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SOLUSD

Solana / US Dollar

Industry

Digital Currency

Solana is a public, open-source blockchain that supports smart contracts, including non-fungible tokens (NFTs) and a variety of decentralized applications (dApps). Native to Solana's blockchain is the SOL token which provides network security through staking as well as a means of transferring value.

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In Q1 2024, the crypto market cap surged 64.5% to $2.9 trillion, with trading volumes on top centralized exchanges hitting $4.29 trillion, the highest since Q4 2021. Bitcoin reached a new all-time high of $73,098, and spot Bitcoin ETFs saw significant growth. Ethereum and DeFi also experienced notable activity, with restaked ETH volumes increasing by 36%. Binance dominated the CEX market with a 50% share, while DEXs saw diversification with emerging chains like Arbitrum gaining traction.

Portfolio Pulse from Murtuza Merchant

April 19, 2024 | 4:09 pm

Solana (CRYPTO: SOL) has seen a price increase of 5.58% in the last 24 hours to $146.0, despite a 14.0% decrease over the past week from $167.14. The trading volume surged by 118.0%, and its circulating supply rose by 0.32% to over 446.82 million, with a current market cap ranking of #5 at $65.54 billion.

Portfolio Pulse from Benzinga Insights

April 19, 2024 | 3:00 pm

Crypto venture capitalist Andrew Kang predicts significant buying opportunities for Bitcoin, Solana, Dogwifhat, and Toncoin due to anticipated global approval of cryptocurrency ETFs and other factors. He expects their prices to drop to specific targets, viewing these as investment opportunities. Kang also notes Solana's network congestion issues but expects a recovery. The global crypto market could see a boost from increased institutional investment following the approval of the first spot BTC and Ethereum ETF in Hong Kong.

Portfolio Pulse from Khyathi Dalal

April 19, 2024 | 11:24 am

A crypto analyst, Bluntz, is bullish on the Solana-based meme coin, dogwifhat (WIF), predicting a bullish reversal amid the market downturn. Bluntz uses Elliott Wave theory to forecast WIF's price movement and also expresses optimism for NEAR, seeing a long-term opportunity after a significant correction. The market correction affecting Solana and other cryptocurrencies is noted, with investor sentiment impacted by Bitcoin's downturn. Additionally, investor Raoul Pal's reallocation favoring Solana over Ethereum is highlighted.

Portfolio Pulse from Benzinga Neuro

April 18, 2024 | 11:01 am

Solana (CRYPTO: SOL) is down 3.2% to $133.07, influenced by a broader crypto market downturn led by a drop in Bitcoin's price. Investor sentiment towards Bitcoin significantly impacts altcoins like Solana, causing them to trade lower in response to Bitcoin's price movements. The correlation between Bitcoin's performance and altcoin prices, including Solana, highlights Bitcoin's dominance in the cryptocurrency market.

Portfolio Pulse from Henry Khederian

April 17, 2024 | 7:46 pm

Raoul Pal, a former Goldman Sachs executive, has shifted 80% of his cryptocurrency investments to Solana (SOL), moving away from Ethereum (ETH) and other cryptocurrencies. He has converted his Ethereum holdings into high-end art NFTs and also holds a small portion (1%) in meme coins like Dogecoin. Pal's decision is influenced by Solana's performance and its recent updates to address network congestion.

Portfolio Pulse from Benzinga Neuro

April 17, 2024 | 2:00 pm

Solana (SOLUSD) is trading lower due to overall weakness in the cryptocurrency market, exacerbated by market volatility following Iran's recent attack on Israel, which could affect risk sentiment.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 5:07 pm

Anthony Scaramucci, founder of SkyBridge Capital, expressed skepticism towards meme coins at a London conference, despite their Q1 2024 returns exceeding 1,000%. His fund, which holds Bitcoin, Ethereum, and Solana, will continue to focus on these cryptocurrencies, citing their wider acceptance and potential as long-term assets. Scaramucci's conservative investment strategy aligns with his view on the importance of spot Bitcoin ETFs for overcoming regulatory barriers and attracting new capital to the cryptocurrency market.

Portfolio Pulse from Khyathi Dalal

April 15, 2024 | 8:27 pm

BlackRock (NYSE:BLK), the world's largest asset manager, is expanding its crypto strategy, focusing on Bitcoin, stablecoins like USDC, and tokenized assets. It owns stakes in the iShares Bitcoin Trust (NASDAQ:IBIT), Circle (issuer of USDC), and Securitize (transfer agent for BUIDL). BlackRock is leveraging Bitcoin for its global accessibility, utility in transactions, and as an inflation hedge, with plans to include Ethereum and Solana in its offerings. The firm views blockchain as transformative for capital markets, potentially developing its own blockchain for recordkeeping.

Portfolio Pulse from Murtuza Merchant

April 15, 2024 | 6:53 pm

Fred Krueger, a Bitcoin trader, expressed a negative outlook for Ethereum, citing challenges such as an investigation into the Ethereum Foundation, regulatory issues with UniSwap, the absence of an Ethereum-based ETF, stagnation in the NFT market, and competition from Solana. These factors, according to Krueger, undermine Ethereum's market position and question its value proposition, especially after its transition to proof-of-stake.

Portfolio Pulse from Murtuza Merchant

April 15, 2024 | 4:35 pm

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