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Ripple CLO Says SEC Can’t Change XRP Non-Security Status Even If It Appeals

Lele Jima
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Ripple CLO Says SEC Can’t Change XRP Non-Security Status Even If It Appeals

Ripple CLO Stuart Alderoty asserts that XRP’s non-security status alongside Judge Analisa Torres’ decision on XRP secondary market sales will not change even if the SEC appeals.

He made the assertion during a recent interview with law professor J.W. Verret on Crypto Law TV. Prominent XRP community figure Digital Asset Investor shared an excerpt from the interview, focusing on what might happen if the SEC decides to appeal. 

According to Alderoty, Judge Torres’ decisions about XRP not being security in itself and secondary market trading of XRP not constituting investment contracts remain the law of the land. 

The Ripple CLO affirmed that the Second Circuit cannot overturn this decision, irrespective of whether the SEC appeals. His confidence stems from the fact that the Second Circuit rarely reverses lower courts’ rulings within the circuit, with reversals occurring less than 10% of the time. 

“Given Judge Torres’ careful treatment of all of the issues in this case, we are very confident that the SEC won’t be successful in overturning the court’s decision,” he added. 

Furthermore, the Ripple CLO said the SEC has little chance of prevailing if it challenges Judge Torres’ ruling, specifically XRP’s non-security status, in the Supreme Court. 

Alderoty Advises SEC Not to Appeal 

The Ripple executive made the comment in response to Verret’s question about what might happen if the SEC appeals. Since Judge Torres issued the final judgment, crypto enthusiasts have been debating whether the SEC would appeal. 

Commenting, Alderoty said he would not be surprised if the SEC appeals, given that the regulatory agency usually acts irrationally. However, he advised the SEC to reconsider any appealing plans, as nothing in this case advances its core mission of protecting investors.  

He added that the case, which has no fraud allegations, victims, nor harm, does not further the SEC’s core mission. 

“The court in our case criticized the SEC for engaging in litigation gamesmanship and tactics rather than faithfully applying the law,” Alderoty said. 

Courts Will Continue to Reject SEC Theories 

Furthermore, he insists that the SEC should not appeal, noting that its litigation tactics have been unproductive so far. The Ripple CLO asserted that Judge Torres soundly rejected the SEC’s move to expand the securities law via the case. 

“[…] They’re going to continue to be rejected by courts of appeal and ultimately rejected by the Supreme Court,” Alderoty added. 

Meanwhile, the SEC does not seem to have an issue with Judge Torres’ decision on XRP’s non-security status. This was seen in its attempt to file an interlocutory appeal challenging the summary judgment decision in the case. 

At the time, the SEC sought to overturn the decision on programmatic sales and other distribution of XRP, leaving XRP’s non-security status out of the motion. However, the court denied the SEC’s interlocutory appeal request. 

Should the SEC decide to appeal again, it remains to be seen whether the commission might attempt to overturn the court’s declaration that XRP in itself is not a security. 

As Memecoin Market Cap Plummets 26%, Shiba Inu Fights to Maintain Key Support at $0.000012 

Albert Brown
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As Memecoin Market Cap Plummets 26%, Shiba Inu Fights to Maintain Key Support at $0.000012 

Amid the growing bearish influence over the meme coins, Shiba Inu finds $0.000012 support at risk. So, will $SHIB maintain dominance at $0.000012?

Meme Coins face a sharp decline in the market cap from $50.73B to $37.41B in 30 days. This accounts for a 26.25% drop in 30 days.

Top Memes Tokens by Market Capitalization
Top Memes Tokens by Market Capitalization

Amid this bearish trend, Shiba Inu revealed a massive correction rally based on data from Top Memes Tokens by Market Capitalization. Compared with DOGE and PEPE, falling 19.44% and 40.51% in 30 days, respectively, Shiba Inu is between with 31.43%. Furthermore, Shiba Inu trades at $0.00001339, with a 1.75% drop in the past 24 hours. 

With this massive correction, the SHIB token price broke below multiple support levels. Currently, it is struggling to maintain dominance above $0.000012 as the bulls try to avoid a correction to $0.000010. So, will the meme coin survive this broader market correction?

Is It The Last Bullish Attempt?

In the 4-hour chart, the Shiba Inu price action reveals a strong resistance trendline, which is keeping bullish reversals under control. Furthermore, in recent days, a short-term support trendline has been holding the Shiba Inu in a falling channel pattern. 

Shiba Inu Price Chart
Shiba Inu Price Chart

In comparison to the support trendline, the strong resistance trendline has a wider history and increased chances to fracture $0.00001289 in the next negative cycle. Furthermore, the Shiba Inu price action reveals a massive bearish engulfing candle of 3.72% formed at 1600 hours UTC. 

Following this, a bullish reversal in the falling-channel pattern is witnessed, accounting for a price jump of 1.98% in the past 12 hours. This limits the damage to 1.75% in the past 24 hours. 

Underlying Demand For Shiba Inu At Risk?

Based on the Fibonacci levels in the 4-hour chart, from $0.00001992 to $0.00001127, Shiba Inu is currently consolidating in a sideways move. The bottom support stands at the 23.60% Fib level at $0.00001289. 

Meanwhile, a bullish struggle is visible, with Shiba Inu struggling to asset dominance above the 38.20% Fib level at $0.00001401. 

Optimistically, a breakout rally will surpass the 50% Fib level at $0.00001498 to potentially hit the 78.60% Fib level at $0.00001763. Conversely, the 23.60% Fib level breakdown at $0.00001289 could plummet the meme coin to the $0.00001127 base. 

Here’s How Much Shiba Inu You Need to Retire if SHIB Hits $0.0001 and $0.001

Sam Wisdom Raphael
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Here’s How Much Shiba Inu You Need to Retire if SHIB Hits $0.0001 and $0.001

Investors might require a substantial amount of Shiba Inu tokens to comfortably retire should SHIB ever hit audacious targets like $0.0001 and $0.001.

Shiba Inu’s mission to reach greater heights in this market cycle has faced inhibitions from the bears. This is largely due to the broader crypto market’s inability to breach certain resistance levels, as Bitcoin (BTC) continues to witness roadblocks to its upsurge. In addition, market declines have posed another problem.

Shiba Inu Accumulation Amid Market Uncertainty

The latest market crash occurred on Aug. 5, which pushed Bitcoin below the $50,000 price territory for the first time in six months. Reacting to the crash, Shiba Inu recorded a similar decline, collapsing to a low of $0.00001078 before eventually recovering. 

As Bitcoin rebounded, it faced a roadblock above the $62K territory. Similarly, SHIB saw fierce resistance at $0.00001468 on Aug. 11. However, amid the market uncertainty, whale accumulation has prevailed. IntoTheBlock data indicates that bulls have purchased 18.1 trillion SHIB tokens over the past week, with 1 trillion bought on Aug. 11 alone.

Shiba Inu Bulls and Bears IntoTheBlock
Shiba Inu Bulls and Bears | IntoTheBlock

Notably, despite an equal prevalence of selloffs, the sustained purchases stem from optimism among investors that Shiba Inu would eventually make millions out of pennies. This conviction is largely due to its previous uptrend, which saw $12 transform to $1 million over a year and some months.

Such an investment was enough to make some individuals retire. Envisioning a repeat of this success, some market watchers have projected audacious targets. Market analyst Binance Kol predicted last month that SHIB could reach $0.0001, citing the Elliott Wave theory. Meanwhile, market pundit Armando Pantoja expects SHIB to hit $0.001.

Shiba Inu Tokens Required to Retire at $0.0001 and $0.001

The Crypto Basic recently assessed how many Shiba Inu tokens an investor would need to hold to comfortably retire if SHIB reaches any of these targets. At the $0.001 price, an investor holding 1 billion SHIB tokens would be sitting on $1 million, enough for most people to retire with. Interestingly, these 1 billion tokens are currently worth $13,690. 

If an investor holds 500 million Shiba Inu tokens, at $0.001, this investment would be worth $500,000. To some individuals, especially in countries with less cost of living, this is enough to retire. Further, those holding 100 million SHIB would sit on $100,000 if SHIB hits $0.001. This might not be sufficient to retire for most investors. 

Meanwhile, at a Shiba Inu price of $0.0001, the 1 billion tokens would be worth $100,000. This might also not be enough for some investors to retire comfortably. As a result, an investment of at least 10 billion tokens at the $0.0001 price level might be the sufficient threshold. The 10 billion tokens are currently worth $136,900.

XRP Could See Massive 11,745% Increase in Weeks, Says Top Analyst 

Abdulkarim Abdulwahab
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XRP Could See Massive 11,745% Increase in Weeks, Says Top Analyst 

A notable analyst believes XRP is loading massive green candles to drive its value up by 11,745% over the next few weeks, but skepticism abounds.

It’s been a week since the over three-and-a-half-year lawsuit involving XRP and Ripple concluded, but the price of XRP remains solidly around $0.56. XRP shredded 2% of its value over the past day and 6.4% over the last week.

Zooming out to a longer time frame, XRP is trading 10% below the value it sold for a year ago. Despite this long-running unimpressive price action, crypto analyst Amonyx has boldly asserted that XRP is instead loading what he describes as “massive green God candles.”

Massive Green God Candles to Send XRP to $57

Taking to X recently, he shared a weekly chart of XRP suggesting the asset could stage giant green candles over an eight-week period, or 56 days. During this period, he expects XRP’s value to rise by an astonishing 11,745% to a $57 price level.

XRP God Candle chart
XRP God Candle chart by Amonyx

Notably, crypto analysts often infer the emergence of a “God candle” after an extended period of suppression or pressure build-up, where an asset has been consolidating at a lower range. They expect these giant candles to compensate for the built-up pressure from the days of underperformance.

Meanwhile, Amonyx is not the first analyst to cite the potential emergence of a “God candle” on XRP’s weekly timeframe. A few weeks ago, analyst DustyBC issued a similar observation, but his expectation was for XRP to attain $30. 

Skepticism Abounds about XRP God Candle

It has been nearly three months since this bullish observation, and XRP has not completely broken free from the $0.5 range it was in when DustyBC made the suggestion.

Interestingly, market participants have taken note of this unfulfilled forecast and other similar projections. This has led to doubts around Amonyx’s latest proposition of an incoming God candle.

“Maybe one day someone will be correct,” remarked X user Xeowold. Another commenter named Scott sarcastically noted that if he had a dollar for every time someone has made this prediction in the last four years, he would already be a multi-millionaire.

Meanwhile, commenter Mehmetemin Tekin highlighted a crucial point by noting that XRP and Ripple just triumphed in a nearly four-year legal battle that threatened their existence. Yet, XRP’s price has remained unchanged, as if nothing significant happened.

“Unfortunately, if XRP is $0.58 despite winning the court case, there is no reason for it to rise from now on,” Tekin submitted.

Aptos Transactions Jumps Over 3,500%, Experts Explain Reasons Behind Surge

Mark Brennan
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Aptos Transactions Jumps Over 3,500%, Experts Explain Reasons Behind Surge

Aptos (APT) recently saw a staggering 3,570% change in daily transactions. It just reached 51.6 million on August 13. This happened thanks, in part, to the launch of Tapos 2, but experts believe that there is more to it.

Our article would be essential for crypto enthusiasts seeking to understand the hidden factors driving this growth and its future implications for both Aptos (APT) and the altcoin market.

Aptos (APT): Transactions Skyrocket 3,570% – What’s the Story?

Aptos (APT) recently experienced a remarkable 3,570% surge in transaction volume, reaching 51.6 million transactions on August 13, driven by the launch of the click-to-earn blockchain game, Tapos 2. This surge mirrors the impact of the original Tapos, which previously boosted Aptos (APT) to its highest daily transaction volume of 115.4 million. Currently, Aptos (APT) ranks among the top three Layer-1 networks in terms of transaction volume. This highlights its increasing prominence in the blockchain space.

APT USD Kraken
APT USD Kraken

In response to the surge, Aptos (APT) token price rose from $6.59 to $6.95, a +25% change over the past week. As the token approaches key technical levels—the 20-day EMA at $6.04 and the 50-day SMA at $6.45—the price could either break through resistance at $7.65 and $8.87, potentially reaching $9.06, or struggle to sustain momentum. Support is expected around $5.21 if a correction occurs.

Despite a positive MACD crossover indicating bullish momentum, the Chaikin Money Flow (CMF) shows bearish divergence, suggesting weakening buying pressure. Solana (SOL) is facing a somewhat similar situation with its recent moves. Aptos (APT) faces a critical period ahead to determine if it can maintain its upward trend or experience a pullback.

Minotaurus (MTAUR): Presale Growth to Combat Uncertainty

Since Aptos (APT) is nearing key technical levels, the situation is uncertain. While it is close to or already facing potential volatility, selecting a presale like Minotaurus (MTAUR) can be a compelling, potentially stabilizing pick. Positioned for substantial growth and priced attractively at $0.0000533 per coin, Minotaurus (MTAUR) could quickly capitalize on the current market momentum and elevated interest.

In its current state, Minotaurus (MTAUR) is showing great promise with its hybrid casual gameplay. It’s combining blockchain technology with engaging maze-running adventures. The presale has garnered interest from both gamers and crypto enthusiasts already. As Minotaurus (MTAUR) receives more and more attention,  it’s predicted to experience significant growth, even beyond the projected ~x4 upon listing at $0.0002.

Minotaurus Big Bull
Minotaurus Big Bull

Beyond its in-game utility for character customization and access to exclusive zones, $MTAUR tokens provide holders with referral and vesting incentives, and balanced tokenomics aimed at long-term stability. The project employs cutting-edge AI tools to enhance both security and gameplay experiences, creating a smarter and more responsive gaming environment. As we can see with Aptos (APT), a solid game can make all the difference.

Finally, Minotaurus (MTAUR) offers safety with a smart contract approved by SolidProof and Coinsult, giving holders peace of mind. With the presale progressing rapidly, it is on track to become a notable player in blockchain gaming.

Conclusion

APT shows impressive moves, but there is potential volatility. MTAUR, on the other hand, seems ready to develop steadily. Currently priced at just $0.0000533, it’s ready to enter the multi-billion casual gaming niche, projected to grow by 9% yearly by Statista. The presale is well-positioned to capitalize on current market trends as well.

Ethereum Founder Vitalik Buterin Donates Over $530,000 in “Animal Coins” to Charity

Mark Brennan
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Ethereum Founder Vitalik Buterin Donates Over $530,000 in “Animal Coins” to Charity

Vitalik Buterin, co-founder of Ethereum, recently announced his donation of over $530,000 worth of “Animal Coins” to charity.

This donation came in response to community requests after Buterin liquidated an entire portfolio of “NEIRO on Ethereum” tokens that had been gifted to him by the project team.

In his announcement on X today, Buterin disclosed that he had completed the charity request. Additionally, he donated other coins that had been gifted to him over the past year, which he described as “animal coins.” The donation went to the Effective Altruism Funds’ Animal Welfare Fund.

Furthermore, Buterin indicated that he would prefer these types of tokens to be sent directly to charitable organizations. He also emphasized the need for more complex public funding mechanisms.

Call for a New Approach to Charity Funding

In his X post, Butering cited a March 29 blog post where he highlighted the idea of issuing coins for public funding. He proposed that different groups could create and use tokens for specific causes.

For example, he suggested tokens such as AntiCancerCoin for cancer research and ClimateCoin for environmental protection. Buterin noted that the coins selected and traded by individuals could determine which causes receive financial support.

Moving into 2024, Buterin emphasized that the conversation within the crypto space had shifted towards meme coins. Although meme coins like Dogecoin have gained popularity, there is growing discomfort around their lack of contribution to meaningful causes. Buterin also pointed out that some tokens have been associated with harmful ideologies, further escalating the debate.

Solutions for Crypto and Public Goods

In response to these concerns, Buterin presented alternative approaches. He discussed charity coins as a promising concept, mentioning past attempts like “GiveWell Inu” and “Fable of the Dragon Tyrant,” which were tied to charitable efforts.

However, these initiatives faced challenges, such as inconsistent maintenance and community friction. Buterin also cited his involvement in the Dogelon Mars project, where he donated half the supply to the Methuselah Foundation, leading to a positive relationship between the charity and the memecoin community.

Additionally, Buterin proposed the development of meaningful crypto games that benefit lower-income participants. His idea builds on play-to-earn models seen in games like Axie Infinity, where lower-income players had opportunities to earn while playing. Although Axie Infinity’s success varied, Buterin’s suggestion focused on creating a system that protects vulnerable players while allowing them to engage in enjoyable experiences.

Recent Transactions For Charity Cause

Buterin’s activities in the crypto space have recently drawn attention regarding donations. Only six days ago, his wallet transferred 3,000 ETH, valued at approximately $8.05 million, to a multi-signature wallet.

While some observers speculated that this might be a donation, others noted that all signatories of the receiving wallet are linked to Buterin, raising the possibility of an internal fund reallocation.

Over 78% of Cardano Blocks in Last 8 Hours Minted by Chang Supported SPO

Sam Wisdom Raphael
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Over 78% of Cardano Blocks in Last 8 Hours Minted by Chang Supported SPO

On-chain data shows that over 78% of the Cardano blocks produced in the last eight hours have been minted by an SPO that supports the Chang hard fork.

The Cardano community continues to anticipate the eventual launch of the Cardano Chang hard fork. This pivotal update is expected to transition the Cardano ecosystem to the Voltaire era. Voltaire, the last Cardano ecosystem era, will help bring decentralized community governance.

Amid the Chang hard fork anticipation, multiple stake pool operators (SPOs) have begun supporting node 9.1, the latest Cardano network update. The increasing support is expected to gradually phase the entire Cardano network into 9.1, marking the official transition to Chang.

Notably, data sourced by Cexplorer, a leading Cardano block explorer, confirms that over the last eight hours, 78.66% of the blocks produced by the Cardano network have been minted by SPOs running on the latest Chang-ready node 9.1.

Cardano Block Versions Cexplorer
Cardano Block Versions | Cexplorer

While there is a minor decrease over a more extended timeframe, the prevailing data still shows encouraging stats. Notably, in the past 24 hours, 77.59% of blocks produced have gone through SPOs on version 9.1. In addition, this rate stands at 74.82% for blocks minted over the last two days.

The fact that most of the blocks produced on the Cardano network have gone through stake pool operators running on version 9.1 indicates that the ecosystem is now closer to Chang than perceived, about a month after the release of node 9.0. 

Cardano Ecosystem Prepares for Chang

However, the ecosystem still needs to satisfy other critical conditions before Chang can take full effect. Stake with Pride, a prominent Cardano SPO, outlined some of these conditions in a previous report. 

As part of these conditions, at least 70% of Cardano SPOs need to upgrade to node 9.1. In addition, centralized exchanges and ecosystem services have to upgrade to the latest version as well. Also, the ICC councils would need to create keys to replace the Genesis keys set to be destroyed.

Six days ago, The Crypto Basic confirmed that Bitfinex had become the first exchange to update to Chang. At press time, nine more exchanges, including Coinbase, Bitrue and WhiteBit are now set. This brings the total number of Chang-ready exchanges to 10, representing 17% of exchange readiness. Notably, 18 exchanges, including Binance, are in progress.

In addition, there is now a 78.22% of stake readiness, per data from Cardanoscan. However, the number of stake pools that are now ready amount to 930 of a total of 3,102. This brings stake pool readiness to 29.98%. 

Chang Readiness Cardanoscan
Chang Readiness | Cardanoscan

Avalanche Price Prediction: Will AVAX Retest $25 as Open Interest Crosses $200M?

Mark Brennan
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Avalanche Price Prediction: Will AVAX Retest $25 as Open Interest Crosses $200M?

Avalanche price stalled around the $21 mark on Thursday, August 15, maintaining its position above the $20 support level since the week’s start. Derivatives market data shows a spike in AVAX open interest over the last three days, potentially signaling a major breakout.

Bears Mounting Pressure on $20 Support

Avalanche delivered double-digit gains last week during a remarkable rebound fueled by the approval of Solana ETFs in Brazil. This event bolstered investor sentiment towards Layer-1 Proof of Stake (PoS) coins like AVAX. However, the excitement from the media has waned, leaving Avalanche struggling to attract new buyers this week.

Avalanche Price Action (AVAXUSD)
Avalanche Price Action (AVAXUSD)

Following last week’s 31.94% rally, which peaked at $22.79 on August 9, Avalanche’s upward momentum has slowed. At the time of writing on August 15, Avalanche is trading at $20.85, reflecting an 8.79% dip since the week’s start.

As seen in the attached price action chart, Avalanche’s price has consolidated within a narrow range over the past four days, suggesting that behind-the-scenes bullish catalysts may be nullifying sell-off attempts.

Bears have attempted to drive the price below the $20 psychological support level. Still, AVAX bulls have established a strong buy-wall, preventing a downward reversal. This consolidation, combined with the stability around $20, could indicate the potential for an imminent breakout.

AVAX Open Interest Crosses $200M After Dovish CPI Data

The release of Dovish CPI inflation data by the US Bureau of Labor Statistics on August 14 is one such bullish catalyst. The data showed slowing inflation, a positive factor that, while not immediately reflected in AVAX’s spot market, has shifted sentiment in the derivatives markets.

Avalanche Price vs. AVAX Open Interest | Coinglass
Avalanche Price vs. AVAX Open Interest | Coinglass

Open Interest, a key metric for price insights, has seen a notable increase. From $182 million on August 12, Avalanche’s Open Interest climbed to $201.6 million by August 15. This represents a $19.6 million increase, or approximately 10.77%, as illustrated in the attached chart. During this period, AVAX’s price remained relatively stable, further suggesting potential bullish momentum.

When Open Interest increases during a period of price consolidation, as currently observed, it often signals that a significant price movement is on the horizon. Two reasons this could be bullish for AVAX include renewed trader confidence in the asset and the possibility of a short squeeze if bears cannot push the price below key support levels.

AVAX Price Forecast: Imminent Breakout From $20 Support

The combination of technical indicators and market sentiment suggests that Avalanche may be gearing up for a breakout from the $20 support level. The Parabolic SAR (Stop and Reverse) indicator, as seen in the price action chart, currently shows support at $18.17. This indicates that while the bears have attempted to push the price lower, they have not yet succeeded in breaking this key support level.

Avalanche Price Forecast | AVAXUSD
Avalanche Price Forecast | AVAXUSD

Moreover, the Donchian Channels, which measure volatility, are tightening, indicating reduced price movement. This often precedes a significant breakout. With resistance at $23.42, a break above this level could see AVAX retesting the $25 mark.

In conclusion, if AVAX maintains its current support and the Open Interest continues to rise, a bullish breakout seems increasingly likely. Traders should watch for a decisive move above $23.42, which could signal the start of a new upward trend toward $25 and beyond.

SEC Approves 1.75x Leveraged MicroStrategy ETF Set to Be the Most Volatile in the Market

Abdulkarim Abdulwahab
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0
SEC Approves 1.75x Leveraged MicroStrategy ETF Set to Be the Most Volatile in the Market

The U.S. SEC has authorized the launch of a leveraged single-stock ETF, MSTX, that targets MicroStrategy, one of the largest corporate holders of Bitcoin. 

Defiance ETFs, the issuer of the new ETF, announced the launch of the product today in an official press statement. 

Notably, Defiance’s single-stock products allow investors to tap into the growth of visionary companies like MicroStrategy without requiring a margin account. 

Sylvia Jablonski, the CEO of Defiance, highlighted that the newly launched MicroStrategy ETF offers investors an opportunity to amplify leverage exposure to Bitcoin. In particular, MSTX aims to deliver a massive 175% of MicroStrategy’s stock’s daily return.

Notably, MicroStrategy boasts the status of the largest public firm holding BTC. At the end of Q2, MicroStrategy had acquired 226,500 Bitcoin. This large portfolio is worth $13.47 billion today and has been accumulated over the last four years at $8.38 billion.

This implies the company sits on an unrealized profit of over $5 billion in Bitcoin investments.

Interestingly, early this month, MicroStrategy disclosed its intention to raise $2 billion, of which a significant percentage would be earmarked for further Bitcoin acquisition.

MSTX to Be the Most Volatile ETF in the US Market

The introduction of MSTX represents a significant breakthrough in the ETF market. It marks the first leveraged single-stock ETFs to be approved by the SEC after years of regulatory hurdles. 

It is worth noting that MSTX’s use of leverage and concentration in a single stock introduces additional risks. Bloomberg’s senior ETF analyst, Eric Balchunas, emphasized this risk in a recent commentary.

According to Balchunas, Defiance’s 1.75x leveraged Microstrategy ETF is poised to become the most volatile ETF in the US market. Balchunas suggests that Defiance may have initially aimed for a 2x leverage but was likely rebuffed by the SEC. 

Despite the slightly lower leverage, MSTX is expected to pack a punch, with a volatility profile equivalent to 13 times that of the S&P 500. 

Furthermore, this new ETF is set to dethrone MSOX, a 2x leveraged marijuana ETF, as the most volatile option available, marking a significant escalation in the “hot sauce arms race” among ETF providers.

Solana Price Prediction: Can this $345M Signal Trigger a $170 Breakout?

Mark Brennan
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Solana Price Prediction: Can this $345M Signal Trigger a $170 Breakout?

Solana price stagnated around $145 on Aug 15, as bulls defend this critical support level on-chain data reveals a significant spike in SOL staking deposits over the past 72-hours.

SOL Bulls Defend $145 Support Vigorously

Solana experienced a robust rebound last week, delivering double-digit gains. The approval of Solana ETFs in Brazil sparked global interest, fueling the rally. However, as the media hype diminished, Solana struggled to attract new buyers this week. Bears have since attempted to initiate a downward reversal.

Solana Price Action | SOLUSD
Solana Price Action | SOLUSD

After peaking at $162.50 on August 9, following a 48% rally, Solana has experienced considerable selling pressure. By August 15, the price of Solana had dropped to $145, marking a 13% decline since the start of the week.

Despite the selling pressure, the bears have been unable to take full control of the market, as the bulls have established a solid support level around $145. The price has consolidated within a narrow range over the past four days, suggesting underlying bullish catalysts countering the sell-offs.

The attached chart illustrates the price action, showing how Solana has maintained its position around $145, indicating the bulls’ determination to keep the price from falling further.

Investors Stake $345 Million in SOL Over the Last 3 Days

As Solana’s market consolidates, on-chain data reveals that a significant number of investors are opting to stake their SOL rather than sell. This behavior could indicate a shrinking market supply, which might be bullish for Solana.

The chart shows that Solana’s Staking Deposits (Total Staked Value) have increased from 380.2 million SOL on August 12 to 382.6 million SOL by August 15.

Solana Staking Deposits (Total Staked Value), Aug 15 | StakingRewards.com
Solana Staking Deposits (Total Staked Value), Aug 15 | StakingRewards.com

This 2.4 million SOL increase, valued at approximately $348 million at the current price of $145 per SOL, suggests that the short-term market supply has decreased by this amount over the past three days. The rise in staking during market consolidation is typically seen as a positive indicator, as it reflects investors’ confidence in holding the asset.

This reduction in market supply could drive the price higher, particularly if demand increases. Additionally, increased staking activity often signals a longer-term bullish outlook among investors, which could support Solana’s price in the coming days.

Solana Price Forecast: Possible Breakout if $145 Support Holds

Solana price consolidation around the $145 support level, coupled with increasing staking activity, suggests potential bullish momentum in the near term. The first key indicator to watch is the Moving Average Convergence Divergence (MACD).

As seen in the chart below, the MACD line is hovering close to a bullish crossover, signaling the possibility of an upward price movement if confirmed by a breakout above the $157.20 level.

Solana Price Forecast | SOLUSD
Solana Price Forecast | SOLUSD

Another critical indicator is the Accumulation/Distribution Line (ADL), which has shown a steady upward trend. This upward movement in the ADL suggests that buying pressure is gradually outweighing selling pressure, reinforcing the strength of the $145 support.

If Solana manages to sustain this support level, a breakout toward $170 is plausible. However, a break below $145 could lead to a retest of the $135 support level. For now, the bullish indicators provide optimism, but confirmation through price action is essential. Keep an eye on a potential move above $148 to signal the start of a new upward trend

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