- A whistleblower has unveiled FTX’s secret 8% SOL stash, raising concerns about potential price fluctuation.
Solana surpassed Ethereum in transaction fees with $25M generated weekly, indicating strong network usage.
As a seasoned analyst with over two decades of experience navigating the tumultuous waters of finance and technology, I find myself both intrigued and alarmed by recent developments within the Solana ecosystem. The revelation of FTX’s secret SOL stash has certainly stirred up some stormy seas, as it raises legitimate concerns about potential market manipulation and its impact on the overall crypto landscape.
On August 2nd, Wise Advice made a disclosure (previously associated with Twitter) stating that, according to a former employee of FTX, the company owned roughly 8% of the total Solana’s [SOL] supply.
This previously undisclosed information has raised concerns about potential market disruptions.
As a seasoned investor with decades of experience navigating financial markets, I have witnessed numerous instances where hidden reserves of cryptocurrencies like SOL can exert significant influence over market dynamics. In my view, this cache could potentially trigger liquidations aimed at maintaining stability within the market. Based on my observations, it’s crucial to stay vigilant and adaptable in response to these types of situations.
The disclosure suggests that FTX’s secretive financial dealings may have played a role in its ultimate collapse.
Current Solana market performance
At the moment of publication, Solana was being traded at $161.32, showing a 4.33% decrease within the last 24 hours, and a more substantial drop of 8.81% over the course of the past week.
As a crypto investor, I just checked the stats and was blown away by Solana’s 24-hour trading volume – an impressive $5,047,410,666! And guess what? Its market capitalization is even more staggering at $75,063,772,727, placing it as the #5 cryptocurrency on CoinGecko. Impressive, isn’t it?
Based on technical analysis, it appears the price has rebounded from the lower limit of the Bollinger Band near $160, which often indicates a shift away from oversold conditions and potentially a market reversal.
In addition, the Relative Strength Index (RSI), based on a 14-day period, stood at 50.80, indicating a balanced market mood.
Previously during our discussion, the Relative Strength Index (RSI) indicated an oversold state, which aligned with the observed price rebound.
As a crypto investor, I notice that a prolonged surge above 50 on the Relative Strength Index (RSI) might suggest a stronger bullish trend. However, it’s important to remember that the price action could also pause within the range between the middle and lower Bollinger Bands, indicating potential consolidation before another move upward.
As a researcher examining market trends, I observed an optimistic MACD crossover in real-time based on the conventional settings of 12, 26, and 9. Specifically, the MACD line (0.11) has begun to rise above the signal line (-0.21), suggesting a potential uptrend ahead.
The histogram, which shows the gap between the MACD line and the signal line, was also rising, implying a growing bullish strength or optimism among traders.
If there’s a crossing point here, it might signal a potential increase in price, given substantial trading activity and further price rises beyond $162 are observed.
Solana’s network activity and fees
Over the course of this year, Solana’s network has consistently seen an uptick in the number of transactions it processes each month, peaking at more than 250 million transactions during July and early August.
This high transaction activity indicated strong network usage and adoption.
As per the latest findings from AMBCrypto, Solana (SOL) appears to have surpassed Ethereum [ETH] across several crucial aspects, such as transaction costs.
Over the last seven days, Solana has collected approximately $25 million in transaction fees, while Ethereum garnered around $21 million. This week’s figures underscore Solana’s efforts to compete with Ethereum for supremacy within the crypto market.
According to DefiLlama’s latest report, a staggering $5.019 billion worth of assets were secured on the Solana blockchain at the moment of reporting, primarily in stablecoin holdings which account for approximately $3.255 billion.
Over the past 24 hours, the network has generated $1.46 million in fees and $731,912 in revenue. The 24-hour trading volume is $1.438 billion, with inflows of $911,562.
Solana’s active addresses in the past 24 hours number 1.21 million.
The measurements showed that Solana’s network was strong and healthy, with increasing use among users. The large number of transactions and substantial income generation suggest the network is heavily used and operating effectively.
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2024-08-02 12:41