Solana SOL Speculation: Poised to Pocket 59% Enhancement

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SOL, the native coin of the Solana blockchain, is bearish today, August 17, in tune with the broader cryptocurrency market. Today, SOL’s performance aligns with its listing on CandyPay Mobile SDK on August 14, a feat expected to boost its trading activity.

🌱 Introducing Mobile SDK – the easiest way to accept Solana payments in mobile apps.

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— CandyPay 🍭 (@candypayfun) August 14, 2023

However, while SOL faces bearish pressure, Launchpad XYZ, a project on the Web3 space, is making waves in its presale session.

Solana SOL’s Price Performance

Today August 17, Solana traded at $23.13 at 04:46 EST, with a 1% decline in the last 24 hours. Also, SOL has recorded an over 6% decline in the previous seven days, with over 15% 30-day price drop.

The negative moment has forced some investors to sell off their tokens, evident in the massive downturn recorded in the past weeks. Moreover, SOL’s trading volume has declined by over 11% over the past 24 hours. This observation confirms the perceived selling pressure responsible for today’s downturn.

However, Solana’s total Value Locked (TVL) shows a slight uptick across a few DeFi marketplaces, according to DappRadar data.

Solana Technical Insight

Based on the chart above, the coin trades close to the lower Bollinger band, signifying a bearish trend. If the bears sustain momentum, SOL might drop deeper below the lower Bollinger band, triggering a negative sentiment that could cause investors to enter short positions. The resultant effect could be an enormous drop in market price.

But, a rally could break out if the buyers prevail and push SOL to the upper Bollinger bands. The Moving Average Convergence/Divergence is below the signal line with red histogram bars, demonstrating the selling pressure in SOL’s market today.

Again, SOL’s Relative Strength Index (RSI) is at 46.04 in the neutral zone, approaching the oversold region. This shows the bears are in control, with ongoing selloffs facilitating more downtrends.

Considering the market condition, traders should apply caution because if sustained, the bearish momentum pushes SOL’s price further until it hits the $19.85 support.

However, it is possible to rebound to $25 in the next few days when it reaches the oversold position if bulls buy the dip in anticipation of future rallies.

News on Solana Network

Reports reveal that Cypher, a decentralized exchange and one of the developing protocols on the Solana blockchain, was attacked by hackers who stole almost $1 million.

Currently, Cypher’s smart contracts are frozen so that investigations can be done to discover the cause of the exploit and negotiate with the hackers.

Note the crypto firm in concern is known for its loyalty program, which rewards traders and depositors with points on the Solana blockchain. This may hurt SOL’s market behavior in the future as traders could question the reliability and security of the blockchain.

Launchpad XYZ ($LPX) Hits Over $1.3 Million in Presale. Could it Emulate $PEPE’s Success?

Launchpad XYZ is a nascent Web3 insight and asset analytics platform created to provide all materials needed to survive in the Web3 space.

Interestingly, project founders adopted vital features to achieve this goal. The features will simplify the innovative internet space, Web3, making it user-friendly for everyone.

The unique features were promising and drew investors’ attention to the project, evident in the impressive success Launchpad XYZ has witnessed in the presale stage. Remarkably, the creators celebrated an over $1.2 million milestone the project attained on August 8.

This achievement shows that the project is receiving significant support from investors. It could replicate the success of the Pepe-the-Frog-themed token, $PEPE.

Launchpad XYZ provides users with advanced crypto market tools like trading terminals and trading signals to enable a seamless trading experience in the platform.

It also provides educational materials to enlighten traders and equip them with relevant strategies for profit maximization in the crypto market.

Some features in the project include a Play-2-earn game hub, Web3 wallet, fractionalized assets, A.I. search and custom LLM tools, NFT marketplaces, and Launchpad Quotient (LPQ).

With the Play-2-earn game hub, users at Launchpad XYZ get entertained, and the game players also earn rewards for every win they make.

Again, the Fractionalized assets feature provides users with proven historical assets of high value like real estate, arts, cars, and many more, making these assets tradable via the decentralized exchange.

$LPX Presale Performance

The presale is live and has experienced remarkable progress due to the increased adoption rate by the online investment community.

Today, the presale realized more than $1.3 million and heading to its presale stage threshold of over $1.5 million. This suggests the presale is winding down, as the token could sell out in a few hours or days. Investors willing to join Launchpad LPX to reap the touted benefits have limited time to participate before the boat sails.

From the project’s official website, 1 $LPZ equals $0.0445; the selling price will increase when the above presale target is met.

Investors who purchase and stake up to 10 thousand units of $LPZ for over three months will receive rewards through discounts on fees. They will also have special access to discover new projects on presale with the potential for enormous returns and much more.

Interested investors can visit the presale website, connect a decentralized crypto wallet, and use either bank cards, ETH, BNB, or USDT to acquire $LPX.

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