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Solana’s 20% Fall: What’s Next Now?

Well, Solana has been undergoing a downfall, and a 20% dump on the price made people on the crypto platform very alert. Now, the big question on everyone’s mind is: Will we stay at $110 support or will the tumble be harder?

So, what’s going on? Several factors are the reasons for Solana at the moment. And here, from general market concerns to network congestion Solana is facing serious pressures. Sadly, the long-term players got this dip and are sitting on the edge.

However, relying on a $110 support level is the only thing we can do! In that case, we might expect a bounce back if Solana could hold the line.

But what if it fails? This could result in fading confidence, which was once a popular asset of the year!

Still, there are crypto sphere enthusiasts who are bullish on Solana’s long-term prospects as it offers high transaction speeds and the ever-developing community.

However, in short, the market has focused its attention on that $110 level. Whether Solana starts to rise or decline can determine the future trend of the market for further months.

This is the reality of the crypto market! Anything can happen, so don’t look away. We expect Solana to soon launch a killer product as a game-changer!

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Bitcoin’s September Struggles: What to Expect Now?

September is quite a negative month for Bitcoin which draws negative trends and makes the charts red. But what does this mean for BTC this time around? Crypto investors, traders, and holders are buckled up for September as history shows that September spells pressure down for Bitcoin.

Then, why this announcer is called the September slump? It’s a combination of market sentiments and trends where traders anticipate volatility thus there are cases of sell-off and profit-taking.

Add in macroeconomic factors such as high interest rates, business deregulation and uncertainty will be on for a bumpy ride.

But it is important to say that it is not high time to part with Bitcoin yet. However, an up-close look at the performance of the BTC shows that it has great potential. Rather unpredictable, its dips are usually followed by a rebound for a quick hike to the larger trend.

Bulls are waiting for similar rebounds when September come as a preparation for the Q4 surge. The most important MA levels will be located around $25000 – any breakdown of this level is likely to cause serious problems, while its preservation may signal a change of trend.

Altogether, it can be stated that September certainly might be volatile, but the narrative of Bitcoin is far from the end. Whichever way you look at it, this month could well be the trajectory for the rest of 2024.

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Russia Tries Using Crypto to Dodge Sanctions, Experts Doubt It

Russia is all set to test crypto for cross-border payments next week, in the hopes of avoiding international sanctions. But experts have a doubt that it will work. Blockchain’s traceability and risk of tough sanction could make it tough.

Russia’s new law is all set to allow crypto for international payments, but regular payments in the country are still on the ban. Only information that we are made aware with is that Russian central bank is in charge of this experiment. The other details are super private. And not much is known about how it is going to develop further.

Russia is aiming to get crypto to help them to get their billions of euros out that are currently frozen by countries like U.S.A, U.K., AND EU. Russia have been criticized with 16,500 sanctions since the invasion of Ukraine in 2022. So, they are hoping that crypto will help them get around those barriers.

Do you think Russia’s plan will work in their favor or against them?

Japan’s Metaplanet Teams Up with Ripple’s SBI for Bitcoin Boost

Metaplanet, aka Japan’s MicroStrategy, linked up with Ripple’s partner SBI VC Trade to supercharge Bitcoin trading, custody and management. This collab is giving metaplanet some huge advantage. It has access to SBI’s next level custody services and the option to use Bitcoin for financing.

This partnership could easily hype up Bitcoin in Japan more than ever. It shows hints of crazier collabs along the line. This link up could indicate big things ahead for both companies.

At the given time, BTC’c at $57,807 down by 0.60%. but the trading volume is up 77%. That’s a clear indication of it being talk of the town.

Solana Faces Bearish Trend as Post-Sunpump Demand Declines

Solana (SOL) faces a bearish market as the cryptocurrency strives to recover from the impacts of the Sunpump event. Initially, Sunpump was expected to be a bullish catalyst. In the recent times, it has appeared to drive investors to sell SOL, creating another dip. The event denoted high volatility. It fails to keep the SOL price above the critical resistance level.

Market experts observe that after the post-Sunpump event, several traders have become cautious. This has created a gap that SOL prices continue to indicate that they are heading low. Investors are becoming anxious due to the instability in attaining the previous prices. This can cause uncertainty about its short-term prospects.

This has also shifted the overall market sentiment towards the asset. The investors are voicing their fears that the latest movement could dent confidence in Solana. However, it is important to recognize that from a long-term perspective, Solana has attractive fundamentals.

However, there are some analyst in the market regarding the Solana coin’s future. They believe that the coin has a chance of bouncing back as soon as the market comes out of its current grim phase.

For those who want to remain abreast of Solana’s market movement, the key is to watch out for future announcements. Additionally, they need to evaluate the risks and rewards of holding SOL during this volatile period.

Kaspa Surpasses MATIC: A Major Milestone in the Crypto Landscape

Kaspa (KAS) has now moved to third place, beating Polygon (MATIC) in terms of market capitalization. This has created a force to be reckoned with in the cryptocurrency market. Kaspa build on the blockDAG architecture owes the milestone. This renders Kaspa capable of handling a high number of transactions per second and highly scalable, in the blockchain industry.

Kaspa’s value increases while the ecosystem is developing, with the growing adoption and activity rate behind it. Due to the decentralised nature of the cryptocurrency and the improvement in technology, it has attracted more investors and developers. On this growth trajectory, the market is firmly behind Kaspa’s ability to solve some of the scalability and efficiency issues. The platform solves the problems the other blockchain networks have faced.

At the same time, other projects in the crypto space are also progressing with it. Cosmos (ATOM) has deployed its V19 upgrade to eventually improve connectivity and expand ability. Also, the whitelist event of Qubetics is growing more and more popular. One can see that the cryptocurrency market does not remain stagnant for days.

Thus, the further successful establishment of Kaspa within the list of leading cryptocurrencies will have significant implications for the blockchain market. These blockchain networks are competitive and the new success of Kaspa may lead to further advancements of the industry.

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Ethereum Faces Challenges as It Loses ‘Ultra Sound Money’ Status

ETH is facing a major challenges as it no longer fits the ultra sound money. The users were fascinated after the adoption of the Ethereum Improvement Proposal (EIP)-1559. The proposal also included a plan to burn a part of the transaction fees. This would help in the reduction of ETH supply thereby making it a deflationary asset. But today’s market trends have done this around turn.

The first issue regards the decrease on supply of Ethereum. It is no longer decreasing at the expected rate, thus causing doubt regarding its deflationary characteristics. This change is mainly caused by lower activity on-chain both in terms of transaction fees and Ether tokens being burned. The situation has sparked controversy among the prospective investors and analysts who have been keenly observing the supply chain of Ethereum.

Summing up the above concerns, Ethereum is in front of a potentially problematic technical situation. There is a “rectangle pattern” on the Ethereum’s price chart at the moment. This pattern implies that there may be some consolidation of the price. It might be fluctuating between a given range, which may be due to the uncertainty of the market. This means that if Ethereum fails to get past this level of resistance then the downside risk in the cryptocurrency truly on.

The changes in Ethereum and the disappearance of the “ultra sound money” status or the stagnation in attempts to climb key resistance levels signify shifts in the market. While Ethereum remains in the uncertain stage and tries to overcome all these challenges, the market observers pay much attention to the further developments in the sphere of cryptocurrencies.

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Major Memecoins Bottoming Out. Will This Be The Greatest Entry?

Heard of someone turning $100 into 100k or maybe $1k into a million? Well, there are lots of such stories in crypto. But how?

Memecoins are the lottery tickets to these stories. People got an ROI of 100x-10000x from $DOGE, $SHIBA, $FLOKI, $BONK, $TURBO, etc. They are usually driven by the community without any utility. Now, the real question is “when is the right time to buy memecoin”.

Looking at the price chart of top memecoins, Bitmala team has discovered a potential pattern.

Screenshot 2024 09 01 at 8.11.43 PM Bitmala

DogWifHat ($WIF) looks extremely oversold at the current price with a stochastic RSI of 20.

Screenshot 2024 09 01 at 8.12.13 PM Bitmala

Shiba Inu ($SHIB) looks extremely oversold at the current price with a stochastic RSI of 20.

Screenshot 2024 09 01 at 8.12.43 PM Bitmala

Dog Runes ($DOG) looks extremely oversold at the current price with a stochastic RSI of 10.

Screenshot 2024 09 01 at 8.13.06 PM Bitmala

Turbo ($TURBO) looks extremely oversold at the current price with a stochastic RSI of 10.

Screenshot 2024 09 01 at 8.13.32 PM Bitmala

FLOKI ($FLOKI) looks extremely oversold at the current price with a stochastic RSI of 20.

Screenshot 2024 09 01 at 8.14.36 PM Bitmala

BONK ($BONK) looks extremely oversold at the current price with a stochastic RSI of 10.

Screenshot 2024 09 01 at 8.15.11 PM Bitmala

Dogecoin ($DOGE) looks extremely oversold at the current price with a stochastic RSI of 20.

Do you see a bottom here? Are you buying any memecoins in this market?

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Shiba Inu Now Used as Collateral on Kraken for Futures Trades

Shiba Inu ($SHIB) is soaring up in crypto world. Kraken Pro recently announced that $SHIB can be used as collateral for future tradings. This place $SHIB with popular cryptocurrencies such as Bitcoin, Ethereum, and others.

SHIB’s lead developer, Shytoshi Kusama responded to the news with a simple angel emoji on Twitter. This very move could rocket SHIB’s presence in the crypto world.

Adding to that, the burn rate of $SHIB soared up by a massive 139,10% in just 24 hours, with over 96 million tokens burned. The burning of the tokens reduces the circulation of the number of coins, adding more value to $SHIB.

With all these happenings around $SHIB, known investors are also showing interest with large transactions over $100,000 rising by 64%. Increment in community involvement was seen by 14% in daily active SHIB addresses.

With SHIB being used as collateral and tokens being burned at record rates, we can see the level up of $SHIB in crypto world.

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US Judge Dismisses Dogecoin Lawsuit Against Elon Musk

Elon Musk just steered clear of a huge legal battle. A U.S. judge tossed away a $258 billion lawsuit accusing Musk and Tesla of influencing Dogecoin.

The lawsuit, filed by investors in June 2022, just cleared up in 2024. The lawsuit claimed Musk was manipulating his twitter following to pump up Dogecoin prices (it spiked over 36,000%) and then let it crash. This manipulation was named “Dogecoin Pyramid Scheme,” pointing to tweets where Musk joked about being Dogecoin’s CEO and even sending it Mars via SpaceX.

On august 29, Chief Judge Alvin Hellerstein stated that Musk’s tweets to be jokes and not financial advice. He cleared it out saying no reasonable investor would take them seriously.

Musk’s lawyers called the claims pure fantasy and the judged agreed and dismissed the case.