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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Solana Up 13% Since Yesterday, A Sign Of Brighter Things to Come?

Christian Encila
Christian Encila
Last Updated: March 8, 2023 7:26 am
3 mins read
Solana

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The touted “Ethereum killer” Solana has been on the down-low since its association with the collapsed exchange FTX. However, it seems as though 2023 has new plans for the struggling ecosystem with its native token SOL up by 13% based on CoinGecko figures, Tuesday.

This huge uptick in price led to SOL reclaiming double digits after dipping as long as $7.96 back in December 29. 

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2 years ago

A Breath Of Fresh Air For Solana

After the ecosystem lost most of its value last year, this price pump is a breath of fresh air for investors and holders of SOL. Even though the bears left their mark on investor sentiment on SOL, some are still bullish for a possible reversal. 

This, however, is not surprising. Solana has been taking its time in distancing itself from being known as one of the “Sam coins”, with Messari releasing a detailed overview about the ecosystem on December 15. 

Solana’s token isn’t the only one that was hit hard, however. Solana’s NFT market has suffered through this whole debacle as DeGods and y00ts, two of the most prominent collections on-chain, decided to migrate to Polygon. 

Solana NFTs sure don’t look dead pic.twitter.com/UXNqJ6wRyi

— Mamba 🐍 (@Mamba248x) December 31, 2022

However, this has not stopped Solana from still maintaining its top 2 spot in terms of NFT sales volume. Transactions also support a bullish future for its native token as it still retains its top 1 spot in transaction volume according to Delphi Digital, an institutional grade research platform. 

With Solana leading in active addresses against competitors as well, we can definitely see why the SOL has just shot straight up. 

Macro And FUD, Not A Great Mix 

Even though the current bullishness is good news, investors and traders shouldn’t disregard the power of macroeconomics on crypto markets. With SOL still being highly correlated with Bitcoin, we can see SOL’s price move somewhat closely tied to BTC’s price movement. 

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Bitcoin Cash Closes 2022 With A Year-Low – Will 2023 Be Better?

2 years ago

SOL total market cap at $4.3 billion on the daily chart | Chart: TradingView.com

This is especially concerning as BTC is strongly correlated with the traditional financial market, going as far as following the S&P 500 and the Dow Jones Index in many instances.

Not to mention that the U.S. Federal Reserve does plan to increase its interest rate if inflation does not slow down in the coming months. This will cause a slow down for SOL’s recovery in the coming months if the situation does not improve. 

For now, SOL investors are on their way to target $11.83 price resistance which, if broken, will provide a jump-off point for more gains in the future. 

-Featured Image: Shutterstock

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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