The price of Solana (SOL) in the last 24 hours has grown by more than 32%, going from about 46$ to more than 61$.

Indeed, it has also touched its all-time high during today’s day, at over $63.

The previous high was touched on May 19, at $56, just before the bitcoin flash crash that took the entire cryptocurrency market with it.

Since then, the price of BTC, for example, has not yet managed to recover the highs touched in April, and not even ETH has managed to recover the record levels of May.

On the other hand, SOL had already managed to do so, particularly since July 20, when the price had even dropped below $23. In other words, in less than a month almost tripled. Thanks to these increases, Solana is now in the top 10 of cryptocurrencies with the highest market capitalization in the world.

However, until yesterday, it had simply recovered a bit of the loss accumulated after May 19, arriving at around $46, which is still below the highs of May. Today instead, it seems to have taken off.

To tell the truth, today also other cryptocurrencies are showing double-digit increases in value, in percentage, with at least one similar case in the top 50: Terra (LUNA). In the top 100, however, there are even those who did better, with Arweave (AR) recording +41% today.

Why the price of Solana is rising

It is suspected that today’s surge in Solana may have something to do with a significant burst of buying on Degen Ape that occurred yesterday. That may have been the trigger that started today’s run, and in some ways, it came unexpectedly.

In fact, until only the day before yesterday, analysts were arguing that exceeding $40 made the SOL price a retracement risk, as it had already almost doubled in less than a month. Moreover, 46$ seemed a difficult resistance to break, and instead, the price took off when it was broken.

It should be noted that since yesterday the Relative Strength Index of SOL has jumped over 70 points, with a peak this morning even over 92 on the hourly timeframe. On the daily timeframe yesterday, it was 79, and today it is at 84 for now.

Degenerate Ape Academy yesterday sold out all NFTs offered for sale in only eight minutes, perhaps starting a sort of new “fashion” in this specific sector. Since you need to use SOL to participate in this initiative, it triggered a boom in purchases. At this point, it is fair to wonder how long this boom could continue.

Degen Ape has also contributed to the increase in trading volumes on Solanart, Solana’s platform for art-themed NFTs.

 

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TL;DR Breakdown

• Solana price has seen rapid advance over the past 24 hours.
• The previous all-time high at $58 was broken.
• SOL/USD is likely to retrace later today.

Solana price analysis is bullish today as the previous all-time high at the $58 mark was breached today. Since then, SOL/USD has continued to gain ground and has since reached the $64.8 mark.

The crypto market trades with a solid bullish momentum over the last 24 hours. Bitcoin is up by 3.3 percent, while Ethereum by 3.67 percent. Solana (SOL) is among the best performers, with a gain of 30 percent.

Solana price movement in the last 24 hours: Solana rallies past the previous all-time high

SOL/USD traded in a range of $46.10 – $64.48, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 495 percent and totals $2.885 billion, while the total market capitalization trades around $17.6 billion, ranking the coin in 11th place overall.

SOL/USD 4-hour chart: SOL sets a new all-time high at $64.8

On the 4-hour chart, we can see the Solana price continuing to advance after breaking past the previous all-time high.

Solana price action has seen a strong advance over the past weeks. After a new swing low was established around $22.5 on the 20th of July, SOL/USD rapidly advanced, with the support area between 100 and 200-hour moving averages tested several times. 

However, Yesterday, Solana started to rapidly advance away from the moving averages until the previous all-time high of $58 was breached. Currently, a new all-time high stands around $64.8, meaning a total gain of over 190 percent.

Some rejection for further upside can be seen over the past hours as the market likely pauses before further upside is tested. Overall, this price action development should lead the Solana price towards further upside over the next 24 hours as bulls are still in control.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish for today as the previous all-time high was broken earlier today and the market spiked just below the $65 mark. Therefore, we expect SOL/USD to continue higher and look towards reaching further all-time highs later today.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

What is Cardana?

Cardana is a decentralized lending platform. It is built on a peer-to-peer (P2P) model in which borrowers and lenders interact directly without the need of a bank, broker, or financial intermediary.

Cardana allows lenders to provide liquidity and receive interest in return, and allows borrowers to borrow any amount they want for however long by providing collateral, eliminating the need for any registration or Know Your Customer (KYC) processes. It’s de-fi at its finest — a crowdfunding lending platform for everyone, everywhere, at any time.

Why start Cardana now?

The crypto market has increased rapidly over the past five years, from just under $10 billion total market capitalization in 2016 to $2.5 trillion in May 2021. Nearly 300 million people around the world now hold crypto assets — and the majority are young adults aged between 25 and 34.

While young adults are more likely to be invested in crypto assets, it also goes without saying that young adults are also more likely to have no, or less, cash savings. Oftentimes, this age group is faced with a challenging conundrum — deciding whether to sell a crypto asset they believe in long-term because of the need for short-term cash.

We started Cardana to allow crypto hodlers (including ourselves) to receive liquid funds without selling their cryptocurrencies. Now, individuals who need liquid funds, but want to hold their crypto assets either because they expect their crypto asset’s value to increase or want to avoid short-term capital gains taxes, can simply take out a loan on Cardana.

How does Cardana work?

The Cardana decentralized application (DApp) allows lenders to deposit their crypto assets into liquidity pools which users then borrow from, creating what’s known as a liquidity market. Cardana hosts markets for a number of crypto assets trading on the Binance Smart Chain (BSC), including riskier but popular tokens such as $SAFEMOON, as well as stablecoins like $BUSD. Borrowers can withdraw funds from the liquidity pools by providing collateral. (DApp is not currently live.)

Why lend on Cardana?

Lenders are happy to lend on Cardana despite no KYC or verification process because they can enjoy handsome returns. In addition to interest income, Cardana allows lenders to farm the collateral and earn extra yields. Hence, a win-win for both borrowers and lenders.

Also, because the value of the collateral is always higher than the loan, Cardana gives lenders extra protection that banks do not usually provide.

• Accessible: Low capital requirement, you can lend as little as $1.
• High interest rate: Interest rate is negative in Europe while you can earn double digit interest on Cardana.
• Safe: The value of collateral is always greater than the loan.
• Quick: The whole process can take less than one minute.
• Huge Demand: 80 million BSC token holders vs. ~1.5 million BTC holders

Why borrow on Cardana?

• No origination or application fees.
• Skip paperwork, credit checks, and branch visits.
• 100% privacy and 0% discrimination; no need to disclose purpose of loan or identity.
• You never make money out of a bank loan, but a crypto-backed loan allows you to earn when your cryptocurrency appreciates; essentially you can borrow for free.
• Collateral will be stabilised as the loan-to-value (LTV) ratio exceeds 90%, shielding borrowers from excessive volatility.
• You don’t have to share seed phrase of your wallet.
• Interest rates are calculated using algorithms, avoiding loan sharks.
• The whole process can take less than one minute.
• We offer loans backed by a variety of BSC tokens which other platforms may refuse to accept.

Can you give me an example?

Say you need $10k of $BUSD today to pay for a nice holiday for you and your wife, but you do not want to sell your $CAKE because you made a killer profit from it (and don’t want to pay capital gains tax on it), but more importantly you’re in it for the long haul.

Instead, you can now go to the Cardana DApp and submit a request to the investor pool to borrow $10k, using your $CAKE as collateral. You review the terms and interest rate, and then, you send your collateral to the smart contract, which is going to act as a custodian.

Very soon, a lender accepts your offer and agrees to lend you $2.5k, sending the amount to the smart contract. Then, two other lenders agree to lend you $4k and $3.5k, respectively. With the sum adding up to $10k, the process is now complete. The loan is initiated and you receive $10k of $BUSD from the smart contract.

Notice how easy and straightforward it is without any paperwork, credit check or branch visit.

After 1 year, you return $11k of $BUSD ($10k of which is interest) to the smart contract and withdraw your $CAKE, at which point has gone up 50%! That means not only are you not paying any cost but you have actually earned 40%.

$CARD: The utility token that backs the DApp

The DApp will be live in Q3, after rigorous testing. The DApp will be backed by our utility token, Cardana ($CARD). $CARD investors make money with every loan transacted on our Cardana DApp. Investors also earn passive income by simply hodling the tokens as half of the transaction tax goes to hodlers and the other half goes to the liquidity pool (LP) to increase the price floor.

Tokenomics

Supply is fixed. There is a hard cap of 1 billion tokens. 50% of the supply is paired with BNB as initial liquidity. 15% is reserved for project development. 15% is allocated to marketing and 5% is assigned to airdrop. 7.5% will be vested to the founding team and 7.5% will be awarded to other team members as Cardana expands its team.

• Liquidity: 50%
• Project development: 15%
• Marketing: 15%
• Founding team: 7.5%
• Future team: 7.5%
• Airdrop: 5%

There is a transaction tax of 10% to reward hodling, of which 5% goes to hodlers and 5% goes to the liquidity pool to create an ever rising price floor.

Roadmap

We launched our utility token $CARD on 22 July 2021 (AEST), alongside our website and social media platforms.

Our Cardana DApp will be live later this quarter, accompanied by an audit and a white paper. We are also looking to introduce more features, list on centralized exchanges and expand our team.

In 2022, Cardana will begin accepting deposits, providing services to institutions and allowing users to send and receive tokens on our platform.

How do I get started?

Remember $CARD investors start making extra money from loan transactions when the DApp is live. So be sure to buy $CARD before then to ensure you get maximum returns!

Join us

Visit our website: https://cardana.io/

Join our Telegram: https://t.me/cardanafin

Join our Discord: https://discord.gg/vaE7YHKYzk

Follow our Twitter: https://twitter.com/CardanaFin

Follow our Facebook: https://www.facebook.com/Cardana-101360028891585

Follow our Instagram: https://www.instagram.com/cardana_finance/

Join our subreddit: https://www.reddit.com/r/cardana/

Email us at: [email protected]

More information

Buy $CARD: https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x88C28D94C260340BEBE32e3574D10380d0bf236a

View live price: https://charts.bogged.finance/0x88C28D94C260340BEBE32e3574D10380d0bf236a

Track $CARD: https://bscscan.com/token/0x88C28D94C260340BEBE32e3574D10380d0bf236a

EURUSD Price Analysis – August 16

In case more pressure is exerted by the bulls after the pullback, EURUSD will increase to $1.18 level, it may break it up and soar towards $1.19 and $1.20 price levels. Below the $1.17 support level, the price may decrease to test the support level of $1.16 and $1.15 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.18, $1.19, $1.20

Support levels: $1.17, $1.16, $1.15

EURUSD Long-term Trend: Bearish

EURUSD is bullish on the long-term outlook. The currency pair tested the support level at $1.16 on August 10. Marubozu candle pattern formed; it is a bullish reversal symbol. A strong daily bullish candle emerged and broke up the former resistance level of $1.17. The price reached the dynamic resistance level. Today, the bears seems to increase their momentum to carry out a price retracement towards the broken level.

EURUSD has penetrated the fast moving average (9) upside but yet to penetrate slow moving average (21 EMA) upside. Trading between the two EMAs which is an evidence of a bullish momentum. In case more pressure is exerted by the bulls after the pullback, EURUSD will increase to $1.18 level, it may break it up and soar towards $1.19 and $1.20 price levels. Below the $1.17 support level, the price may decrease to test the support level of $1.16 and $1.15 level. The relative strength index period 14 is bending down at 40 level as a sell signal which may be a pullback.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair was under the bears’ control last week until the support level of $1.16 is tested. Further price decrease was rejected at $1.17 and the price change direction towards north side. $1.17 resistance level is broken upside and increases toward the $1.18 level. It is currently pulling back to test the broken level.

The price is trading below the 9 periods EMA yet to penetrate 21 periods EMA, as an indication of bearish momentum market. The relative strength index period 14 is at 50 levels with the signal line displaying a bearish direction.