Why is Solana up? 3 signs Bitcoin’s ‘parabolic phase’ begins, Stripe buys stablecoin platform Bridge
Why is Solana (SOL) price up?
Solana’s (SOL) price has surged recently due to a mix of technical indicators and on-chain factors. One key reason is the rise in its total value locked (TVL), which hit a 30-month high at $6.4 billion, driven by increasing interest in its DeFi ecosystem and low transaction fees. Additionally, SOL has benefitted from memecoin hype, with over 610 memecoins launched on its blockchain, leading to a spike in on-chain activity. Furthermore, a bullish inverse head-and-shoulders pattern indicates a potential price target of $207 for SOL, supported by market sentiment.
Solana’s transaction fees remain low compared to competitors like Ethereum, encouraging more users and developers to join the ecosystem. The platform’s robust developer community, with over 2,500 active developers, has played a significant role in the growing momentum, helping Solana maintain its appeal as a top blockchain network. Developer count has steadily increased in 2024, reaching a peak of 3,391 in April, showcasing Solana’s continued innovation.
The growing activity in the memecoin sector on Solana, particularly since October 14, has also contributed to the rally, as many of these coins have posted significant gains. This surge in memecoin development, combined with increasing DeFi adoption, is reflected in rising demand for SOL, pushing its price upward.
Technically, Solana has performed well, gaining 14% over the past week and 66% year-to-date, making it the fifth-largest cryptocurrency by market capitalization. The ongoing market recovery, supported by Bitcoin’s return to its record highs, is another factor lifting SOL’s price.
Overall, Solana’s combination of strong fundamentals, developer activity, and positive market sentiment paints a bullish outlook for the token. Its growing ecosystem, low fees, and memecoin resurgence all contribute to the continued rise in its value.
Source: Cointelegraph
3 signs Bitcoin’s ‘parabolic phase’ with a $250.000 target is about to begin
Bitcoin appears poised for a potential bull run, with three key signs suggesting its “parabolic phase” is about to begin, potentially targeting a price of $250,000. First, technical charts highlight a breakout from Bitcoin’s consolidation phase, aligning with historical patterns where Bitcoin experiences rapid price acceleration. Second, whale accumulation on exchanges mirrors patterns seen before the 2020 rally, indicating large holders are positioning for future gains. Lastly, declining stablecoin dominance suggests capital is rotating out of stablecoins into Bitcoin, signaling increasing investor confidence and a growing risk appetite.
These factors collectively indicate that Bitcoin could soon enter a significant upward trend. Market analysts predict Bitcoin may surpass $100,000 in 2025 and continue to rise, potentially reaching $250,000 in the long term. Historically, Bitcoin has shown strong growth after similar patterns of accumulation and market confidence, and the ongoing accumulation by whales suggests anticipation of future price increases, particularly with the upcoming Bitcoin halving event in 2024.
Whale activity, as measured by the Exchange Whale Ratio, currently mirrors behavior seen before the 2020 bull run, suggesting that whales — large Bitcoin holders — are preparing for substantial future gains. This accumulation often precedes a bull market, and if the trend holds, Bitcoin’s price could see significant growth over the next year.
Additionally, declining dominance of stablecoins such as USDT, USDC, and DAI suggests that investors are moving capital away from these assets and into riskier ones like Bitcoin. This rotation of liquidity historically has been a precursor to major price rallies across the cryptocurrency market, including Bitcoin. As stablecoin dominance declines, it signals growing investor confidence and an increased appetite for risk, likely contributing to Bitcoin’s price surge.
In summary, a combination of technical chart patterns, whale accumulation, and declining stablecoin dominance are strong indicators that Bitcoin may be entering a major bull market, with predictions of a significant price surge in the coming months.
Source: Cointelegraph
Stripe buys stablecoin platform Bridge in a $1.1B deal
Stripe is acquiring the stablecoin platform Bridge in a significant $1.1 billion deal, fulfilling its earlier promise to support stablecoin payments. The acquisition marks one of Stripe’s largest deals and a major move in the crypto world. Bridge’s CEO, Zach Abrams, expressed excitement about joining Stripe, and Stripe CEO Patrick Collison emphasized their goal to build the world’s best stablecoin infrastructure.
Stripe, a major player in online payment processing, has already introduced stablecoin payments through its integration with Circle USD (USDC). The acquisition aligns with Stripe’s broader vision to expand into the digital currency space and reinforces its commitment to supporting stablecoin payments. Earlier this year, co-founder John Collison had announced that Stripe would start enabling stablecoin payments by summer, and this deal delivers on that promise.
The acquisition, which was first revealed by TechCrunch’s co-founder Michael Arrington, comes at a time when Stripe is valued at $70 billion, positioning it as one of the most valuable private companies globally. The company has processed over $1 trillion in payments in 2023, reflecting the impact of businesses using Stripe for payment solutions. This level of transaction volume represents roughly 1% of the global GDP, underscoring Stripe’s importance in the financial ecosystem.
Stablecoins have become a critical part of the cryptocurrency landscape, offering the advantages of digital currencies without the volatility typically associated with them. By acquiring Bridge, Stripe is positioning itself at the forefront of stablecoin infrastructure, potentially revolutionizing how businesses handle crypto payments.
This acquisition is not only significant for Stripe’s growth but also for the broader crypto industry, making it one of the biggest acquisitions in crypto history. As Stripe continues to integrate stablecoins into its payment systems, this deal could signal the beginning of more widespread adoption of digital currencies in everyday business transactions.
Source: Cointelegraph
