SOL With the introduction of Solana Seeker Mobile providing support, the price increased by 5.97% and remained over the critical support criteria.
The Layer-1 blockchain Solana’s native coin, SOL, has increased by 6% in the past day due to a significant announcement about Solana Mobile 2.0. The SOL price thus shifted closer to $140 once more. Along with additional AI functions, this Solana Seeker Web3 mobile gadget has an upgraded and safe vault facility.
SOL price shoots amid major announcement
Presently, the SOL price is 5.97% higher at $138.8, with a $65 billion market capitalization. As far as we are aware, the Solana Price has been around $150 throughout the last five months as the Tron blockchain network replaces the Layer-1 blockchain as the epicenter of meme currency fever fades.
The market is now seeing a great deal of FUD over Solana’s economic structure, which has caused considerable selling pressure on the SOL coin. Additionally, according to some reports, Solana would be the next Terra LUNA. However, Justin Bons, the CIO and founder of Cyber Capital, denounced this scare tactics, labeling these worries as unfounded and inflated.
The SOL price is now trading at significant support levels, which might trigger a significant drop. Well-known trader Peter Brandt offered his assessment of Solana along with a warning: if the support level breaks, a wider rectangle consolidation pattern will finish and the price of SOL may drop to $80.
Observation about $SOL
In an area of support. If support gives way, then large rectangle will complete and point toward $80 and change pic.twitter.com/66L6We7ewZ— Peter Brandt (@PeterLBrandt) September 18, 2024
Solana seeker mobile 2.0 – What it offers?
Solana Mobile made a recent statement earlier today announcing the release of the Solana Seeker Mobile 2.0, a Web3 mobile device of the next generation. This new phone offers a lighter, brighter design, better camera, longer battery life, and an affordable pricing. It also seamlessly blends hardware and software.
Along with the new Seed Vault Wallet, which was created in collaboration with Solflare Wallet, comes the Solana Seeker Mobile. Double-tap transactions, safe self-custody, and an easy-to-use interface are among the characteristics of this wallet designed primarily for mobile devices.
Additionally, Solana modified its Mobile dApp Store to provide better mobile tracking and user navigation. Seeker is a mobile device that offers unique web3 experiences, such as games, payments, NFTs, and DeFi. It also includes the Seeker Genesis Token, which gives VIP access to prizes and content inside the Solana ecosystem. The community is interested in seeing how the Seeker token could affect the price of SOL in the future.
Builders may take advantage of the rising interest in the Solana community by connecting to dApps, DeFi, and more through the Solana Seeker Mobile. With the launch of ZK Compression, Solana also just revealed a significant improvement for the Solana development community.
With tokenized AI agents engaging on-chain to provide new engagement opportunities, Seeker further expands Solana’s AI integration. Additionally, users may make money by utilizing DePIN applications like Helium Mobile, which offers chances for network mapping and exclusive coverage.
Bitget partners with LaLiga, Coinciding with six years of global expansion
Bitget, a well-known cryptocurrency exchange worldwide, said on September 19th that it has just partnered with LaLiga, the biggest professional football league in Spain. The goal of this partnership is to increase the uptake of cryptocurrencies in important areas including Southeast Asia, Eastern Europe, and Latin America.
For Bitget, the alliance comes at a pivotal moment. The exchange is presently commemorating its sixth anniversary, which represents another turning point in its development and international expansion.
From Messi to LaLiga: Bitget’s expanding role in football
A notable aspect of the relationship is the shared emphasis on utilizing blockchain technologies. LaLiga has demonstrated its dedication to remaining at the vanguard of digital change by exploring technologies like as artificial intelligence, virtual reality, and the metaverse.
Gracy Chen, the CEO of Bitget, spoke enthusiastically about the collaboration at a TOKEN2049 side event in Singapore. She underlined how Bitget’s dedication to innovation and LaLiga’s worldwide reach and impact in sports are matched by the partnership.
“Partnering with LaLiga allows us to connect with millions of football fans in emerging markets, fostering crypto adoption and making digital finance more accessible,” said Chen.
This collaboration marks Bitget’s return to the football market. The exchange teamed up with triple Ballon d’Or winner and Argentine football legend Lionel Messi in 2022.
The partnership placed a strong emphasis on informing people about digital assets. Together, they made sure that users would be equipped with the knowledge and skills necessary to interact safely and successfully with the technology.
The relationship between Bitget and LaLiga is indicative of the increasing interest in the nexus between sports and cryptocurrency. A Doors3 study found that 75% of sports fans wanted more exclusive and customized experiences, which digital assets like NFTs and fan tokens can deliver. Additionally, 78% of fans are open to more immersive experiences that blockchain technology may make possible, such virtual interactions with clubs or access to unique digital material.
In fact, blockchain technology in sports opens up new avenues for interaction. For example, fan tokens give supporters a vote in small club decisions or provide them access to unique items, which helps them feel more connected to their favorite teams.
However, NFTs can grant fans ownership of exclusive digital content associated with their preferred clubs or players. These technological advancements change the way sports spectators engage with the game and give them a greater sense of engagement.
The convergence of cryptocurrency and sports has a lot of potential, but it also brings up some inherent hazards. The UK House of Commons Culture, Media, and Sport Committee expressed concerns in an October 2023 report over the volatility of cryptocurrency assets. The potential financial harm that sports fans may incur from these assets was also mentioned in the study.
Therefore, considering the financial risks involved, the agency suggested that any future sports legislation not include the usage of fan tokens as a gauge of fan engagement.
Fed rate cut may be politically motivated, will increase inflation — Arthur Hayes
According to the former head of BitMEX, Kamala Harris, a presidential contender, has benefited from actions taken by the Fed.
The latest rate decrease by the US Federal Reserve, according to co-founder of BitMEX Arthur Hayes, was probably motivated by politics and might have an effect on markets and inflation.
Speaking on September 18 at Token2049 in Singapore, Hayes discussed his observations on the Fed’s latest move and speculated that it may be a part of an attempt to strengthen support for the Democratic Party:
“I have a macro view that Jerome Powell [Federal Reserve chair] and Janet Yellen [Treasury secretary] want to juice financial markets to help Kamala Harris win the election.”
The US Federal Reserve lowered interest rates by 50 basis points on September 18, a move that was highly anticipated by experts and investors.
According to Hayes, this may have a big impact on the conventional and cryptocurrency markets, as well as possible long-term repercussions for inflation and financial stability.
He drew attention to a discrepancy between the rate reduction and the state of the US economy, pointing out that while unemployment is still low by historical standards, the US economy is seeing robust GDP growth.
He contended that government borrowing costs should be reduced in order to allay worries about careless spending:
“I believe that they’re trying to get markets to go even higher, to make people feel even wealthier as they go into the ballot box in November, and inflation is going to accelerate after this point.”
He commented, “I think it’s calm before the storm,” regarding the cryptocurrency market’s response to the reduction, which saw a 4% increase, and foresaw a delayed response that would come after the regular financial markets shut on Friday.
“What seems to happen is you get the initial reaction and then the real reaction is going into the close on Friday for TradFi markets, and then crypto follows up either up or down over the weekend.”
Since the Fed’s pronouncement, the cryptocurrency markets have increased by $100 billion. Early trading on September 19 saw Bitcoin (BTC) recover its three-week high of $62,500.
Hayes stated in a Sept. 19 X post that all eyes are now on the Bank of Japan, which is expected to decide on interest rates on Friday, Sept. 20. He stated that a stronger Bitcoin will follow a lower Japanese yen.
But in the short run, he warned, the yen’s rise and the unwinding of yen carry bets may put pressure on the price of Bitcoin and other assets.
The Fed cut, now all eyes are on BOJ meeting decision due this Friday.
Watch USDJPY like a hawk.
In the very short term:
$JPY weak = $BTC strong $JPY strong = $BTC weak
— Arthur Hayes (@CryptoHayes) September 19, 2024
In the meanwhile, Hayes criticized the Fed for lowering rates in the face of rising US dollar issuance and rising government expenditure, calling it a “colossal mistake” in a keynote address at the Singapore crypto convention.
Hayes stated earlier in September that rate reductions won’t benefit cryptocurrencies as money is moving from US Treasury notes to reverse repos with greater yields.
A recent prediction of his that saw Bitcoin plummet below $50,000 never came to pass. After closing and making money on a short trade, Hayes made a prediction about a Bitcoin rise a few days later.
