After touching its lowest price in 2022, Solana (SOL) has rallied over the last few hours. The coin had struggled to cross above $50 after two consecutive days of severe losses. It seems that there is some bullish momentum at the moment that could push it even further. These are the details:
SOL has reclaimed the $50 price after surging nearly 20% over the last 24 hours.
Emminent downside risks remain despite today’s rally
SOL also remains below its 50 and 200-Day EMA suggesting it’s not out of the woods yet.
Data Source: Tradingview
Can Solana keep this rally going?
The wider crypto market has rebounded after its recent crash. Solana has in fact gained nearly 20% after seeing steep losses. But, it isn’t decisive. Analysts warn that we are witnessing a slight pullback following the crash of the past two days. SOL’s overall trend downward has not been reversed, so it is possible that the coin will continue to fall in the days ahead.
Reclaiming the $50 mark was a big deal and an important psychological win for SOL bulls. But since the coin remains severely pressured below its 50- and 200-day EMA, we expect more weakness to follow.
SOL will likely drop below $50 once again and this time, it may fall even further before any rise. But if SOL can somehow continue the uptrend and close the day above $60, this thesis will be invalidated.
Is SOL the ideal dip?
One thing we can all agree on is Solana’s big project. It is likely to compete with Ethereum and Bitcoin in the future.
It was just the other day SOL was selling at around $200. The fact that you can get it now for less than $50 is a big deal. This is the best dip-buying opportunity on the market.
What is the reason why SAND has risen by more than 10% within 24 hours?
The cryptocurrency market continues its positive start to the week with major coins trading in the green area. The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark. Bitcoin…
The cryptocurrency market continues its positive start to the week with major coins trading in the green area.
The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark.
Bitcoin surged past the $21k resistance level after adding 2.5% to its value over the last few hours. Ether is eyeing the $1,200 psychological level thanks to its ongoing rally.
However, SAND, the native token of The Sandbox metaverse, is one of the best performers amongst the top 50 cryptocurrencies by market cap.
SAND is up by more than 10% in the last 24 hours and currently trades at $0. 935 per coin. This positive step is primarily due to The Sandbox’s partnership and TIMEPieces (the NFT community initiative of TIME).
In a Medium post on Monday, The Sandbox said it has partnered with TIME to develop ‘TIME Square’, TIME’s first-ever destination in the metaverse.
Key level to watch
The SAND/USD 4-hour chart at the moment is bullish, as SAND has been doing well in recent days.
The MACD line is in the neutral zone. This is a significant improvement over the territory it held last week. The 14-day RSI of 64 shows that SAND could soon enter the oversold region over the coming hours or days.
If the market momentum continues, SAND could surge above the $1 psychological level in the next few hours. SAND could test $1 in the event of a prolonged rally. 08 resistance level before the end of the day.
However, we are still in bear market and the bears may regain control. SAND could fall towards the $0. 83 support level in the next few hours.
Highlights June 21: Celsius rises almost 50%, cryptos remain green
The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing. Top cryptos Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of…
The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing.
Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours.
Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.
Aside from the top 20,, the trend was similar with most coins adding 5-9% value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.
Elrond gained another 15% today. Since announcing a major partnership, Elrond has been rallying with institutions of the Romanian government.
Stacks has 16%, and 1inch Network has 17%.. Recent statistics show that Atomic Swaps on CurveFinance and 1inch registered an average 100 million daily volume.
Zilliqa was one of the largest winners, up 22% during the last 24 h.
XCAD Network allows YouTubers to issue their own fan tokens and NFTs. It allows Youtubers the ability to issue their own fan tokens. Zilliqa’s rally was supported by XCAD’s participation at a recent, very successful live event in NYC.
The big win is Celsius with gains in 49%. Even though Celsius Network is in trouble, the efforts to stabilize it are evidently effective or have an impact on its value.
Compound completes the #100 winners’ list with gains of 26%. The Compound III beta version app is now available to the community.
PetSneakers is today’s biggest winner. It allows you to train your pets and also work out in a virtual environment. It records your workout results and converts them into PSC tokens that you can stake for more profit. PSC is up 363% right now.
US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin
The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.
CFTC Takes Action Against MTI
The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:
This action is CFTC’s largest fraud scheme case involving bitcoin.
The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.”
From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” the CFTC detailed, elaborating:
During this period, Steynberg … accepted at least 29,421 bitcoin — with a value of over $1,733,838,372 at the end of the period.
The announcement adds that the CFTC “seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations.”
The derivatives watchdog described:
The defendants misappropriated, either directly or indirectly, all of the bitcoin they accepted from the pool participants.
The CFTC concluded: “Sternberg is a fugitive from South African law enforcement, but was recently detained in the Federative Republic of Brazil on an Interpol arrest warrant.”
What do you think about the CFTC’s action against MTI and its operator? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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