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Solana traders hoping for a bull run should read to know what to expect

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Solana loses its position to UNI, but on this front, it registered growth 

  • Uniswap overtakes Solana to become the 16th largest crypto based on market cap
  • Despite several projects leaving Solana, its NFT space witnessed growth

Solana [SOL] continued its downtrend as it lost its position as the 16th largest cryptocurrency in terms of market capitalization to Uniswap [UNI]. SOL registered a decline of more than 17% in the last week.

As per to CoinMarketCap, SOL’s price went down by 10% in just the last 24 hours. Furthermore, at the time of writing, it was valued at $9.99 with a market capitalization of more than $3.6 billion.


Are your SOL holdings flashing green? Check the Profit Calculator


Do we see a road to recovery?

SOL’s on-chain metrics didn’t look optimistic, as most of them suggested a further decline in price over the days to follow. For instance, SOL’s development activity witnessed a sharp decline. This was a red flag because it represented less effort from developers to improve the blockchain.

Negative sentiments around Solana also registered an uptick, which can be attributed to its recent price action. Another piece of bad news was that SOL’s price decline was accompanied by a massive surge in its volume. This further legitimized the downtrend.

However, SOL’s Binance funding rate remained relatively high, reflecting its popularity and demand in the derivatives market. Another positive signal was revealed by CryptoQuant’s data, as SOL’s Relative Strength Index (RSI) went into an oversold position, suggesting a possible price hike.

Source: Santiment


Read Solana’s [SOL] Price Prediction 2023-24


A sneak peek into the NFT space

Solana’s NFT space faced a few blows as a few of the popular projects announced that they were parting ways with SOL and migrating to other blockchains.

For instance, y00t revealed that it will bridge to Polygon in the first quarter of 2023. Apart from y00t, DeGods also chose to take the same path and announced its plans to migrate to Ethereum and Polygon.

While these projects were leaving Solana, Claynosaurz, stated that it would remain committed to Solana. The NFT collection also stated plans to “redefine what quality means alongside other amazing builders who chose Solana”.

Surprisingly, Santiment’s chart revealed that Solana’s NFT ecosystem actually did witness growth over the last week. SOL’s total NFT trade count and NFT trade volume in USD both registered spikes last week, reflecting growth.

Furthermore, as per data from Dune Analytics Solana could be seen in a positive light over the next few days. This was because Dune Analytics pointed out that the number of active wallets was pretty consistent. This showed the popularity of Solana’s NFT space. 

Source: Santiment


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BitPay Announces Partnership With MoonPay – Bitcoin Magazine

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Bitcoin And Artificial Intelligence Frees Your Time - Bitcoin Magazine


BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”

“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”


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Why Real Regulatory Change In Crypto Has Not Happened

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Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


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South Korea to deploy cryptocurrency tracking system in 2023

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South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


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