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Chainlink [LINK] enters a pact with the bull following a 13% daily surge

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The crypto-verse was greener than usual today and Chainlink [LINK] was painted the brightest of them all. Bitcoin [BTC], Ethereum [ETH], Cardano [ADA], Binance Coin [BNB], and a few other top coins like these were seen riding the bullish wave. LINK, however, stole the show with its extensive daily surge.

Coins that were usually bagging a lot of gains were seen taking the sidelines today. Solana [SOL] and Polkadot [DOT] were still being guarded by the bear. After a long time, SOL was seen in red. This abrupt plunge was linked to the recently endured Denial-of-Service attack.

While these assets were taking it slow, Chainlink [LINK] decided to take the high road with the bull. At the time of writing, LINK was trading for $30.90 with a whopping 13.61% surge in the last 24-hours. LINK was considered one of the most promising coins. However, new coins and old coins spruced up their game and overshadowed LINK.

In terms of market cap and ranking, Chainlink witnessed a massive fall. After residing over in the top ten for the longest time, LINK had a steep drop to the 13th rank. Currently, LINK sits as the thirteenth largest cryptocurrency with a market cap of $14 billion, just below Terra [LUNA].

Chainlink [LINK] one-hour price chart on Coinbase

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Chainlink [LINK] enters a pact with the bull following a 13% daily surge 2

The short-term or one-hour price chart of LINK had a major presence of the bull. The Awesome Oscillator indicator laid out green closing bars after a series of red bars and announced the arrival of the bull into the LINK market. The MACD line and the signal line were inseparable. However, the MACD line remained over the signal line, indicating a bullish crossover.

The Relative Strength Index [RSI] indicator suggested that LINK was being immensely bought. The RSI marker remained over the 50 median even close to the oversold zone.

No staggering gains for Cardano [ADA], token cools off below $2.4

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After market-wide correction last week, Cardano [ADA] sliced through a key support area. Since then the sellers have overhauled price action. The last couple of days have been interesting for the entire ecosystem. The successful hard fork of the highly anticipated Alonzo, often heralded as a critical change that would enable the Cardano network to contest with Ethereum, however, failed to translate into profits. FUDs and criticism made their way shortly thereafter.

The volatility in the market appeared to have picked up even as the crypto-asset was stuck in consolidation. Troubling signs emerged for the Cardano market and some analysts are worried that the correction could deepen.

Cardano [ADA] slipped by 1.73% over the past 24-hours and was trading at $2.38. At the time of writing, the crypto-asset registered a market cap of $76.64 billion and a 24-hour trading volume of $3.55 billion.

Cardano [ADA] Daily Price Chart:

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No staggering gains for Cardano [ADA], token cools off below $2.4 5

The daily trading volume has been moderate and has significantly backed the uptrend. After the September 7 sell-off, the ADA price candles successfully bounced back from the 50 DMA [Pink] while the 100 [Blue] and 200 [Yellow] DMAs hovered lower. The upsloping 50 DMA appeared to be relentless and the candlesticks need to stay ahead of it in order to avoid setbacks. As depicted by the long wicks of September 11 and 12, every higher level faced serious profit-booking sessions as downside pressure intensified.

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No staggering gains for Cardano [ADA], token cools off below $2.4 6

The red closing bars of Awesome Oscillator [AO] depicted that bearish momentum has engulfed the ADA market. The Klinger Oscillator [KO] also aligned with the bears while the daily Relative Strength Index [RSI] fall below the 50-median line further validated that sellers have an upper hand in ADA’s price structure.

According to the above charts, the technicals for Cardano does not look promising. Meanwhile, the resistance levels for the crypto-asset were at $2.6 and $2.9 while the support levels remained untested at $2.2, $1.9, and $1.7 respectively.

Solana [SOL] plunges after Denial-of-Service attack

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Solana, the rapidly growing Ethereum competitor, suffered a denial-of-service disruption. A Twitter account called ‘Solana Status’ updated the community that the layer one blockchain protocol’s mainnet beta had been suffering intermittent instability for quite some time. Solana reportedly encountered the problem due to a massive surge in transaction load to 400,000 per second that flooded the network to create a DoS attack and trigger forking.

The tweet regarding the same read,

“Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and lack of prioritization of network-critical messaging caused the network to start forking.”

According to the announcement, the subsequent forking resulted in excessive memory consumption, leading to some nodes going offline. Solana Status revealed that despite engineers across the ecosystem trying to stabilize the network, the attempt was unsuccessful. The community elected validator then resorted to restarting the network.

“The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.”

Hours later, Solana Status confirmed the successful competition of the network’s Mainnet Beta restarts by the validator community after an upgrade to 1.6.25. It further stated that decentralized applications [DApps], block explorers, as well as supporting systems would recuperate in the next several hours, at which point full functionality should be restored.

Solana [SOL] sees double-digit correction

SOL 7D graph coinmarketcap
Solana [SOL] plunges after Denial-of-Service attack 8

The native SOL token had been one of the best-performing assets this summer. SOL had earlier decoupled from top crypto-assets such as Bitcoin and Ethereum to rally and climb to the 7th spot on the leaderboard. However, after an astounding rally during the 2021 summer, the token formed lower lows on the chart depicting a fading momentum.

The latest blockchain outage further dragged the token down. Just hours after the development, SOL lost more than 15% falling from $170 to $144. Since then, SOL has managed to recover to the press time price of $164.

XRP sees 3rd relisting; this time from SBI-acquired Japanese exchange

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With the ongoing Ripple and SEC’s legal battle, XRP’s status continues to be disputed. In a positive development, a major Japanese exchange called TaoTao has announced relisting the crypto-asset. According to reports, trading for XRP will start from the 22nd of September after the scheduled maintenance on the platform.

TaoTao, which was launched in May 2019, offers Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH]. The crypto platform’s official announcement read,

https://twitter.com/taotao_ex/status/1436165038113320988

With the latest development, TaoTao joins the likes of Phemex and Japan’s Rakuten cryptocurrency exchanges to relist XRP. It is important to note that the managing firm of TaoTao had previously merged with the prominent crypto exchange affiliated to the SBI Group – SBI VC Trade which also happens to be a partner of Ripple Labs’.

XRP’s addition comes after the merger of the crypto exchange with Japan’s largest online financial conglomerate, SBI Holdings. The reports had also mentioned that the foreign exchange and derivatives arm SBI Liquidity Market had acquired all of TaoTao’s shares in October last year, thereby making it a wholly-owned subsidiary of the firm.

Coinbase quashes rumor about XRP listing

Smaller cryptocurrency exchanges have started relisting XRP, and many will potentially follow suit. The established giants such as Coinbase, Binance, and Kraken showed little interest in adding the crypto asset. Coinbase, for one, was caught up in its own tussle with the US Securities and Exchange Commission. After a minor glitch that showed XRP on its professional trading platform, the Nasdaq listed exchange refuted relisting rumors, much to the disappointment of many in the community.

Kraken’s Jesse Powell had previously sided with Coinbase’s Brian Armstrong over the exchange’s tensions with the SEC, wherein he had stated that the “regulators are beating down good actors because it’s convenient.” However, the exec made no such comments for ending the suspension of XRP on his platform.

Binance, on the other hand, has been engulfed in regulatory hurdles across the world. Hence, relisting the token will be a controversial move that could open new problems with the watchdogs in the US.

Cardano [ADA] starts on a negative despite gaining smart contract capabilities

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Cardano [ADA] had a sporadic rise in the 2021 summer. After decoupling from Bitcoin [BTC], ADA went on to post an astonishing rally that only a few alts could mimic. But the token’s price action is a classic example of “buy the rumor, sell the news.”

ADA’s strength over the past couple of weeks displayed immense potential, but as the highly-anticipated development of the Alonzo upgrade arrived, the crypto-asset flashed red. As a matter of fact, ADA was down by 6.38% over the past 24-hours which drove its price to $2.42.

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Cardano [ADA] starts on a negative despite gaining smart contract capabilities 10

What is Cardano’s Alonzo upgrade?

Infrastructure-wise Cardano’s wait for smart contract capabilities is over. The arrival of Alonzo essentially means that the network is now ready to host smart contracts, thereby facilitating different teams and projects to begin creating and deploying their protocols directly on the public blockchain for the very first time.

The official blog post by IOHK announcing the upgrade stated,

“It’s only just the beginning. But this is still a moment for celebration. As a community, we have been on an incredible journey together. Rightly, we should allow ourselves to acknowledge the tremendous efforts made by so many to get here. This will also be a time for reflection on the challenges we’ve collectively overcome.”

According to IOHK, the Byron reboot in March 2020 set the stage for the Cardano network by implementing a robust and scalable code base on which to build. The following Shelley upgrade transformed the network from a federated model towards a decentralized one. This year’s Mary upgrade helped create a multi-asset network and introduced native tokens.

Cardano’s latest Alonzo upgrade was deployed with the help of hard fork combinator [HFC] technology, which combines two protocols into a single protocol. This isn’t the first time, that Cardano has leveraged this tool. In fact, HFC was used in previous upgrades as well.

The development arm of Cardano also revealed having the “backbone for a new decentralized application platform” by enabling Plutus scripts to be written and executed on-chain that would pave the way for numerous decentralized applications [DApp] and decentralized finance [DeFi] use cases.

It’s still early

Cardano has never been able to escape FUD and has drawn severe criticism from Ethereum developers. TWJ had earlier reported the backlash Cardano received over the Minswap drama. Pointing towards the inevitability of poor development teams behind decentralized platforms, poor coding practice, and the presence of bad actors, IOHK stated,

“Let us be clear. There will be bumps in the road. Early user experiences might not be perfect. Some early DApps will have issues. We’ll see some great development teams and some poor ones. This is a permissionless, decentralized blockchain, so this is inevitable.”

Cardano [ADA] fails to display encouraging signs as FOMO spikes

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Cardano’s [ADA] price rise this summer has been nothing short of spectacular. The euphoria surrounding the implementation of functional smart contracts has been driving its price to new heights. With the upcoming hard fork just hours away, FOMO has engulfed the cryptocurrency market. But what follows next might not favor the bulls.

Historically, when ADA crowds get overly excited or fearful, the price tends to drop. This trend was observed by the popular crypto-analytic platform Santiment which tweeted,

“Cardano jumped a quick 12.5% in the past 15 hours following last week’s FUD toward the 3 market cap crypto project. Social spikes continue to tell the story. When the ADA crowd gets overly hyped or fearful, the price trend will typically shut down.”

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Cardano [ADA] fails to display encouraging signs as FOMO spikes 12

Not just FOMO, Cardano ecosystem sees massive FUD

Cardano-related FUD influencing social sentiment isn’t new. While FOMO has intensified as the market participants anticipate a protocol upgrade that will expand the network’s utility, FUD engulfed the Cardano ecosystem’s DeFi frontier. As a result, the blockchain network and the teams behind it have faced severe criticisms from the Ethereum community.

One such is Polygon advisor, Anthony Sassano, who also happens to be one of the most vocal critics of ADA. Sassano recently opined that the blockchain network cannot “peer review” its way out of “fundamental issues” such as concurrency while referring to Minswap, the first-ever DApp to go live on Cardano public testnet multi-pool DEX.

It all started when many Minswap users revealed facing difficulties with respect to using the token swaps that started getting concurrency-related errors. The Minswap team addressed the issue in the following tweet:

Shortly thereafter, many in the community blamed Cardano’s decision to use the Extended UTXO accounting model and speculated that all the decentralized finance [DeFi] DApps powered by the network would experience the same concurrency problems such as Minswap. They also raised questions regarding the viability of smart contracts infrastructure on top of the blockchain.

Responding to the accusations, Rick McCracken, the host of the Cardano Effect podcast, said that Minswap’s concurrency issues are “being blown way out of proportion by FUDsters.” Following the fiasco, Minswap confirmed shutting down its testnet temporarily.

Solana witnesses NFT sale of Degen Ape worth $1.1M

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The prominent layer one solution, Solana, is one fire. The blockchain witnessed its first-ever million-dollar non-fungible token [NFT] sale of Degen Ape.

Both NFT and Solana ecosystem has been bustling with activity like never seen before. In the latest development, the blockchain advisory and investment partnership firm Moonrock Capital announced the purchase of the Solana-based NFT for a whopping 5,980 SOL, which is roughly worth $1.109 million. Its tweet regarding the same read,

Solana’s Degen Ape #7225 happens to be one of the Degenerate Ape Academy NFTs listed as the 13th rarest in the collection. The NFT features a zombie version of an ape that is scarred all over its face and body. It also has a halo on top of it, a gold tooth, and a brain squished in its mouth.

Solana at the forefront of the market

Nevertheless, Solana has had a wild run this summer. It has observed a meteoric rise in terms of the price of its native crypto SOL. Despite the tremendous success, it couldn’t escape the technical difficulties facing NFTs released on the blockchain. All in all, the project has been at the forefront.

It continues to dominate crypto conversations even as the broader market was stuck in a southbound price movement. Over the past week alone, SOL clocked in gains of 27.05% amidst market-wide rout. The rise also coincided with the launch of NFT Degenerate Ape Academy, created on Solana blockchain on August 15. At the time of writing, the sixth-largest crypto asset was priced at $179.69.

The Andreessen Horowitz-backed platform’s spectacular growth can be attributed to the spike in investors’ interest in Ethereum’s rival blockchains with decentralized finance, NFT, and smart contract offerings. Its emergence as a stiff competitor to Ethereum can be evidenced by the $12.09 billion in TV, according to DeFi Llama’s latest stats. The latter’s TVL figures, on the other hand, have taken a significant plunge as gas fees hiked.

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Solana witnesses NFT sale of Degen Ape worth $1.1M 14

Cardano [ADA] persists in its race towards $3 amidst bear invasion

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The bears were entering certain markets while the bulls were bidding adieu to a few others. Cardano [ADA] was undoubtedly in an agreement with the bull. The altcoin was the only asset in the top ten that noted a significant surge. Bitcoin [BTC] was standing still at $45K with no hopes of raging above this zone. Ethereum [ETH] was following a similar trend as the altcoin’s chances of hitting $4K were bleak.

With most of the assets dwelling in the red zone, Cardano [ADA], Terra [LUNA], and Avalanche [AVAX] were the only assets making profits.

At the time of writing, Cardano [ADA] was trading for $2.74 with a whopping 11% surge over the last 24-hours. Despite encountering a drop of 6.26% over the previous seven days, the altcoin managed to stay afloat. This sudden bullish momentum in its market could allow the asset to once again move beyond $3.

The market cap of the altcoin was at $84.96 billion which allowed ADA to reside as the third-largest cryptocurrency. The altcoin held a strong stand in the third rank and had no chances of being disrupted by Binance Coin [BNB] any time soon.

Cardano [ADA] one-hour price chart on Binance

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Cardano [ADA] persists in its race towards $3 amidst bear invasion 16

The short-term price chart of ADA was seen inviting bulls into its market. The Parabolic SAR indicator laid out dotted lines below the candlesticks. This line further stood as major support for the altcoin against any sudden drops. The Awesome Oscillator indicator seemed to be confused as it rolled out red as well as green bars. However, towards the end the indicator formulated a green closing bar, further affirming the presence of the bull.

Additionally, the Relative Strength Index [RSI] indicator announced that the altcoin was being overbought. The RSI marker was close to the 70 median and way over the 50 median.

Here’s how Algorand Foundation plans to boost DeFi innovation with a $300M fund

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Algorand Foundation has announced the launch of a DeFi fund called ‘Viridis’ on September 10. The fund in question aims to support 150 million Algo to boost the decentralized finance ecosystem on Algorand, according to the official blog post.

To propel the growth of the fund, the foundation introduced the $5 Million Price Oracle SupaGrant and the $5 Million Bridge SupaGrant. The main objective behind the funds is to accommodate the growing demand for the Defi space and support the development of decentralized infrastructure.

Algorand’s SupaGrants program aims at skilled teams of developers and organizations in order to create security and superior solutions for the ecosystem. The program mainly focuses on teams with relevant experience in building advanced solutions such as automated market makers [AMMs], decentralized exchanges [DEX], or bridges. It also intends to utilize its expertise to design an oracle system. Primarily, the teams must have the capacity to be able to maintain the oracle long-term and efficiently respond to security and non-security concerns that may come up.

What is Algorand’s “Virdis” all about

“Viridis” reflects Algorand’s ambitious roadmap to create a green and carbon-free ecosystem and implement the same in its rapidly evolving DeFi domain. Along the same line, the blog post stated,

“And everybody that builds their DeFi applications on Algorand can do so in the knowledge that they are building on the most sustainable, carbon negative, high performance blockchain. Viridis will enable sustainable, green, wealth creation.”

The first $5 million SupaGrant will be used to create two-way bridges from Ethereum and other chains. Once ported to the Algorand blockchain, decentralized applications will require access to market data to handle a wide range of smart contract functions. The second $5 million SupaGrant is involved in seeking proposals for the purpose of integrating the oracle networks with associated price feeds. The remaining funds will be deployed on the further development of the application across this DeFi ecosystem.

Algorand isn’t the only blockchain to have come up with a DeFi fund. Harmony, another blockchain platform, announced a $300 million fund recently.

Besides, ALGO, Algorand’s native cryptocurrency, performed well in September. The token has risen by more than 77 percent in two days, from a low of $1.19 to a press time price of $2.11.

ALGO 7D graph coinmarketcap
Here's how Algorand Foundation plans to boost DeFi innovation with a $300M fund 18

Polkadot [DOT] continues to rage amidst a market slump

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Polkadot [DOT] was the only asset painted in green while all the other coins were submerged in red. This time the bears didn’t spare Solana [SOL]. With a whopping 8% daily drop, the altcoin was down to $187. Bitcoin [BTC] was slowly trying to make it past $45K. Ethereum [ETH] was, however, still residing with the bear.

The entire week posed beneficial to many coins. This list included Solana [SOL], Algorand [ALGO], and Filecoin [FIL]. While few of these coins retained this bullish momentum, others mirrored the ongoing slump in the market.

Polkadot [DOT] was the star of today’s market. The altcoin was still garnering gains of about 9% over the last 24-hours. At the time of writing, DOT had hit $31.43. The asset seemed to have endured a slight pullback from the bears as it had earlier hit a high of $35.67.

Despite being fairly new to the crypto-verse, the altcoin managed to witness impeccable growth. DOT surged in terms of market cap and even found a place in the top ten. But currently, the altcoin stands as the ninth largest cryptocurrency with a market cap of $31 billion. Polkadot [DOT] wasn’t too far off from being able to overtake Dogecoin [DOGE].

Polkadot [DOT] one-hour price chart on Binance

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Polkadot [DOT] continues to rage amidst a market slump 20

The one-hour price chart of DOT on Binance revealed that there were still signs of the bull. The Parabolic SAR indicator remained below the candlesticks further acting as a barricade against any potential downward breakout. This was accompanied by the Chaikin Money Flow [CMF] indicator whose marker stayed in the bullish arena over the zero median. These signs clearly indicated that the bulls were in the DOT market and would even stay there for a while.

Furthermore, the Relative Strength Index [RSI] indicator noted that DOT was headed towards the sellers’ zone. The buying activity was seen reducing in the DOT market.