For the first time in history, the price of one Bitcoin exceeded 11 million yen in Japan, while prices also peaked in terms of the Argentinean and the Philippines peso.

Solana (SOL), the self-proclaimed “world’s fastest blockchain,” has been grabbing headlines for its blazing transaction speeds and surging token price. But is it all sunshine and rainbows in Solana land, or are there cracks in the seemingly smooth road? Related Reading: Solana Blasts Past Resistance: Buckle Up For $330 Breakout – Analyst Solana Takes The TPS Crown According to CoinGecko data, Solana blew past competitors like Polygon and Ethereum in transactions per second (TPS). This translates to faster transaction processing times, a key factor for scalability and mass adoption in the blockchain world. However, a closer look reveals a more nuanced picture. While daily active addresses, which represent unique users interacting with the network, have indeed increased, the daily transaction count hasn’t kept pace. This suggests a scenario where more users are entering the Solana ecosystem, but they aren’t necessarily conducting a high volume of transactions. Is this a case of casual crypto tourists dipping their toes in, or is there something else at play? Fees Take A Tumble, But Is It A Sustainable Slide? Another interesting wrinkle is the decline in transaction fees on Solana. This might seem like good news for users, but it could be a double-edged sword. Lower fees could indicate that the transactions being processed are less complex and require lower charges. This could potentially limit Solana’s revenue generation in the long run. Additionally, a drop in fees could signal a decrease in network congestion, which might explain the stagnant daily transaction count. DeFi Keeps The Party Going, But Caution Flickers A bright spot for Solana is the continued growth in its Decentralized Finance (DeFi) Total Value Locked (TVL). DeFi refers to a suite of financial services built on blockchains, and TVL represents the total value of crypto assets deposited in DeFi protocols. Solana’s rising TVL indicates its growing adoption within the DeFi space, where users can lock up their crypto to earn interest or participate in other financial activities. This is a positive sign for the overall health of the Solana ecosystem. Related Reading: Litecoin Put To The Test: Can LTC Break Through $94? However, a note of caution emerges from technical indicators like the Money Flow Index (MFI). This indicator suggests a potential price correction for SOL, hinting that the current uptrend might not be entirely sustainable. Combine this with the mixed signals on network activity and the declining fee structure, and investors are left with a question mark hanging over Solana’s long-term prospects. A Blockchain In High Gear, But the Destination Is Unclear Solana’s impressive transaction speeds and strong DeFi presence are undeniable strengths. However, the network’s overall activity and tokenomics raise questions about its long-term viability. Meanwhile, at the time of writing, SOL was trading at $185, up 7.1% and 26.0% in the daily and weekly timeframes, data from Coingecko shows. This price surge, coupled with the network’s breakneck transaction speeds, paints a picture of a project with immense potential. However, for Solana to truly become a dominant force, it will need to address the questions surrounding its network activity and long-term sustainability, not to mention add more fuel to its price. Featured image from F1, chart from TradingView

This week, the crypto community has been buzzing about a new token called notcoin (NOT), recently launched on The Open Network (TON). This token is tied to a game on Telegram where users earn NOT by completing tasks and clicking a button, featuring a distinctive click-to-mine system. The following is a comprehensive overview of what […]

Solana started a fresh increase above the $175 resistance. SOL price is up nearly 10% and might continue to rise if it clears the $188 resistance. SOL price jumped higher and tested the $188 resistance against the US Dollar. The price is now trading above $180 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair (data source from Kraken). The pair could clear the $188 resistance unless it fails to stay above $175. Solana Price Starts Fresh Surge Solana price formed a support base near the $166 level and started a fresh increase. SOL followed recent Bitcoin and Ethereum surge to move into a positive zone. There was a move above the $175 and $180 resistance levels. The price even tested the $188 resistance. A high was formed at $188.00 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $166 swing low to the $188 high. Solana is now trading above $188 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $175 on the hourly chart of the SOL/USD pair. Immediate resistance is near the $185 level. The next major resistance is near the $188 level. A successful close above the $188 resistance could set the pace for another major increase. The next key resistance is near $195. Any more gains might send the price toward the $200 level. Are Dips Supported in SOL? If SOL fails to rally above the $188 resistance, it could start a downside correction. Initial support on the downside is near the $182 level. The first major support is near the $178 level and the trend line. The 50% Fib retracement level of the upward move from the $166 swing low to the $188 high is also at $178, below which the price could test $175. If there is a close below the $175 support, the price could decline toward the $166 support in the near term. Technical Indicators Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone. Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $158, and $152. Major Resistance Levels – $165, $172, and $180.

Martin Gruenberg has faced criticism from Republicans and Democrats alike after an independent investigation revealed a range of workplace issues at the FDIC.

A leaked email shows Democratic Party leaders “strongly oppose” two Republican-led crypto bills, but will not force House members to vote no on them.

David Bailey, CEO of Bitcoin Inc., took time out of running the Bitcoin Asia Conference in Hong Kong to sit down with Bitcoin.com’s COO, Jason Sheman. The conversation delved into the lessons learned from past mistakes, the strategic pivot to Bitcoin, the Bitcoin Conference, Bitcoin Layer twos, and stablecoins on Bitcoin. Bitcoin Asia Conference Highlights: […]

XRP price avoided a major downside break as ETH’s surges. The price is back above $0.5220 and eyeing a key upside break in the near term. XRP started a decent increase above the $0.5150 resistance zone. The price is now trading above $0.5250 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $0.520 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could correct gains, but the bulls might remain active near the $0.5180 zone. XRP Price Recovers After a drop toward the $0.5065 support, XRP price started a recovery wave. Recently, Ethereum rallied over 20% and Bitcoin climbed above $70,000. It sparked decent bullish moves in XRP. The price climbed above the $0.5150 and $0.520 resistance level. There was a break above a key bearish trend line with resistance at $0.520 on the hourly chart of the XRP/USD pair. The pair even broke the $0.5320 resistance and traded as high as $0.5386. The price is now correcting gains and might test the 23.6% Fib retracement level of the upward wave from the $0.5064 swing low to the $0.5386 high. It is now trading above $0.5250 and the 100-hourly Simple Moving Average. Immediate resistance is near the $0.5380 level. The first key resistance is near $0.5420. A close above the $0.5420 resistance zone could send the price higher. The next key resistance is near $0.5550. If the bulls push the price above the $0.5550 resistance level, there could be a fresh move toward the $0.5650 resistance. Any more gains might send the price toward the $0.5720 resistance. Another Decline? If XRP fails to clear the $0.5380 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.5310 level. The next major support is at $0.5250. The main support is now near $0.5220 or the 50% Fib retracement level of the upward wave from the $0.5064 swing low to the $0.5386 high. If there is a downside break and a close below the $0.5220 level, the price might accelerate lower. In the stated case, the price could drop and test the $0.5065 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.5310 and $0.5220. Major Resistance Levels – $0.5380 and $0.5420.

To increase the capabilities of its Layer 1 (L1) blockchain, the Sei Foundation has announced a governance proposal to upgrade Sei to Version 2. This proposed upgrade will reportedly introduce a “high-performance, parallelized” Ethereum Virtual Machine (EVM) to improve the network’s overall functionality. Sei Rolls Out Multi-Phase V2 Upgrade According to the announcement, the Sei V2 launch will be rolled out in three phases to minimize risk, set user expectations, and optimize network performance. “By rolling out Sei v2 in measured steps, Sei Contributors can ensure a stable and scalable network for everyone,” the foundation stated. Related Reading: Crypto Analyst Sounds Warning Alarm For Potential 50-60% Crash In Chainlink Price, Here’s Why The first phase will focus on validating software upgrades and transitioning the existing Sei Pacific-1 mainnet to the new “v2” iteration. This will pave the way for deploying EVM-based contracts and infrastructure integrations on the Sei network. The announcement cautioned that “not everything will be functional at the start of this period. “For example, bridges will need time to deploy to Mainnet before the community can use them.”  However, the foundation promised to provide an official announcement once the v2 network is deemed stable and critical infrastructure, such as RPCs, bridges, indexers, and multi-sigs, is ready for use. If the governance proposal is accepted, the Sei mainnet upgrade to Version 2 is scheduled for Monday, May 27th. Interestingly, the announcement of the Sei V2 upgrade has already sparked a surge in the blockchain’s native token, SEI, which has emerged as one of the biggest gainers in the market over the past 24 hours, with a price increase of 11%. All Eyes On All-Time High On Mainnet Upgrade Prospects The SEI token is trading at $0.5830, surpassing its previous resistance level of $0.560. This breakthrough aims to consolidate the token’s price above this mark, a key level for the token’s prospects of testing higher resistance walls and potentially reaching its all-time high (ATH) of $1.14, set on March 16. Furthermore, the token has recorded a trading volume of $95 million since the announcement, resulting in a substantial 150% increase compared to the figures recorded during the previous weekend, according to CoinGecko data. Despite these positive developments, it remains to be seen whether the governance proposal to upgrade the Sei blockchain to Version 2 will be approved.  Related Reading: Dogwifhat (WIF) Surges 10.4% Amid Whale Frenzy, New ATH Coming Soon? In the event of a bullish outcome and the successful implementation of the V2 upgrade, the key resistance levels to watch on the upside are $0.592, $0.613, and $0.637. These levels could be potential targets for the token’s continued bullish momentum. Conversely, should the token experience a price correction, the $0.544 and $0.527 zones would be the levels to monitor for potential support and stabilization of the SEI price in the coming days. Featured image from Shutterstock, chart from TradingView.com

New York Attorney General Letitia James has secured a $2 billion settlement with bankrupt cryptocurrency firms Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco. The settlement, which requires bankruptcy court approval, will establish a victims’ fund to compensate over 29,000 New Yorkers who invested more than $1.1 billion through the Gemini Earn program. […]

Ethereum price rallied over 20% amid rise in hopes of ETH ETF. ETH broke many hurdles and even broke the $3,500 resistance zone. Ethereum started a fresh surge and cleared the $3,500 resistance zone. The price is trading above $3,600 and the 100-hourly Simple Moving Average. There is a short-term rising channel forming with support at $3,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up unless there is a close below the $3,400 support. Ethereum Price Starts Fresh Uptrend Ethereum price formed a base and rallied above the $3,200 resistance zone. ETH ETF hopes increased with the recent SEC move. Trades took advantage of the recent move, resulting in a strong upward move above the $3,350 resistance zone. It outperformed Bitcoin and gained over 20%. There was a strong move above the $3,500 resistance zone. It traded to a new weekly high at $3,721 and is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,067 swing low to the $3,721 high. Ethereum is now trading above $3,600 and the 100-hourly Simple Moving Average. There is also a short-term rising channel forming with support at $3,640 on the hourly chart of ETH/USD. Immediate resistance is near the $3,700 level. The first major resistance is near the $3,720 level. An upside break above the $3,720 resistance might send the price higher. The next key resistance sits at $3,800, above which the price might gain traction and rise toward the $3,880 level. If there is a clear move above the $3,880 level, the price might rise and test the $3,950 resistance. Any more gains could send Ether toward the $4,000 resistance zone. Are Dips Attractive In ETH? If Ethereum fails to clear the $3,720 resistance, it could start a downside correction. Initial support on the downside is near the $3,640 level and the channel zone. The next major support is near the $3,600 zone. A clear move below the $3,600 support might push the price toward $3,500. Any more losses might send the price toward the $3,400 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now correcting from the 85 zone. Major Support Level – $3,600 Major Resistance Level – $3,720

Kraken, a U.S.-based cryptocurrency exchange, insists it will keep USDT listed in European markets as long as regulations regarding stablecoins are not finalized. Mark Greenberg, Global Head of Kraken’s Asset Growth and Management Business, clarified they will “continue to look at all options to offer USDT under the upcoming regime.” Kraken Will Keep Tether’s USDT […]

The FBI claimed it found Incognito Market’s alleged owner, Rui-Siang Lin, by tracking crypto from the dark web drug market to a crypto exchange account allegedly in his name.

The digital assets platform soft-launched its controversial Ethereum custody service on May 17 and is targeting a full launch next month.

In a fascinating twist for the Shiba Inu (SHIB) community, the rate at which SHIB tokens are being burned has increased significantly, even as the price of the meme coin shows modest gains. Recent data from the Shibburn explorer indicates a 62.58% increase in the SHIB burn rate over the past 24 hours, with approximately 6.9 million SHIB tokens removed from circulation through 10 separate transactions. Related Reading: If This Happens, Shiba Inu Price Could Double Soon Recent SHIB Burn Events And Market Response: A Detailed Analysis Details of the 10 transactions show that the largest single burns were 2.55 million SHIB, 1.5 million SHIB, and 1 million SHIB, respectively. In addition, over the last week, 57.6 million SHIB were burned, marking a nearly 57% decrease from the previous week, indicating a weekly burn rate in decline. HOURLY SHIB UPDATE$SHIB Price: $0.00002383 (1hr -1.77% ▼ | 24hr -3.80% ▼ ) Market Cap: $14,172,538,490 (-2.80% ▼) Total Supply: 589,273,577,774,968 TOKENS BURNT Past 24Hrs: 6,985,600 (62.58% ▲) Past 7 Days: 57,671,544 (-56.28% ▼) — Shibburn (@shibburn) May 20, 2024 Despite this aggressive approach to reducing supply recorded in the past day, Shiba Inu’s price has not mirrored the enthusiasm seen in the burn rate. Currently, SHIB has seen a modest increase, up by 0.1% over the last 24 hours and 1.6% over the past week. This performance is less pronounced than that of other meme coins like PEPE, BOME, and FLOKI, which have seen increases of 11.6%, 8.9%, and 6.5%, respectively, over the same seven-day period. Meanwhile, the total SHIB burned since the token’s inception now stands at approximately 410.73 trillion SHIB, a significant chunk of the initial quadrillion supply created by the anonymous founder Ryoshi in 2020. The current circulating supply of Shiba Inu is around 582.99 trillion SHIB, with an additional 6.28 trillion SHIB locked in various staking platforms. Shibarium’s Downturn and Bullish Predictions for Shiba Inu Price On the other hand, the Shibarium layer-2 solution, designed to enhance Shiba Inu’s scalability and efficiency, is experiencing a slowdown in on-chain activity. The daily transaction count has dropped to 11.91k, a sharp decrease of more than 90% from the 121.91k transactions recorded in the middle of last month. This blockchain platform’s total number of transfers has reached 417.50 million, with 1.8 million wallets currently connected. Despite all these, crypto expert Dami Defi has shared an optimistic outlook for Shiba Inu’s price action. The analyst noted that the meme coin has formed a descending wedge pattern in the one-day timeframe. Related Reading: Shiba Inu Price Makes Decisive Move: Is Now The Ideal Time To Buy? According to Dami Defi’s analysis, a breakout from this pattern could potentially lead to a surge of over 50% in SHIB’s price, pushing it to around the $0.000035 level. $SHIB formed a falling wedge pattern on the 1D time frame If we breakout, a price pump of 50% + is expected 📈 Memeseason continues. pic.twitter.com/kgA353oLZK — Dami-Defi (@DamiDefi) May 15, 2024 Featured image created with DALL·E, Chart from TradingView