• Two market analysts have forecasted a downturn for Solana’s price action
• AMBCrypto is predicting a near-term descent to $120 or possibly lower for SOL’s price

Over the last 40 days, Solana has faced some significant challenges on the charts, with SOL down by 17.26%. This downward trajectory could accelerate as further insights supporting the decline are revealed.

Notably, after this drop, SOL can be expected to trade higher, which is why the latest decline might be the final catalyst for a major move up. 

Crossroads for SOL, potential decline anticipated

According to Carl Runefelt, a prominent market analyst, SOL is at a vital juncture right now and could either rise or fall in the coming days. As per his analysis, Solana is now trading within a descending triangle, a pattern that could have bullish or bearish outcomes depending on its formation.

In fact, Runefelt is predicting a potential drop to $112.5 if bears dominate the market. On the contrary, he is also backing the likelihood of a rise to $155—just above the pattern’s peak—where significant liquidity is likely.

Echoing this sentiment, analyst Kaleo also foresees a sharper decline for SOL, targeting the $80-mark. This level has been identified as a key support area, one expected to attract enough liquidity to counteract selling pressure and propel prices higher. 

In his words, 

“[SOL will reach a] new all-time highs.”

Kaleo had previously projected $120 as a critical support zone to push SOL to new highs. However, his focus shifted to the $80-level as market conditions evolved.

AMBCrypto also observed a trend on Coinglass where long traders, who expected a price hike for SOL, faced losses. In fact, $8.99 million was lost in the last 24 hours as the market moved against their positions. 

Additionally, according to Hyblock, the cumulative liquidation level delta turned negative with a reading of -15. This indicated that short sellers have started to dominate the market.

Further analysis revealed a significant liquidity cluster at and below the $120-level, suggesting that the price will trade lower into these liquidity areas. This can potentially clear existing liquidity clusters before acting as a pivot point for price reversals upwards. 

AMBCrypto then went a step further to monitor Open Interest to predict SOL’s next move. 

Traders are invested in SOL’s fall

The Open Interest (OI), a metric which measures the total active contracts in a market to gauge liquidity and market sentiment, indicated a bearish outlook for SOL. 

At the time of writing, the Open Interest had fallen by 4.97% to $1.94 billion in just 24 hours. This decline suggested that traders anticipated a drop in SOL’s price, with the altcoin trading at $127.49.

If this bearish sentiment persists, SOL’s price might likely fall further from the aforementioned level.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Prominent Solana memecoin traders have recently sparked debate by claiming that RCO Finance (RCOF) is a superior investment compared to well-known Solana memecoins like Bonk (BONK), Floki (FLOKI), and Dogwifhat (WIF).

This assertion has caught the attention of crypto investors, who are always looking for lucrative opportunities.

The traders’ bold statement warrants a closer examination of RCO Finance’s unique features and potential advantages over WIF, BONK, and FLOKI. Let’s dive in.

Solana Memecoins’ Bloodbath: Can BONK, FLOKI and WIF Recover?

BONK, one of the top Solana memecoins, has made waves in 2024 with an impressive year-to-date return exceeding 6000%. It reached its all-time high of $0.000048 in March before consolidating at $0.000019 in July after a brief downtrend.

Market experts anticipate BONK’s downward trend to continue based on bearish signals from the MACD technical indicator. This could drive BONK’s price down to $0.000030.

Meanwhile, Floki Inu has gained popularity in the meme coin community, partly due to its association with Elon Musk’s dog and its engaging community. FLOKI has been on a downtrend for the past two weeks, falling 18.03% to trade at $0.000206.

Some Solana analysts predict further growth for FLOKI, citing decreased activity, positive investor sentiment, and social media trends. They suggest FLOKI could drop to $0.00030 in the coming weeks.

WIF, another one of the top Solana memecoins, has seen a 27.78% decrease from the past week, trading at $1.97. As such, some analysts remain cautious about investing in Dogwifhat.

Skepticism surrounding Dogwifhat stems from concerns about whale pressure on WIF’s price, which could potentially cause its value to drop to $1.51 soon.

RCO Finance Appeals to Solana Memecoin Traders With Robust Ecosystem

Leading Solana investors, who previously profited from FLOKI and BONK, are now participating in RCO Finance’s presale. They recognize that significant growth requires substantial capital influx and liquidity, which RCO Finance is poised to attract.

These investors anticipate RCO Finance capturing a significant portion of the capital expected to flow into crypto ETFs. As these ETFs gain popularity, RCO Finance has positioned itself as an ideal platform for accommodating such investments, offering crypto ETFs and traditional financial instruments with leverage options up to 1000x.

A key feature of RCO Finance is its AI-driven robo advisor, which employs advanced algorithms and machine learning to provide personalized investment strategies and portfolio management. This tool continuously refines its approach, manages risk, and minimizes human error, all while allowing investors to maintain full control over their assets.

RCO Finance further distinguishes itself with a no-KYC policy and regular smart contract audits by SolidProof, a top security firm. These features and its innovative offerings solidify RCO Finance’s position as a leading altcoin in the market.

RCO Finance Set to Outshine BONK, WIF, and FLOKI In its Ongoing Presale

RCOF is gaining momentum in its ongoing presale, with tokens selling rapidly due to endorsements from prominent Solana investors. These investors anticipate RCOF achieving significant gains comparable to those of BONK, WIF, and FLOKI shortly.

The endorsements from Solana investors come after thoroughly scrutinizing RCOF’s tokenomics, roadmap, value propositions, and presale vesting schedule. They believe RCOF has greater potential than BONK, FLOKI, and WIF, which primarily rely on speculative trading and need more practical utility.

Investors are projecting a launch price of $0.4 for RCOF. With the current Stage 2 presale price at $0.034375, early investors could see up to 3000% returns.

The message concludes with a call to action, encouraging participation in the RCOF Finance presale. It highlights the platform’s advanced robo advisor to mitigate trading losses and market volatility through passive earning opportunities.

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

After a sharp sell-off on Friday, Bitcoin price is trading sideways on Monday. Ethereum and Solana prices are also exhibiting a similar trend as the investors await key CPI data for May. Nevertheless, XMR, QNT and CHZ emerged as the biggest gainers during the first trading session of the week.

The hotter-then-expected US jobs data has jolted the traditional markets. Consequently, at press time, the S&P 500 and Nasdaq 100 index were down 0.10% and 0.15%, respectively. Friday’s report showed that the US employers added $272,000 jobs in May which was much higher than the market expectations.

As a result, BTC price fell below $68,420 before recovering back above $69,600. ETH price also dropped significantly and bottomed out at the fresh monthly lows of $3,600.

Crypto traders are transitioning from Solana-based meme tokens to the growing market of Coinbase’s Base meme coins.

This movement reflects a broader trend in the industry, where liquidity and market sentiment drive investment decisions.

From Solana to Base Meme Coins

Rekt Fencer is a seasoned analyst who reportedly amassed over $1 million through Solana meme coins. He is leading the charge toward Base tokens. Fencer’s transition is not only a change of blockchains but a testament to the hype around cryptocurrency investments.

He also emphasizes the untapped potential of Base tokens, which could yield high returns. Likewise, another analyst under the pseudonym Xremlin agrees that the market attention is gradually pivoting toward Base memes.

He points out that Coinbase will introduce a new offering that allows its over 100 million users to engage in trading on Base without the need for seed phrases or private keys, which is further adding fuel to the hype.

The allure of meme coins lies in their ability to leverage online communities and social media speculation. Indeed, community strength plays a crucial role in a meme coin’s success. Tokens with active social media presence and high engagement rates often signal a robust and supportive base, which can lead to sustained growth.

While some view these assets skeptically, their financial impact cannot be ignored. Fencer advises traders to “stop ignoring meme coins” and start capitalizing on this lucrative trend.

“Meme coin trading is the easiest way to make your first $1 million,” Fencer believes.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Fencer explains the importance of diligent research and the use of specialized tools to navigate the meme coin market successfully. Platforms like DEX Screener and DEXToolsApp are invaluable for real-time analysis, enabling traders to identify high-potential coins early. Following influential X personalities and monitoring exchanges can also provide critical insights into trending tokens.

He also mentions the strategic use of AI trading bots to secure tokens at optimal prices, which requires caution and expertise.

Among the standout Base meme coins highlighted by Fencer, Normie (NORMIE) is recommended at an entry price of $0.12-$0.08, doginme (DOGINME) at $0.001-$0.0007, Briun Armstrung (BRIUN) at $0.023-$0.016, bloo (BLOO) at $15-$12, BaseProShops (BPS) at $0.0057-$0.0034, and Brett (BRETT) at $0.03674-$0.02. Each token presents a unique market cap and offers substantial growth potential.

Still, Xremlin advises investors to approach these meme coins with caution, given the high risks they pose.

“Investing in memes is high risk. Only bet what you can afford to lose. Projects might rug, slow rug, or suddenly tank by 50%-70% when the hype fades,” Xremlin concluded.

Read more: 11 Best Altcoin Exchanges for Crypto Trading in March 2024

This shift from Solana to Base represents a strategic pivot towards newer, perhaps less explored avenues of wealth in the crypto space. As traders like Fencer demonstrate, the meme coin market, when approached with knowledge and strategy, can be a lucrative field ripe for discovery.

Key Takeaways

• OpenDAO is a brand new decentralized NFT-focused challenge.
• It launched on Christmas Eve with a token airdrop for OpenSea customers. The token has soared in a single day.
• The distribution methodology is notable due to current criticisms aimed toward OpenSea and its hesitance to launch a token.

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Following an in a single day surge, OpenDAO’s market cap is at roughly $295 million. 

SOS Airdrop Calms NFT Neighborhood’s OpenSea Woes 

Christmas simply retains getting higher for the NFT group. 

A brand new challenge known as OpenDAO launched Friday, bursting onto the scene with a token airdrop for devoted NFT collectors. 

The challenge allotted a 50% portion of its SOS token provide to customers of OpenSea, the biggest NFT market. The quantity distributed to every person was calculated based mostly on the quantity spent on OpenSea and the variety of transactions earlier than a snapshot date. Because of this, among the most energetic NFT merchants have obtained the biggest payouts from the airdrop. Christmas token airdrops like this have change into one thing of a crypto phenomenon lately; in 2020, 1inch memorably distributed its 1INCH token to early customers at midnight on Christmas Day. 

OpenDAO’s chosen distribution methodology is notable partly due to current developments surrounding OpenSea. As NFTs exploded in recognition in 2021, OpenSea cemented its place because the main market for digital collectibles. OpenSea customers have lengthy hoped that the group would launch a token to provide the group possession over the challenge. Token airdrops are a standard observe in crypto, and notably DeFi, amongst tasks trying to transfer towards decentralization and reward the early adopters that contributed to their success. Nonetheless, regardless of ongoing rumors, OpenSea is but to launch a token. Earlier this month, the corporate employed a brand new CFO from Lyft, Brian Roberts, who revealed in a Bloomberg interview that he needed to work towards taking the corporate public, which might doubtless rule out any token plans. Roberts later clarified that the corporate “would look to contain the group” in any potential IPO following intense backlash from the NFT group. 

There was inaccurate reporting about @OpenSea‘s plans. Let me set the document straight: there’s a massive hole between fascinated with what an IPO would possibly finally appear like & actively planning one. We’re not planning an IPO, and if we ever did, we might look to contain the group.

— broberts.eth (@BKRoberts) December 8, 2021

Now, curiosity in OpenDAO and its SOS token signifies that the group has an urge for food for a decentralized challenge targeted on NFTs. Per information from CoinGecko, SOS is up 589% within the final 24 hours. Much like many meme coin tasks that emerged this 12 months, the token has a big provide of 100 trillion, which suggests every token is price solely fractions of a cent. At press time, $100 price of USDC buys about 12 million SOS on Uniswap. With the in a single day rise, the challenge’s market cap is at roughly $295 million. Etherscan information reveals that SOS has over 130,000 holders, and that quantity may enhance as extra customers begin to declare their airdrops. 

On its web site, OpenDAO describes SOS as “the token for the biggest NFT group, to pay tribute, to guard, to advertise.” Curiously, it says {that a} 20% allocation of the provision will go towards supporting the group via compensating OpenSea rip-off victims, supporting rising artists, NFT communities, and artwork preservation, and organizing a developer grant for the SOS ecosystem. Whereas it’s unclear whether or not OpenDAO will make a long-lasting affect on the NFT area, for now, it’s generated a major quantity of buzz because of its token giveaway. 

Disclosure: On the time of writing, the creator of this function was eligible for OpenDAO’s SOS airdrop. Additionally they owned ETH, USDC, and a number of other different cryptocurrencies. 

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A Information to Yield Farming, Staking, and Liquidity Mining

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An autonomous bot that’s been outperforming the crypto market through the use of information from weekly surveys of merchants reveals a bullish leaning in the direction of Ethereum, Solana and two further good contract altcoins.

The Actual Imaginative and prescient Bot was co-developed by quant analyst and hedge fund CEO Mortiz Seibert as a technique to acquire indicators and gauge dealer sentiment from followers of the monetary content material platform Actual Imaginative and prescient.

Actual Imaginative and prescient says the bot has had an ‘astonishing’ report of outperforming the aggregated bucket of high 20 cryptos by greater than 20% – just by surveying the preferences of merchants.

The most recent survey outcomes present a slight reshuffling of the dozen hottest crypto belongings in comparison with final week. Merchants nonetheless want a portfolio that’s obese in Ethereum (ETH), with 39% of respondents deciding on ETH as their primary coin to go heavy on.

Sensible contract platform competitor Solana (SOL) is a detailed second at 33%, adopted by open-source, decentralized blockchain community Algorand (ALGO) at 24%.

King crypto Bitcoin (BTC) and good contract platform Avalanche (AVAX) tied for fourth at 23%.

Multi-chain scaling resolution Polygon (MATIC) and cross-chain interoperability protocol Polkadot (DOT) had been a fraction behind within the rankings.

Rounding out the top-10 crypto belongings had been stablecoin-focused Terra (LUNA), decentralized oracle Chainlink (LINK), and crypto change Binance’s utility token BNB.

Shut behind had been a pair of scalable decentralized blockchain platforms, Cardano (ADA) and Elrond (EGLD).

Falling out of the highest dozen this week had been the digital gaming world Decentraland (MANA), sports-focused Chiliz (CHZ), non-fungible token (NFT) integrator Enjin Coin (ENJ), and scalable blockchain platform Fantom (FTM).

Individuals within the Actual Imaginative and prescient Bot’s surveys don’t essentially should personal the crypto in query with a purpose to solid a vote for it. In an interview with Actual Imaginative and prescient, the bot’s co-creator Moritz Seibert describes it as a “hive thoughts” that is ready to beat different entities within the crypto ecosystem.

“This bot is basically fascinating as a result of it began as a analysis venture, the place we linked it up with a Actual Imaginative and prescient Change to run paper portfolios based mostly on weekly surveys, the place what we wished to search out out is that if there’s a Actual Imaginative and prescient hive thoughts that may beat the markets and that may additionally beat the interviewees, the professionals which can be interviewed on the Actual Imaginative and prescient platform.

And so, because it seems, there’s a hive thoughts crypto portfolio that’s far forward of the bot run crypto portfolio and the specialists and the market.”

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Bitcoin is a very fashionable and stylish subject within the monetary world. What’s it, the way it works, is it protected, when will it change into accepted by extra banks? This weblog has the solutions. If you’re new to cryptocurrencies, this weblog is one of the best place to begin.

Bitcoin has exploded in recognition over the past yr, and that has led to an enormous improve within the variety of merchants. However, for these new merchants, it’s laborious to know what to do. This text will current some fundamental and superior ideas and methods to assist merchants and buyers get began and earn cash.

Bitcoin, a digital foreign money that’s well-liked amongst darknet merchants and cybercriminals, is a extremely unstable asset class. In the event you solely watch the value, you may assume it’s unstable as a result of it’s fluctuating round a predictable vary. However there may be really greater than what meet the eyes. This text presents a fast snapshot of what you’ll want to learn about buying and selling bitcoin and what you’ll be able to anticipate from this unstable asset class earlier than stepping into one of the best methods to commerce bitcoin.

It’s a decentralized digital foreign money, that means that its issuance doesn’t come from central authorities, bodily banks, or authorities. The official digital foreign money, Bitcoin, is the one one often called Bitcoin, as opposed as there are over 100 different cryptocurrencies. With the intention to maintain Bitcoin safe, it makes use of cryptography as a safety measure.

What You Ought to Know About Bitcoin Investing

As a dealer of the world’s first decentralized digital foreign money, it’s useful to have a fundamental understanding of the know-how behind it. As well as, as a newbie, it’s pure so that you can need to know the basics of buying and selling. On this weblog submit, we’ll cowl the fundamentals of how bitcoin works as a foreign money, in addition to among the superior strategies of bitcoin buying and selling.

Are you seeking to get into the world of bitcoin and cryptocurrency buying and selling? In the event you’re like most individuals, you’re in all probability feeling somewhat overwhelmed and confused relating to the way to get began. Under I’ve outlined a fundamental and superior breakdown of the steps you need to take when buying and selling cryptocurrency.

Primary Steps

1. Register with a legitimate and energetic e-mail deal with.
2. Set up a safe bitcoin pockets/pockets utility.
3. Join your checking account to the change.
4. Arrange a bitcoin pockets deal with for receiving fee.
5. Fund your account with funds from the checking account.

The cash you make from buying and selling is made by way of your potential to identify developments and predict future occasions. In the event you aren’t profitable on this — it’s time to strive one thing new.

Bitcoin is a revolution within the monetary world, and it’s rising like mad. Since there isn’t any central financial institution, this technique is decentralized, and the one management the federal government has over the market is that they’ll maintain it from taking place. Since there isn’t any regulation, all you’ll want to do is to purchase and retailer Bitcoins, and you may make cash. However there’s a huge downside: you’ll be able to’t earn cash with out having robust data of BTC and its markets. That’s why the usage of the why bitcoin wont fail is mostly a should.

As soon as he understands the fundamentals of how bitcoin buying and selling works, a beginner dealer such as you may want a little bit of persistence to get used to the market. However there are some things you are able to do to make it simpler for your self and extra revenue for the dealer. So, what do you’ll want to know earlier than you’ll be able to start buying and selling bitcoin and take advantage of in at present’s world?

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Bullish merchants that drank the “Bitcoin to $100,000 by year-end” Kool-Assist are actually coming to phrases with the truth that there could also be no Santa Claus rally to wrap up 2021. In the mean time, the pipe dream has morphed into easy hopes that the highest cryptocurrency can a minimum of end the 12 months above $50,000. 

Knowledge from Cointelegraph Markets Professional and TradingView exhibits that the bounce in worth seen in BTC following remarks from Federal Reserve Chair Jerome Powell has just about evaporated and over the previous 48-hours the value has swept contemporary lows at $45,500 and from the look of issues, the value may drop even additional.

Right here’s a have a look at what merchants take into consideration Bitcoin’s present worth motion and what might be in retailer for the rest of 2021.

Bitcoin’s consolidation mirrors Might’s worth motion

Pseudonymous Twitter analyst, ‘Rekt Capital’, in contrast the present worth motion to the consolidation seen in Might by way of July.

Rekt Captial stated,

“BTC continues to be consolidating inside these two key bull market EMAs. Identical to in Might 2021 (yellow circle).”

If an analogous sample have been to play out, the value of BTC may proceed to consolidate and drift decrease for one more 6 to eight weeks earlier than resuming its uptrend.

$44,000 might be the “backside”

An analogous state of affairs was forecast by Cointelegraph contributor Michaël van de Poppe, who posted the next chart outlining a tough sketch of how BTC worth motion may unfold over the subsequent couple of months.

Primarily based on the chart supplied, van de Poppe sees the potential for one other drawdown to the $44,000 vary which will likely be adopted by a return to the present ranges for a quick consolidation interval after which a resumption of the uptrend.

Associated: Analyst lists 21 elements calling for Bitcoin worth upside — However simply 4 bearish indicators

Swings in sentiment don’t change the underlying power

A ultimate little bit of perception got here from cryptocurrency analyst ‘TechDev’, who posted the next chart detailing a extra macro view of BTC’s worth motion after every halving cycle.

TechDev recognized two earlier cases the place BTC worth noticed intense intervals of volatility solely to be adopted by a late stage rally and blow-off prime state of affairs to a brand new all-time excessive.

TechDev stated,

“Regardless of a number of swings in sentiment during the last 2 weeks, Bitcoin is in the identical macro place.”

Observe-up tweets and responses pointed to a typically bullish outlook for BTC in the long run for TechDev, who acknowledged that “all eyes on the retracement ranges.”

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.