Altcoins

FTX Token Price Darts Higher: Is this a Dead Cat Bounce?

Published

1 year ago

December 23, 2022

Crispus

The FTX Token has bounced back in the past few days even as the plot thickened for Sam Bankman-Fried (SBF). FTT rose to a high of $1.038, which was about 23% above the lowest level on Thursday. So, what next for the FTX Token?

Sam Bankman-Fried’s downfall continues

The biggest story of the week was the continued downfall of Sam Bankman-Fried (SBF), the founder of FTX. On Wednesday, his two senior-most officials in his empire pleaded guilty on charges brought by American regulators. They also decided to become prosecution witnesses.

A day later, SBF landed in the United States from the Bahamas. In his first day of appearance, Bankman was given a $250 million bond secured by his family home in California. He will also go through a mental wellness evaluation and wear a GPS device.

The events of the past few weeks have marked one of the biggest downfalls in the financial industry. And the worse is yet to happen. Analysts expect that Sam Bankman will be jailed for more than 20 years. Combined, the crimes he has been accused of carry a maximum of over 100 years.

It is unclear why the FTX token has rallied by more than 20% in the past 24 hours. A likely reason is that the token has now become a meme coin. Besides, FTX has already collapsed and the possibility of it coming back to life are minimal.

Unlike companies like Voyager Digital, there is minimal possibility that any company will want to acquire the company out of bankruptcy. For one, recent revelations have showed that the company was poorly managed and used QuickBooks for accounting.

Is FTX Token a good buy?

The FTX Token has done well in the past few days. However, it is still impossible to recommend it as a solid investment. For one, it has no real value considering that the parent company has gone bankrupt.

Further, FTT is a highly illiquid token that is thinly traded. As such, this brings the risk of being a pump-and-dump token.

Turning to the two-hour chart, we see that the FTX token made a strong rebound recently. As it rose, it moved above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) moved above the neutral point.

Therefore, there is a likelihood that the FTT price will resume the bearish trend as sellers target the all-time low of $0.800.

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6^th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…