Analysts are bullish on a Solana price rally as they spot a bullish indicator in the Ethereum-killer’s chart. Researchers at CyberCapital, Europe’s oldest cryptocurrency fund have called out Solana for its deceptive design and falsely inflated usage.
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Justin Bons, Founder and CIO of CyberCapital criticized Ethereum-killer Solana for its record downtime, failures, hacks and scandals. Bons shared his views on the Solana network in a long Twitter post on October 3.
The CyberCapital executive believes there was blatant fraud in the origin of Solana and false statements have been made with regard to the circulating supply of SOL.
1/25) Solana has been marred in controversy since its founding
With frequent downtime, failures, hacks & scandals!
This is why I have put together a short & incomplete history of SOL's skeletons
Working our way down a colorful history of lies, fraud & dangerous trade-offs:
Solana’s most recent network outage is an example of the chain’s centralization. To resolve the outage and the node that created an invalid block, developers made a decision to restart the cluster. According to Bons, this is indicative of centralization in Solana.
Bons commented on how a majority of Solana’s Total Value Locked (TVL) was fake, saying that it was an “open secret” this was the case within the Solana ecosystem. 70% of Solana’s TVL, $10 billion at its peak, was falsified by developers, Bons claims.
Despite these criticisms some analysts remain upbeat about the future of SOL price. Tradinglord, a pseudonymous crypto analyst and trader evaluated the Solana price trend and identified a bullish indicator – Bollinger bands in a squeeze. This usually happens prior to a sudden rise in volatility. The analyst believes Solana price is ready for a massive rally.
SOL/USD price chart
Tradinglord considers this indicative of an upcoming God candle, the largest candle on a crypto trading chart that arises as a result of unforeseen events. Solana has yielded 7.5% gains for holders in the past week.
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Binance.US, the subsidiary of Binance.com in the US, has laid off a significant number of its personnel, only weeks after the parent company also lost its high-ranking officers to layoffs and resignations.
Optimism price bounced back over the past day after noting a two-month low. The altcoin is exhibiting bullish signals. However, its bullish bias might face some resistance if the short-term investors decide to exit to prevent any potential losses going forward.
Stellar (XLM) token has indicated strong volatility over the last few months, with the price action consolidating within a triangle pattern. As the technical formation fills up, XLM is likely to break below from a technical standpoint, despite social metrics indicating growing popularity.
Crypto exchange CoinEx fell victim to cybercrime earlier in the day as perpetrators managed to steal millions of dollars worth of crypto assets. While the exchange reassured 100% compensation, users did not hold back from accusing the exchange of rug pull despite CoinEx providing proof-of-reserves.
Bitcoin price slipped into consolidation after the end-of-the-month shenanigans in August. This rangebound movement seems to persist, as BTC saw a minor uptick to $26,451 in the late US session on Thursday.
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