Solana Stays Close To All-Time Highs

Solana Stays Strong While Bitcoin and Ethereum Decline

Solana made an attempt to settle above all-time highs today despite the pullback in leading cryptocurrencies. Bitcoin is currently trying to settle below the psychologically important $60,000 level. In case this attempt is successful, it will gain additional downside momentum and move towards the 20 EMA at $57,700 which will be bearish for the whole crypto market. Meanwhile, Ethereum managed to get back below the $4,000 level and is trying to settle below $3,900.

It remains to be seen whether the sell-off in biggest coins will have any notable impact on Solana as the latter’s upside momentum is very strong. According to CoinMarketCap, the recent rally has put Solana into the top-6 cryptocurrencies by market capitalization with a market cap of about $61 billion at the time of writing.

Technical Analysis

solana october 22 2021

Solana managed to settle above the $200 level and is currently trying to settle above the resistance at $216. Trading volume has increased materially in recent days, but it has not reached peaks that were seen back in September when Solana was trading near current levels. Thus, Solana may enjoy even more active trading which could push it to new highs.

It should be noted that RSI has just entered into the overbought territory, but it remains well below highs that were seen back in August – September, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case Solana manages to settle above $216, it will gain additional upside momentum and move into the uncharted territory.

On the support side, the previous resistance near $200 will serve as the first support level for Solana. A move below this level will push Solana towards the support at $178. In case Solana declines below $178, it will head towards the next support which is located at the 20 EMA at $164.

For a look at all of today’s economic events, check out our economic calendar.

Direct Cryptocurrency Payments Will Serve as a Boost for the Financial Industry

According to research conducted by the Capgemini Research Institute, nearly 45% of customers around the world will use cryptocurrencies for payments within the next 1-2 years, due to the growing need for cross-border payments. At the moment, less than 10% of global consumers use cryptocurrencies for payments.

While the legal status of cryptocurrencies varies from country to country, the fact that they can be recognized as legal tender (as El Salvador’s example demonstrates) shows that there is a place for them to be found in payments and that people can also use them to conduct their purchases.

While Bitcoin is not the best crypto asset for payments going forward, there are other options available which can be used for payments. Assets with lightning-quick transaction speeds, like Ripple, Solana, EOS, Neo, Cardano and Ethereum (following the rollout of Ethereum 2.0), for example.

Advantages of crypto payments

We have already seen El Salvador implement Bitcoin as a legal tender. Its advantages include censorship-resistance, quick and cheap payments and an anti-inflationary system. Only time will tell if El Salvador’s move bears fruit. If it does, we could see other countries follow suit. It must be noted that Bitcoin’s initial goal was to be used for payments – its current appeal is more as an investment instrument but this could soon change.

When it comes to payments, efficiency is a priority. A cross-border payment in crypto can take minutes, or even seconds to clear – as opposed to several days of clearance time (potentially) with fiat transfers. Currently, payments platforms and financial institutions charge colossal fees for international transactions and take significant time to process.

In today’s increasingly digital age, speed is of the essence when it comes to the completion of any task, of course in a streamlined manner. Needless to say, the integration of crypto assets into global finance will make local and international payments easy. Also, functionalities can be built into crypto transactions in the form of smart contracts.

For example, you could send pocket money to your child who is studying overseas and program the money to not be spent on junk food. Automation of payments based on pre-fixed conditions is also a possibility. Of course, the security that comes with blockchain technology is another advantage of incorporating crypto payments globally.

With a market cap of $2.5 trillion at the time of writing, crypto tokens have become an asset class in their own right, and the gap between the crypto and fiat spheres is gradually closing.

What is the future for this sector?

We are approaching a future where cross-border payments can be completed with a single, quick crypto transaction. The real benefit of crypto payments is being able to use cryptocurrencies in our day-to-day lives. While receiving payment in crypto and converting to fiat is still a quick process, the fees get piled on – convenience and savings hold key importance here.

The future for this sector is indeed bright but we need businesses all over the world to accept crypto payments to harness their true potential. We need a digital world where crypto payments for all kinds of goods can be made with a single click. At the moment, over 15,000 businesses globally accept crypto payments. These include Microsoft, PayPal, Overstock, Whole Foods, Etsy, Starbucks, McDonald’s, Newegg, Home Depot, Rakuten and Twitch – the list goes on.

Once crypto payments become mainstream, I expect players in the industry to build infrastructure to add to the capabilities of crypto assets and facilitate direct crypto payments as I mentioned in the previous section. CBDCs are a way forward as well and will slowly but surely transform global finance.

The lack of regulation is a hindrance to growth at this moment and the adoption of CBDCs could see cryptocurrencies gain more importance and traction rapidly. Many countries do not have taxation rules in place at the moment and do not know how to treat crypto assets. And since they cannot understand crypto assets, they refuse to acknowledge their importance.

This is why I feel 2022 could be a turning point for the crypto industry in terms of global finance, with CBDCs likely to receive a huge global push. China is leading the way at the moment and countries like the UK and India are not too far behind.


The crypto industry will continue to develop and the demand for crypto assets will rise. Global crypto adoption for payments will not only add ease to cross-border payments at low costs but also allow us access to programmable and automatable payments.

China will play a leading role in global crypto infrastructure in the near future, owing to its progress with CBDC technology. The growth of India as a crypto-using nation is heartening to see as well – India has the most active crypto users at the time of writing.

Financial institutions are seeing cryptocurrencies in brighter light and their acceptance of digital currencies is key to the future growth of the industry. In the end, the goal is not to eradicate traditional finance but enhance it.

Greg Waisman, co-founder and COO of the global payments network Mercuryo.

Ethereum, BSC & Solana: Who Will Win the Race to Conquer the NFT Market?

This hardly comes as a surprise. Non-fungible tokens can represent any digital object, from artwork and collectibles to music, in-game items, and even personal data, and be easily authenticated via the distributed ledger, offering proof of ownership for their holders. This is the reason why the market is blooming with NFT platforms, marketplaces, protocols, and solutions, while retail investors, celebrities, artists, athletes, and businesses have dabbled into the exciting world of NFTs to harness its benefits.

However, in the heart of any decentralized product lies its core technology. It determines its overall stability, capabilities, and the quality of the user experience. In the case of digital assets, this is their underlying blockchain – and today we will compare the best blockchains for non-fungible tokens.

Ethereum: Largest and Highly Decentralized

Ethereum features one of the largest ecosystems and user bases among all DLT networks. It is highly decentralized, with nearly 4,000 full nodes validating the blockchain and an excellent history of resilience against internal and external threats.

With Ethereum, developers get access to numerous tools, artists get a chance to showcase their art to a big market of potential buyers, and investors get plenty of NFTs to choose from. Today, this blockchain hosts most collections, marketplaces, and dApps powered by NFTs.

However, the blockchain has its downsides, which center around limited scalability. Its ability to process only around 15 transactions per second (TPS) combined with massive user activity has led to heavy network congestion. As a result, transaction fees have been rising on Ethereum, with the average transfer costing $14.96 as of October 8, 2021. While Ethereum developers are actively working on upgrading the blockchain’s scalability with ETH 2.0, it will take many months until we see big improvements.

Binance Smart Chain: Going Low-Fee

Even though Ethereum excels in security, decentralization, and ecosystem activity, Binance Smart Chain (BSC) has managed to take advantage of its competitor’s limited scalability to gain traction. As BSC has the scalability of approximately 100 TPS, it features significantly lower transaction fees than Ethereum.

According to BscScan, a standard transfer costs $0.053, but users have to pay $0.137 and $0.423 for BEP-20 and smart contract transactions, respectively. In addition to improved scalability and lower fees, Binance Smart Chain has 3-second block times – compared to 15 seconds on Ethereum –, and features decent security.

On the flip side, decentralization is among Binance Smart Chain’s top weaknesses. In addition to being managed by Binance (which also operates the bridge between BSC and Ethereum), it only has 21 validator nodes, making it a highly centralized chain. Its thriving ecosystem has become a worthy competitor of Ethereum’s – however, what BSC lacks is decent NFT-related activity.

Solana: Young, Scalable & Secure

Solana is a rather new player in the NFT space. This highly scalable and high-speed blockchain – over 65,000 TPS and 0.4-second transaction latency – gained traction only a few months ago, but its non-fungible token industry is developing fast. According to its website, its ecosystem consists of over 120 NFT projects (out of a total of 423).

Due to its excellent scalability, the average transaction costs $0.00025 on Solana, which is by far the lowest among the three chains. It doesn’t have as many validators as Ethereum: over 1,000 nodes are responsible for validating blocks within its network. This allows Solana to maintain a high level of decentralization with limited risks of validators teaming up to gain control over the network.

Solana doesn’t sacrifice security to achieve high scalability and decentralization. Instead, the project has introduced multiple innovative features and functionalities – such as the cryptographic clock Proof of History (PoH), the mempool-less transaction forwarding protocol Gulf Stream, and the Turbine block-propagation protocol.

Summary: What Blockchain Meets Your Goals?

To sum up, all the blockchains we have explored serve as good options for NFT market participants. If you are OK with higher gas fees and limited scalability, you can leverage Ethereum to access the most popular NFT marketplaces and dApps. In case you want to cut your transaction costs and don’t mind increased centralization, Binance Smart Chain can be a good choice.

However, I believe Solana is the clear winner among the three. Even as a relatively new blockchain that only gained traction recently, Solana excels at all three important qualities of blockchains: cutting-edge security, a highly decentralized network, and excellent scalability.

Mike Novogratz: ‘Bitcoin to Take More of Gold’s Market Cap’

Now that the bitcoin price is back above $50,000, cryptocurrencies are in the limelight once again. A rising tide tends to lift all boats, and bitcoin’s ascent has leading coins up by double-digit percentages this week. Over the past seven days, bitcoin’s value has ballooned by more than 25%, while Ethereum is up over 20% and rival blockchain Solana has advanced 15%.

Altcoin Rally

The altcoin rally has investors searching for the next potential bitcoin. But according to Galaxy Digital CEO Mike Novogratz, there is only one digital gold and that’s bitcoin. He told CNBC,

“Bitcoin is digital gold. I think it’s won that lane. I think it will continue to be adopted and it will take more and more of gold’s market cap.”

Novogratz explained how bitcoin’s market cap of $1 trillion is approximately 12% of gold’s. According to the bitcoin bull, it’s only a matter of time before the leading cryptocurrency reaches the size of gold’s multi-trillion dollar market.

Incidentally, bitcoin’s use case as a store-of-value asset came under fire recently when it failed to serve as a hedge during the Evergrande debacle that spilled over into crypto prices.

Tech Play

Novogratz also discussed the leading blockchain networks, including Ethereum and Solana, saying they are “vying to be part of the technology play.”

Solana, in particular, has been gunning for Ethereum’s crown. Solana’s speedy transaction times and lower costs have fueled a major rally in the blockchain’s native currency, SOL. The SOL price has gone from $1.51 in early 2021 to $154 today, a gain of more than 10,000%.

The Galaxy Digital chief noted that these layer-one solutions as they’re known are “tech bets.” Their appeal is based on user adoption as well as the strength of the product and the respective communities.

Novogratz said picking the right protocols, the tech that is built on top of layer-one solutions, is “not for the faint of heart.” There is an extreme amount of volatility that is inherent in the asset class. He advises investors to keep it simple unless they have the time and know-how to do it differently.

Market leaders are convinced that the next phase of the bitcoin bull market is underway. If they’re right, the final stretch of 2021 could be a wild ride for digital gold and blockchain tech plays alike.

Solana (SOL): Correcting Before Moving Higher Again

Based on the Elliott Wave Principle (EWP) and Technical Analyses (TA), I was, three weeks ago, expecting Solana (SOL) to be in a more significant 4th wave correction. We knew, “given 4th waves are often complex price structures, comprised of at least three waves (a, b, c), expect a bottom soon at around the rising 20-day Simple Moving Average ($145ish) for red wave-a, then a “dead cat bounce” for red wave-b, and then last wave-c back down to the $140 zone.

SOL did bottom three days later at $134, rallied to $171 the next day, and declined again until the September 21 low at $116. Now the cryptocurrency is once again back at the low $170s. Was that all of the above-mentioned more significant 4th wave? IMHO not, as the September 21 low was likely only a subdividing (green waves a, b, c) intermediate (red) wave-a of (black) major wave-4. See Figure 1 below. Allow me to explain.

Figure 1. SOL daily chart with EWP count and technical indicators.

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4th Waves Are Often Complex

In my previous update, I showed “(black) major wave-2 lasted from May to mid-June and retraced almost precisely 62% of wave-1: textbook.” And “the February-March [2021] correction [was a 4th wave] of an intermediate degree, one degree lower than the current correction. It lasted a month and consisted of four dips and three rallies. But the overall pattern was more of sideways congestion, e.g., called a “Bull flag.” Besides, the correction retraced precisely 38.20% of wave-iii. Hence, since we are now dealing with a major-4 type correction, I expect a similar pattern to emerge over the next few weeks.

Thus, based on these lines of evidence, I continue to view SOL in a major 4th wave, with the first move (red, intermediate wave-a) completed. As explained, corrections always have at least three movements, and thus the 2nd move (red wave-b) is now underway. Ideally, it should target $200 +/- 10 before the third move (red wave-c) down kicks in.

But please remember, if the March-February intermediate wave-iv correction has taught us anything, then we know this current major wave-4 can have a few more tricks up its sleeve. Hence, it is nigh impossible to foresee each twist and turn, but the EWP can forecast the overall expected pattern well.

Thus, as long as SOL can stay above the September 23 high of $152, it can move higher into the ideal $200+/-10 target zone. Below $152 will increase the odds significantly for a revisit of the mid-September lows.

However, IF this is a flat correction, SOL will need to move higher to the ideal target zone. Otherwise, major wave-4 could morph into a (dreaded) triangle. Besides, please note SOL can even rally to as high as $240 and still be in a complex 4th wave. In that case, it will be called an irregular flat. But, a move >$254 will mean the correction has already ended. Thus we have our if/then parameters in place.

Bottom line: A few weeks ago, I showed that Solana (SOL) had “completed a more significant 3rd wave and is now in a 4th wave correction … [which] will likely be a long-drawn, sideways movement with numerous, hard to precisely foresee, rips and dips….” So far, thanks to the patterns EWP can predict, this was the correct POV as SOL has now corrected the most since the June low, which was a major wave-2.

The correction did present us with a few extra twists in September as well, but as I tell my premium crypto trading members, “focus is on the intermediate-term (weeks to months), as we navigate through this wave-4.” As such, I view the current rally as part of the aforementioned “dead cat bounce,” which needs to hold $152 to target $200+/-10 with an outside chance of $240. Below $152 will target the $110s once again.

For a look at all of today’s economic events, check out our economic calendar.

Billionaire Venture Capitalist Believes Gold Has Met Its Match in Bitcoin

One billionaire venture capitalist has weighed in on the bitcoin vs. gold debate. Chamath Palihapitiya, CEO of Social Capital, said during CNBC’s Delivering Alpha conference that gold has met its match. He stated,

“I can pretty confidently say that bitcoin I think has effectively replaced gold. And it will continue to do so. And so that market cap is just going going to grow.”

Palihapitiya opted not to provide a target for the bitcoin price, but he forecast in early 2021 that it was potentially barreling toward $200,000, the timetable for which was uncertain but could be anywhere from five to 10 years. Bitcoin is currently trading below $42,000 after having touched on $50,000 in early September.

Inflationary Hedge

Palihapitiya is worried about inflation continuing to rear its head. He is looking for assets that are natural inflationary hedges including hypergrowth, cash-generative and non-correlated assets, the latter of which is the camp that bitcoin falls into.

Bitcoin failed to perform like a hedge earlier this week when the Evergrande headlines surfaced. The China-based property developer’s debt woes sent stocks reeling and took the bitcoin price down with them. Fear took over as investors fled stocks and cryptocurrencies and ran to fixed-income securities and gold.

Meanwhile, Palihapitiya is also a fan of the Solana blockchain, which is a competitor to the second-biggest cryptocurrency, Ethereum. Solana’s profile is on the rise and its native coin is currently the seventh-biggest cryptocurrency based on market cap.

Bitcoin vs. Gold

While the bitcoin price might be down for the month of September, it is still up year-to-date. So far in 2021, the bitcoin price has advanced 24% while the gold price is down about 7% in the same period.

Palihapitiya may not be willing to suggest where the bitcoin price may be headed next, but he does expect that it “could get very big.” He says,

“We all need to pay attention to it.”

The venture capitalist goes on to compare bitcoin to the internet, which makes it hard for lawmakers to control.

“I think it’s very hard to kill. It’s completely headless. It’s entirely peer-to-peer. I think that’s both scary and exhilarating,” said Palihapitiya.

Palihapitiya isn’t the only billionaire who is bullish on bitcoin at the Delivering Alpha event. Orlando Bravo, co-founder of private equity firm Thoma Bravo, is also in attendance, where he revealed that he also owns bitcoin.

What is Solana – One Of Ethereum’s Major Rivals

The cryptocurrency market has been in a bearish trend for the past few weeks. Bitcoin has lost its position above the $50k mark, while Ether has been unable to surpass the $4k mark over the past few months.

Despite the bearish trend in the market, one of the cryptocurrencies that stood out is Solana. Solana (SOL) reached a new all-time high above $200 at a time when the other major cryptocurrencies were suffering massive losses. This unusual movement in price grabbed the attention of many traders, investors, market participants, and people outside the cryptocurrency space.

As one of the leading cryptos in the world, it is not a surprise that many people want to learn about Solana and why it pumped when other cryptocurrencies were losing their value. This post looks into the Solana basics and explains its rally a few weeks ago.

What Is Solana?

The first obvious question is what Solana is. Solana is a blockchain platform specifically designed to host decentralized applications. It is similar to other leading dApp blockchains like Ethereum and Cardano.

However, Solana is an open-source project currently run by the Geneva-based Solana Foundation. The blockchain was built by developers at San Francisco-based Solana Labs. Solana has gained traction by offering something that the Ethereum blockchain has so far being unable to deliver; faster operation and lower transaction fees.

Unlike Ethereum, Solana is a PoS (proof of stake) blockchain, making it more environmentally friendly than the popular PoW (proof of work) blockchains like Ethereum and Bitcoin. It has a naïve coin called Solana and has the ticker SOL.

The proof of stake protocol used by Solana is currently preferred in the cryptocurrency space. Unlike the proof of work where massive energy is needed to run a blockchain, proof of stake makes the validator nodes on the network to stake something. In the case of Solana, the validators stake the SOL tokens. Although the validators also consume power to operate, their power consumption is far lower than that of the PoW miners.

Solana Is A Programmable Blockchain

Solana can best be described as a programmable blockchain. It is currently one of the fastest programmable blockchains in the cryptocurrency space. It is a major competitor to other programmable blockchains such as Ethereum and Cardano.

Programmable blockchains are very popular within the cryptocurrency space and beyond due to their massive functions and potential. They have the ability to store tiny pieces of code known as smart contracts. Smart contracts can be programmed to execute certain actions when the conditions of the contract are met.

For instance, if you rent a car, the dealership might initiate a smart contract that automatically pays back your deposit when you return the car in good condition. Ethereum was the first and remained the leading programmable blockchain in the world. Over the past few years, the Ethereum blockchain has attracted a wide range of developers who use it to build decentralized applications (dApps).

However, the Ethereum network continues to fall short in certain aspects, especially in terms of scalability. The network congestion sometimes leads to huge fees. The developers are currently working on ETH 2.0, migrating the blockchain from a proof of work to a proof of stake protocol. The ETH 2.0 upgrade is expected to solve the scalability issue and make Ethereum have a lower carbon footprint.

Due to Ethereum’s shortcomings, new programmable blockchains have come up and are taking some of Ethereum’s market share. The likes of Solana, Tezos and Cardano are designed to be cheaper, faster, and more sustainable than Ethereum. Solana is now the fastest of them all.

How Does Solana Differ From Ethereum?

Ethereum is currently the leader in the smart contract space, with over 70,000 nodes compared to just 1,000 for Solana. However, Solana is considered to be an Ethereum killer because of its innovation and how it is tackling some of Ethereum’s weaknesses.

Solana, through its proof-of-history (PoH) protocol, is revolutionizing how blockchains work. By allowing validators to be in charge of their own clock, the transaction verification process is reduced since the nodes don’t have to put in processing power before they can verify various timestamps. Thus, improving the speed at which transactions are processed on the Solana network. The Solana network processes up to 60,000 transactions per second, surpassing that of Bitcoin, Visa, XRP and Ethereum combined.

In addition to the transaction speed, the costs are significantly lower on the Solana blockchain. As mentioned above, one of Ethereum’s major challenges is its high gas fees. Users pay up to $50 to process a transaction on the Ethereum network. Earlier this week, Bitfinex paid $23.7 million just to move $100,000 USDT on the Ethereum network. With Solana, the fees are significantly lower, usually around $0.00025 per transaction.

How Fast Is Solana?

Solana is currently one of the fastest programmable blockchains in the world. It can process more than 50,000 transactions per second (TPS). The developers say the transaction speed can reach 700,000 TPS as the network grows. This is far better than Ethereum, which currently processes between 15 to 45 TPS.

Solana’s speed and low transaction fee have attracted numerous developers to the blockchain. A wide range of dApps and smart contract projects are now deployed on the Solana project. Thus, making it one of the most widely-used blockchains and cryptocurrencies in the world.

Coins Supported By Solana Blockchain

The Solana blockchain is becoming home to a wide range of cryptocurrencies. Some of them include;

  • Chainlink
  • The Graph
  • Waves
  • Serum
  • Audius
  • REN
  • Raydium
  • Coin98
  • Oxygen
  • Akash Network
  • Mango Markets
  • Velas
  • Civic
  • Bonfida
  • Star Atlas
  • Hxro
  • Orca
  • Kin
  • Solanium
  • Ramp
  • Step Finance
  • MAPS
  • Frontier
  • Saber
  • Cope
  • Only 1 and hundreds of others

Why Did Solana Pump When Others Were Dumping?

There is no denying the fact that Solana (SOL) is one of the best-performing cryptocurrencies this year. SOL has forced its way into the top ten cryptocurrencies by market cap, surpassing the likes of Dogecoin and Polkadot and also competing with XRP in terms of market cap.

Although its price is now slightly above $170, Solana reached a new all-time high at $213 on September 9. This was during a time when the broader cryptocurrency market was losing most of its value.

Although other competitors such as Ethereum, including Cardano, Polkadot, Dfinity, Terra, Polygon, and Avalanche, have all increased huge gains in price over the past year, Solana’s performance was extraordinary.

A key reason for its growth is that the Solana ecosystem has the backing of FTX, one of the leading digital asset exchanges in the world. FTX has launched numerous Solana-based projects over the past few months.

The Solana project is also backed by some of the biggest investors in the cryptocurrency space, including Alameda Research, Andreessen Horowitz and Polychain. Solana also has lower transaction fees than most of its competitors.

Some market experts believe that Solana is at the beginning of its growth cycle and has the potential to match Ethereum in terms of price and market value over the next few years. As such, several investors remain bullish on the medium and long-term prospects of the Solana project.

Solana – A Look To The Future

Solana is one of the leading cryptocurrencies in the world. The cryptocurrency and its blockchain are expected to continue growing and eventually pose further challenges to the Ethereum network.

Sam Bankman-Fried is very bullish about the Solana blockchain and for good reasons. The developers continue to innovate and push for more developments. while Ethereum remains the market leader, Solana, alongside Cardano, will continue to eat into Ethereum’s market share.

In terms of price performance, many analysts are bullish that Solana’s price could top the $1,000 mark over the coming months. If the adoption and growth continue, SOL could reach ETH’s price of roughly $3,500 in the next few years.

Altcoins Rally As The Cryptocurrency Market Recovers

The cryptocurrency market has endured a tough start to the week but has managed to turn things around. Altcoins are now rallying following the market recovery over the past few hours.

AVAX And LUNA Lead The Altcoin Rally

The cryptocurrency market didn’t have a great start to the week. The prices of most cryptocurrencies plunged by more than 10% over the past seven days, with Bitcoin losing its support above the $45k region and nearly dropping towards the $40k mark.

However, altcoins also underperformed earlier this week, with Ether, Solana, Avalanche (AVAX), Cardano (ADA) and various others recording massive losses. Despite that, the cryptocurrency market started to turn things around a few hours ago, and now altcoins are rallying.

AVAX and Terra (LUNA) are leading the market charge. AVAX is up by 21% over the past 24 hours, making it one of the best performing coins in the market. The native coin of the Avalanche blockchain is trading at $75 per coin and could target the $80 mark over the coming hours if the market condition is maintained.

LUNA has outperformed AVAX in the past few hours. LUNA is up by 24% over the past 24 hours and is the best-performing coin amongst the top 20 cryptocurrencies by market cap. Terra has become one of the leading projects in the crypto space, and it has shown the performance of Terra in the past few weeks and months.

LUNA/USD chart. Source: FXEMPIRE

Ether, ADA And SOL Are Also Rallying

Although LUNA and AVAX are currently leading the market charge, the other leading altcoins are also rallying. ETH was finally able to cross the $3,000 mark after dropping towards the $2,900 region yesterday. Ether is still far from its all-time high above $4,000, and it could take a while before it can test that level again.

Cardano (ADA) is another leading altcoin that is currently rallying. ADA is up by 3.7% over the past 24 hours and has managed to maintain its price above $2 despite the widespread bearish sentiment in the market.

Solana (SOL) has recovered nicely after last week’s network outage saga. SOL is up by 10% in the past 24 hours, and it is now trading close to the $150 mark again. If the bulls regain full control of the market, SOL could be looking to establish a new all-time high above the $200 mark.

The other leading altcoins such as XRP, DOGE, DOT and BNB are also rallying as the broader cryptocurrency market recovers.

Solana Mainnet Finally Back Online After Nearly A Day In The Dark

The Solana network is finally online 24 hours after going dark, with the engineers working overtime to ensure everything worked as expected.

Solana’s Network Went Dark Yesterday

The Solana blockchain went offline yesterday, affecting the activities of thousands of people on the network. The transactions of thousands of people on the network were paused as the blockchain experienced its first major outage since its mainnet event.

However, the network engineers got to work immediately to restore normal activities on the blockchain. One developer on the Solana discord server revealed that the network is now back online after spending nearly 24 hours in the dark.

The network was restored in the early hours of Wednesday, with Solana users now relieved that they could continue their activities without any hitch. The Solana network validators also came back online and are already approving transactions on the blockchain.

However, the service remains spotty right after the patch. According to a Twitter account operated by the Solana Foundation, the developers need to do more work to ensure the network operates smoothly.


Solana is one of the leading projects in the cryptocurrency space. The availability of smart contract features means that it is expected to provide stiff competition to the likes of Ethereum, Cardano and the Binance Smart Chain (BSC).

Solana Is Trading Below $160

Solana has been one of the top-performing cryptocurrencies in recent weeks. However, it has underperformed over the past few days, with yesterday’s network outage contributing further to its downward movement.

SOL/USD chart. Source: FXEMPIRE

SOL is down by 1% over the past 24 hours and is trading at $158 per coin. In the past three months, Solana’s price has surged by 302%. Solana’s strong performance comes despite the broader cryptocurrency market recording losses.

SOL reached a new all-time high above $200 earlier this month. Market analysts are expecting it to reach $400-$500 before the end of the year.

Solana (SOL): Correcting Before Moving Higher Again

Solana (SOL) has rallied from just over one dollar at the December 2019 low to $216 last week. A 21,500% return in less than two years, which has caught everyone’s attention. It thus deserves its updates from now on. Here I present my Elliott Wave Principle (EWP) count and Technical Analyses (TA) work. The two combined are one of the most reliable and accurate -but not infallible- methods to understand past price action, helping my premium crypto trading members better anticipate future price action. With SOL having topped at $216 last week and now trading at $158, many will ask, “is the top in?“. My answer is, “Yes, A top is in, but it is not THE top.” Allow me to explain below.

Figure 1. SOL weekly & daily chart with EWP count and technical indicators.

After wave three come waves 4 and 5

From the EWP, we know with certainty that an impulse pattern comprises five waves: 1, 2, 3, 4, 5. Thus after wave-3 comes wave-4 and wave-5. Figure 1A above shows, using weekly candles, that IMHO Solana has topped for (black) major-3 of (blue) primary-III and is now in major wave-4. Price has almost already retraced 38.20% of the rally that started mid-June this year. A typical 4th wave target.

Figure 1B shows the daily chart-based EWP supports that using the weekly candles. In addition, I added the Ichimoku cloud, and as you can see, when Price is above the cloud, “good things happen after a pullback, whereas below the cloud, weakness persists. Note (black) major wave-2 lasted from May to mid-June and retraced almost precisely 62% of wave-1: textbook. Thus, given 4th waves are often complex price structures, comprised of at least three waves (a,b,c,), I expect a bottom soon at around the rising 20-day Simple Moving Average ($145ish) for red wave-a, then a “dead cat bounce” for red wave-b, and then last wave-c back down to the $140 zone.

To illustrate the 4th wave complexity, please see Figure 2 below. It shows the February-March correction of an intermediate degree, one degree lower than the current correction. It lasted a month and consisted of four dips and three rallies. But the overall pattern was more of sideways congestion, e.g., called a “Bull flag.” Besides, the correction retraced precisely 38.20% of wave-iii and stayed above the Ichimoku cloud at all times. Once wave-iv was completed, wave-v took over, and SOL rallied strongly. Hence, since we are now dealing with a major-4 type correction, I expect the same pattern to emerge over the next few weeks.

Figure 2. SOL daily chart with a 4th wave EWP count and technical indicators.

Diagram Description automatically generated

Bottom line: Solana (SOL) completed IMHO a more significant 3rd wave and is now in a 4th wave correction, followed by a final 5th wave to new all-time highs. But for now, the focus is on this 4th wave as it will likely be a long-drawn, sideways movement with numerous, hard to precisely foresee, rips and dips that can quickly burn most seasoned traders’ accounts. Hence, the focus should be on the intermediate term. As I told my premium crypto trading members already, “SOL is now most likely in wave-4 of wave-III to ideally around $130-140, from where wave-5 to new ATHs will eventually take hold.

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Solana Sets New All-Time High After Move Into NFTs

Solana has become the latest cryptocurrency to set a new all-time high after the coin posted three digits for the first time in its history.

Solana Hits The $100 Mark

Solana is one of the best performing cryptocurrencies over the past few hours, hitting the $100 mark for the first time in its history. SOL’s price rose by over 8% in the past 24 hours to trade above the $100 level.

Thanks to this latest development, Solana has now set a new all-time high, with its performance year-to-date standing out as one of the best in the cryptocurrency space. At the time of this writing, SOL is trading at $100.24 per coin, up by nearly 9% in the last 24 hours.

SOL/USD chart. Source: FXEMPIRE

Year-to-date, Solana is one of the best performers in the market. SOL was trading at $1.7 per coin at the start of 2021. However, its price has gone up by over 1,000% to currently trade at $100 per coin. The rally also saw Solana enter the top ten group in terms of market cap. Solana is now the eighth-largest cryptocurrency in the world in terms of market cap.

Its rally saw it surpass other cryptocurrencies such as Polkadot and displacing Uniswap from the top ten groups. Solana’s total market cap has now crossed $29 billion and could hit $30 billion over the coming hours and days.

Solana’s rally comes as the broader cryptocurrency market is in a bearish cycle. Bitcoin is still battling below the $50k level while Ether has struggled to break past the $3,500 resistance point. Binance Coin, XRP, Cardano and Dogecoin are also trading in the red zone.

Solana Enters The NFT Space

The institutional demand for Solana has increased in recent weeks, thanks to the network’s entry into the NFT space. The blockchain network has taken a keen interest in non-fungible tokens (NFTs) and decentralized finance (DeFi) in recent months.

The NFT and DeFi sectors are some of the most prominent in the cryptocurrency industry at the moment. Last week, Osprey Funds registered the Osprey Solana Trust with the US SEC as wealthy investors start seeking access to the SOL token. Solana’s launch of the Degenerate Ape Academy has helped the cryptocurrency’s price perform better than the others.