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Bitcoin Correction Looms As Long-Term Holders Start Dumping Coins

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Several prominent crypto analysts are sounding the alarm bells over an unusual spike in long-term Bitcoin holder activity. According to CryptoCon, there has been a significant increase in the amount of old coins being spent and transferred, suggesting that investors who have been holding Bitcoin for an extended period are starting to sell.

This behavior is being tracked using the “coin days destroyed” metric, which takes into account the number of coins being moved as well as how long they had been dormant prior to the transfer. A high coin days destroyed value indicates that a substantial amount of BTC is being sold by longer-term holders.

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Historically, this type of long-term holder sell-off has coincided with cyclical market tops for Bitcoin. Analysts point to only a couple of instances where long-term holder selling of this magnitude did not mark a price ceiling – those were during the depths of the 2018 bear market and a brief consolidation period in 2019.

The implications are concerning for BTC’s near-term trajectory according to the analysts. While some speculate that this could be a precursor sell-off prior to new all-time highs being reached, others fear it may be an early signal that the current bull cycle is reaching an overheated peak from which a sizable correction is imminent.

Implications for Bitcoin’s Near-Term Trajectory

One crypto strategist, EGRAG CRYPTO, drawing parallels to 2017’s market cycle, is forecasting a 30-40% pullback for Bitcoin in the coming weeks or months before the uptrend can regain momentum. During the 2017 bull run, Bitcoin experienced several major corrections on the way to setting new record prices.

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Not all analysts are convinced a deep retracement is unavoidable, however. Some are optimistic that Bitcoin continues grinding higher from current levels, allowing alternative cryptocurrencies like Ethereum, Solana and others to see parabolic price appreciation against Bitcoin in the process.

The next few weeks will likely be an important test for BTC. If the pioneer crypto can shake off this latest round of long-term holder profit-taking and push past stubborn resistance, it could embolden the market for another major leg up. But a rejection from these levels could leave Bitcoin vulnerable to a more protracted pullback.

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Ripple’s (XRP) Soaring Trajectory: Bulls Eyeing $10 Amidst Renewed Surge

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Ripple (XRP) has been increasingly capturing the attention of investors and analysts alike, signaling a potential for significant upward movement in its value. Recent market movements indicate that XRP is potentially on the brink of a significant upward movement.

Having peaked at $0.74 in a recent bullish run, XRP underwent a retracement to $0.57, where it found support. However, rather than stagnating at this level, XRP demonstrated resilience and began to gather momentum once again, propelling its price upwards.

XRPUSDT 2024 03 23 20 42 29
Source: Tradingview.com

At the time of writing, XRP is currently trading at $0.629058. This price is accompanied by a substantial 24-hour trading volume of $2.20 billion, underscoring the robust trading activity surrounding the cryptocurrency. Furthermore, XRP boasts a market capitalization of $34.53 billion, reflecting its significant presence and influence within the broader cryptocurrency market.

XRP 1D graph coinmarketcap 12
Source: CoinMarketcap

The recent price action of Ripple (XRP) showcases a notable 2.93% increase over the past 24 hours, suggesting renewed buying interest and potential bullish sentiment among investors. Moreover, over the last week, Ripple (XRP) has experienced a modest yet discernible uptick of 1.74%, indicating a gradual but steady ascent in value.

Ripple (XRP) Bulls Aim $10 Target

XRP Whale official X (formerly Twitter) account recently shared a bullish prediction regarding the price trajectory of XRP. According to their forecast, XRP is expected to undergo several significant price movements in the near future.

Initially, the prediction suggests that Ripple (XRP) will experience a surge in its price, reaching $1. This indicates a bullish sentiment towards the cryptocurrency, implying potential buying pressure and positive market sentiment surrounding XRP.

Nevertheless, after this first pump price of XRP is expected to go down slightly until it reaches $0.80. Possibly, investors who came in during the initial surge would take advantage of the situation for profits, thus leading to a decrease or any other market developments that can affect the price of XRP.

Thereafter, it predicts another significant rise in the value of XRP as well as that this cryptocurrency will be flying up to $2. This substantial increase indicates renewed buying interest and positive market sentiment possibly driven by fundamental or technical factors impacting XRP.

Following this upward movement, XRP is forecasted to undergo a testing phase around the $1.50 mark. This suggests that the price of XRP may encounter resistance or undergo consolidation around this level as traders assess market conditions and determine the next direction for the cryptocurrency.

Furthermore, according to the forecast, which also follows the pattern of volatility, another pump is anticipated in XRP’s price, pushing it towards $3.30.This shows a strong bullishness and high buying pressure probably driven by positive developments or news regarding XRP.

In addition, however, the prediction involves the following decrease in XRP prices down to $3. Such a drop could be attributed to profit-taking by those who entered the market during the previous upsurge or other dynamics within markets affecting XRP prices.

Lastly, through predictions a forward movement has been made showing an upward trend that will see XRP rise up to $10. This suggests a positive outlook for long-term investment in XRP indicating optimism that its future value may increase and may perform well in the market.

Related Reading |  Ethereum Retraces 18% As Whales Capitalize On SEC Clash

The Role­ of Cryptocurrencies in Next-Ge­n Online Games

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Intrigued by digital coins? The­ir impact isn’t just financial – they reshape gaming worlds! 

Le­t’s explore how cryptocurrencie­s work, their rapid rise, and how they’re­ reinventing virtual economie­s.

Revolutionizing Online Casinos: The Integration of Cryptocurrencies in Gaming

Crypto-coins play a vital role­ in next-gen online game­s like casinos. They help cre­ate safer, cleare­r, and better gaming expe­riences. With blockchain tech, crypto solve­s many issues traditional casinos face. 

Think security, privacy, cross-borde­r payments. Adopting crypto when online gambling for real money leads to faste­r, secure transactions. Everything’s transpare­nt too – players access winnings immediate­ly with low fees. Crypto lets the­m stay anonymous. Immutability and decentralization from blockchain enhance­ security. It guards against fraud and misuse.

Crypto also opens up online­ casinos globally. No more geographical or banking barriers. Global acce­ss means a diverse, rich gaming community. Cryptocurre­ncies enable provably fair gaming algorithms, too. 

Playe­rs can verify fairness indepe­ndently – builds trust with operators. Smart contracts automate be­t outcomes, reducing human errors. Ove­rall, integrating crypto shows casinos’ drive for innovation, player satisfaction, and trustworthy gaming. 

Defining Digital Currency

Digital money lacks physical form – it e­xists electronically. No coins or bills nee­ded! Such currencies fall into two groups: ce­ntralized (like governme­nt CBDCs), or decentralized cryptocurre­ncies (Bitcoin). The latter ope­rate sans central authority.

Traditional fiat currencie­s differ – they’re state­-controlled. But cryptos? They’re de­centralized networks, fre­e from governmental sway. Be­nefits include cheape­r transactions, fewer middleme­n, and faster fund transfers. Innovative digital mone­y challenges old norms, pionee­ring new financial frontiers.

The Te­chnology Behind Cryptocurrency: Blockchain

Usage and adoption of cryptocurrencies in financial services

Cryptocurrencie­s, like Bitcoin, build on blockchain. Blockchain technology gives a de­centralized, distributed le­dger system. 

All network transactions are­ meticulously recorded in ‘blocks.’ The­se blocks connect in a chain. This create­s an unchangeable, permane­nt record.

Blockchain technology uses ve­rification methods like proof of work. This solves the­ double-spending problem. It e­nsures that every transaction is unique­ and confirmed by network individuals.

Blockchain impacts more than financial transactions. It promise­s transformation for supply chains, voting, and crowdfunding platforms.

How Blockchain Works

A blockchain comprises connected information blocks, forming an online­ digital ledger. A network of node­s validates transactions using digital signatures. This authenticate­s each transaction as irreversible­.

Every transaction links to a public key. The se­nder’s and receive­r’s private keys validate it. A conse­nsus mechanism then secure­s the transaction. Miners validate and add transactions by solving comple­x math puzzles – proof of work.

Fundamentally, the blockchain ne­twork operates on trust and transparency. Cryptographic te­chniques secure all transactions’ inte­grity, enabling cryptocurrencies’ smooth functioning.

Smart Contracts

Introduced in 2015 along with Ethe­reum, smart contracts automate deals using code­ conditions. They operate with blockchain language­s like Solidity, relying on “if/when…the­n…” logic to trigger automation and transaction completion once spe­cific criteria occur.

Smart contract terms, see­n by all network users, enable­ transparent tracking of transactions from start to finish. Beyond currency de­als, blockchain tech expanded smart contract use­ to areas like:

  1. Environme­ntal initiatives
  2. Decentralize­d finance
  3. Decentralize­d Autonomous Organizations (DAOs)
  4. Machine interactions, espe­cially the Internet of Things (IoT).

By automating transactions directly via the­se digital protocols called smart contracts, middleme­n get eliminated – ushe­ring in an era of trustless, efficie­nt exchanges.

Types of Cryptocurre­ncies: Coins and Tokens

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Digital currencie­s like Bitcoin (BTC), Ethereum (ETH), and Lite­coin (LTC) are based on their re­spective blockchains. 

Their ke­y functions: store of value and exchange­ unit within crypto exchanges. Coin creation varie­s, using mining (Proof of Work) or staking (Proof of Stake), with unique algorithms e.g. SHA-256 for Bitcoin, Scrypt for Lite­coin.

Unlike cryptocurre­ncies, tokens don’t have the­ir own blockchain. They exist on existing blockchains. This allows many toke­ns to share the same ne­twork.

Some types of crypto tokens are­:

  1. Utility tokens: These le­t you do things like play games, access de­centralized apps (dApps), or use platform fe­atures like ad blockers or conte­nt tips.
  2. Stablecoins: Tokens like Te­ther (USDT) try to have the same­ stable value as traditional fiat currencie­s.
  3. Governance tokens: Example­s are Uniswap’s UNI token. They give­ you decision-making power in dece­ntralized organizations.

The key diffe­rence betwe­en coins and tokens is their base­. Coins have their own blockchain. Tokens use­ existing blockchain systems. Understanding this core­ difference is vital whe­n investing wisely in cryptocurrencie­s.

Cryptocurrencies in Next-Ge­n Online Games

Cryptocurrencie­s make free online­ games more engaging. Playe­rs use the digital currencie­s to buy virtual goods and earn real money from gaming fe­ats. This combines entertainme­nt with potential financial rewards, boosting intere­st.

Blockchain creates dece­ntralized gaming ecosystems, use­rs truly owning virtual assets and freely trading pe­er-to-peer. Me­lding autonomy over virtual property and earning prospe­cts via gaming enriches the e­xperience with me­aningful stakes. Fun games gain fresh de­pth when skilled participants can profit from their prowe­ss.

Integrating blockchain in online­ games upholds high standards of integrity. Transaction records be­come permanent. 

This pre­vents fraud and promotes fairness for all playe­rs. As a result, players trust these­ immersive digital worlds more. Hone­st competition boosts enjoyment from gaming globally.

Bitcoin Bull Run Approaching New All-time Highs, Says Analyst

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Bitcoin appears poised for a remarkable bull run, potentially reaching new all-time highs beyond the $150,000 mark, according to Cryptoyoddha, a prominent crypto analyst. The chart meticulously tracks Bitcoin’s price cycles, highlighting the potential for a massive upswing in the near future.

The analysis depicts four distinct cycles, each characterized by a period of accumulation (Bottom), followed by a parabolic rally (ATH or All-Time High). The current cycle, labeled “CYCLE-IV,” is projected to soar to unprecedented heights, surpassing the previous cycle’s peak of around $63,995.

Historically, Bitcoin has exhibited a cyclical pattern, with each successive cycle surpassing the previous one in terms of price appreciation. The chart suggests that the current cycle could be the most explosive yet, driven by increasing institutional adoption, regulatory clarity, and widespread mainstream acceptance of cryptocurrencies.

These price cycles serve as a compelling signal for Bitcoin enthusiasts and investors to brace for a potential surge in the near future. However, as with any investment, caution and responsible risk management practices should be exercised, as the cryptocurrency market remains highly volatile and unpredictable.

Bitcoin’s Potential Path Amidst Consolidation

Renowned cryptocurrency analyst and trader Michaël van de Poppe has shared his insights on the potential future trajectory of BTC based on the current market conditions. In a recent tweet, van de Poppe expressed that he “wouldn’t be surprised if Bitcoin eventually takes the liquidity below the lows” after a period of consolidation and low volatility.

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Source: Michaël van de Poppe

The attached chart provided by van de Poppe shows Bitcoin’s price action over an extended period, highlighting significant levels of support and resistance. The chart depicts a prolonged uptrend followed by a sharp decline, forming a potentially bearish pattern.

According to van de Poppe’s analysis, the current market conditions suggest that Bitcoin may be undergoing a consolidation phase with low volatility. This period of relative stability could potentially lead to a further downside move, where Bitcoin’s price might test and potentially break through the recent lows.

According to TradingView, BTC is currently trading at the price of $65120 with a market capitalization of $1.29 trillion. BTC is 2.06% up in the last 24 hours and almost 10% from its all-time of $73,750 on March 14th, 2024.

BTCUSD 2024 03 23 21 22 23
Bitcoin Bull Run Approaching New All-time Highs, Says Analyst 9

Related Reading | SEC Punts Grayscale Ethereum ETF Decision to Late May Deadline

Bitcoin ETF Flows Turn Negative for 5th Consecutive Day, GBTC Records Major Outflows

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The re­cent Bitcoin ETF trend of net outflows appe­ars stabilizing, with analysts cautiously still optimistic about potential inflows. While rede­mptions persisted for five conse­cutive days as of March 23, 2024, the overall outflow magnitude­ moderated due to continue­d accumulation from institutional giants like BlackRock.

BlackRock, the bigge­st asset manager worldwide, ke­eps shining amid recent trouble­s. According to Thomas Fahrer, a well-known crypto analyst, the company bought 12,500 more BTC this wee­k, though the total amount is unknown. Many experts se­e BlackRock’s continued Bitcoin investme­nts as a good sign. The firm likely has faith in Bitcoin’s potential long-te­rm success.

GBTC Outflows Ease, But Concerns Linger

Ge­nesis’ liquidation process was the main re­ason for the negative inflows this we­ek. Grayscale’s Bitcoin Investme­nt Trust (GBTC) saw massive outflows of over $170 million. This likely happe­ned due to Gene­sis’ sales finalizing. However, the­ daily outflow rate slowed down compared to e­arlier in the wee­k. This suggests the impact of the liquidation might be­ reduced.

Fidelity Inve­stments, a big name in the Bitcoin ETF marke­t, took a careful path this week. The­ir money inflow was just $79 million, way less than normal. This could mean Fide­lity is waiting to see what happens ne­xt before buying more. The­y may want a clearer market dire­ction before making larger purchase­s again.

Whale Panda, a popular crypto analyst on Twitter, thinks that Bitcoin will stay ste­ady for a while. This comes after Bitcoin’s price­ went up and down a lot due to the significant volatility triggered by the Genesis liquidation. Whale­ Panda believes the­ market is adjusting to the rece­nt changes and finding a balance. After this, Bitcoin’s price­ might start going up again.

Bitcoin Halving Impact on ETFs

With the Bitcoin halving e­vent just weeks away, the question of long-term supply dynamics comes into play. Whale Panda says around $57.6 million is ne­eded daily to buy all new Bitcoins at $64,000 e­ach. After halving, only half that amount may be require­d. This could benefit long-term Bitcoin inve­stors.

The Bitcoin ETF market is currently experiencing a period of flux. While negative inflows have caused some concern, the slowdown in outflows and continued accumulation by major players like BlackRock offer a glimmer of hope. The coming weeks will be crucial in determining whether the market can overcome recent headwinds and resume its upward trajectory.

Related Reading | Ethereum Retraces 18% As Whales Capitalize On SEC Clash

Do Kwon’s Extradition Case Takes a Twist as Montenegro Supreme Court Intervenes

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Do Kwon, the e­ntrepreneur be­hind Terraform Labs’ downfall, left a Montene­grin jail on March 23, 2024, according to Bloomberg. However, his free­dom isn’t permanent. Kwon faces e­xtradition demands from South Korea and the U.S., prolonging his le­gal troubles regarding TerraUSD’s collapse­ and algorithmic stablecoin TerraUSD (UST).

The comple­x battle for his custody continues, with both nations vying for jurisdiction over the­ South Korean crypto mogul at the epice­nter of this financial debacle.

“We released Do Kwon from prison as his regular prison term for traveling with fake papers ended, […] Since he is a foreign citizen and his documents were withheld, he was taken for an interview to police directorate for foreigners, and they will deal with him further, said Darko Vukcevic, director of the Montenegrin prison, in a phone interview.

Goran Radic, the lawyer for Kwon, confirmed his client’s release. Monte­negrin state tele­vision disclosed that Kwon’s passport was retained, e­ffectively constraining his ability to depart the­ nation.

Kwon’s rele­ase comes amidst a pivotal moment in his e­xtradition case. On March 22, 2024, Montenegro’s highe­st judicial authority overturned previous rulings favoring Kwon’s e­xtradition to South Korea. This decision poses a significant obstacle­ in the efforts to return the­ Terraform Labs co-founder to his homeland.

South Kore­a often imposes relative­ly lenient penaltie­s for financial misconduct compared to the United State­s. American authorities purportedly aim to prose­cute Kwon for his purported involveme­nt in the $40 billion collapse of UST in May 2022 – an eve­nt that triggered profound upheaval within the­ cryptocurrency landscape.

Do Kwon’s Temporary Reprieve

The Supre­me Court’s intervention corre­sponds with Montenegro’s chief prose­cutor’s recent stance. Citing proce­dural inconsistencies, the prose­cutor contested rulings favoring South Korea’s e­xtradition request on March 21, 2024. The Supre­me Court’s action effective­ly halts the process, nece­ssitating further consideration before­ a conclusive determination. No time­line for resolution has bee­n specified.

Do Kwon’s rele­ase from jail marks a new chapter in this ongoing saga. His te­mporary freedom from confineme­nt is fleeting; his future hangs in pre­carious balance. The extradition tug-of-war be­tween South Korea and the­ United States rages on unabate­d. Montenegro’s Supreme­ Court holds the key, their de­cision determining the the­atre where Kwon face­s potential prosecution for his allege­d role in the TerraUSD calamity.

Related Reading | SEC Punts Grayscale Ethereum ETF Decision to Late May Deadline

Solana The Hype Real? Data Shows It Dominates 2024, Capturing Nearly 50% Of Investor Interest

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The Solana blockchain ecosystem has captured an outsized share of global crypto investor attention so far in 2024, according to a new research report from crypto data provider CoinGecko. The report, titled “What Are the Most Popular Blockchain Ecosystems?” found that a staggering 49.3% of interest in specific blockchain narratives has centered around the Solana ecosystem year-to-date.

Solana’s soaring popularity has been driven by the continued rally in the price of its native SOL token back toward all-time highs set in 2021. Enthusiasm has also been fueled by the strong performance of major Solana-based projects like the Pyth data oracle and popular meme coins such as dogwifhat.

To measure blockchain ecosystem popularity, CoinGecko analyzed its global web traffic data from January 1 to March 18, 2024, excluding bot traffic. The research examined interest across over 50 different blockchain ecosystems and layer 2 scaling solutions.

The Landscape Beyond Solana: Ethereum and Others

After Solana’s commanding lead, the second most popular ecosystem is the well-established Ethereum blockchain at 12.7% mindshare. However, the report notes Ethereum’s relatively lower ranking likely stems from it being a familiar, legacy chain. Attention is increasingly shifting to layer 2 networks building atop Ethereum’s base layer.

Binance’s BNB Chain ecosystem ranks third at 5.4% after BNB’s token price rallied towards new highs. In fourth place is Cosmos, with 4.5%, followed by Avalanche, which had a strong growth of its gaming and meme coin ecosystem.

Arbitrum tops the list with mindshare of 3.3% among L2s scaling Ethereum followed by Coinbase-related Base at 3.2%. Metis, zkSync, and Polygon complete the top five most popular layer 2 ecosystems. Taken together, Ethereum layer twos amount to approximately 11.9% of overall interest and so almost matches Ethereum itself at nearly 12.7%.

These findings provide insight that quantitative change in investor focus across various crypto-assets has been dramatic this year, as shown in the report. For instance, in 2024 crypto investors seemed to be shifting their attention to other blockchains such as Solana from only Ethereum as well as a few other L1s alongside an array of L2s solutions.

It remains to be seen if Solana’s wildfire can sustain its scintillating pace through the rest of the year. But for now, all eyes continue burning a gaze toward the ascendant ecosystem consuming the crypto landscape.

Related Reading | VeChain (VET) Soars: Chart Patterns Point to Bullish Momentum Ahead

Tether’s $5 Billion Splash Surpass ETFs

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As March unfolds, Tether silently makes waves, with a massive $5.25 billion influx surpassing the combined ETFs that have raked in less than $4 billion this month. Tether’s remarkable surge has largely evaded the spotlight. The issuer of the world’s biggest stablecoin has garnered controversy, with critics raising concerns about its lack of transparency, but its utility in facilitating liquidity cannot be overlooked.

Tether has added $5.25billion in March so far and no-one is talking about it For perspective, the ETFs combined have added <$4billion in March so far

Not long ago, the stablecoin issuer announced that USDT would launch on Celo, a mobile-first and EVM-compatible blockchain network that’s built for the real world and designed for fast, low-cost payments worldwide. Solidifying its position in the stablecoin market, USDT is now live on 16 networks, including Algorand [ALGO], Avalanche [AVAX], Ethereum [ETH], Polygon, Solana [SOL], Tezos, and Tron. 

Additionally, Celo core contributors proposed the use of USDT as a gas currency to streamline transactions and foster efficiency within decentralized applications [dApps], focusing on payments, lending, and more.

The firm is also working closely with the U.S. government to help seize $1.4 million linked to an alleged fraud scheme. The seizure is one of the first instances of recovering USDT from an unhosted wallet, per the Northern District of Illinois U.S. Attorney’s Office. Extending its collaboration with other institutions of the U.S. government, Tether voluntarily joined forces with the U.S. Attorney’s Office in Chicago to assist in recovering these funds, stolen mostly from elderly people across the nation.

Tether Thwart USDT Tech Support Scam

The sophisticated scheme was orchestrated by a group that preyed on victims by convincing them that their funds in bank accounts were in danger on the pretense of being hacked. Under the guise of tech support, these fraudsters coerced their victims to transfer their savings into USDT and forward the funds to a third-party USDT address.

The severity of the situation and the need for swift action have prompted the firm to proactively engage with the authorities and assist in the restitution process. Speaking on the joint action, the CEO of Tether, Paolo Ardoino, stated that the firm remains steadfast in its commitment to upholding the highest standards of integrity and security.

Solana’s L2 Dilemma: Inevitable or Risky Move?

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Solana’s blistering rally has sparked discussions about its underlying blockchain and the launch of a Layer 2 solution by the end of 2025. Nick White, COO at Celestia, boldly claimed that L2s are inevitable, despite resistance against rollups from certain quarters. “An L2 will launch on Solana before the end of 2025. They can resist and shit on rollups to their hearts’ content, but it will happen whether they like it or not. Resisting modularity is futile.”

Echoing a similar sentiment, co-founder of Solana Labs Anatoly Yakovenko still emphasized that the primary goal of the SOL base layer is to maintain competitive fees even if layer-2 solutions arrive on the scene.

However, some expressed reservations about Solana’s L-2 quest. CEO of Blockchair Nikita Zhavoronkov warns against solely focusing on fully custodial centralized L2s. Instead, scale L1 to gain a competitive advantage over Ethereum, he wrote.

Modularity is good as long as everyone is not locked into custodial solutions. Ethereum is “modular” now, but all it has is fully custodial centralized L2s, which can steal user funds via admin keys. Solana’s selling point, which can overthrow Ethereum, is scaling L1. If Solana decides to scale via L2s instead of L1, it’ll lose its only competitive advantage over Ethereum.

While Solana proponents have discussed the possibility of rollups on the network, there’s a consensus that pushing the L1 network to its limits should be prioritized before adopting L2 solutions.

Solana Breaks Records in Price and Popularity

SOL’s impressive rally has boosted the altcoin troupe. Since hitting bottom in Dec. 2022, the token’s value has been soaring and has risen nearly twenty times from its lowest low, per market analyst Negentropic.

Based on Fib levels, a technical indicator that identifies potential areas of support and resistance in a price trend, popular trader Negentropic predicted a sustained upward movement in the price action. The Fib levels mentioned here are price targets: 268, 427, and 686.

Moreover, the search popularity of the word Solana reached 100, indicating the highest level of interest for this specific term. Not only that, this has set a new precedent in the blockchain’s 5-year history. Till now, the layer-1 network recorded the second-highest search popularity of 84 in early September 2021.

Cardano (ADA) Sees 30% Pullback, Analysts Eye $0.55 As Potential Bottom

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The cryptocurrency markets have experienced significant volatility, with Cardano’s digital asset ADA caught in the crosswinds. After a meteoric rise, ADA has retraced around 30% from its recent highs. While such a substantial drop would typically spark fears of a prolonged downtrend, several prominent analysts remain steadfastly bullish on ADA’s prospects.

One such ADA bull is the analyst known as Av_Sebastian. The market expert has identified several technical factors suggesting the current downturn could be nearing an inflection point. Specifically, Sebastian notes that Cardano ADA’s relative strength index (RSI) has touched a support line, even as the coin’s price trades within a broader support range. This convergence of indicators has historically signaled potential bottoms for ADA.

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However, Sebastian cautions that further short-term downside cannot be ruled out entirely. The analyst suggests a dip to the $0.55 level could materialize before ADA establishes a firm bottom. Yet, should that price floor be reached, the analyst has made ac lear intention to aggressively accumulate the discounted tokens. Moreover, the analyst maintains any bounce from current levels would constitute ADA printing a higher low, setting the stage for what Sebastian describes as an epic bullish continuation.

Support Levels and Macro Backdrop for Cardano

Corroborating this optimistic viewpoint is another prominent crypto commentator who goes by the moniker Trend Rider. According to his analysis, Cardano appears to be transitioning from bearish to bullish market dynamics. Trend Rider’s analysis focuses on ADA’s 2-week chart, where key moving averages are realigning to mirror the setup preceding ADA’s most recent major uptrend. As the indicators flip from red to green, Trend Rider sees this as confirmation of a broader bullish reversal brewing.

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But could this optimistic forecast be derailed if the current downtrend deepens? Not according to Trend Rider’s prior multi-tweet analysis evaluating ADA’s price action. While conceding the uptrend’s momentum has waned after breaching a parabolic indicator, the analyst believes ADA has sturdy price support between $0.45-$0.52 to catch any impending sell-off. Crucially, with Bitcoin still trading above a key long-term support level that has forced most altcoins below it, Trend Rider argues the macro backdrop could rapidly turn favorable for embattled cryptos like ADA if Bitcoin’s uptrend remains intact.

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Trend Rider further declared that should Cardano ADA’s price decline accelerate towards this buy zone over the next week, it would present an extremely attractive opportunity to initiate leveraged long positions on lower timeframes. The analyst doubled down on this conviction by revealing they still hold a substantial core position in ADA, steadfastly maintaining the coin’s broader bullish trend remains valid.

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