The global crypto market wears a more positive outlook, reclaiming the $1.11 trillion market cap with a 1.64% increase today. Bitcoin’s resurgence could be behind this global market cap standings increase.
BTC trades at $26,397 within the same timeframe, with a 2.0% increase in its price in the last 24 hours.
The positive outlook suggests that the bearish phase might end as the market prepares for another positive cycle. Today’s top gainers benefit from optimism within their community and the generally positive sentiment.
Solana (SOL) – The Home of DApp and DeFi Development
SOL’s Price at 9:04 am, with a 5.3% increase in the last 24 hours. However, it is down by 6% in the last seven days.
On August 23, Solana Developers announced the integration of Solana Pay with Shopify, empowering millions of entrepreneurs and merchants on Shopify to process Web3 payments with speed and no transaction fees till the end of 2023.
1/ 🛍️Shopify 🤝Solana Pay
Today, Solana Pay integrates with @Shopify, empowering the millions of entrepreneurs and merchants on Shopify to accept fast, web3 native payments with no transaction fees through the end of 2023. https://t.co/q63KeBllXB
Learn more 👇 pic.twitter.com/QEb1LzqS51
— Solana (@solana) August 23, 2023
Solana Pay is decentralized and enables fast and hitch-free payments without an intermediary. This integration is likely contributing to SOL’s price gains today.
2/ Solana Pay, a decentralized, open-source, peer-to-peer payments protocol built on Solana by Solana Labs, is now available to millions of businesses as an approved app integration with Shopify, the leading global ecommerce company. https://t.co/opiA8taKNu
— Solana (@solana) August 23, 2023
Also, Brave announced Solana NFT integrations, Phantom launched Sign In with Solana, and the Solana Foundation launched Only Possible On Solana this week, making it a busy week for the blockchain.
Membrane Finance followed suit, bringing the first Euro Stablecoin to Solana along with card payments.
Membrane Finance brings the first euro stablecoin to Solana – along with card payments!
— EUROe (@EUROemoney) August 23, 2023
SOL is Facing Resistance At $25
SOL is trading above the $21.3 support level after the bears at the $25.1 resistance level forced a decline from August 15-18. Despite its gains today, SOL is below its 50-day Simple Moving Average (SMA), suggesting a bearish price outlook in the short term.
The Relative Strength Index (RSI) indicator moves sideways at 42.49, showing price neutrality. It implies traders are still cautious to push a rally for the asset, leading to a sideways trend.
Although the Moving Average Convergence/Divergence is below its signal line, the fading Histogram bars show that the market sentiment is shifting to favor the buyers.
Also, SOL trades above the 200-day SMA, hinting at a long-term rally for the asset. SOL will likely continue in a sideway trend till it rallies to touch the $25.1 resistance level again in the coming weeks.
Frax Share (FXS) – The Algorithmic Stablecoin Ecosystem
FXS price is $5.99, after a 3.4% increase in the last 24 hours. Despite the gains today, it lost 5.4% of its price gains in the last seven days.
Frax Finance shared a post on the Barbell Strategy with their community. It is a strategy where investors divide their portfolios between two market extremes, low-risk and high-risk high-reward assets.
According to the post, the ratio is not always 50:50 but divided according to an individual’s risk tolerance and financial goals.
It isn’t always 50/50; it’s adjusted based on an individual’s risk tolerance and financial objectives ⚖️
The strategy posits that while the low-risk end provides stability, the high-risk end offers growth opportunities that can compensate for the modest returns of safer assets pic.twitter.com/rjUfOcTTke
— FlywheelDeFi.eth (@FlywheelDeFi) August 22, 2023
Frax Finance noted that it was previously ineffective to use this strategy on a blockchain; hence, they developed a way to execute it. This new financial option will likely attract more investors to the ecosystem and boost the value of FXS eventually.
FXS Preparing for Rally
FXS attempts to break into the upper region of the Donchian Channel (DC). However, it faces resistance at $6.12. FXS found support at $5.64, preventing further decline for the asset.
Its RSI value is 47.33 in the neutral zone, with the indicator moving sideways, indicating that the bulls and the bears are evenly matched.
The MACD is below the signal line, expressing a fading bearish sentiment as the Histogram bars fade from red and signal a possible recovery for the asset. If FXS breaks above the $6.12 resistance level, it will likely move into an uptrend.
ImmutableX (IMX) – The Ethereum Layer 2 Scaling Solution
IMX is up by 7.2% today, and its price is $0.79. Also, IMX Shed 6.1% of its gains in the last seven days. Infinite Victory, a gaming hub, announced a new partnership with Immutable X to create a fun gaming experience for users relying on Web3 technology.
We’re thrilled to announce our partnership with @Immutable!
Together, we’re taking Infinite Victory to the All-Star Game 🏀
Why? Keep reading to find out! 👇 pic.twitter.com/pUOM9AEiCf
— Infinite Victory (@Infinit3Victory) August 23, 2023
With Web3 integration, users can contribute to the games, making them unique and driving more community engagement. This integration will be one of the multiple partnerships Immutable X enjoys, likely boosting IMX’s value.
Also, the Immutable Zero Knowledge EVM test net went live on August 21, granting users access to features such as deposit and withdrawal bridges and advanced minting tools, among others.
Immutable X’s status as a top gaming ecosystem positions it to benefit from the surge in Web3 gaming activities worldwide. Its gaming partnerships will likely boost the utility of IMX tokens and their value.
Bollinger Bands Hint at An Uptrend
IMX approaches the upper band of the Bollinger Bands (BB) as the bulls continue to force a trend shift today.
The large red candle formed today shows that the bulls are driving the price gains today despite resistance from the bears. IMX found support at $0.55, a price pivot to send it above the $0.79 resistance level today.
The RSI indicator value is 43.52 in the neutral zone, indicating price volatility and uncertainty for the asset. Also, the MACD is below its signal line, showing the presence of sellers.
However, the fading Histogram bars suggest a recovery phase ahead for IMX.
Also, the Bollinger Bands confirm this positive sentiment, expanding to indicate further price gains ahead for the asset. IMX will likely rally in the coming days if the bulls sustain their charge to break above the $0.79 resistance.
Traders should watch out for the closing position of today’s candle for confirmation and apply trailing stop loss techniques for open positions.
Sonic Coin (SONIK) – The Fast Memecoin Project Speeding To Success
Sonik Coin is the fastest growing memecoin presale, aiming to reach a $100 million market cap in record time. This project relies on the strength of its community to pursue its dreams of soaring to the moon. Sonik Coin is a memecoin with a difference.
Its total supply is capped at approximately 299.7 billion tokens, with 50% dedicated to the presale, 40% for staking, and 10% for liquidity. This project has no affiliations with Sonic the Hedgehog or Sega games and is unique in its own right.
Roadmap for The Sonik Coin Speed Run
According to the developers, the first stage of their roadmap covers token staking and development and Sonik Meme creation. Memes are the heartbeat of this ecosystem, providing a fun way for community members to interact. Also, the presales are included in the first stage.
Stage two covers the Sonik staking launch, marketing campaign deployment, and the Sonik Boom Sellout, where the presales conclude.
Finally, stage three will focus on community building and distribution of staking rewards for early investors. Also, the race to a market cap of $100 million begins.
Interestingly, meme coins like HarryPotterObamaPacMan8Inu achieved a market cap of $200 million in less than 100 days, indicating the massive interest in the crypto community for meme coins.
Sonik Staking A Testament to Long-Term Value
Sonik Coin allows users to stake their $SONIK tokens to receive rewards. 40% of the total supply is dedicated to staking rewards and will be distributed to stakers over four years.
The gradual release of staking rewards prevents inflation and a loss of value. Over 14.68 billion tokens are currently staked, showing rising interest from the crypto community in the project.
The APY is 163% and will reduce as more users stake their tokens.
The distribution of staking rewards depends on a user’s percentage stake in a staking pool and the APY at the time.
This buy and stake feature will preserve the long-term value of SONIK tokens and discourage users from dumping them immediately after listing since they anticipate greater rewards.
$SONIK presale is progressing rapidly due to rising investor interest in the token. Over $415,000 has been raised from the presale goal of $2.09 million. Investors must act fast as the presale has just 11 days left and might sell out before then.
To purchase $SONIK, connect a secure crypto wallet such as Trust Wallet or Meta mask and connect your wallet to the presale page.
Users can purchase SONIK tokens with ETH or USDT with the price range of $0.000014, offering investors the best opportunity to accumulate the tokens before a potential price surge.
Crypto Analyst and Vlogger Micheal Wrubel describes SONIK as his next $1 million memecoin cryptocurrency in a YouTube video. The review by the popular analyst with over 300 thousand subscribers shows the extensive reach of Sonik Coin in the crypto space.
Wall Street Memes (WSM) – The Retail Traders Revolution
Wall Street Memes is a top gainer when measured by adoption, the amount raised in presale, the amount of token staked, and increased community.
Amid ongoing market shifts, cautious traders are racing to join the project’s presale before it concludes in the next 33 days and is listed on the highly anticipated tier 1 cryptocurrency exchanges.
Wall Street Memes has become a unique meme coin with the hottest presale in 2023, amassing $25+ million in the crypto fundraising campaign.
Supported by a massive community across its social media networks, Wall Street Memes is poised for substantial growth upon its CEX launch, thanks to the excitement building up already.
WSM Explosive Factors
The Wall Street Memes community has reached one million members in a remarkable display of rapid expansion. This huge number shows massive backup for the project, and by its time of launch, it’s likely to skyrocket in a short time.
Also, its presale success solidifies its position as the leading meme coin presale this year. This level of achievement is uncommon for new meme coin projects preparing to enter the decentralized exchange (DEX) market.
Investors’ attention toward this project has positioned it as a prime contender for the largest coin CEX launch in the third quarter of 2023.
Drawing inspiration from the Wall Street Bets movement that challenged traditional finance, $WSM aims to translate the powerful sentiment of the Wall Street Bets community into a tangible asset.
Its objective goes beyond tokenizing the anti-bank narrative; it seeks to redefine the perception of digital value.
What has particularly drawn investors is the accessible price point of $0.0337 per token, which has attracted a substantial number of early backers.
Moreover, the built-in +30% bonus for presale investors during the initial listing suggests the potential for lucrative returns.
Whale Activity Records $1 Million Purchase of WSM Amid Its Presale Hype
The Wall Street Memes presale generated excitement when a crypto whale invested $1 million in early August. This unidentified whale address executed five transactions within six minutes, acquiring $WSM tokens worth 460 ETH.
An additional 93 ETH had been invested by the same wallet two weeks prior, amounting to a $1 million investment in $WSM. These substantial purchases signify the crypto whale’s confidence in the project’s investment potential.
Adhering to its anti-bank principles, $WSM will allocate 30% of its token supply to community rewards, with an additional 20% dedicated to liquidity and 50% available in the presale, fostering a democratic approach.
This approach has fueled explosive growth on social media, attracting over one million followers to the Wall Street Memes community.
This remarkable community expansion could incentivize major CEX listings, including Gate.io, and drive the $WSM token toward a significant upward trajectory.
Benefiting from the successful Wall Street Bets NFT collection, Wall Street Memes has continued to thrive since its initial introduction, capturing the essence of the historical moment when it first emerged.
Also, a YouTube review by Up Next Crypto, with over 450,000 subscribers, shows the massive attention the project enjoys.
Crypto trading could be exciting and challenging, especially for new investors who need prior knowledge. However, the market experiences different cycles of accumulation and profit, making prices vary, and the environment is highly volatile.
While investors often profit from volatile markets, applying proper risk management techniques and conducting extensive research is advisable. Also, presales allow investors to grab the next 10x cryptocurrency before a price surge.
Judging from the success of meme coins in 2023, users can purchase presale tokens to diversify their trading portfolio.