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Discover the top cryptocurrencies to watch this week, including XRP, Ethereum, and Solana. XRP shows signs of a possible reversal, Ethereum maintains stability with strong fundamentals, and Solana is fighting for growth with positive developments and increasing trading volume. Learn about their current trends, potential reversals, and key indicators driving their price movements. Quick Take Trading at $0.4721 with support at $0.47 and resistance at $0.499, XRP's low trading volume and RSI around 41 suggest a potential reversal. Steadily trading around $3,400, Ethereum shows long-term bullish indicators, maintaining above the 200-day moving average. Solana, maintaining around $150, saw a 50% trading volume jump to $1.68 billion, with Blockchain links (blinks) and 200-day EMA support at $130 indicating potential bullish momentum. XRP Price Show Signs of a Reversal, What’s Next? XRP/USDT price chart | Source: KuCoin According to analysis by U.Today, XRP has traded under pressure with the price remaining mostly unchanged around $0.47, but signs suggest a possible reversal. Currently, XRP is in a phase where not many people are selling, and almost no one is buying. The chart shows difficulty in increasing value over the past few months, with minimal trading activity. The low volume indicates that neither buyers nor sellers are taking large positions. However, a spike in volume could signal renewed interest, potentially raising the price. With an RSI of approximately 41, XRP is in the lower neutral zone. This suggests room for growth before overbought conditions. If the RSI rises above 50, it would indicate increased buying pressure and a potential new uptrend. Despite recent declines, XRP's fundamentals remain strong. The resolution of Ripple's legal dispute with the SEC could positively impact XRP's price. Ripple's ongoing partnerships and technological advancements provide a solid foundation for future growth. XRP: Key Levels to Watch Monitoring these levels can help identify potential entry and exit points as the market conditions change. Support Level: $0.47 Critical Support Level: $0.466 Resistance Level: $0.499 Critical Resistance Level: $0.50 Downside Risk Level: $0.43 If the price breaks below $0.466, it may trigger a sell-off towards $0.43. Conversely, a bullish reversal could drive prices to the next significant level around $0.499. Spot Ethereum ETFs to Take ETH Price to $6,500? Steno Research predicts net inflows of $15-20 billion into Ether spot ETFs in the first 12 months. Ether's price is expected to hit $6,500 later this year due to strong ETF inflows and other positive factors. Galaxy Research estimates $5 billion of net inflows to spot Ethereum ETFs in the first five months, while Bitwise expects $15 billion in the initial 18 months. The crypto market is optimistic about the imminent launch of spot Ether ETFs in the U.S. Steno Research forecasts a net inflow between $15 billion and $20 billion in the first 12 months. This should drive Ether's value higher, both in dollar terms and relative to Bitcoin. Read more: Spot Ethereum ETFs by July? SEC Chair Gensler Confirms Progress on Approval Ethereum Technical Analysis: ETH Holds Above $3,370 ETH/USDT price chart | Source: KuCoin Ethereum has been actively trading around $3,400, showing signs of both strength and concern. The chart indicates that Ethereum has maintained above the $3,370 mark, closely resembling the 100-day EMA. This level has stabilized the price amid recent market turbulence. Trading volume has been inconsistent, yet the steady interest at current prices is noteworthy. A spike in volume might indicate a strong move in either direction. Ethereum's RSI is around 43, pointing to potential upward movement before overbought conditions. If the RSI moves closer to 50, it would provide additional proof of bullish momentum. Long-term trend indicators, the 26-day and 200-day EMAs, show Ethereum trading above the 200-day moving average, a bullish signal. However, it remains below the 50-day EMA, indicating some short-term pessimism. Market sentiment heavily influences Ethereum's price action. Despite a few negative signs, the overall trend remains positive. Continuous network upgrades via Ethereum 2.0 developments, increased staking activity, and growing user adoption strengthen Ethereum's fundamentals, suggesting potential price increases. Solana Gains Over 16% in a Week Solana has seen a spike in price amid fresh applications for exchange-traded funds tracking its spot price in the U.S. Solana's trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins. Solana’s weekly gains increased to 16.59%, driven by applications for spot ETFs. After VanEck and 21Shares filed for such investments, Solana's price saw a boost. Read more: VanEck Files for First Solana ETF in the U.S.: A Potential Game Changer? Solana Technical Analysis: SOL Facing Strong Resistance at $150 SOL/USDT price chart | Source: KuCoin Solana has been battling for the $150 threshold recently. Positive fundamental developments, like the introduction of Blockchain links (Blinks), haven't significantly moved the asset's price. Read more: Solana ‘Blinks’ and ‘Actions’ Bring Crypto Trading to Social Media Feeds To verify a bullish reversal and pursue the $150 target, Solana needs to close above multiple moving averages. Recently, Solana found support at the 200-day EMA around $130. Numerous tests of this level indicate significant buying interest. The volume profile shows mixed signals. While some trading activity is present, there's not enough to indicate strong bullish momentum. An increase in volume would signal growing confidence in Solana's price action. Solana's RSI is around 50, suggesting potential for positive movement. Bulls would benefit from an RSI move above 50. Economic Events That Might Impact Market Sentiment This Week: Several key macroeconomic events could influence crypto prices this week: The Federal Reserve's June meeting minutes, set to be released on July 3, will provide insights into the Fed's decision-making process, especially regarding interest rates. A hawkish stance could weigh on the crypto market, while prolonged rate stability could support crypto prices. Multiple U.S. job data releases for May and June will offer a comprehensive view of employment trends, where higher-than-expected job openings and employment figures could signal economic strength but may also raise inflation concerns, impacting crypto market sentiment. The release of U.S. trade deficit data for May on July 3 could signal economic challenges if the deficit widens, potentially deterring investment in high-risk assets like cryptocurrencies. The implementation of MiCA crypto rules in the EU, starting June 30, will create a comprehensive framework for crypto trading in Europe, potentially causing short-term volatility but aiming for long-term stability. Additionally, Fed Chair Jerome Powell's participation in discussions at the ECB Forum on Central Banking in Portugal on July 2 will provide insights into the Fed's outlook on inflation, interest rates, and global economic trends, impacting market sentiment. Conclusion This week, XRP, Ethereum, and Solana are the top cryptos to watch due to their unique market positions and potential for significant price movements. XRP shows signs of a potential reversal with low trading volume and an RSI around 41, suggesting room for growth. Ethereum remains stable with strong fundamentals, including anticipated ETF inflows of $15-20 billion and maintaining a bullish stance above its 200-day moving average. Solana, maintaining around $150, has seen a 50% jump in trading volume to $1.68 billion, bolstered by positive developments like Blockchain links (Blinks) and strong support at the 200-day EMA. As always, keep an eye on market trends and indicators for the latest updates and potential investment opportunities.
VanEck, a pioneer in digital asset investments, has taken a bold step by filing for the first Solana ETF in the United States, as per a news report on Watcher Guru. This move comes from their head of digital asset research, Matthew Sigel, who announced on X (formerly Twitter) that the application was submitted to the U.S. Securities and Exchange Commission (SEC) on June 27, 2024. Quick Take VanEck has filed for the first Solana ETF in the United States, submitted to the SEC on June 27, 2024. Following the announcement of the ETF filing, Solana's native token, SOL, saw a significant price increase, rising 12% from $135 to $151 on June 27. Solana has experienced substantial growth, with its total value locked (TVL) increasing by 120% to $4.48 billion in 2024. Solana as a Commodity Sigel explained that VanEck views Solana's native token, SOL, as a commodity, similar to Bitcoin and Ether. SOL is used for transaction fees and computational services on the Solana blockchain. It can be traded on digital asset platforms or used in peer-to-peer transactions, much like Ether on the Ethereum network. "The Solana blockchain’s unique combination of scalability, speed, and low costs may offer a better user experience for many use cases," Sigel, VanEck’s head of digital asset research, added. This perspective underscores the potential of Solana to revolutionize the blockchain industry, particularly in handling thousands of transactions per second with minimal fees. Read more: Solana Fund: 3iQ Files for North America’s First Solana ETF on the Horizon VanEck's Ambitious Plans The proposed VanEck Solana Trust aims to reflect the price performance of Solana, excluding operational expenses. The trust will value its shares daily using the MarketVector Solana Benchmark Rate index, calculated based on prices from top trading platforms. VanEck's move comes on the heels of the SEC's approval of spot Ether ETFs in May 2024. This approval marked a significant shift in the regulatory landscape, classifying Ether as a commodity rather than a security. Following this trend, VanEck's Solana ETF could pave the way for further crypto-based investment products. Read more: Spot Ethereum ETFs by July? SEC Chair Gensler Confirms Progress on Approval Solana Price Gains 12% From Institutional Investors, Airdrop Campaigns, Rising TVL SOL/USDT price chart | Source: KuCoin The announcement of the Solana ETF filing has already had a positive impact on SOL's market performance. Data from Cointelegraph Markets Pro and TradingView shows that SOL rose sharply from a low of $135, climbing as much as 12% to an intraday high of $151 on June 27. The layer 1 token jumped 8.5% in just two hours following the news. VanEck's pioneering move has sparked significant interest among institutional investors, similar to the surge seen when spot Bitcoin ETFs debuted. The approval of a spot Solana ETF is expected to further boost SOL’s price, potentially mirroring the positive impact seen with Bitcoin and Ether ETFs. Solana's Airdrop Momentum Solana’s price has had an impressive run over the last year, rallying more than 780% over the last 12 months and 45% year-to-date. Much of these gains can be attributed to successful airdrops, leading to the emergence of popular Solana-based tokens such as Jupiter (JUP), Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME). Adding to this momentum, Solana-based decentralized exchange (DEX) Zeta Markets has launched its native token, ZEX, and opened airdrop claims. The airdrop is designed to reward early users and encourage long-term participation in the protocol. Eligible users have 90 days to claim their airdrop allocations, with 2% of the token supply (20 million ZEX) allocated for staking during the Genesis Epoch. Read more: Zeta Airdrop Starts June 27: Here’s How to Claim ZEX Tokens Solana TVL Up By 120% in 2024 Solana DeFi TVL | Source: DefiLlama The flurry of airdrops and increased activity within the Solana ecosystem has significantly boosted the total value locked (TVL) on Solana. In 2024, TVL increased by 120% to $4.43 billion, indicating a strong engagement from users and developers. This rise in TVL enhances investor confidence by showcasing the network’s robustness and growing adoption, translating into higher buying interest and propelling the price upward. SOL Technical Analysis: Path to $200? SOL/USD price chart | Source: Cointelegraph SOL’s price action during the daily timeframe indicates a V-shaped recovery pattern. The 20-day exponential moving average (EMA) at $143.5 is acting as immediate support. The relative strength index (RSI) is rising towards the 70 mark, showing buyers’ dominance in the market. The bulls now focus on the 100-day EMA at $148.5 and, later, the 50-day EMA at $150.5. The next barrier lies at the neckline of the prevailing chart pattern at $176. A daily candlestick close above this level would confirm the continuation of the uptrend. The next logical move would be to the March 18 range high at $209, bringing the total gains to 42%. On the downside, failure to hold above the 20-day EMA at $143 would signal the inability of the buyers to sustain the uptrend. If this happens, SOL could drop to the pattern’s low at $126, invalidating the bullish outlook. Conclusion VanEck's filing for a Solana ETF marks a significant milestone in the evolving relationship between traditional finance and the crypto world. With the potential for significant market impacts and the possibility of political shifts influencing regulatory decisions, the future of Solana and other crypto assets in ETF form looks promising yet uncertain. Solana's strong price performance, driven by institutional interest and strategic airdrops, positions it well for future growth. As the regulatory environment adapts, VanEck's proactive approach could pay off, making SOL one of the next big names in crypto ETFs.
The Zeta (ZEX) airdrop is generating significant buzz, with the $ZEX token poised to become a central element of the Zeta ecosystem. As one of the most established DeFi protocols on Solana, Zeta has built a strong reputation and is now preparing to launch its governance token. In this guide, we will delve into all aspects of Zeta and the $ZEX token, including eligibility, participation, and the airdrop claiming process. Quick Take Zeta Markets, a prominent Solana-based DEX with a focus on perpetual futures, has announced its ongoing ZEX airdrop starting June 27 until July 25, 2024. The project’s native token $ZEX will serve as a governance and growth token within the Zeta ecosystem. Eligibility for the $ZEX airdrop is based on participation in Zeta's point program, where users accrue points. Introduction to Zeta and $ZEX Token Zeta is a decentralized exchange specializing in perpetual futures on the Solana blockchain. Known for its speed and user experience comparable to centralized exchanges, Zeta aims to revolutionize the DeFi landscape by providing a seamless trading platform. At the time of writing, Zeta has a total value locked (TVL) of over $17 million. Zeta DEX TVL | Source: DefiLlama The $ZEX token will play a crucial role in Zeta’s ecosystem, serving as a governance token and incentivizing user participation and platform growth. All About the Zeta (ZEX) Airdrop The $ZEX airdrop is set to distribute a portion of the total token supply to active users and contributors within the Zeta ecosystem starting June 27 till July 25, 2024 . The airdrop compaign aims to reward the community and enhance engagement, aligning with Zeta’s decentralized governance model. Who Is Eligible for the $ZEX Airdrop? Eligibility for the $ZEX airdrop is determined by participation in Zeta's point program across multiple seasons. The more points a user generates, the higher their $ZEX allocation will be. Points are accrued through trading volume, PnL multipliers, activities, referrals, and holding Zeta NFTs. Currently, users are in Z-Score Season 2, where both maker and taker volumes contribute to their scores. How to Participate in the Zeta Airdrop To participate in the Zeta airdrop, you must be active within the Zeta ecosystem and generate points through various activities. Here's a step-by-step guide to participating in the $ZEX token airdrop campaign: Step 1: Visit the Claim Site and Check Eligibility Go to Zeta's token claim page. Enter your Zeta address to verify eligibility. Source: Zeta Markets Docs Step 2: Connect Wallet and Accept Terms Use your preferred Solana wallet, such as Phantom, to connect to the interface. Agree to the airdrop terms and conditions. Step 3: Choose Your Claim Method Decide between Immediate Claim or Diamond Hand Claim. Source: Zeta Markets Docs Step 4: Claim $ZEX Tokens Approve the transaction and wait for the tokens to arrive in your wallet. How to Claim Your $ZEX Allocation What Is Diamond Hand Claim? Source: Zeta Markets Docs The Diamond Hand Claim is for users committed to Zeta's long-term vision. By opting for this, users can claim all their allocations in full at TGE and stake them immediately. Benefits include qualification for the Staking Airdrop and immediate participation in governance with boosted incentives. What Is the Immediate Claim & 7-Day Bonus? Source: Zeta Markets Docs The Immediate Claim allows users to claim their airdrop at any time, including any unlocked portion of the 7-Day Bonus. As the bonus continues to unlock, users can claim larger allocations up to the maximum at the end of the 7-day period. Example Claim Immediately at TGE: User A can claim 1000 $ZEX with no 7-Day Bonus. Claim After 4 Days: User A can claim 1000 $ZEX plus 571 $ZEX from the 7-Day Bonus. Claim After 7 Days: User A can claim the full 2000 $ZEX (1000 $ZEX allocation + 1000 $ZEX 7-Day Bonus). What Is Zeta Staking Airdrop? Source: Zeta Markets Docs Staking $ZEX tokens is a key component of the Zeta ecosystem, rewarding long-term commitment and governance participation. The staking airdrop, representing 2% of the total supply, is designed to incentivize users who stake their tokens within the first epoch after the Token Generation Event (TGE), ending on July 25th at 09:59 UTC. The staking airdrop will be allocated based on a user's average governance score, gZEX, over the epoch. The longer and more tokens a user stakes, the higher their gZEX score will be. This airdrop will occur 28 days after the TGE and will be in the form of ZEX staked as gZEX for 90 days. Why Stake on Zeta DEX? Staking helps establish governance mechanisms and aligns key users with the protocol by rewarding their participation with incentives. As Zeta migrates to Zeta X and transitions to its own Layer 2, governance will become increasingly important, influencing parameters like transaction fees, validator rewards, market listings, and incentive emissions. When to Claim Zeta (ZEX) Airdrop The staking airdrop will be distributed on July 25th, at the end of the Genesis Epoch. It will be distributed as gZEX staked for 90 days, converting to liquid ZEX over this period. A user's average gZEX is sampled daily, and those staking later in the epoch will earn a lower share of the airdrop due to lower average gZEX scores. Zeta Airdrop Challenges and Precautions High demand during the airdrop could lead to network congestion and delays. Users should be cautious of imitation sites and phishing scams. Always verify links and avoid responding to unsolicited messages regarding the airdrop. Conclusion The Zeta airdrop is a significant event in the Solana DeFi space, offering rewards to early adopters and contributors. By participating in the airdrop, users can support Zeta’s growth and engage in its decentralized governance. Stay tuned for more updates on the airdrop timeline and how to maximize your $ZEX allocation. FAQs on Zeta Airdrop 1. How do I check if I'm eligible for the Zeta airdrop? Visit the official Zeta airdrop claim page and enter your Zeta address to verify eligibility. 2. What issues might users face during the Zeta airdrop? Users might experience network congestion and delays. Ensure you are following the correct steps and use only official links. 3. What should I do if I face issues while claiming my $ZEX tokens? Follow the steps on the claim site carefully. For persistent issues, contact Zeta’s support through official channels. 4. Can I sell my $ZEX tokens immediately after claiming them? Yes, but consider the market conditions and potential benefits of holding or staking the tokens. 5. What are the benefits of holding $ZEX tokens? Holding $ZEX tokens allows participation in governance, potential rewards from staking, and supports the growth of the Zeta ecosystem.
Solana has always been at the forefront of blockchain innovation. Recently, it has taken a giant leap by introducing 'Blinks' and 'Actions,' two groundbreaking features designed to integrate blockchain transactions directly into popular social media platforms and websites, according to a report from CoinDesk. This new development aims to make crypto trading more accessible and user-friendly. Quick Take 'Blinks' and 'Actions' integrate blockchain transactions into social media and websites. These new features make memecoins and crypto trading more accessible. Users can trade directly from posts on platforms like X and Reddit. Phantom and Backpack will support these features immediately. What Are Solana ‘Blinks' and 'Actions'? 'Blinks' (a blend of 'blockchain' and 'link') and 'Actions' are designed to allow users to perform on-chain transactions directly from the websites and social platforms they use daily. Developed in collaboration with Dialect, these features are set to revolutionize how we interact with blockchain technology. One of the main barriers to mainstream adoption of blockchain technology has been accessibility. Complicated wallet software and hard-to-navigate trading platforms have deterred newcomers. Solana's 'Blinks' and 'Actions' aim to address this issue by enabling seamless integration of blockchain transactions into everyday platforms. How Do ‘Blinks’ and ‘Actions’ Work on Solana? According to the Solana Foundation, 'Actions' enable users to execute transactions across various platforms, including websites, social media, and even physical QR codes. This integration simplifies the process for developers to embed Solana's capabilities into their applications. Wallets like Phantom and Backpack will support these features from the start, and other platforms can integrate them following Solana's developer documentation. Read more: How to Create a Phantom Wallet for the Solana Ecosystem Social Media Integration According to a CoinDesk report, the integration of 'Actions' into social media is a game-changer. For instance, users can embed an 'Action' into a post on X (formerly Twitter), allowing followers to initiate transactions directly from the post. This could range from buying NFTs, tipping creators, to staking and swapping tokens. Chris Osborn, founder of Dialect, emphasizes the potential: "From your X feed, you can buy an NFT, tip a creator, receive money, vote, stake, swap, and so much more." Ensuring Security To ensure user safety, Solana has implemented a comprehensive security roadmap. Users can enable wallet support for 'Actions' and 'Blinks', which function similarly to connecting a wallet to decentralized applications (dApps). Initial transactions will prompt a standard "connect to site" prompt, and trusted domains will be whitelisted. Web2 Integration: Solana vs. Base Solana's approach with 'Blinks' and 'Actions' is not entirely unique. Platforms like Farcaster on Coinbase's Base blockchain offer similar functionalities, enabling users to embed direct links to blockchain assets in their posts. However, Solana's technology differentiates itself by plugging into existing Web2 social apps rather than creating standalone Web3 apps. The potential for 'Actions' goes beyond social media. As Jon Wong, head of ecosystem engineering at the Solana Foundation, notes, this technology could disrupt how the web functions at its core. The goal is to make any website or application a distribution point for on-chain interactions. Osborn is optimistic: "Delivering these actions into feeds like X, Reddit, maybe Discord soon – these other platforms where people want to have these Actions experiences – is just the beginning." Read more: Solana vs. Ethereum: Which Is Better in 2024? Memecoins Propel Solana Ecosystem’s Growth Solana has become the epicenter of the latest memecoin frenzy. From tokens inspired by internet memes to political figures, memecoins have taken the crypto world by storm. Notable mentions include Iggy Azalea's 'Mother' token ($MOTHER) and 'dogwifhat' ($WIF), which have seen significant market caps. Despite some skepticism, memecoins are pushing blockchains further into the mainstream. SOL/USDT price chart | Source: KuCoin According to Pantera Capital, Solana recorded over 60% of the new volume in decentralized exchanges in May 2024. This surge is a testament to Solana's growing strength in retail usage driven by memecoin activity. Read more: Top Solana Memecoins to Watch in 2024 Conclusion Solana's introduction of 'Blinks' and 'Actions' marks a pivotal moment in blockchain technology, making it more accessible and integrated into everyday digital experiences. By addressing the accessibility challenges and enhancing security, Solana is paving the way for the mainstream adoption of blockchain technology.
