Blockchain

Solana has recorded a massive surge in trading volume on two decentralized exchanges, Raydium and Orca, in the last seven days. According to data, this dramatic surge birthed a 42% increase in SOL’s Total Value Locked (TVL).

SOL’s price also reacted to this increased interest, scoring notable gains in the last week and rising above $60 to a high of $67.69 on November 15. 

Solana’s DEX Volume Spikes 54% in a Week.

Data from DeFiLlama showed a 54% increase in Solana’s trading volume on decentralized exchanges (DEX). According to the data, the total trading volume surpassed $3.01 billion, a new high in the SOL ecosystem. 

SOL trading volume on the two top decentralized exchanges, Orca and Raydium, increased 45.7% and 47.79%, respectively, totaling 95.49% in one week. More so, Orca’s utility token reacted to this massive spike in trading volume, surging nearly 20%.

Following this development, SOL TVL spiked 42% from $409.68 million on November 1 to $584.56 million on Monday, November 20. This development secured Solana among the top three chains in weekly transaction volume, after Ethereum ($9.97 billion) and Arbitrum ($4.49 billion).

SOL Soars Amid Spike In Ecosystem Activity

Apart from the notable 7-day increase in trading volume, Solana has performed remarkably well in the last 30 days. SOL has recorded an impressive 125% 30-day price gain. 

Amid this frenzy, prominent crypto investor and Ark Invest CEO Cathie Wood expressed optimism about Solana’s potential growth. During a November 15 CNBC interview, she praised the Solana Blockchain for its speed and efficiency. As a result of Wood’s bullish sentiment, SOL price soared even higher, scoring 20% within a day. 

However, although SOL capitalized on these positive changes to soar above $60, its rally has stalled. After an erratic price surge to $67.69 on November 15, SOL’s price dipped to $55 on November 17. 

Its price now stands at $60.66, with a 24-hour price increase of 1.49%. But despite the minor price gains in the last 24 hours, SOL retains over 5% of its past week’s gains. 

Solana Price Outlook

The chart below shows that Solana (SOL) has broken out from a bearish trendline and has formed a new one. After trading between the $18 and $20 ranges for several weeks, SOL broke through a critical resistance at $23 in mid-October. And since then, the token has been unstoppable.

SOL continued soaring, breaking another significant resistance at the $42 price level and exceeding $60 on November 15. Although the bears have fought to suppress SOL’s strides, the token is still significantly above two simple moving averages ($24.59 and $36.25). 

So even though the asset has dropped in price, there’s a support level at the $58 price level that could prevent further decline.

In a recent analysis shared on X (formerly Twitter), crypto analyst Michaël van de Poppe offered an insightful perspective on the current state of the altcoin market. His analysis draws parallels with historical trends, suggesting that the current corrections in altcoins may present strong buying opportunities for investors.

Buy The Altcoin Dips Now?

Van de Poppe’s analysis began by noting the ongoing corrections in the altcoin sector, which he interprets as part of a sustained uptrend. “Altcoins have multiple days/weeks correction while still in an uptrend,” he stated, indicating that these periods are not only natural but also beneficial for the market’s overall health.

He further explained the dynamics of these corrections, emphasizing their historical significance. “This [current] period is very heavily comparable to the period we experienced at the end of 2015, or at the end of 2019,” van de Poppe mentioned. He drew specific attention to Ethereum’s remarkable run from $1 to $14 in late 2015, which eventually led to a peak of $1,400 in 2017, demonstrating the potential for massive returns.

Van de Poppe’s analysis also touched upon the concept of higher timeframe support zones. He elucidated that during initial upward runs, corrections to these support zones offer ideal re-entry points for investors. “During the run in 2020, we’ve seen the DeFi summer taking place, which has a high chance of coming back to the surface in 2024,” he added, hinting at a potential bull run in the coming months.

A significant part of his analysis involved a detailed comparison between Ethereum’s price action and that of other altcoins like Chainlink and Arbitrum. He noted, “If you compare the price action of Ethereum with the current price action of Chainlink, you’ll see that it’s just barely having a correction of 20%.” He suggested that further corrections could provide even clearer trends and entry points for investors.

Van de Poppe also emphasized the importance of time frames in analyzing these trends. “If you start to zoom in on the 1h, or 4h, or 15m timeframe, you’ll spot those trends as well. It’s just a matter of time frame,” he explained.

Chainlink And Arbitrum Entry Zones

Looking at the LINK/USD 1-day chart, van der Poppe remarked, “Arguments can be made that we’re barely at the start of this first upwards wave of the cycle as this rally of Chainlink lasted less than 5 weeks.”

As the crypto analyst shows, Chainlink has already undergone a correction of -21.7%. According to him, there are two points of interest for a possible entry, in the range from $12.54 to $13.18 and around $11.62.

“Another example is Arbitrum, which is currently resting on support and, just like the rest of the markets, is providing a corrective move,” stated van der Poppe. The analyst identifies a “clear range support” at $0.98 in the 1-day chart of ARB/USD.

In conclusion, Michaël van de Poppe’s analysis presents a compelling case for considering altcoin corrections as potential opportunities for investment. His concluding advice to investors is “Don’t be afraid, if an altcoin drops between 30-50% at this stage of the cycle, time to look for your entries.”

At press time, the total altcoin market cap stood at $169.264 billion, just below the crucial 0.236 Fibonacci retracement level of $169.928 billion. A break above this resistance could be a major bullish signal.

In a historical moment for both the nation and the crypto community, Argentina has ushered in a new era by welcoming its first-ever pro-Bitcoin President. 

Argentina Elects Pro Bitcoin President

On November 19, Argentina released the results of its presidential election. Reports of the election results reveal that right-wing libertarian and Bitcoin advocate, Javier Milei won almost 56% out of 90% of votes counted. While his rival candidate, Minister Sergio Massa garnered 44% of the votes. 

The momentous victory positions Milei as the face of a new era in Argentina, marked by his stated commitment to solving inflationary problems in the country by abolishing the country’s Central Bank and using digital currencies like Bitcoin. 

In a public victory speech to his supporters in Buenos Aires, Milei declared that the transformative process of Argentina had just begun and the country was on its way to economic recovery. He promised to work with all the nations to help develop Argentina and make it a better country. 

“Today begins the reconstruction of Argentina. Today begins the end of Argentina’s decline. The model of decadence has come to an end. There is no way back,” Milei stated. 

He further added that “Argentina will return to its place in the world that it should never have lost. We are going to work shoulder-to-shoulder with all nations of the free world, to help build a better world.”

Former President of the United States, Donald Trump commended Milei on securing victory in the Argentinian Presidential election. He expressed his pride in Milei’s incredible feat and stated his anticipation for Milei’s efforts in restoring Argentina. 

“Congratulations to Javier Milei on a great race for President of Argentina. The whole world was watching! I am very proud of you. You will turn your Country around and truly Make Argentina Great Again,” Trump stated. 

BTC Price Surges As Argentina Embraces New Era Of Crypto

Following the news of Javier Milei’s victory in Argentina’s Presidential elections, Bitcoin price has been on an upward trend, trading above the $37,000 mark. The price of the cryptocurrency at the time of writing is $37,199 according to CoinMarketCap. 

One of Milei’s primary policy plans as Argentina’s President is to discontinue the use of the Argentinian peso and adopt the United States Dollar as the country’s main currency. He has also mulled over the introduction of Bitcoin as a potential legal tender and declared possibilities of launching a Central Bank Digital Currency (CBDC) in Argentina. 

While the proposals aim to significantly reduce the long-lasting inflationary crisis in the Argentinian economy, the involvement of Bitcoin could potentially herald a new wave of economic growth for the crypto industry.

The merging of blockchain technology with the prowess of AI (artificial intelligence) has paved the way for groundbreaking initiatives. Among these, Bittensor (TAO) stands out as a cutting-edge protocol specifically developed for the advancement of machine learning models.

This dynamic synergy between blockchain and AI not only underscores their capabilities but also heralds a new era of collaborative innovation.

Bittensor (TAO), a cryptocurrency centered around artificial intelligence, has made notable traction in the trending altcoin space. Its value surged nearly fivefold in under 30 days, riding the wave of excitement around AI-focused cryptocurrencies.

AI Crypto TAO Makes Presence Felt

This rapid growth highlights Bittensor’s commanding presence in the current altcoin landscape and reflects the increasing interest in cryptocurrencies that leverage AI to reshape finance and technology.

$TAO to the top 10 still probably the most obvious trade. Sell side liquidity on these CEXs is minimal. No real resistance. The market cap is a meme if the whales aren’t offloading their bags on you.

It’s now the #1 AI project and we’ve only seen 2% of what AI is capable of. pic.twitter.com/yWzPYurxG7

— Eric Cryptoman (@EricCryptoman) November 18, 2023

At the time of writing, TAO is valued at $265, reflecting a commanding increase of 80% in the last seven days and an impressive leap of nearly 400% in the last 30 days.

Based on data by TradingView, TAOUSDT tallied an all-time high of $267 on Monday, and boasts a market capitalization exceeding $1.27 billion.

As such, Bittensor (TAO) has surpassed Render Network (RNDR), which had been the clear leader in the market for a few months, to become the leading artificial intelligence cryptocurrency, according to CoinGecko.

By integrating artificial intelligence and blockchain consensus, the Bittensor (TAO) project offers a fresh perspective. In order to create a decentralized economy, Bittensor plans to let AI models participate in blockchain consensus.

Making Significant Strides In The Crypto Space

Bittensor (TAO), an AI protocol based on open-source principles, was introduced to the public by Jacob Steeves, a former Google developer, on September 19, 2023.

Over the past two months, Bittensor (TAO) has made several significant announcements, encompassing notable improvements in miners’ performance, the introduction of additional subnets, and important advancements in the building of huge language models, among other things.

Meanwhile, an overwhelming majority of businesses (more than 70%) see blockchain and AI as complementary technologies, highlighting the mutually beneficial relationship between the two.

An intriguing new dimension to the Bittensor narrative has emerged with the recent crypto market boom that followed OpenAI’s AI Developer Day on Nov. 6.

Enhanced GPT-4 and GPT-3.5 natural language models are among the new AI capabilities unveiled by OpenAI, which may have an effect on AI tokens. This might be the reason why crypto-based AI is gaining popularity.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Negative Space/Pexels

The XRP price has risen by around 6% in the past three days, triggering renewed optimism among investors and analysts. The two analysts Dark Defender and Egrag see the current trend as a turning point.

XRP Price Correction Over?

Dark Defender has highlighted a key development in the 4-hour time frame, observing the end of a corrective structure and identifying that XRP has reached an oversold area. “We can expect a move to $0.6649 first,” Dark Defender stated, referencing the Fibonacci retracement levels and a 5 Wave Elliott structure that remains intact, suggesting upward potential.

This is supported by the chart that shows XRP has managed to close above a critical level at $0.6131, which aligns with the Elliott Wave Theory’s rules for wave structures. The analyst further emphasized that the $0.87-$1.05 price target is still achievable in the near term if weekly closes maintain above the $0.6131 threshold.

Egrag’s analysis focuses on the gaussian channel and a symmetrical triangle pattern (in the 5-day chart), which are indicative of consolidating markets leading to a potential breakout. According to Egrag, “XRP Gaussian Channel & Symmetrical Triangle Unveil (Strong Support and Resistance Patterns): Within the framework of the Gaussian Channel, the alignment of support and resistance price targets mirrors other charts, adding weight to their significance.”

The provided chart by Egrag points to a “robust support” at $0.50, with additional support levels at $0.54-$0.55 (“support range”) and $0.60 (“support threshold”). The resistance levels are identified by Egrag at a macro resistance point and a symmetrical triangle trend line between $0.83 and $0.85. Egrag advises the XRP community to remain steadfast, saying, “XRP Army STAY STEADY, anticipate the forthcoming mega pump, yet exercise caution by strategically allocating portions of your holdings.”

Combining these technical analyses, it’s clear that both analysts are pinpointing a convergence of technical indicators suggesting a bullish reversal for XRP. Dark Defender’s chart analysis, with its emphasis on Elliott Wave continuation, and Egrag’s identification of Gaussian Channel patterns, both point to a potential increase in the price, provided it remains above certain support levels.

Price Analysis: 1-Day Chart

The analysis of the 1-day chart of XRP using the Fibonacci retracement level shows that the price is facing strong resistance in the short term.

At the current price of $0.6194, XRP is just below the 0.382 Fibonacci retracement level at $0.627 and below the 20-day Exponential Moving Average (EMA) at $0.625. The confluence of these two indicators represents significant resistance in the short term. Remarkably, XRP has received important support at the 50-day EMA at $0.591, which could allow the bulls to regain the upper hand.

For this to happen, however, resistance at $0.625 needs to be broken. The next price targets could then be the 0.5 Fibonacci retracement level at $0.688 and the 0.618 Fibonacci retracement level at $0.759, which abruptly halted the upward movement that began in early October and ushered in the current consolidation.

Cardano (ADA) is moving higher from the $0.350 support. ADA could rally if there is a clear move above the $0.388 and $0.395 resistance levels.

ADA price is moving higher above the $0.375 pivot level.
The price is trading above $0.380 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could accelerate higher toward the $0.420 level or even $0.450.

Cardano Price Rally Could Soon Restart

After a steady increase, Cardano saw a downside correction from the $0.4090 zone. There was a drop below the $0.395 and $0.388 support levels, like Bitcoin and Ethereum.

However, the bulls were active near the $0.350 support zone. A low was formed near $0.3494 and the price is now moving higher. There was a break above the $0.365 and $0.375 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low.

ADA is now trading above $0.375 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.370 on the 4-hour chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.3880 zone or the 61.8% Fib retracement level of the downward move from the $0.4090 swing high to the $0.3494 low. The first resistance is near $0.395. The next key resistance might be $0.400. If there is a close above the $0.400 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.420 region. Any more gains might call for a move toward $0.450.

Are Dips Supported in ADA?

If Cardano’s price fails to climb above the $0.388 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.370 level and the trend line.

The next major support is near the $0.365 level and the 100 hourly SMA. A downside break below the $0.365 level could open the doors for a test of $0.350. The next major support is near the $0.335 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.370, $0.365, and $0.350.

Major Resistance Levels – $0.388, $0.395, and $0.420.

Ethereum price started a fresh increase from the $1,900 support. ETH is now facing resistance near $2,020, above which it could accelerate higher.

Ethereum found support near $1,900 and started a decent increase.
The price is trading above $1,980 and the 100-hourly Simple Moving Average.
There is a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase if it clears the $2,020 resistance zone.

Ethereum Price Faces Hurdles

This past week, Ethereum price started a downside correction from the $2,120 resistance. ETH declined below the $2,020 and $2,000 support levels. It even spiked below the $1,920 support.

A low was formed near $1,905 and the price started a steady increase, like Bitcoin. There was a move above the $1,950 and $1,980 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.

Ethereum is now trading above $1,980 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,020 zone.

There is also a major bearish trend line forming with resistance near $2,020 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the $2,092 swing high to the $1,905 low.

Source: ETHUSD on TradingView.com

A close above the $2,020 resistance could start another strong increase. The next resistance is near $2,090, above which the price could aim for a move toward the $2,120 level. Any more gains could start a wave toward the $2,200 level.

Another Drop in ETH?

If Ethereum fails to clear the $2,020 resistance, it could start a fresh decline. Initial support on the downside is near the $1,980 level and the 100-hourly Simple Moving Average.

The next key support is $1,950. The main support is $1,900. A downside break below the $1,900 support might trigger more losses. In the stated case, Ether could drop toward the $1,850 support zone in the near term. Any more losses might call for a drop toward the $1,800 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,950

Major Resistance Level – $2,020

Bitcoin price started a fresh increase above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance.

Bitcoin started a fresh increase from the $35,500 support zone.
The price is trading above $36,700 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up toward $40,000 if it clears $37,350 and $38,000.

Bitcoin Price Restarts Increase

Bitcoin price found support near the $35,500 zone after a steady decline. BTC bulls were active above the $35,500 level and were able to start a fresh increase.

There was a move above the $36,500 and $37,000 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. The price even spiked above $37,200.

Bitcoin is now trading above $36,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $37,350 level. It is near the 76.4% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. A clear move above the $37,350 resistance might send the price toward the $37,800 level.

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,000. A close above the $38,000 resistance could start a strong increase. The first major resistance is near $39,200, above which the price might accelerate further higher. In the stated case, it could test the $40,000 level. Any more gains might send BTC toward the $42,000 level.

Another Rejection In BTC?

If Bitcoin fails to rise above the $37,350 resistance zone, it could start another decline. Immediate support on the downside is near the $37,000 level.

The next major support is $36,700 and the trend line. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $35,950 support in the near term. The next key support or target could be $35,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $37,000, followed by $36,700.

Major Resistance Levels – $37,350, $37,800, and $38,000.

Kronos Research, a Taipei-based market maker, trading firm, and venture capital fund, witnessed the withdrawal of significant amounts of crypto assets due to a breach of its security system. 

Kronos Breach: Investigation Underway

On Sunday, November 19, Kronos Research disclosed – via a post on X (formerly Twitter) – a security incident that involved unauthorized access to its API keys. Consequently, the company lost a significant amount of crypto funds and has halted all trading operations in a bid to launch a full investigation into the incident.

In the interest of transparencyAround 4 hours ago, we experienced unauthorized access of some of our API keys. We paused all trading while we conduct an investigation. Potential losses are not a significant portion of our equity and we aim to resume trading as soon as possible.

— Kronos Research (@ResearchKronos) November 18, 2023

A map of funds outflow by on-chain sleuth ZachXBT summed Kronos’ losses to over $25 million in Ether. In a follow-up post on X, the company also confirmed that the losses are about $26 million in crypto assets.

In its initial announcement, Kronos revealed that the potential losses are not a significant portion of its equity. Meanwhile, the trading firm said in its latest update that all losses will be covered internally, and no partners will be affected.

Although Kronos has yet to provide an update on its resumption process, the company did say that it aims to resume trading as soon as possible.

This $26 million attack on Kronos Research represents the third most significant crypto theft in November 2023. Before this latest incident, data from blockchain security firm Certik revealed that about $173 million had been lost to crypto attacks in November, with Poloniex’s $113 million hack being the most notable yet.

How Did This Hack Affect WOO X?

Interestingly, Kronos is not the only one affected by this security incident, as WOO X is another cryptocurrency entity that has had to pause its operations momentarily. WOO X is an exchange on which Kronos functions as the market maker for its spot and perpetual futures markets.

In an address on the X platform, WOO X acknowledged Kronos’ security situation and announced a temporary pause on all trading to protect users’ positions from a lack of liquidity. The exchange, however, emphasized that all customer funds are safe.

As of this writing, WOO X has resumed trading in both the spot and perpetual futures markets. Meanwhile, the exchange claims that clients can now make withdrawals for all assets.

Nevertheless, the trading platform has faced some backlash from the online crypto community, with some people pointing to its unclear relationship with Kronos.

A wallet linked to Hong Kong-based crypto exchange Hashkey has reportedly sold over $90 million worth of Ethereum in the past 10 days. This massive selling activity appears to have triggered a slight decline in the ETH market, sparking speculations on the token’s price trajectory.

Crypto Whale Conducts Massive Ethereum Sell-Off

According to a Sunday post on X  by blockchain analytics platform, Lookonchain, a crypto wallet with the address “0xD26e ” sold off 50,115 ETH, valued at $97.7 million, within a period of 10 days. Lookonchain notes that this wallet is related to Hashkey, having received a majority of the sold-off ETH from the Hong Kong-based exchange. 

A wallet related to #HashKey dumped 50,115 $ETH($97.7M) in the past 10 days.

Wallet”0xD26e” deposited 50,115 $ETH($97.7M) to #Binance and #OKX, then withdrew 89.6M $USDT and 12.95M $USDC.

The average selling price probably is $2,047.https://t.co/qYLUghQetE pic.twitter.com/Nj4LzeytUu

— Lookonchain (@lookonchain) November 19, 2023

At an average selling price of $2,047, wallet “0xD26e” conducted its ETH sell-off on the Binance and OKX exchanges, withdrawing $89.6 million USDT and $12.95 million USDC in return. 

As earlier stated, ETH dipped by over 4% in the last week, which is likely in response to such massive selling pressure. However, the second-largest cryptocurrency has now found some stability, gaining by 0.92% in the last day, as it attempts to breach the $2000 mark again.

What’s Next For ETH? 

Looking at ETH’s daily chart, it appears the selling spree by wallet “0xD26e” could be a precaution against an incoming significant decline in the token’s value.  After all, the Relative Strength Index indicates that ETH just left the overbought zone and could still experience more losses in the coming days. 

Albeit, this downward trend is likely to be short-lived, considering the high level of investor interest currently around the altcoin due to the brimming Ether spot ETF race in the United States.

On Friday, Fidelity Investments became the seventh and the latest asset management giant to join the brawl, having submitted its “Fidelity Ethereum Fund” proposal to the United States Securities and Exchange Commission (SEC).

In addition to the Massachusetts-based company, other asset managers looking to launch an Ether Spot ETF include prominent names like  BlackRock, Hasdhdex, Grayscale, VanEck, and 21Shares and Ark. 

It is expected that other asset managers will join the race over the next few weeks, which will lead to a rise in positive sentiments towards Ethereum. 

While approval by the SEC is still very subjective and uncertain, the mere influx of Ether Spot ETF applications signals an increasing interest in the altcoin from traditional finance investors, which in turn boosts investments in any cryptocurrency. 

For example, following reports of Blackrock’s filling on November 9, ETH gained by almost 13% to trade above the $2,130 mark in response to the buying pressure that followed.

At the time of writing,  ETH trades at $1,950, with a 0.34% gain in the last hour, according to data from CoinMarketCap. Meanwhile, the token’s trading volume is down by 32.64% and valued at $7. 32 billion.