SOL Gains 5% on the Day as Solana Breakpoint Gets Underway
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| By Marija Matic |
Bitcoin’s (BTC, “A-”) price has surged on bullish sentiment that initially sparked two weeks ago following the spot ETF approval rumor. Indeed, Bloomberg reported a 90% certainty that an approval will come.
Following another break out a week ago, Bitcoin is now trading within a bullish pennant:
It could soon break this pattern, either by retesting supports before heading higher, or by going straight up to attack $36,000 resistance.
This heightened anticipation has significantly boosted the prices of certain altcoins, including Render (RNDR, Not Yet Rated), THORChain (RUNE, “C+”) and Chainlink (LINK, “B+”) and other cryptocurrencies.
Notably, institutional interest in the crypto market has been rekindled, as digital asset investment products experienced remarkable inflows of $326 million last week, marking the largest weekly influx since July 2022.
While the majority of these funds were allocated to Bitcoin, the most substantial altcoin investment was directed toward Solana (SOL, “C+”).
And it’s good timing, too, as the annual Solana Breakpoint event starts today. Taking place in Amsterdam, the Netherlands, until Nov. 3, the crypto community eagerly anticipates significant developments to be announced at the event.
Historically, Breakpoint events have unveiled substantial announcements, including the allocation of hundreds of millions of dollars for ecosystem grants and development.
That’s why SOL is the largest gainer among the top 20 cryptocurrencies today, gaining over 5%.
The conference will feature key figures from the Solana ecosystem, including Solana Labs CEO Anatoly Yakovenko, along with notable speakers from prominent payment processing companies like Stripe and Visa (V).
Furthermore, attention is drawn this week to Celestia (TIA, Not Yet Rated), the long-awaited modular blockchain platform which is preparing for its mainnet launch tomorrow.
An interesting trivia related to Celestia is its CEO's past notoriety as a teenager when he hacked into FBI servers at the age of 16!
The project has set aside 60 million tokens — or 6% of the total supply — for an airdrop to active users on Ethereum (ETH, “B”) Layer-2s, stakers on Cosmos Hub and Osmosis and developers in the broader crypto space.
The snapshot for the airdrop was taken on Jan. 1, 2023, so if you fit any of the categories above prior to that date and applied for an airdrop, you are likely to be cheerful tomorrow as the airdrop should be substantial.
For now, many in the above groups are eagerly awaiting to see what TIA’s price will be following its listing.
Notably in the context of the ongoing bear market, during which project development is prioritized over launches, there have been relatively few airdrops. Many projects have delayed their token releases, awaiting more favorable conditions marked by higher project capitalization and a more substantial user base.
However, renewed optimism suggests an upcoming resurgence in new launches and airdrops.
Airdrops are a strategic marketing tactic aimed at nurturing a project's community. The more active you are in communities, the more likely you are to be eligible for airdrops and the exciting opportunities they could provide.
Notable News, Notes & Tweets
- Thailand’s fourth-largest bank invests $103m in local crypto exchange.
- Kraken is set to share select user info with the IRS in Nov 2023, following a court mandate.
- Live thread on SBF’s direct and cross examination aimed to scrutinize his account of the events. Last week, he attributed the exchange's difficulties to his ex-girlfriend, Caroline Ellison, blaming her for failing to hedge her positions while trading with Alameda's funds.
What’s Next
Undoubtedly, bullish sentiment is prevailing. This weekend, investors have transitioned from a cautious stance to a "greedy" one, as indicated by the Fear and Greed Index. According to the index, this marks the most positive sentiment in the crypto market since November 2021, which was toward the tail end of the previous bull market:
The current bullish momentum in the cryptocurrency space reflects a growing appetite for digital assets as the world acknowledges the transformative potential of blockchain and decentralized finance.
As we enter this period of optimism, market participants eagerly await the next exciting developments that will further shape the future of this dynamic and rapidly evolving landscape.
Best,
Marija
