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Solana Price Surges as New Trump Venture Lifts Market – May Solaxy Pump Next?

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The launch of Truth.Fi has shaken up the crypto market – and Solana (SOL) is capitalizing.

Trump’s newest company is planning a massive $250 million crypto investment.

Some traders are now searching for low-cap coins that could benefit from this potential investment.

Solaxy (SOLX) is one of these coins, having raised more than $16 million in its limited-time presale phase.

Solana Rallies After Trump’s Truth.Fi Prompts Crypto Market Speculation

Solana is trading around $241, marking a 6% jump in the past 24 hours.

It’s now the biggest gainer among the top 10 cryptos by market cap and has almost caught XRP in terms of daily trading volume.

SOL is now at its highest price since last Sunday.

This rebound seems linked to Trump Media & Technology Group’s Truth.Fi, a new financial entity that’s got everyone hyped.

Truth.Fi is looking to invest up to $250 million into digital assets, with Bitcoin firmly in its crosshairs.

That’s a considerable portion of the firm’s $700 million war chest.

And everyone’s speculating on which coins Truth.Fi might invest in alongside Bitcoin, with Solana looking like a prime candidate.

This isn’t Trump’s first exposure to the crypto market.

He’s been investing in it through World Liberty Financial and has also promised to create a strategic Bitcoin reserve for the U.S.

Market Sentiment Flips Bullish Despite Latest Fed Decision

The broader market is recovering, with Bitcoin and Ethereum back in the green – posting 3% and 5% gains, respectively.

But the biggest gainer has been Sui with a 14% rally that’s got everyone talking.

Trading volumes are soaring too, jumping 17% from yesterday’s figure.

Investor sentiment seems to be shifting from cautious to confident, as evidenced by the Crypto Fear & Greed Index returning to 70 – firmly in “Greed” territory.

All of this is despite the Fed keeping interest rates steady at yesterday’s meeting.

Usually, that kind of news would lead to a sell-off, but the market seems calm about it – suggesting expectations were already priced in.

Crypto analyst Rananjay Singh is calling it: “The bull run is taking shape again.”

And he might be onto something, given the climbing trading volumes and positive price action across the board.

Solana looks primed to capitalize, with the next key resistance level around $258.

If SOL can breach that level, there’s a potential path back to all-time highs.

Is This New Layer-2 Project About to Pump? Solaxy Passes $16M in Presale & Receives Influencer Endorsement

All of the buzz around Solana (and crypto in general) is putting the spotlight on Solaxy, a new Layer-2 project in presale.

With over $16 million raised already, Solaxy is positioning itself as the solution to Solana’s scalability issues.

It’s precisely the kind of infrastructure that could catch the eye of big players like Truth.Fi.

What’s interesting about Solaxy is its cross-chain approach.

Solana has always been one of the fastest chains, but Solaxy’s ability to bridge with Ethereum opens up a world of possibilities for traders and developers.

Solaxy promises to easily handle high-volume trading – an interesting pitch as more institutions look to get into crypto.

And there’s more since Solaxy also has a staking protocol built in.

Currently, annual yields are estimated at 243%, encouraging investors to lock up more than 4.7 billion SOLX.

The developers have a clear roadmap for after the presale, beginning with a DEX listing (and a potential CEX listing).

Some popular influencers are already optimistic about these listings.

ClayBro, known for his in-depth crypto analysis, believes that once Solaxy goes live, it could “take over” the meme coin space.

He believes its mix of utility and meme energy could set it apart from all of the useless meme coins launched every week.

Overall, things look promising for this new Layer-2 project – making it one to watch in early 2025.

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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