The crypto market remains in the grips of bearishness and volatility following the SEC’s lawsuit filed against Binance and Coinbase last week, with Solana being one of the coins that was hit hardest.
However, SOL has rebounded is currently outperforming other altcoins and has spiked by 4% over the last 24 hours, now being up over 10% in a week. Investors are encouraged by the resilience shown by the Solana blockchain, but can it continue?
Another token making waves is Launchpad XYZ, a new Web3 analytics project that has reached the $1 million milestone in its presale.
Solana Shows Bullish Strength Despite SEC Ruling, How Long Will Rally Continue?
Solana has surprisingly emerged as a top-performing token in the current crypto bear market. SOL has surged over 4% over the past 24 hours and is currently trading at $16.58 – over 10% higher than this time last week.
The token suffered major losses after the SEC labelled it as an unregistered security in its lawsuit against Binance and Coinbase. The token plummeted over 20% after the lawsuit created extreme uncertainty in the market.
Nevertheless, Solana is currently outperforming every other token attacked by the SEC. While Cardano and MATIC are down 8% and 6% respectively over the past week, Sol is up 3.5% over the same period. Even considering a longer time frame, Sol prices are up 937% from early 2021 while Cardano is up only 90%.
Solana’s success can be attributed to the resilience shown by its blockchain network despite the extreme bearishness in the crypto market. On-chain data platform Messari has revealed that Solana is currently outperforming both Ethereum and Polygon in NFT transaction volume. Due to the increase in activity on consumer apps, Solana’s NFT transactions doubled over the past month.
Experts also believe that Solana’s NFT projects are of higher quality than other ETH and Ordinal projects.
Step Data Insights have revealed that despite the SEC FUD, the number of stakes on the Solana network increased by 2k over the past week.
The blockchain can also see more success after the upcoming major upgrades. Jump Crypto recently released a new validator client called Firedancer for the Solana blockchain. Its success can reduce latency times on the blockchain, bringing decentralized exchanges close to centralized exchanges in terms of performance.
Sol can see further bullish continuation as TradingView gives a Buy signal to the token in the 4-hour time frame. Investors would hope that it breaches the Hull Moving Average (9) to see another explosive surge.
Which Tokens Are Investors Backing in the Bear Market?
While Solana has shown encouraging performance, its price will largely be driven by the SEC’s lawsuit against Binance and Coinbase. Experts tell investors to prepare for a long and tedious legal battle, resulting in extreme price swings for the token.
Therefore, investors are flocking to alternate projects that can outperform the crypto market. Tokens with high real-world value and a strong community can emerge as the top contenders. The Launchpad XYZ platform is one such project that is receiving strong support from the crypto community.
Revolutionary Web3 Portal Launchpad XYZ Raises $1 Million In Presale
The Launchpad XYZ platform is creating a lot of buzz on social media as it may be one of the best Web3 ecosystems for both crypto natives and newbies. With high-utility projects in demand, the $LPX token has raised $1 million in a short span of a few weeks.
The crypto market is extremely dynamic and volatile, which can be overwhelming for beginners. To help them navigate the complexities of the market, Launchpad’s all-in-one portal provides a wide range of tools such as an NFT marketplace, a Web3 wallet, fractionalized assets, a play-to-earn gaming hub, etc.
The platform also provides powerful products for developers with all levels of experience. Worried about finding the next Pepe before it explodes? The Launchpad Quotient indicator will rank all the exciting tokens across 400 data points and help you find your next investment.
Furthermore, the TradingEdge tool helps users make informed decisions with the help of sentiment analysis and market insights. Pro traders can also use the sophisticated Terminal trading engine to execute trades at blazing-fast speed.
The Launchpad XYZ project also puts a lot of emphasis on providing learning opportunities for beginner users. They can take advantage of Launchpad’s market insights, blogs and latest news updates.
The LPX token is currently priced at $0.0445 but will soon surge over 25% to $0.0565 at launch. Thus, investors have a limited opportunity to take advantage of early presale prices. They can purchase the token through bank cards or by swapping ETH, BNB or USDT tokens.