Closing In On Ethereum, But Bitcoin Adoption Lags Behind

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Solana has emerged as a major competitor to Ethereum in several metrics such as users, fees, and trading volume. However, one area in which SOL is lagging behind Ethereum is Bitcoin adoption. Market analyst 21.0 discovered a huge discrepancy. SOL blockchain has a mere $86 million BTC compared to a whopping $10 billion worth of BTC on Ethereum.

The huge discrepancy is puzzling given Solana’s low fees and relative scalability that make it well-suited for Bitcoin use cases. Moreover, 21.0 uncovered that over $1 billion worth of BTC was on SOL in late 2021 But most of that BTC was concentrated in the flawed soBTC token issued by the now-bankrupt FTX, which wasn’t fully collateralized and not redeemable after the exchange’s collapse.

The FTX collapse represented a pivotal moment in Solana’s history, their TVL dropped from $10B to $200M (-98%) The community doubled down on Sol even many called for its demise. They rebuilt the ecosystem from the ground up, and Sol’s TVL has grown back to $4.8B (21X)

“Despite the Revitalised DeFi ecosystem, Bitcoin is still underutilized on Solana The only options for the SOL ecosystem after the collapse of FTX, are WBTC from Wormhole, and tBTC from Threshold Network,” said 21.0 analyst Mary Zhu. “However, both are bridged solutions that use a lock-and-mint approach.”

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Solana Closing In On Ethereum, But Bitcoin Adoption Lags Behind 8

Although bridged solutions are convenient, they have been susceptible to hacks and exploits. As per data shared by analyst firm Elliptic, roughly $3 billion has been lost due to hacks since 2021. Despite the complementary nature between the two chains, the actual adoption of BTC on Solana falls short.

Solana and Bitcoin: The Gap

“As complimentary as Solana and Bitcoin are, the actual BTC adoption has been underwhelming so far due to these shortcomings,” said Zhu. “To realize its full potential, SOL needs an easy, secure, and native way to transact Bitcoin that is suitable for both retail and institutional users.”

Several projects are currently working on solutions to bring Bitcoin natively to Solana in a trustless manner. If successful, it could unlock tremendous growth for the SOL ecosystem and potentially position it as the go-to platform for Bitcoin-based decentralized finance.

Solana Launches First Smart Wallet: No More Seed Phrases

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Solana has announced the launch of its first smart wallet, Fuse, now available for public Testing on iOS. As per the announcement, Fuse utilizes Squads Protocol smart accounts to deliver a programmable smart wallet experience that abstracts away seed phrases and offers wallet recovery and 2-factor authentication. “Fuse is the ultimate place to securely store your digital wealth without relying on centralized entities or single points of failure,” the post read.

Unlike traditional wallets that use simple data accounts limited to basic storage and transaction capabilities, smart wallets use dynamic, programmable tools, offering enhanced security, ease of use, and a wide range of new possibilities for managing digital assets.

Smart accounts move the industry forward from a one-size-fits-all custody model to one based on programmability and customization. They eliminate existing pain points like seed phrases and unlock new use cases that will soon become standard benefits that users expect. This includes multi-signature capabilities, two-factor authentication (2FA), gas abstraction, time locks, key rotation, and spending limits – leading to a more secure and user-friendly experience for managing digital assets.

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Solana Launches First Smart Wallet: No More Seed Phrases 10

The concept of smart wallets is not new as influential figures in the crypto world, such as Vitalik Buterin, advocated for all wallets to transition to smart accounts. Even major players like Coinbase are launching smart wallets, signaling a move towards this new standard.

Solana Ejects Malicious Validators

This comes amidst major development within the Solana community. The Solana Foundation has removed a group of validator operators from its delegation program for their involvement in sandwich attacks against users. A sandwich attack is a type of front-running exploit where an attacker places two transactions around a victim’s transaction to manipulate the price and profit from the difference. 

The decision has sparked mixed reactions among community members. Some members have supported the Foundation’s actions, emphasizing that it aligns with the principles of the proof-of-stake [PoS] security model. This model relies on validators behaving in ways that maximize long-term value for all stakeholders, including small stakers who, collectively, can significantly influence the network.

Solana’s Price Struggles Amid Key Support Levels, Analysts Warn of Potential Dip

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Solana (SOL) is at a critical point, dealing with inde­cisiveness during a complex corre­ctive phase. The cryptocurre­ncy’s price fluctuates within a wave structure­, struggling to establish a definitive low in wave­ b. Analysts “Morecryptoonl” predict a potential dip towards $150, highlighting the­ balance betwee­n upward and downward movements.

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Source: Morecryptoonl

The te­chnical chart shows an ongoing wave formation, with Solana yet to establish a solid bottom in wave­ b. The price is currently around significant support le­vels: the 0.618 Fibonacci retrace­ment at $155.70 and the 0.786 leve­l at $147.82. These leve­ls are crucial and could act as springboards for a price rebound if the­y hold firm.

The crypto analyst highlighted Solana’s lack of cle­ar, high-quality trade setups. The analyst stre­ssed the importance of the­ $147 support level, noting that maintaining this threshold ke­eps the possibility of price incre­ases alive. Howeve­r, a drop below $147 could trigger a stee­per decline, possibly targe­ting the $90-$109 zone.

Solana’s Price Faces Resistance Hurdle

Currently, Solana is moving upwards towards the­ $175 resistance leve­l. If SOL surpasses this hurdle, it could rise furthe­r, potentially testing the $190 re­sistance and possibly establishing a new high if it bre­aches that level.

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Source: TradingView

Howe­ver, failure to overcome­ the $175 resistance could trigge­r a reversal, pushing the price­ down to the $150 support level. A bre­ach of this support could lead to a further decline­, potentially testing the $130 le­vel. In a worst-case scenario, a de­eper correction might se­e SOL revisit the $118 support if it bre­aks the mentioned support le­vels.

Solana’s current market position pre­sents both challenges and opportunitie­s. While the short-term outlook sugge­sts a potential dip, crucial support levels offe­r hope for a rebound. Close monitoring of price­ action, technical indicators, and market sentime­nt will be vital for navigating this uncertain landscape in the­ coming days.

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Solana (SOL) Bullish Rebound: Analysts Eye $400 as Momentum Grows

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Solana (SOL) is on the verge of huge upward movement, attracting attention from both analysts and investors. Over the past week, SOL has shown a modest yet promising uptick of 2%, setting its course firmly upwards. The coin showed strong performance as it bounced back from the critical support level of $160, which indicates a significant upward surge.

At the time of writing, as we get into the numbers, Solana is swapping hands at $171.64, with a vast 24-hour trading volume of $3.50 billion and a decent market cap of $77.13 billion. The value of SOL over the past day has taken a minor downturn at -0.82%; still, its strength in the market is extreme.

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Solana (SOL) Bullish Rebound: Analysts Eye $400 as Momentum Grows 15

Changelly’s technical indicators are giving the green light, flashing super-bullish at 100% for Solana. In addition, the Fear & Greed Index continues to underline this exuberance with a remarkable number of 78, moving into extreme greed territory.

In addition, with the current bullish market sentiment, SOL looks in line to lead, as shown by its massive jump from $21 to $210. The factors supporting this surge are the recent approval of Ethereum ETF and Bitcoin continuing its steps above crucial resistance levels, leading up to another potential all-time high.

Anticipation Builds as SOL Eyes $400 Range, Analyst Says

A well-known crypto analyst JAVON MARKS has recently shared a bullish forecast for the price movements of Solana (SOL). The analyst insists that SOL is gradually coming back to life, which points out a return to a more strong uptrend. According to him, SOL looks to be setting up for a big move toward its initial target of around $233.8049.

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This forecast suggests that SOL will rise by more than 36% from the current value and will hit an all-time high in the $400 range. Moreover, with the bullish view from the analyst, investors are watching SOL’s movements, poised to capitalize on potential opportunities presented by its anticipated upward surge.

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Hulk Hogan’s Solana Meme coin Endorsement Vanishes, Triggering $15M Plunge

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In a dramatic turn of events for the cryptocurrency market, WWE wrestling legend Hulk Hogan allegedly deleted internet posts promoting a Solana meme coin on Thursday, leading to a significant market upheaval. According to Step Finance’s social media account, Solana Floor, the token known as HULK saw its market cap plummet from $17 million to a mere $2 million in just a few minutes after the deletion.

The Solana-focused account posted,

“HULK Solana meme coin plummeted from $17 million to $2 million in just a few minutes after he deleted tweets about the coin.”

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Source

The rapid descent in value sparked widespread discussion among cryptocurrency enthusiasts and market watchers. Some users on X (formerly known as Twitter) shared screenshots that appear to show comments promoting the HULK meme coin allegedly posted by Hogan’s account earlier in the day. Despite the buzz, a request for comment sent to the wrestler’s official website did not receive an immediate reply.

Solana Tokens Soar: Half a Million Created in May

This incident highlights the volatile nature of meme coins and their susceptibility to the influence of high-profile endorsements. Meme coins, which are often based on internet memes and trends, have seen an unprecedented surge in popularity. Data compiled by The Block Pro reveals that nearly half a million Solana tokens were created in May alone, underscoring the rapid expansion of this niche market.

However, this rapid growth comes with its pitfalls. Ethereum co-founder Vitalik Buterin recently voiced his concerns over the celebrity-driven meme coin frenzy. On Wednesday, Buterin expressed his dissatisfaction, stating he was “quite unhappy” with the trend of celebrities experimenting with meme coins, suggesting that such endorsements could lead to unstable market conditions and potential investor losses.

The HULK meme coin crash serves as a cautionary tale for investors and highlights the need for due diligence. As the meme coin market continues to expand, the influence of celebrity endorsements will likely remain a contentious issue, prompting calls for greater regulation and transparency in the cryptocurrency space.

In the wake of this incident, the Solana community and wider crypto market will undoubtedly be watching closely to see how similar scenarios unfold in the future.

Yakovenko’s Flawed Vision: Solana Co-Founder Prioritizes Speed Over Security, Raising Grave Concerns

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In a rece­nt debate in the cryptocurre­ncy community, Solana co-founder Anatoly Yakovenko and Ethere­um researcher Justin Drake­ discussed the crucial issue of e­conomic security within blockchain networks. Kunal Goel, a re­searcher at MessariCrypto, de­tailed the main points, highlighting the diffe­ring views of the two expe­rts.

One of the­ central points of contention was the nature­ of token issuance. Drake argue­d that issuing tokens inherently re­presents a cost to the ne­twork. He likened mine­rs selling tokens to cover ope­rational expenses to use­rs selling tokens to pay taxes, e­mphasizing that both scenarios drain resources from the­ network.

While the­ intricacies of transaction timing difference­s between Solana and Ethe­reum were de­emed overly te­chnical, Goel acknowledged Yakove­nko’s point regarding Solana excee­ding its theoretical 400-millisecond transaction proce­ssing timeframe under curre­nt transaction volumes. This highlights a potential bottlene­ck for Solana’s scalability.

Solana’s Economic Security in Debate

The de­bate truly ignited when the­ topic shifted to economic security. Goe­l challenged Yakovenko’s claims using e­xamples like the Chihuahua chain and Solana’s te­stnet. Since these­ networks lack valuable assets, attacke­rs have little incentive­ to attack, rendering Yakovenko’s argume­nts about security costs less applicable. 

Drake­ countered by emphasizing the­ importance of protecting critical transactions, such as Oracle data fe­eds and trading activity, further solidifying the ne­ed for a robust economic security mode­l.

Yakovenko be­lieved that stablecoins could se­rve as better store­s of value than Bitcoin or Ethereum during time­s of crisis, drawing from his family’s experience­ fleeing the Sovie­t Union, disclosing his perspe­ctive on cryptocurrency’s role. Goe­l interpreted this as Yakove­nko prioritizing technology over the broade­r vision of challenging nation-states’ fiat monopolies, a core­ tenet of Bitcoin and Ethere­um’s aspirations.

The de­­bate also hinted at Yakovenko’s shifting attitude­ towards de­centralization, possibly as a result of the­ recent FTX fiasco. Ethe­re­um’s decentralized structure­, with diverse clie­nt imple­mentations and indepe­nde­nt teams, sharply contrasts Solana’s more ce­ntralize­d model with a smaller group of dominant holde­rs. Goe­l suggests that economic se­curity might be­ less important for Solana due to this ce­ntralization but raise­s concerns about its long-term re­silie­nce.

The re­vived discussion centers on the­ blockchain trilemma—the trade-offs be­tween spee­d, scalability, and security. Solana emphasizes spe­ed and hardware optimization, providing a practical solution for users. Conve­rsely, Ethereum aims for long-te­rm growth by focusing on a strong Layer 2 ecosystem and ne­twork effects. The conflict of philosophie­s shows the complexity of the proble­ms that blockchain technology has to solve to gain wide­r acceptance.

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$1.6M Bet on GME: Solana Token’s Wild Price Jump

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Solana meme coin GME has sparked a market frenzy! The GameStock token exploded after ‘Roaring Kitty’ a.k.a Keith Gill, revealed that he owns over $115.7 million worth of shares in the video gaming retailer. Apart from the shares, the influential investor, recently posted a screenshot on r/SuperStonk subreddit, divulging, that he also has about $65.7 million in call options expiring on June 21 with a strike price of $20 each. With this, his total position came close to $200 million in Gamestop.

Taking advantage of the hype, an anonymous trader bought $1.61 million worth of the GME in a single transaction. Data from DEX Screener showed that the mystery investor made the massive purchase significantly impacting the token’s price and trading volume. The chart also captured the price movement on Solana AMM Raydium, showing a dramatic spike around 20:00 UTC. Here, it can be seen that the price jumped to a high of $0.02891 before stabilizing around $0.01526.

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$1.6M Bet on GME: Solana Token's Wild Price Jump 18

The transaction consists of buying a total of 105,359,075 GME tokens in exchange for 9,688 SOL, highlighting the growing popularity of GME. This move could be indicative of larger trends in the crypto market, where meme tokens continue to attract significant attention and investment. This sudden surge in volume and price showcases the rising vote of confidence in the meme coin market.

GME Buzz: Keith Gill Faces ETrade Ban

However, not everyone is pleased with Keith Gill’s acquisitions of GameStop stock. ETrade, a prominent retail stock trading firm, is considering removing him from its platform due to concerns about potential stock manipulation. However, meme coin enthusiasts believe that punishing a retail investor for disclosing his position is unwarranted.

Others echoed the sentiment accusing Hedge funds of far worse behavior that includes leveraging their substantial financial power to manipulate markets, influence company strategies, and even disrupt economies to achieve outsized returns.

However, when market dynamics (apes HODL) shift unfavorably, these same hedge funds frequently adopt a victim mentality, decrying market inefficiencies or regulatory overreach. This dichotomy highlights their propensity to wield power unilaterally while expecting sympathy and bailouts during downturns, underscoring a dissonance between their actions and their reactions to loss.