As a seasoned researcher with a background in blockchain technology and crypto markets, I find myself closely following Solana’s trajectory, having witnessed its impressive growth over the past few years. The recent bullish momentum is particularly interesting, as it comes after a crucial support level retest above $122 ahead of the 2024 Breakpoint event in Singapore.
Solana’s price has been steadily building bullish momentum following its retest of a significant support level above $122, just before the 2024 Breakpoint event in Singapore. This large-cap altcoin, valued at approximately $77 billion in full dilution, has managed to bounce back from the weekly 50 Moving Average (MA).
Reaching a sale above the approximately $150 resistance point could significantly push the price of SOL against the US dollar to an unprecedented peak in the short term. Additionally, it’s worth noting that over the past five months, SOL has experienced its largest period of consolidation since the bullish surge in the fourth quarter of 2023.
Despite a positive outlook for Solana, it may lose its optimistic momentum if the cryptocurrency persistently falls below the significant support level near $122 over the upcoming weeks.
If the Federal Reserve decides to maintain its key interest rate on September 18, it could potentially set off a pessimistic outlook. The cryptocurrency market has been braced for the possibility that the Federal Reserve might follow in the footsteps of the European Central Bank (ECB) and the Bank of Canada by reducing interest rates.
What to Expect in the Solana Breakpoint 2024
As an analyst, I’m excited to share that I’ll be attending the Solana Breakpoint, taking place in Singapore from September 19th to the 21st. This highly-anticipated event is expected to draw thousands of attendees, with several notable speakers set to present.
To ensure a smooth event experience, the Solana network has teamed up with ride-service provider Grab, enabling attendees to make payments using USDC ($1.00, 24h volatility: 0.0%, Market cap: $35.50 B, 24h volume: $6.06 B) and PYUSD ($1.00, 24h volatility: 0.2%, Market cap: $735.20 M, 24h volume: $10.15 M).
At the two-day gathering, the Solana Foundation has assembled crypto pioneers, creators, artists, scholars, and the general public. The event is backed by sponsors such as Circle Internet Financial Ltd., Galaxy, Star Atlas, Wormhole, Sanctum, Auros, and a meme coin project called Bonk.
This morning, I, as a researcher, am particularly excited to share that Circle’s CEO, Jeremy Allaire, will be revealing some intriguing footwear during his presentation at the Solana Breakpoint conference in 2024, on a Friday.
This coming Friday, I’m thrilled to be part of a significant occasion in Singapore – delivering the keynote speech at Solana’s Breakpoint conference. There are some intriguing insights I can’t wait to share…
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) September 16, 2024
It’s noteworthy that USDC from Circle is held by more than 2.3 million users on the Solana network, with a market capitalization of approximately $3 billion. On the other hand, the PYUSD stablecoin backed by PayPal has experienced substantial growth and currently boasts a market cap of around $383 million, along with about 5,500 on-chain holders.
Market Picture
At the Solana Breakpoint 2024 event, DeFi projects and meme coins are expected to experience significant changes, as attendees will get the opportunity to engage with developers and industry leaders. The Solana network has expanded significantly, reaching a total value locked of approximately $4.7 billion and boasting a stablecoins market cap of around $3.84 billion.
In my research within the Solana ecosystem, I’ve come across some significant DeFi projects that are worth keeping an eye on. Among them are Jito (JTO), with a current price of $1.96 and a 24-hour volatility of 0.9%, boasting a market cap of $247.60 M and a 24-hour volume of $31.49 M. Another project is Jupiter (JUP), priced at $0.74, demonstrating a 24-hour volatility of 0.3%, and boasting a market cap of $994.04 M with a 24-hour volume of $64.30 M. Lastly, Kamino (KMNO), currently valued at $0.06, has a 24-hour volatility of -3.3%, and has a market cap of $77.23 M with a 24-hour volume of $1.26 M. Given their current standing and the growth potential of the Solana ecosystem, it seems wise to explore these projects’ respective tokens in the near future.
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2024-09-17 14:37