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Phantom Wallet to Roll Out a Mobile App, Aims to Expand Solana Ecosystem

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Phantom Wallet is launching a mobile app to further the growth of the booming Solana ecosystem.

Phantom is one of the most popular and used wallets in the Solana ecosystem. Today, the company revealed they will be releasing a mobile version of their wallet as well.

Phantom Rolling Out a Mobile App

Phantom is a non-custodial cryptocurrency wallet built for the Solana ecosystem, and it’s one of the most popular apps in the field.

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According to a press release shared with CryptoPotato, the team will also be expanding its reach upon crossing 1 million weekly active users and releasing a mobile app as well.

Speaking on the matter was Brandon Millman, co-founder, and CEO of Phantom, who said:

We’re expanding as quickly as we can to meet the new inflow of demand for applications built on Solana. With this launch, we’re giving existing and new users the opportunity to use a solid crypto wallet on-the-go. This means they can mint NFTs, stake tokens, and more, while not being tied to their computers, which carries considerable weight considering how fast the Solana ecosystem currently moves.

The release also informed that Phantom will be launching other products as well that fall in line with what the users in the space are currently in need of.

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The Growing Solana Ecosystem

Solana is undoubtedly one of the fastest-growing ecosystems in the field. Data from DeFi Lama shows that the total value locked within Solana-based decentralized protocols currently sits at $15.25 billion.

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TVL in Solana. Source: DeFi Lama

All of this comes on the back of substantial growth in the broader Solana community and development field. The price is also reflecting this. At the time of this writing, SOL is trading at just shy of $250, up 21% on the week and over 11,300% over the past year.

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Solana price positioned for new bull rally towards $275

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  • Solana price breaks out above bull flag, indicating uptrend continuation.
  • Moving and holding above $220 is essential to continue bullish momentum.
  • Failure to extend higher here could see new monthly lows.

Solana price has hugged the top of the Cloud (Senkou Span A) as its primary support level for the past week. The respect of Senkou Span A as support has resulted in Solana moving and closing above one of the two Ichimoku levels necessary to confirm a new uptrend.

Solana price must close above the $220 value area before testing $275

Solana price is up against its primary and final Ichimoku resistance level on the daily Ichimoku chart. The Kijun-Sen within the Ichimoku system represents medium-term support and resistance and is the primary level for intraday and intraweek trading strategies within the Ichimoku system. The Kijun-Sen at the $220 level is precisely where Solana finds itself pushing against.

A daily close of Solana price above $220 provides more protection from near-term downside movement than it does upside potential for a couple of reasons. First, a close above the Kijun-Sen would convert the Kijun-Sen from a resistance level to support. Second, because retests of breakouts from bull flags are extremely common, the combination of the Kijun-Sen and top of the bull flag create a double-support structure.

SOL/USDT Daily Ichimoku Chart

Solana price does have downside risks. The Composite Index has created a high above the previous high peak on November 21st, while the candlestick chart shows the current daily high is lower than the November 21st high. This creates a condition known as hidden bearish divergence – a warning that the current drive higher may fail.

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It is essential that Solana price close above the November 21st open of $217, or the hidden bearish divergence may push Solana back into the bull flag and likely even lower to test the bottom of the Cloud (Senkou Span B) at $184.

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Solana Price Analysis:- The bulls broke the resistance, and they are trying their best to increase the price. Will this bullish trend continue?

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  • The trading volume of SOL Coin in the last 24hr at the time of writing this article is +49%
  • The prices of SOL/BTC and SOL/ETH at the time of writing this article are 0.003811 BTC and 0.04595 ETH, respectively.
  • The 50MA is acting as a support.

Long term view:- 

In the daily chart time interval, the price broke the support of the 20MA and 50 MA and again, the bulls pushed the price up again, and the price is currently between 20MA and 50MA. Let’s look at the technical indicator to see if the bulls will reverse the support, or the bears will break the support? 

Firstly, we can see the MACD, which shows a red histogram as the MACD line is below the signal line, but the MACD line is heading towards the signal line. If the crosses, then it is a buy signal line for the traders. 

In addition to that, the RSI is in the neutral zone near 52, and the RSI line is pointing towards the overbought zone of 70, which means the bulls are winning the fight against the bears in the order book. Lastly, the 20MA is above the 50MA, and both are above the 100MA, but the 20MA is changing its direction and is heading towards the 50MA, which is bearish. 

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Short term view:- 

In the 4-hour time interval, the price broke the 100MA resistance as the bulls pushed the price up. The MACD shows a green histogram as the MACD line is above the signal line, and there is no sign that lines will change their direction soon, but the lines are very close to each other. 

In addition to that, the RSI is in the neutral zone near 62, and the RSI line is pointing towards the overbought zone, which means the bulls are winning the fight against the bears in the order book. 

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Lastly, the Moving average shows that the 20MA is below the 50MA, and both are below the 100MA, but the 20MA is heading towards the 50MA. If it crosses, it will be a bullish sign.  

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Conclusion:- 

Looking at both long term and short term, the trend is bullish as shown in the daily chart, and the 4-hour chart as the MACD in the 4hour shows a bullish sign, and the crossing in the daily chart is also a bullish sign for the traders. In addition to that, the RSI in both cases is pointing towards the overbought zone. Hence, the trend is bullish. 

RESISTANCE:- $230,$249

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SUPPORT:- $194,$171   

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This is causing users to choose Solana over Ethereum

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Ethereum’s gas fees and speeds are costing not just users, but the ecosystem itself as more and more players are migrating to rival blockchains.

The latest stakeholder to make the move is Crowny – an app rewarding shoppers for various interactions with brands. The date for its migration to Solana is slated for 8 December.

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In a Twitter thread, Crowny stated,

“Solana blockchain offers extremely low costs per transaction and ensures limitless scalability for years to come. This cutting edge architecture is all about speed. It’s the fastest blockchain around. As hardware improves, so does the network.”

At press time, Ethereum’s gas fees were high, with an ERC20 transfer costing around $22.63 on average.

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Source: Etherscan

Moving day is here

Choosing Solana over Ethereum isn’t a novel incident. In July 2021, Powerledger, an Australian company in the area of technology and energy, decided to move its platform from Ethereum to Solana.

Co-founder and executive chairman Dr. Jemma Green had commented,

“Our new blockchain platform based on Solana will be tens of thousands of times faster than Ethereum but also energy efficient. As we started this project to allow renewables to be scaled, part of our mission is to be light on our own carbon footprint.”

Another example is the privacy-protecting Internet browser Brave. The company announced a partnership with Solana at the Breakpoint Lisbon event in Portugal. Brave’s official release stated,

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“High transaction fees seen on Ethereum (due to increased interest in crypto and DeFi) have held some users back from transacting. Solana is the fastest blockchain in the world and provides the opportunity to scale blockchain transactions for as little as $0.001 – $0.002 USD per transaction, providing significant cost savings for users.”

Furthermore, the Brave crypto wallet is set to integrate Solana in 2022, for decentralized app support.

Looking at these migrations and the reasons for the same, it appears that speed, fees, and energy efficiency are thorns on Ethereum’s side.

Time to pull out the roadmap

Needless to say, there’s a lot of pressure to bring Ethereum up to speed – literally. At the last All Core Devs meeting, Ethereum developers discussed diverse proposals to reduce transaction fees, which are also rising in rollups. 

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Developer Tim Beiko also noted that time was of the essence. He claimed that the proposals needed to ship before a fork in February. 

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