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Solana

DeFi Projects on Solana (SOL) Continue to Choose ChainLink (LINK) And Others Too

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The Chainlink Network features hundreds of pre-built oracle networks across multiple blockchain and layer-2 environments.  ChainLink enterprises can engage the world of Defi and interact with any public or private chain—all without having to overhaul their tech stack.

In a world powered by a cryptographic truth, institutions can no longer say one thing and do another.

The Chainlink team are selling 1000’s off Link every day! This is why Sol, Avax, Dot etc are doing so much better. Solana is continuing to see a surge of Chainlink-powered innovation.

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From on-chain flight insurance products to high-speed Defi apps, Chainlink is empowering developers across the multi-chain ecosystem to unlock new Blockchain use cases.

Chainlink oracles help ensure that key mechanisms within gaming dApps and DeFi protocols are verifiably fair and tamper-proof. It in turn boosts the security of Web 3.0 across numerous blockchains

Chainlink features multiple layers of decentralization for extreme resistance against single points of failure.

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Community Response:  Tired of all the ungrateful short-term thinkers.

Give token holders the truth on Chainlink’s Tokenomics first. More I learned the more shady the team was about how they don’t talk about the increase in circulating supply. Atleast institutions have to disclose stock issuance and tell shareholders what it’s for.

The breakdown of the Tokenomics is but when they started increasing the circulating supply without letting token holders know when, why, or how much from 350 million is what I was referring to.

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I’ll leave you with a famous quote from Sergey’s website back in the years: “A wise man seeks the truth for he knows it will always find him” Sergey Nazarov, 2013.

The memorable slip up during a live talk in 2020: “After seven years of developing smart contracts and ten years in the…well ten years… well a number of years. In any case, a number of years in the blockchain industry.”

People out there who don’t know about ChainLink really need to learn about Chainlink. Oracle protocols won’t just change finance, news, and science, but also elections.

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I don’t just hold Chainlink for its investment potential, but because I think it will transform our world for the better.

Integration of Chainlink provides an idyllic price feed solution that satisfies the need for up-to-date prices and simultaneously offers strong security guarantees.

Need some accountability for the hysterical predictions from corporate media that never come true.

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Integrating Chainlink Price Feeds was an easy choice because they have a proven track record of providing reliable data to smart contract applications during extreme market and network conditions.

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Solana

Solana bulls return to the market wanting to push SOL price to new all-time highs

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  • Solana price sees a bullish reversal over the weekend after a risk-off Friday.
  • SOL price sees bulls recovering ground against bears and reclaiming the 55-day SMA.
  • The altcoin only needs to break one hurdle that is preventing new all-time highs.

On Friday, Solana (SOL) price saw a 16% swing to the downside as markets got rattled by concerns over a new Covid variant. Investors, however, used the weekend to reassess the situation and quickly bought into SOL price action on Monday as bulls pushed price up to close above the monthly pivot at $185. Intraday, the uptick has caused a recapture of the 55-day Simple Moving Average (SMA) at $200, which is  acting as a launch pad to new all-time highs at $268.

Solana price could hold 30% in renewed uptrend 

Solana price was under siege Friday with global markets on the back foot due to worries about the new Covid variant. But investors were quick to brush those concerns aside and began buying eagerly into the dip during the weekend. The Relative Strength Index (RSI) is back up to pre-Friday levels and is seeing buy-side demand at healthy and more significant volumes. 

SOL price reclaimed the 55-day SMA at $200 and is using it as a launch platform to attack the $219.75  level. This historical pivot shows excellent signs of both support and resistance in the past, making it a force to be reckoned with. Once SOL bulls can break above, expect a massive influx of buyers who will want to jump on the ‘bandwagon’ as prices rally to new-all-time highs, now looking inevitable at $267.52.

SOL/USD daily chart

SOL/USD daily chart

With market sentiment shifting back to risk-on, this will add to the tailwinds that could lift SOL price back up towards those new highs by the end of this week, Bullish momentum could propel traders into a buying frenzy. In the event of buyers not being able to break above $219.75, they might get squeezed out of their positions with bears pushing price back towards the monthly pivot at $185.12. That would trigger a massive sell-off with SOL price nosediving  towards $147, where  the monthly S1 support level is situated and the orange ascending trend line, which is likely to act as a buffer.

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Solana

Solana Price Creates Bear Trap Before SOL Ascends Toward $325

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  • Solana price plans slowly recover after a bear trap.
  • $209 will be a key level to watch as SOL must rise above 54%.

Solana’s (SOL) price has been firmly trending upwards since mid-September, presenting a bullish outlook. However, the Ethereum killer recently created a bear trap as it sliced below the governing technical pattern’s lower boundary, confusing predictions. In fact, once SOL achieves to reclaim $209, the token could skyrocket 54%.

sol

Solana price has printed an ascending parallel channel on the daily chart, hinting at a positive outlook. On November 26, SOL sliced below the current chart pattern trend line, indicating the uptrend is at risk. However, technical indicators recommend that this recent low only formed a bear trap.

Meanwhile, Solana’s price fell to $182, the Relative Strength Index (RSI) declined to reach a new low – indicating a bullish change. This trading signal indicates that the bears are losing control over the market. At the same time, the bulls are ready to take over, marking the end of a temporary downtrend.

Therefore, the current chart pattern suggests that the Solana price could tag the upper boundary and 127.2% Fibonacci retracement level as its next bullish target at $325, marking a 54% climb.

To execute the bull recovery, Solana price should reclaim the lower boundary of the parallel channel at the 78.6% Fibonacci retracement level at $209, coinciding with the 21-day Simple Moving Average (SMA). At the same time, Solana’s price will encounter additional barriers at the 50-day SMA at $225, compared to the resistance line given by the Momentum Reversal Indicator (MRI).

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The final hurdle shows to be at $259, the altcoin’s all-time high, which sits near the middle boundary of the governing technical pattern before SOL aims for the optimistic target at $325.

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Bitcoin

Analyzing how Solana can possibly give ETH and BTC a run for their money

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Ethereum (ETH) is second only to Bitcoin (BTC) by market cap, and its smart chain technology was a game-changer. Now, with the fast pace in the industry and some of the ETH-related complications such as scalability, fees etc, new contenders are challenging ETH for its throne. The interviewee here even considers one of them to be the next Bitcoin.

Hunt for the next top altcoin

Sam Bankman-Fried, the founder of the crypto exchange FTX added support to two cryptocurrencies when competing against the largest token. The billionaire while speaking at the Kitco News, expressed an optimistic narrative about Solana (SOL). He believes that Solana had the potential to scale to Bitcoin’s (BTC) mass adoption level. Further, he discussed Avalanche‘s (AVAX) potential as well.

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In order to compete with ETH, a token needs different aspects. One needs to look at what it would take to have 1 billion people use cryptocurrency and blockchain infrastructure. Meanwhile, people end up using blockchain infrastructure at the same level they use social media or finance today. Needless to say, it’ll create millions of transactions per second. The young entrepreneur sees SOL’s and AVAX’s blockchains scaling to that level.

He added:

I think Solana has a shot at doing so, which is really exciting. I think that there are other tokens out there as well that are aiming to scale a bit, and Avalanche is one of them.”

Let’s segregate this a bit. Talking first about the #5th largest token. When asked if he thought Solana could exceed Ethereum’s market cap, Bankman-Fried leaves it up in the air, saying, “It could happen. It could never happen.” But, the sheer potential provides a wealth of opportunities.

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“[Solana] has the potential to host DeFi (decentralized finance) applications for hundreds of millions to billions of people on top of it with a giant composable ecosystem. Again, that’s not saying it necessarily will happen, but it could happen, and I think that’s really exciting.”

Not only ETH, but Solana also challenged the largest crypto coin, BTC as well. Just recently, SOL’s returns outperformed that of BTC’s.

Another project he spoke about in Avalance. The #11th ranked token has recorded some impressive statistics to back its stance. Consider the tweet below:

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The flagship token was up around 1% in 24 hours, was trading above the $108 mark. Earlier, it pushed DOGE to mark its entry in the top 10 cryptocurrency list. Quite remarkable indeed.

Overall crypto outlook

The said interview also touched upon the contrast in bull and bear runs. It is a fact that there will always be more crashes as well as more bull runs. And in the next few years, he expects to see “see substantial institutional adoption of cryptocurrencies.”

Nevertheless, projects with loyal followers and important use-cases remain undeterred from the correction.

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“Projects that have real adoption, or potential for real adoption are the ones that loyalists will be backing, even during bear markets.”

Quite a contrast for a certain “hype-furled” meme tokens. For instance, speculations around SQUID tokens. It was affiliated with the famous Netflix show ‘Squid Games’. Allegedly, people lost their life’s savings after the ecosystem pulled the rug from underneath them.

Bankman-Fried cautioned the users to invest as per their risk appetite and not get carried away with making gains. One needs to check an ecosystem’s token’s supply distribution. One of the reasons why this meme-coin failed.

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