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The crypto market had a mixed day as price action varied across cryptocurrencies. Bitcoin (BTC) continues to struggle, briefly dipping below $80,000 before recovering and moving to its current level.
Solana's price struggles below $125 as FTX liquidations continue to add selling pressure, with 5.5 million SOL tokens still at risk of entering the market.
SIMD-228, a proposal seeking to reduce SOL inflation rate by 80%, failed to meet the required vote threshold for approval after many small validators voted against it. According to SIMD Vote Status, 61.
SIMD-228 sought to reduce SOL token inflation by introducing a dynamic emissions model based on staking participation.
Will SOL defend the 2024 support of $120 as market uncertainty persists?
A proposal to dramatically change Solana's inflation system has been rejected by stakeholders but is being hailed as a victory for the network's governance process.“Even though our proposal was technically defeated by the vote, this was a major victory for the Solana ecosystem and its governance process,” commented Multicoin Capital co-founder Tushar Jain on March 14.
Solana's price has recently dropped below the $125 support level, causing concern among investors and market watchers. The drop comes amid large transactions involving wallets linked to FTX and Alameda Research.
Solana's high inflation status quo will remain –– for now.
A death cross, a serious bearish signal that could threaten Dogecoin's price momentum, has officially formed. A prolonged period of downward pressure is frequently indicated by this technical pattern, which arises when the 50-day moving average crosses below the 200-day moving average.
The upcoming launch of Solana (SOL) futures on the Chicago Mercantile Exchange (CME), a US derivatives exchange, signals that the first US SOL exchange-traded fund (ETF) listings are coming soon, Chris Chung, founder of Solana-based swap platform Titan, told Cointelegraph. On March 17, CME is preparing to launch SOL futures contracts.
The Solana price is seemingly on the verge of another major crash, as an analyst forecasts a correction to $90. Given the cryptocurrency's recent slow momentum due to the ongoing market letdown, an additional 26% decline to new lows could significantly impact the future outlook of Solana.
Solana has edged up 0.3% in the past 24 hours, trading at $125.94, as the market works to recover from recent losses.On Wednesday, the Chicago Board Options BZX Exchange submitted an application on behalf of Franklin Templeton to list a Solana-linked exchange-traded fund (ETF).
Top meme coins are bouncing as the broader market chops. Dogecoin is roughly flat, but Popcat and others are rising on Robinhood listings.
Solana (SOL) price completed a “death cross” on the one-day chart on March 12, as the altcoin consolidated near its long-term support level at $125. This could potentially accelerate the SOL price sell-off in the near term for a drop below $100 for the first time since February 2024.
As the market continues to be in a downtrend, a newly created crypto wallet has made a big bet on Solana (SOL), setting an ideal example of the “buy the dip” strategy.
The cryptocurrency space is whizzing with opportunities, and Ripple (XRP) and Solana (SOL) have been frontrunners in capturing investor interest. Both tokens have carved out their places as reliable assets with strong use cases. But while these projects shine in their own right, a new player is positioning itself as the ultimate game-changer.
Solana (SOL) has gone down by 1.5% in the past 24 hours and currently stands at $126.7 per coin as sellers appear to have taken a breather after last week's fire sale.
A widely followed analyst is leaning bullish on Solana (SOL) over the long term amid an upcoming upgrade. In a new video, the analyst pseudonymously known as InvestAnswers tells his 563,000 YouTube subscribers that a proposal to reduce Solana's inflation rate by around 80% at the end of Epoch 755 heightens Solana's bullish prospects.
The crypto market is eagerly awaiting next week's FOMC meeting after CPI data revealed that inflation had fallen to 2.8%. Traders are now watching for signals and remarks by Fed committee members on interest rates, which could spike the crypto market volatility.
The latest report from CryptoDiffer highlights the most used dApps in the last 30 days, with Solana remaining the most chosen network.
The crypto market remained flat for most of the day after a brief rally following better-than-expected inflation data quickly lost steam. Bitcoin (BTC) briefly rose above the $84,000 mark after the US CPI Report but fell flat later in the day, dropping below $84,000.
There are, however, no signals indicating a concrete probability of a rebound in the short term.
If approved, the proposal could lead to a sharp reduction in the SOL inflation rate, potentially boosting the token's value.
Solana (SOL) has seen a nearly 40% retrace over the past month, losing key support levels since February. As its price retests a key horizontal level, some analysts warn of a potential 50% correction to a yearly low.
