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Crypto Whales Appear to Be Buying Solana on the Dip, What About Solaxy?

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As the crypto markets dropped after Bybit’s recovery from the largest crypto theft in history, sentiment has turned overwhelmingly bearish and caused major dips to continue through the following week.

Bitcoin ($BTC) fell around -20% in the final week of February, while Ethereum ($ETH) was hit by drops totalling -26%. The price of Solana ($SOL) also took significant damage with a -25% move, contributing to a total of -57% from the L1 cryptocurrency’s all-time high of almost $296, set on January 19.

Amid the ongoing chaos, on-chain analysts have discovered major bullish whale activity surrounding the SOL cryptocurrency, highlighting the need for investors to look beyond red candles and focus on buying opportunities.

Meanwhile, Solana’s first Layer 2, Solaxy ($SOLX), has also raised nearly $24 million in its presale – and continues to give Solana supporters many reasons to expect a bullish 2025.

Solana Dip Disguises Hidden Opportunities

During large market dips – especially those that can be considered “corrections,” as they involve drops over 10% – panic and other negative emotions can easily cloud the judgement of even the most experienced investors.

Seeing large red candles on a price chart can be fear-inducing, especially when they come in quick succession. When this happens, zooming out and examining higher time frames can help to provide a birds-eye view of an asset’s price performance, and identify important levels to watch.

In the case of Solana, the presence of extensive wicks on a large number of daily candles shows how volatile this cryptocurrency has been since Donald Trump won the US presidential election on November 5:

In fact, SOL has been so volatile that it’s barely sustained a useful range or price trend for a meaningful period of time. Instead, SOL has generally stayed above $180 and below $260, with multiple extensions above and below those key levels – and an all-time high of nearly $296.

This continuous state of instability and uncertainty indicates that Solana’s price action is mainly driven by market sentiment – which keeps changing due to the Solana blockchain’s scalability and reliability issues.

Controversies surrounding the Solana meme coin community and launchpads like Pump.fun are also ongoing, creating even more fear around SOL’s potential as a long-term investment. Pump.fun suspended its livestreaming service when meme coin creators started broadcasting harmful material to promote their tokens – and the entire platform was banned in the UK by the country’s financial regulator.

Above all else, Solana’s biggest problems are failed transactions, network congestion, and the blockchain’s general scalability limitations. At the time of writing, Solana whales are still buying the SOL dip (establishing key support above $120), and a solid rebound would help to establish higher lows and a new uptrend.

For some savvier Solana watchers, however, the Solaxy ($SOLX) Layer 2 scaling solution is a tasty SOL alternative right now.

Solaxy Ready to Rescue Solana, ICO Nearing $24 Million

As noted above, Solana has not been able to create and sustain price trends or ranges that last long enough to enable high-probability price predictions – at least since November 2024. At the present time, bullish investors seem to have settled on $120 as a price level to front-run, creating sharp wicks and bounces that could lead to a new pump throughout March and April.

This makes Solaxy ($SOLX) arguably the most important part of the Solana ecosystem right now. As the very first Layer 2 (L2) solution for Solana, Solaxy aims to resolve some of the pain points that still restrict Solana builders and users from enjoying a consistently reliable Web3 experience. We’ve seen how these problems are causing major instability in the price of SOL – but Solaxy’s 2025 launch could set Solana on a bullish course for years to come.

Investors looking to be part of this historic development have already poured almost $24 million into the presale for SOLX, Solaxy’s native cryptocurrency. SOLX will act as a transaction fee payment method within the Solaxy network – and it will also enable groundbreaking levels of interoperability, thanks to its compatibility with the Ethereum and Solana blockchains.

This means that Web3 builders can draw on Ethereum’s liquidity resources while still benefiting from Solana’s speed and low network fees – making Solaxy and SOLX an ideal choice for DeFi, GameFi, meme coin, and NFT projects that generate high Solana traffic volumes.

For a limited time, the Solaxy presale is offering SOLX tokens at a discounted price of $0.001648. Passive income options are also useful during market dips – and SOLX tokens can be staked for an APY of 170% pa.

Visit Solaxy Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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