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By Alessia Pannone – 10 May 2023
What is the general trend and sentiment in the crypto market and how are the prices of the Floki Inu (FLOKI), PancakeSwap (CAKE) and Solana (SOL) coins performing?
Below is an overview with all the details and the latest news.
Summary
As a reminder, Floki Inu (FLOKI) is a memecoin launched in August 2021, inspired by Elon Musk’s dog, thanks to which it has attracted a lot of attention in the blockchain sector.
PancakeSwap, on the other hand, is a decentralised exchange (DEX) that operates according to the AMM (Automatic Market Maker) model. This allows its users to exchange tokens in a completely decentralised manner, as pools of liquidity are generated to make this possible.
Finally, Solana, whose native crypto is SOL, is a public, open-source and decentralised blockchain platform that achieves consensus by using a proof-of-stake algorithm together with a novel algorithm called proof-of-history.
As we know, after the recent addition of zero commission trading on the cryptocurrency exchange Binance, the price of FLOKI showed a huge jump, although it did not last long.
Previously, in addition to FLOKI, Binance also listed another memecoin, PEPE, in its innovation zone.
Logically, the addition of these coins came as a result of renewed demand for the memecoin category in the cryptocurrency market.
Following the recent demand after the Binance listing, the price of Floki Inu has a chance to break through the $0.0000685 neckline resistance, according to CoinGape’s price analysis.
On the other hand, Pepe Coin also showed some correction after its sudden spike with the Binance price. Furthermore, the developers of Floki Inu stated that they want to develop a three-pronged solution file to expand its reach in the cryptocurrency market.
The new project with this objective, the game ‘Valhalla Play To Earn’, is expected to be released on the mainnet by the end of this year and will allow users to earn money by playing Web3 games.
In addition, memecoin is also focusing on the Decentralised Finance (DeFi) game, specifically on creating useful DeFi solutions.
In addition, Floki University’s cryptocurrency education platform nurtures new entrants with teachings on the cryptocurrency market.
More importantly, all three of these offerings are powered by the $FLOKI token, which could potentially unlock new sources of liquidity.
The last three weeks have been very difficult for PancakeSwap (CAKE) holders, as the value of the crypto has plummeted to February 2021 levels.
In fact, what started as a seemingly innocent pullback has turned into a major drawdown.
At this point, the CEO of PancakeSwap has issued a statement explaining the situation and offering his thoughts on what has happened to the CAKE ecosystem.
Specifically, his statement said that CAKE’s recent performance was a reflection of changes to its tokenomics.
In fact, changes to the platform’s inflation model were necessary for the CAKE syrup pool to ensure sustainability, according to the release:
1/12 As the Head Chef of PancakeSwap, I understand that changes in tokenomics can be a delicate topic for our community. However, I want to assure you that our recent changes were made with careful consideration and for the long-term benefit of PancakeSwap and our users in mind.
In any case, as far as the price is concerned, there is a high probability that CAKE will experience a bullish spike in the coming days, which is reflected in several parameters.
For example, the number of transactions has been relatively low for the past three weeks, but spiked on the 8th.
CAKE has also gained 3.61% over the past 24 hours, although it is still down more than 50% from its April high.
Currently, CAKE is still very oversold at $1.91. This means that there is significant upside potential, but its ability to make a strong recovery will depend on its ability to secure solid demand.
After months of a remarkable rally, the Solana (SOL) crypto has made several unsuccessful attempts to extend its bullish move above a controversial $27 resistance level.
As a result, momentum has stalled as the price has fluctuated around a critical level for over a week, compressing the asset with unstable price action.
In between, the $22 level is currently providing temporary support, having established a solid level at $20 in April. These support levels are also held by a four-month trend line.
It is important to note that the price action has reached a breakpoint on the ascending triangle. In fact, we can see that the price action around the apex of the triangle has been accompanied by a contraction, which could lead to an expansion at any moment.
So, if SOL expands lower and reverses the rising trend line, we can expect a retest of the March low, which has been tested by some top altcoins in recent weeks.
On the other hand, an upward expansion could lead to a retest of the aforementioned controversial resistance.
Graduated in communication sciences, currently student of the master’s degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.
Stefania Stimolo – 16 Aug 2023
Reporting the future.
The latest news about Bitcoin, ICO, trading, blockchain and fintech.
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