TL:DR;

• SOL’s price skyrocketed after Trump’s victory in the US elections to a new all-time high of $263 on November 23 but lost its momentum and is down by more than 11% since then.
• However, whales seem unfazed as they keep buying portions of the asset while analyst envision a massive rally that could push it to as high as $600.

SOL Whales Push the Buy Button

As mentioned above, Solana’s native token was among the biggest beneficiaries of Trump’s victory as it found a place among the top four altcoins at one point when it was in front of XRP and surpassed BNB. However, the roles have reversed, with XRP surging to the third spot, while Binance Coin took back the fifth earlier today after a historic rally to a fresh peak.

Solana, alongside other assets like BTC and DOGE, has remained on the sidelines for the past few weeks. SOL has been consolidating and trading about 10-12% away from its November 23 peak.

It seems large Solana investors have used this correction as an opportunity to increase their stash. Data from Lookonchain showcased several whale wallets that have withdrawn sizeable portions of the asset out of Binance and to cold storage – moves traditionally regarded as bullish for the underlying cryptocurrency as they reduce the immediate sell pressure.

Whales are accumulating $SOL!

In the past 24 hours, 4 whales withdrew 185,510 $SOL ($42.46M) from #Binance.

BnwZ…w6tR withdrew 100,010 $SOL($22.46M) from #Binance 16 hours ago.

CZwk…qjwN withdrew 46,103 $SOL($10.81M) from #Binance in the past 18 hours.

FxfH…T7wp… pic.twitter.com/AFBWA9NQch

— Lookonchain (@lookonchain) December 4, 2024

SOL Heading Toward $600?

Popular analyst IncomeSharks noted on December 2 that SOL’s price movements resemble the head and shoulders (H&S) pattern. They cautioned investors that there might be another retracement for SOL but indicated that the “good news is we are approaching Supertrend support,” which has held since October. SOL indeed bounced off from that level and now sits above $230.

$SOL – Pretty obvious H & S playing out. Just because you want price to go higher doesn’t mean sometimes it goes down first. Good news is we are approaching Supertrend support (green line). Has held this since October so good chance for a bounce soon. pic.twitter.com/iatYrkPHgM

— IncomeSharks (@IncomeSharks) December 2, 2024

Jelle was quite bullish on Solana, suggesting that its price could go as high as $600 during this cycle in case it manages to remain above the previous all-time high of around $225.

$SOL broke its previous ATH, and now forms a falling wedge right on top of the 25-day EMA.

Also retesting RSI midlevel.

Looks ready to resume price discovery soon.

My targets: $400-600. Send it. pic.twitter.com/lqX8Wcx8Ui

— Jelle (@CryptoJelleNL) December 3, 2024

Prominent Bitcoin mining pool Foundry Digital reportedly slashed 27% of its workforce this week. The layoffs, which affected 74 employees, reflect a strategic shift to prioritize core operations, including its Bitcoin mining pool and site operations. This decision follows an internal restructuring within the Digital Currency Group (DCG), Foundry’s parent company.

CEO Mike Coyler stated that the firm is focusing on its core business lines to strengthen its market position. As part of this shift, the platform has deprioritized its custom hardware initiatives while maintaining its ASIC repair services.

Foundry Cuts Jobs

According to the latest report by Blockspace, the layoffs were accompanied by the transfer of 20 Foundry employees to Yuma, a decentralized AI startup spun out of Foundry’s internal Bittensor project. Yuma now operates as an independent DCG entity under CEO Barry Silbert. Foundry’s management described the changes as part of a strategy to streamline operations and refocus on its core businesses, including its flagship Bitcoin mining pool and site operations.

Foundry currently accounts for 30% of the Bitcoin network’s total hash rate. Its self-mining business alone is on track to generate $80 million in revenue for 2024, as per DCG’s Q3 2024 shareholder letter. Meanwhile, other business lines, such as ASIC repairs and decentralized AI infrastructure, remain operational.

In a statement, the company claimed,

“We recently made the strategic decision to focus Foundry on our core business while supporting the development of DCG’s newest subsidiaries. As part of this realignment, we made the difficult decision to reduce Foundry’s workforce, resulting in layoffs across multiple teams.”.

Navigating Troubled Waters

The layoffs come amid broader challenges for DCG, which has worked to stabilize its operations following the bankruptcy of its lending subsidiary Genesis after being caught up in the FTX fallout.

Amidst financial challenges, Foundry moved from a free model to a paid service, marking a significant change in its business strategy in April last year.

[PRESS RELEASE – San Francisco, California, December 4th, 2024]

The internet was once a playground for open exchange, where ideas, innovation, and creativity flourished. However, centralized control and walled platforms have eroded those ideals. Open emerges as a new infrastructure dedicated to rebuilding the Open Web’s foundations in the age of Web3.

From RSS3 to Open: A Broader Vision

Open represents the next evolution of RSS3, a broader and more ambitious ecosystem designed to unify technologies, initiatives, and communities. This transformation recognizes that the vision for a decentralized internet extends beyond the original scope of RSS3.

Open now unites the forces of RSS3, RSSHub, OVM, OpenAgent, and the Open Information Initiative under a single banner. Together, they form a collective dedicated to reshaping the internet into a transparent, permissionless, and collaborative space.

“Open’s mission goes beyond technology,” said Joshua, the founder. “This is about building an ecosystem and a movement to create a web that works for everyone, not just a select few. Open exists to make that happen.”

Open: The Foundation for a New Web

Open serves as the foundation for a new internet era. It brings together infrastructure, real-world applications, and initiatives with a clear goal:

• Building Infrastructure: Open is constructing a “Wormhole” that bridges data and computing on-chain in a transparent and verifiable manner. This facilitates truly immutable, reproducible, and open Artificial Intelligence (AI), Decentralized Finance (DeFi), Decentralized Science (DeSci), and more.
• Empowering Builders: Open supports developers and creators dedicated to advancing the Open Web through grants, incubation programs, and dedicated studios.
• Delivering Practical Solutions: Open focuses on real-world problem-solving by offering practical tools, ranging from AI-powered agents to DeSci platforms.

Thriving Projects within the Open Ecosystem

The Open ecosystem already boasts projects with proven technology and distribution:

• OpenAgent: Launched in March 2024, OpenAgent quickly became the most advanced decentralized AI agent platform.
• DeSci Database: This decentralized science initiative accelerates innovation by making open data accessible across thousands of nodes.
• Follow App: With over 120,000 users and 50,000 daily on-chain participants in its first 40 days, Follow App demonstrates Open’s ability to drive large-scale adoption.
• Exclusive Studios: Four studios are dedicated to building critical infrastructure and tools for the Open Web, ensuring scalability and robustness.
• The AiSweatShop: A new standard for decentralized AI deployment, this OpenAgent initiative extends its capabilities. AiSweatShop offers scalable and customizable AI agent solutions that integrate with on-chain decentralized applications, bridging the gap between decentralized AI and real-world uses.

The Case for Open: A Better Internet

Centralized platforms have inhibited creativity, transparency, and innovation for far too long. Open aims to reverse this trend, restoring an Open Web where:

• Creativity Flourishes: No longer will restrictions hinder how ideas are shared and developed.
• Transparency Reigns: Decision-making will occur openly, not behind closed doors.
• Innovation Accelerates: Open infrastructure will drive the next wave of digital breakthroughs.

The Movement Gathers Momentum

Open serves as an open invitation for developers, creators, and visionaries to join the mission of restoring the web’s original purpose. The ecosystem has already gained significant traction, bolstered by funding from the Open Initiative. The adoption of Follow App, the innovation of the AiSweatShop, and the expanding developer community all demonstrate the ecosystem’s steady growth and potential.

“Our focus is unwavering: to create real solutions for real users,” reiterated Joshua, Founder of Open. “We’re building a future where the internet belongs to everyone.”

Users interested in learning more and joining the movement can visit webisopen.com.

About Open

RSS3 is a decentralized network indexing and structuring data, delivering accessible and valuable Open Information to the next X (prev. Twitter), Google, OpenAI, and beyond.

RSS3 is an Open project. Open is a series of endeavors aimed at propelling the Open Web forward. Collectively, Open is the Data and Compute Wormhole for innovations like verifiable and transparent AI and DeSci. Users can find more details at https://open.network/ 

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