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Solana price recovers from sharp sell-off, is $300 SOL possible?

Coin Telegraph
Solana price recovers from sharp sell-off, is 0 SOL possible?
celestia

Solana’s onchain and derivatives data suggest that SOL could make a run back toward its all-time high in the short term. 

Solana's native token, SOL (SOL), has surged 8% since falling to $222 on Nov. 26. Despite this recovery, some investors remain skeptical, citing the sharp correction from its all-time high of $263.80 on Nov. 23 as a potential sign of a faltering bull run. However, onchain and derivatives data suggest that SOL still holds significant upside potential.

SOL/USD (blue) vs. altcoin market cap (purple). Source: TradingView /Cointelegraph

Investor frustration partly stems from SOL’s modest 1% gain between Nov. 20 and Nov. 27, during which the broader altcoin market capitalization climbed 12%. Several tokens outperformed significantly, with Stellar (XLM), Celestia (TIA), Fantom (FTM), Uniswap (UNI), and Polkadot (DOT) posting gains of 40% or more during the same period.

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

The Graph introduces GRC-20 standard for Web3 data structure

Coin Telegraph
The Graph introduces GRC-20 standard for Web3 data structure
blockchain knowledge graph

The Graph advances from subgraphs to knowledge graphs as it hones the search options for Web3 developers. 

The Graph, the decentralized indexing system that works much like Google for blockchains, has introduced a data standard for Web3. Called GRC-20, the standard would define how information is structured, shared, and connected across decentralized applications, according to The Graph’s website in a blog timed to developer Yaniv Tal’s Graph Improvement Proposal.

The proposal for GRC-20 builds on the concept of knowledge graphs introduced by Tal in June.

“Knowledge is created when information is linked and labeled to attain a higher level of understanding,” the blog explained, and knowledge graphs capture the connections and relationships between pieces of information.

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

TON partners with Axelar to link 68 blockchains in Web3 ecosystem

Coin Telegraph
TON partners with Axelar to link 68 blockchains in Web3 ecosystem
Axelar

Axelar’s Interchain Amplifier and Mobius Development Stack can bring blockchain interoperability to TON’s ecosystem.

The Open Network Foundation has selected Axelar’s Mobius Development Stack (MDS) as its primary platform to connect The Open Network (TON) ecosystem with 68 blockchain networks.

The integration is expected to enhance the scalability and usability of decentralized applications within the TON blockchain ecosystem, while also improving connectivity across Web3 platforms.

Anthony Tsivarev, director of ecosystem development at TON Foundation, said in a press release that Axelar is “an ideal choice” due to its “open, developer-friendly stack.”

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

BNB DApp volumes down 25% in a week — Will BNB price follow?

Coin Telegraph
BNB DApp volumes down 25% in a week — Will BNB price follow?
bnb

BNB price staged a mild recovery, but could lackluster network activity and less-than-stellar Binance launchpad results put a cap on the gains?

BNB (BNB), the native token of BNB Chain, gained 4.1% from Oct. 10 to Oct. 11, signaling resilience after briefly testing the $555 support level. BNB price has remained relatively stable since July, even as the broader altcoin market saw a 15.6% decline. This performance has solidified BNB as the third-largest cryptocurrency, with a significant $15 billion market capitalization advantage over Solana (SOL).

Ochain activity for BNB Chain dropped by 37% over the past week, raising concerns among investors about the sustainability of the BNB recent outperformance. Traders are wary that Ethereum's layer-2 scaling solutions are gaining traction, especially following the launch of the Base network, which offers fast and exceptionally low-cost integration with Coinbase, the leading US exchange and Web3 wallet provider.

It could be argued that BNB's value is partly driven by the offerings of the Binance exchange, including exclusive launchpad access and trading fee discounts, which may reduce the need for BNB usage on the BNB Chain itself. However, beyond network transaction fees, BNB is widely utilized across the ecosystem's decentralized applications (DApps) for trading, staking, yield farming, real-world assets (RWA), lending, launchpads, gaming, and derivatives markets.

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

Blockchain activity soars 70% in Q3 driven by AI DApps

Coin Telegraph
Blockchain activity soars 70% in Q3 driven by AI DApps
Aptos

Daily active wallets in the DApp industry soared in the third quarter of 2024, driven primarily by a 71% growth in the performance of AI-related applications. 

Decentralized applications (DApps) have surged forward in the third quarter of 2024, fueled by the growth of blockchain activity led by artificial intelligence applications. 

According to an Oct. 8 DappRadar report, daily unique active wallets (UAWs) reached a record-breaking 17.2 million, marking a 70% increase from the previous quarter. The rise is largely attributed to the performance of AI-related DApps, which saw a 71% rise in the period, accounting for nearly 4.3 million daily UAWs. 

Key players like Data Intelligence Network (DIN) and Alaya AI are leading the trend.

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

Solana DApps volume increased by 46% in a week — Is $180 SOL the next stop? 

Coin Telegraph
Solana DApps volume increased by 46% in a week — Is 0 SOL the next stop? 
bnb

An uptick in Solana’s network activity and upcoming project launches could send SOL price higher. 

Solana's native token, SOL (SOL), experienced a 9% decline over two days after peaking at $161.80 on Sept. 29, marking its highest level in seven weeks. This correction mirrored the broader altcoin market capitalization (excluding stablecoins), which reached approximately $800 billion in late September before dropping to $739 billion on Oct. 1.

Despite this downturn, Solana network usage surged in the past week, prompting traders to question whether SOL has the potential to outperform its competitors.

Solana/USD (blue, left) vs. altcoin market cap (green). Source: TradingView

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

Solana TVL declines, but will SOL price react negatively? 

Coin Telegraph
Solana TVL declines, but will SOL price react negatively? 
AVAX

SOL recently rallied to $152 but will a decline in Solana’s network TVL negatively impact the altcoin’s price? 

Solana (SOL), the native token of the Solana network, surged 16.4% between Sept. 18 and Sept. 20, but the $152 resistance level proved more formidable than expected, leading to a 6% pullback to its current level of $143. 

Investors are now questioning the cause of SOL's price weakness and whether the recent outflows from Solana network deposits signal a potential retest of the $120 support.

The recent gains in SOL price followed a broader altcoin market rally, which saw an 11% increase since Sept. 18, spurred by the US Federal Reserve's decision to cut interest rates. This shift toward a more accommodative monetary policy also fueled a rally in the S&P 500 stock index, which reached an all-time high on Sept. 19. 

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

Memecoins not the ‘right move’ for celebs, but DApps might be — Skale Labs exec

Coin Telegraph
Memecoins not the ‘right move’ for celebs, but DApps might be — Skale Labs exec
Coin Telegraph

Skale chief marketing officer Andrew Saunders described memecoins as a player-versus-player situation where early investors get the most gains. 

As more celebrities dive into memecoins, a former Hollywood executive who now works in the Web3 space described the flaws surrounding celebrity-backed tokens and offered a potential alternative in the form of decentralized applications (DApps). 

At the Token2049 event in Singapore, Cointelegraph journalist Ciaran Lyons spoke with Andrew Saunders, the chief marketing and growth officer of the Ethereum Virtual Machine (EVM) blockchain Skale, about celebrities jumping into Web3 through memecoins. 

The Skale exec criticized the current state of celebrity memecoins and said he would stay away from them. “I come from Hollywood, and I would never touch a celebrity memecoin,” Saunders told Cointelegraph. 

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

Ethereum’s value accretion narrative under duress after 19% drop in ETH DApp volumes 

Coin Telegraph
Ethereum’s value accretion narrative under duress after 19% drop in ETH DApp volumes 
bnb

ETH price struggles to find reasons to rally after the network’s DApp volumes drop and Ether languishes near the $2,250 support.

Ether (ETH) has struggled to break above $2,450 for more than two weeks, and the recent 17% drop in Ethereum decentralized application (DApp) activity has raised concerns, particularly as it affects the layer-2 ecosystem. Traders are now questioning whether the current $2,250 support level will hold much longer.

On the positive side, Ethereum remains the dominant platform in terms of both activity and development, although competitors are gaining ground.

Top blockchains ranked by 7-day DApps volumes, USD. Source: DappRadar

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First Tokenized Warehouse Complex Built in El Salvador

First Tokenized Warehouse Complex Built in El Salvador

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