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Crypto Analyst Explains What’s Driving Solana ($SOL) Price Higher

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Recently, popular New Zealand-based crypto analyst Lark Davis (@TheCryptoLark on Twitter) explained why Solana’s $SOL token has been outperforming in 2021. Also, we look at updated $SOL price targets from other another prominent analyst.

$SOL is the native token of the Solana blockchain. Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.

According to a report by The Daily Hodl, in a video released last Tuesday, Davis told 430K subscribers of his YouTube channel that there were five main reasons behind $SOL’s meteoric price rise this year:

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  • Builders / Developers

Builders are actually showing up… You got to have stuff built on your blockchain. Otherwise, you’re a ghost town. Solana is definitely not a ghost town. We have loads of applications built on Solana [that] you can actually go out [and] use right now, today…

  • NFTs and Gaming

NFT has been a massive trend recently. Solana’s got a lot of NFTs, too. That’s been part of what has been driving the demand: to get the main Solana asset, the SOL token, because people want to go and buy NFTs on Solana, which are priced in Solana.

  • Excellent Financial Health (or “truck loads of cash” as Davis puts it)

Part of the reason we’re seeing so many developers committing to the SOL ecosystem right now – they’re getting money. They’re getting grants. They’re getting a lot of investments… So it’s $314 million, plus the backing of FTX, which having a cryptocurrency exchange that big, that’s like [having] more money than God.

  • Institutional Interest

Institutional money is starting to take a interest in Solana. Osprey, they announced a Solana fund two weeks ago. They are far from the only big-money players piling into Solana right now.

  • Rapidly Growing DeFi Ecosystem (with over $11.57 TVL in Solana DeFi)
Source: SolanaProject

According to data by TradingView, on crypto exchange FTX, the $SOL price set the current intraday high of $171.4475 at 00:15 UTC on September 14. At the time of writing (09:30 UTC on September 12), SOL-USD is trading around $169.1925, which means that it is up 8.23% in the past 24-hour period.

One-Day SOL-USD Price Chart (FTX) by TradingView

On September 8, pseudonymous crypto analyst “Bluntz” told his over 163K Twitter followers that he believes that $SOL is headed to $300 (presumably, in the medium term).

Then, earlier today, he gave his long-term price target for $SOL.

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Bitcoin

Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Crypto investments a financial backup for Facebook whistleblower

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Frances Haugen, a former Facebook employee turned whistleblower, revealed that her refuge in Puerto Rico is currently being supported by an auspiciously timed cryptocurrency investment.

Haugen worked as a Facebook product manager before accusing the company of spreading controversial and insensitive misinformation. She allegedly possesses numerous confidential research documents, which, according to her, shows that “Facebook prioritizes profit over the well-being of children and all users.” Previously, Facebook has been accused of influencing the 2016 United States presidential election with the help of Russian agencies.

In a follow-up interview with The New York Times, Haugen was asked about her financial situation:

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“For the foreseeable future, I’m fine, because I did buy crypto at the right time.”

The whistleblower also received financial help from nonprofit organizations (NPO) backed by Pierre Omidyar, a co-founder of eBay. However, Haugen clarified that Omidyar’s NPO fundings were only used to finance travel and related expenses.

According to Haugen, shifting to Puerto Rico helped her join her “crypto friends” who enjoy capital tax exemptions on Bitcoin (BTC) and cryptocurrency assets.

Iconic whistleblower and former U.S. Central Intelligence Agency agent Edward Snowden also continues to show support for the Bitcoin economy amid regulatory pressures from governments across the world.

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On Oct. 4, Snowden tweeted about Bitcoin’s tenfold growth despite China’s blanket ban on crypto mining and trading.

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Binance

Binance Bitcoin Balances Are Draining: 40,000 BTC Moved Away from Biggest Crypto Exchange

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According to CryptoQuant data, Binance cryptocurrency exchange once again faced a massive fund outflow totaling 38,246 BTC. After a significant drop in the Bitcoin balance, the total balance on the sheets is close to 500,000.

In-house redistribution of funds

Previously, Binance.US faced a major bug that led to so-called “slippage”—the difference between the expected price of a trade and the actual execution of an order.

Whenever the order book on the market is too thin and an exchange cannot provide enough liquidity, volatility on the asset tends to rise exponentially, which leads to a massive drop in value.

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CryptoQuant data
Source: CryptoQuant

Due to the bug that appeared, the price of Bitcoin on Binance.US has dropped to $8,000, with numerous buy orders being executed on the way down. In order to provide more liquidity to the market on Binance.US, the main platform could have moved some of its funds to the U.S.-targeted platform, which is being counted by on-chain metrics as “outflows.”

Natural outflows

With Bitcoin moving past the previous ATH and trading volumes remaining stable, some traders and investors are choosing to move their funds away from exchanges and keep them in their wallets.

TradingView Bitcoin Chart
Source: TradingView

According to volume metrics, no significant selling pressure has been present on centralized exchanges, along with no abnormal trading activities.

Previously, notable exchange inflows appeared back in May, when Bitcoin’s price retraced from the previous ATH to $29,000. Most retail investors have moved funds from their wallets to the exchanges to take profit.

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