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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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BONK and other Solana ecosystem tokens are experiencing a downturn as investors engage in profit-taking following a recent rally. BONK is down 15% today, with a 17.7% loss over seven days, despite a 327% surge in the past month. Other tokens like WIF, ANALOS, JTO, and ORCA also saw declines in the past 24 hours, with mixed performances over the past week and month. Solana (SOL) itself is down 5.6% today, although it has seen a 101% increase in the past month. The total value locked in Solana has also risen significantly, now standing at $1.47 billion.

Portfolio Pulse from Khyathi Dalal

December 27, 2023 | 4:09 pm

Solana (SOL) ends 2023 on a high, reaching a new 52-week high and becoming a highly discussed cryptocurrency. Key highlights include airdrops, meme coins like Bonk (BONK) and Dogwifhat (WIF), and becoming the fourth-largest digital coin by market cap. Solana's partnerships with Visa (V), Mastercard (MA), and Shopify (SHOP) have strengthened its position. The Solana Saga mobile phone sold out, and the Helium Network migration to Solana was completed. Solana also launched a ChatGPT plugin and began tracking its carbon footprint. SOL's price surged over 800% YTD, outperforming Bitcoin (BTC) and Ethereum (ETH).

Portfolio Pulse from Chris Katje

December 27, 2023 | 2:44 pm

Elon Musk revisited his 2021 NFT venture by tweeting about a musical NFT he once considered selling. Despite a bid over $1 million, Musk decided not to sell the NFT. The tweet resurfaced amidst a year of significant NFT developments, including SEC's first case on NFTs as unregistered securities and the introduction of Bitcoin Ordinals. NFTs are digital ownership certificates on blockchains like Ethereum, Solana, and Polygon.

Portfolio Pulse from Mehab Qureshi

December 27, 2023 | 8:09 am

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced declines as the anticipated 'Santa rally' did not occur. Over $200 million in long positions were liquidated, affecting 106,755 traders. Despite the overall crypto market cap decreasing by 0.86%, some cryptocurrencies like Sei, Mina, and Astar saw significant gains. Analysts suggest Bitcoin is entering a consolidation phase with resistance at $47-50K and support at $36-39K. Some expect a minor dip before a potential upward trend. Meanwhile, traditional stock indices like the S&P 500, Nasdaq, and Dow Jones saw modest gains.

Portfolio Pulse from Mehab Qureshi

December 27, 2023 | 2:57 am

Ark Invest CEO Cathie Wood, in collaboration with 21Shares, is optimistic about the SEC approving a Spot Bitcoin ETF by January 10, 2024. In an interview, she praised 21Shares for its successful crypto ETPs and discussed the potential for institutional diversification into crypto. Wood believes Bitcoin will continue to gain as a hedge against inflation and deflation, and could be treated like physical gold within five years. She also mentioned Bitcoin's potential as legal tender in emerging economies, citing El Salvador's support.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 10:53 pm

An anonymous crypto trader used 30 Solana (SOL) tokens to buy 16 billion Analos memecoin and sold 14.5 billion for 3.45 million USDC, retaining 1.56 billion SOL worth $2.34 million. Solana's price is down 12.6% in 24 hours but up 88.6% in a month. Solana's active addresses and developer interest are increasing, with a crypto influencer predicting a pivotal week for Solana's ecosystem.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 9:16 pm

The cryptocurrency ETP market is valued at $50.3 billion, with Bitcoin ETPs at $35.4 billion, led by Grayscale Bitcoin Trust (GBTC) and ProShares Bitcoin Strategies (BITO). Ethereum ETPs are valued at $8.8 billion, with Grayscale Ethereum Trust as a major asset. Altcoins like Solana and Avalanche also have dedicated ETPs. The potential approval of a Spot Bitcoin ETF in January 2024 is expected to significantly impact the market and attract new investors, with Bitwise predicting it could be the most successful ETF launch ever. Coinshares reported $103 million in digital asset inflows, with Bitcoin accounting for $87 million.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 7:25 pm

Digital assets have seen a shift from outflows to inflows, with Bitcoin (BTC) experiencing $87.6 million in inflows, reversing from last week's outflows. Ethereum (ETH) also saw inflows of $7.9 million. Altcoins like Solana (SOL) and Cardano (ADA) had decreased inflows, while XRP saw no new inflows and Avalanche (AVAX) outflows widened. Year-to-date flows for digital assets have reached $1.971 billion, with total assets under management at $52.098 billion. Germany leads in weekly inflows, followed by Canada and the U.S. Bitcoin prices dropped slightly by 0.5%, while ETH increased by 0.7%. SOL surged by 55%, and ADA, XRP, and AVAX also saw price increases.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 3:46 pm

Cryptocurrency analyst Altcoin Sherpa has increased his holdings in Solana (SOL), despite acknowledging it might not be the best time to buy. He believes SOL will continue its upward trend into 2024, citing its affordability and accessibility for new crypto users. Google search volume for 'Solana' has surged 250% in two months. Solana's price is currently at $122.64, up 7.73% in the last 24 hours, and has increased over 1,000% since the start of the year.

Portfolio Pulse from Mehab Qureshi

December 26, 2023 | 1:54 pm

Solana (CRYPTO: SOL) has seen a significant increase in network activity, setting new records for monthly new and active addresses. Active addresses grew by approximately 50% since November, surpassing 15.6 million, while new addresses in December reached 6.8 million, a new high. Despite this growth, non-voting transactions, which indicate genuine user activity, have not reached new highs and remain below November levels. SOL's price has surged, trading at $123.31, up 8.31% in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

December 25, 2023 | 7:41 pm

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