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Solana News
Crypto-News-Flash
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SOL Price Eyes $200 as Solana Gains Momentum with Bitcoin’s Election Rally
- Solana's SOL token is gaining momentum, fueled by Bitcoin's surge and strong trading activity.
- Price target of $200 for SOL becomes increasingly attractive to traders.
- Solana experiences growth in decentralized exchange activity and total value locked.
- Strong staking yields and reduced inflation rates support SOL's appeal.
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TheNewsCrypto
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Solana Surpasses BNB and Targets $200 Amid Bullish Market
- Solana (SOL) has surpassed Binance Coin (BNB) in market cap, claiming the fourth spot in the rankings.
- The global crypto market turned bullish as Bitcoin hit a new all-time high of $75,011, sparking optimism for altcoins.
- Solana's market cap now stands at $87.9 billion, nearing the $200 level and targeting its all-time high of $260.
- Solana's technical outlook signals bullish momentum, with positive market sentiment, Golden Cross formation, and high trading volume.
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Crypto-News-Flash
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New VanEck Pyth ETN Brings Solana’s Oracle to Europe
- VanEck has listed the PYTH ETN on Euronext, expanding access to Solana's Pyth Network across Europe.
- The Pyth ETN offers European investors exposure to DeFi data oracles and daily staking rewards.
- Pyth Network acts as an oracle, facilitating the acquisition of real-time data for decentralized finance (DeFi) applications.
- VanEck aims to provide European investors with access to the Solana-based oracle through the PYTH ETN, while also emphasizing the importance of oracles in the blockchain ecosystem.
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Cryptonews
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Election Tension Sparks Outflows in Bitcoin ETFs as Dogecoin Rallies
- US Spot ETFs experienced a significant US$541 million outflow, indicating market uncertainty.
- Altcoins and memecoins like Dogecoin surged due to potential regulatory changes.
- Dogecoin's open interest is approaching record highs, influenced by election developments and celebrity comments.
- Bitcoin, Ethereum, and Solana gained amidst the US election progress.
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Cryptonews
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VanEck Introduces Solana Oracle Pyth ETN: Will Prices Keep Up?
- VanEck has launched a Pyth Exchange Traded Note (ETN) on Euronext Amsterdam and Paris.
- The ETN allows investors to gain crypto exposure by tracking the PYTH token without holding it.
- Pyth Network is a decentralised oracle ensuring data accuracy for smart contracts.
- The ETN is fully collateralised with secure storage, trades on regulated exchanges, and has a 1.5% expense ratio.
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Bitcoinist
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Solana’s Network Usage Skyrockets: On-Chain Transfer Volume Reaches New Height
- Solana's on-chain transfer volume reaches new all-time high, indicating increased network usage and acceptance.
- Glassnode reports a surge in on-chain transfer volumes, reaching almost $224 billion in a single day, boosting confidence in Solana's scalability.
- The rise in transfer volume was driven by a particular wallet address with significant activity, potentially a bot for arbitrage purposes.
- Solana's active addresses reach a record high of 123 million, showing a 42% growth compared to September, driven by increased meme coin trade, dApps, NFTs, and gaming.
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Bitcoinist
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Spot Solana ETF Proposal Clouded By VanEck’s Wash Trading Concerns
- VanEck’s proposed spot Solana (SOL) ETF is facing scrutiny from US regulators over concerns related to wash trading activities.
- Matthew Sigel, Head of Digital Assets Research at VanEck, published a report that compared the metrics of SOL and Ethereum.
- Solana's high throughput and low transaction costs make it attractive, but skeptics argue that many wallets could be Sybil accounts — fake identities created to manipulate metrics.
- The study revealed that about 34.3% of Solana’s revenues came from the memecoin and non-fungible token activities. The corresponding figure for Ethereum was 6.6%.
- Solana's high trading figures for memecoins originate from four reasons: lower transaction fees, superior user experience due to high throughput and low latency, trading simplified by platforms like Pump.fun, and MEV approaches that may inflate trading volumes.
- The analysis also exposed issues of wash trading on the Solana network. An estimated 41.4% of memecoin and NFT volumes on the network trace back to wash trading.
- If proxy accounts are removed, the study shows that only 56 million genuine wallets used Solana rather than the claimed 111 million.
- VanEck has included significant risk disclosures in the ETP prospectus due to concerns about the revenue source.
- However, the report also resonates with optimism for Solana's future growth.
- At press time, SOL traded at $161.
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Newsbtc
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Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst
- Solana is trading above a critical demand level of around $157, showing signs of a potential bounce after a recent pullback.
- Top analyst Carl Runefelt suggests that Solana must break above a key resistance level to regain bullish momentum.
- Solana's next moves will be closely watched as breaking resistance could signal a larger rally.
- SOL's price action depends on clearing the $165 resistance level, with potential for retracement if unsuccessful.
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Crypto-News-Flash
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Solana (SOL) Gains Institutional Interest Worth Millions as U.S. Voting Starts
- Solana has gained institutional interest worth $5.7 million, second only to Ethereum in the crypto market.
- Despite market volatility, Solana is receiving strong support from institutional investors, indicating its potential for further growth.
- Solana is known for fast transactions and low fees, making it a prominent layer-1 blockchain project.
- Solana's price movements have shown a tendency to decouple from Bitcoin, suggesting its price behavior is influenced by factors specific to Solana.
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Zycrypto
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Ethereum Institutional Products Trumps Solana Inflows In Weekly Reversal
- Digital asset investment funds recorded massive inflows, with altcoins like Ethereum (ETH) and Solana (SOL) gaining ground.
- Ethereum products attracted $9.5 million in inflows in the last seven days, turning around the asset's previous poor run.
- On the other hand, Solana experienced outflows of $5.7 million, changing its weekly position due to price fluctuations.
- Bitcoin, the crypto market leader, received $2.15 billion in inflows last week, driven by macro factors and the upcoming US elections.
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TheNewsCrypto
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Will Solana (SOL) Cross $185 Post US Election Results?
- Solana (SOL) trades at $159 with a 1.82% decline over the last 24 hours.
- The market observes a $11.43 million liquidation of SOL.
- The US election is crucial for the cryptocurrency market, with potential for new highs after the results.
- SOL remains in a consolidation phase, battling to enter bullish territory.
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NullTX
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Solana Surges In Activity As Active Addresses and Memecoin Trading Reach New Highs
- Solana's active addresses reached a record high of 123 million in October, marking an increase of over 42% from September.
- This surge is attributed to the rising memecoin trading, driven by apps like Pump.fun and the decentralized exchange Raydium.
- Over $600 million has been bridged to Solana from other blockchains throughout October, with over 90% of this amount coming directly from Ethereum.
- Solana protocols continue to outpace Ethereum in 24-hour fee generation, highlighting the ecosystem's active user base and rising demand.
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Cryptonews
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Glassnode Exposes $224 Billion Solana Surge; VanEck Cites 14% Revenue from Wash Trading
- Glassnode reported a surge in Solana's on-chain transfer volume at around $224 billion.
- Solana's average transaction fee has more than doubled in the past month, attributed to increased speculative trading activity and automated trading bots.
- VanEck's analysis reveals that approximately 14.2% of Solana's revenue is linked to wash trading, raising concerns about the authenticity of its reported growth metrics and potential volatility.
- VanEck has included expanded risk disclosures in its Solana exchange-traded product offering to ensure transparency for investors.
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Bitcoinsensus
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Solana Hits Record High in Monthly Active Addresses Despite Tokens Decline
- Solana saw a record high in monthly active addresses in October, with over 123 million on the network.
- User activity surged due to the popularity of new memecoins, despite most SOL-based tokens being bearish this week.
- The $SOL token trades at $156.76, down 4% in 24 hours but up 10.17% in the month, with a 270% increase over the past year.
- Despite the positive numbers from the network, the majority of SOL-based tokens are bearish this week.
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TronWeekly
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Solana Surpasses 123 Million Active Addresses, Driven by Memecoins
- Solana's active addresses surpassed 123 million in October, a 42% increase.
- The surge in activity is fueled by the growing popularity of memecoins, with platforms like Pump.fun and Raydium driving trading spikes.
- Solana's speed and low fees attract users, enhancing its position amid growing blockchain competition.
- Analysts note the overall growth of the Solana ecosystem and express caution about the long-term sustainability of the memecoin-driven trend.
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