The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 3, 2021 Sponsored by (Price data as of September 3 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Solana’s SOL Replaces Dogecoin as 7th Largest Cryptocurrency Programmable blockchain Solana’s SOL token rallied to a new high on Friday, replacing the meme-focused cryptocurrency dogecoin as the seventh-largest coin by market value.
SOL climbed 12% to $145, establishing a foothold above Tuesday’s record of $130, data from Messari show. The cryptocurrency’s market capitalization jumped to $42 billion, surpassing dogecoin’s $38 billion.
Since Solana launched the non-fungible tokens (NFT) project Degenerate Ape Academy on Aug. 15, the SOL token has tripled in price. The timing couldn’t have been better, given the ongoing NFT sugar rush. Solana prices over the past month on FTX (Source: TradingView) “Solana’s popularity, already boosted by Sam Bankman-Fried’s support, has seen unprecedented price action on the back of strong mindshare growth, a flurry of decentralized application launches and, most recently, the frenzy around their Kaiju cards NFT launch,” Jehan Chu, co-founder, and managing partner at Keneti Capital, a blockchain investment and trading firm, told CoinDesk.
Kaiju Cards is a collectibles card game built on Solana’s blockchain and modeled along classic styles like Yugioh, Pokemon and MTG.
“Kaiju Cards NFTs are serialized, not generative. Think Pokemon or MTG, but with serial numbers on the blockchain,” the official blog says. “Each character is created and hand-drawn by one of our four industry-artists who have done original work for Adult Swim, Apple, Nickelodeon, Netflix, and other places you may recognize. There are 23 original characters contained in the Alpha Series.”
The presale of the Alpha Series aimed at giving early supporters and community members access to cards at a lower price took place on Aug. 20. The final distribution occurred Wednesday and was met with high demand. That may have boosted SOL’s price: The cards were priced at 5 SOL and 8 SOL.
“I believe there were way above 10,000 people online on their Discord,” one trader told CoinDesk in a Discord chat. “But only 3.5k NFT to mint – and only 1 card per wallet was allowed. So yes, demand was more than reasonable.”
Another trader said the latest leg higher in SOL could be related to Friday’s launch of Solsea, the first open NFT marketplace on Solana.
Solana’s ecosystem is booming, and the blockchain has garnered the support of major investors, thanks to its perceived scalability, relatively low transaction costs and fast processing speed.
Still, SOL now looks overbought with the 14-day relative strength index (RSI) hovering well above 70, indicating the pace of the rally may slow. “With volatility this high, SOL calls might be a decent sell,” QCP Capital said in its latest market analysis. Investors typically sell calls when the asset is expected to consolidate or move lower. Traders sell options when volatility is expected to drop. That’s because volatility has a positive impact on options’ prices.
Kaiju Cards is a collectibles card game built on Solana’s blockchain and modeled along classic styles like Yugioh, Pokemon and MTG.
“Kaiju Cards NFTs are serialized, not generative. Think Pokemon or MTG, but with serial numbers on the blockchain,” the official blog says. “Each character is created and hand-drawn by one of our four industry-artists who have done original work for Adult Swim, Apple, Nickelodeon, Netflix, and other places you may recognize. There are 23 original characters contained in the Alpha Series.”
The presale of the Alpha Series aimed at giving early supporters and community members access to cards at a lower price took place on Aug. 20. The final distribution occurred Wednesday and was met with high demand. That may have boosted SOL’s price: The cards were priced at 5 SOL and 8 SOL.
“I believe there were way above 10,000 people online on their Discord,” one trader told CoinDesk in a Discord chat. “But only 3.5k NFT to mint – and only 1 card per wallet was allowed. So yes, demand was more than reasonable.”
Another trader said the latest leg higher in SOL could be related to Friday’s launch of Solsea, the first open NFT marketplace on Solana.
Solana’s ecosystem is booming, and the blockchain has garnered the support of major investors, thanks to its perceived scalability, relatively low transaction costs and fast processing speed.
Still, SOL now looks overbought with the 14-day relative strength index (RSI) hovering well above 70, indicating the pace of the rally may slow. “With volatility this high, SOL calls might be a decent sell,” QCP Capital said in its latest market analysis. Investors typically sell calls when the asset is expected to consolidate or move lower. Traders sell options when volatility is expected to drop. That’s because volatility has a positive impact on options’ prices.
Technician's Take by Damanick Dantes, CMT Bitcoin Returns Near $50K; Next Resistance at $55K Bitcoin (BTC) buyers are making another attempt at the $50,000 resistance level. A breakout would yield further upside towards $55,000 as momentum improves. Lower support is seen at the 200-day moving average around $46,000.
The short-squeeze rally that began in July has been well supported on pullbacks. Signs of upside exhaustion and overbought signals led to a weeklong consolidation phase, which could resolve to the upside. Bitcoin daily price chart. (Source: TradingView)
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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