Crypto Push

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​XRP retests support zone: Bulls can look to book profits here Ripple [XRP] saw some volatility in the price charts in the past two weeks. A breakout past $0.412 was reversed rapidly, but the region of support at $0.39 has been defended thus far. The price consolidated beneath the $0.412 range highs. During this consolidation, the price formed another lower timeframe range. Meanwhile, Bitcoin [BTC] has a bullish bias so long as it trades above the $22.3k area. What can be expected from XRP on the charts this week? A 12-hour bullish order block was retested: Can buyers expect a strong reaction The price has made equal highs and equal lows in the past week. XRP ranged from $0.39 to $0.416 since 30 January. In this period, the OBV slipped downward to show sellers were dominant. The RSI attempted to climb above the 60 mark, but was beaten back. At press time, it stood at 40 to show bearish momentum. In the daily timeframe, the market structure was bullish. This bias would flip to bearish if a daily trading session closed below the $0.386 mark. To add further confluence to this bullish bias, the area marked in cyan is a 12-hour bullish order block. Near-term bulls can look to buy XRP just above the $0.39 level and book a profit on the retest of the resistance at $0.41. Breakout traders can wait for a move above $0.42 and a subsequent bullish retest to buy. Similarly, sellers can wait for a descent below $0.38 and a bearish retest to enter short positions targeting the mid-range mark at $0.373. Open Interest sees a small dip as prices flattened The Open Interest chart showed OI has fallen since January 24. In this period, XRP faced rejection at $0.426 and could not break above $0.416 in the past few days. The inference is that bullish sentiment was weakening. A breakout past $0.42 alongside a surge in OI will probably show strong bullish momentum. The funding rate data showed positive rates across major exchanges. This meant that long positions paid the short sellers, hinting at a bullish outlook.

​Algorand (ALGO) Price Prediction 2025-2030: ALGO witnesses new high, could rally 25% The price of Algorand (ALGO) was largely stagnant over the last week, trading at $0.2688 at press time. ALGO rallied by 6% to a two-month high. The scalable blockchain token could further rally to an additional 25% if they meet certain market conditions. Although Algorand (ALGO) is intended to be a very effective proof-of-stake (PoS) blockchain, other networks like Ethereum (ETH), BNB Chain, and Solana [SOL] have been at the forefront of significant DeFi activity. The narrative surrounding the blockchain appears to be changing for the better based on the increase in Algorand’s DeFi TVL during the past week. Algorand has created a mark in traditional institutional circles, in addition to numerous initiatives for retail clients. Algorand oddly distinguishes between “blockchain” and “crypto.” The temporary CEO Sean Ford Sean says, “Those are two very distinct things. The focus is on developing blockchain applications that have the potential to influence society and change the world as a whole.” Compared to Ethereum, both systems employ proof-of-stake, smart contracts, and infrastructure to support the creation of other blockchain-based applications. The two, however, use various staking and rewarding strategies. Many of the projects supported by the Algorand blockchain are centered on decentralized finance, such as decentralized lending and trade. The Algorand blockchain also supports stablecoins and other cryptocurrencies. The Algorand Foundation is committed to ensuring that the open-source ecosystem, decentralized governance, and sound monetary supply economics of the Algorand blockchain contribute to realizing the worldwide potential of this technology. The anticipation of the forthcoming FIFA World Cup, which starts on November 20 and lasts through December 18, has been a major factor in the coin’s recent strong performance. Due to the fact that Algorand will be one of the event’s main sponsors, the excitement surrounding the World Cup has helped ALGO’s pricing. Apart from that, the cause of its winning run could be linked to its network’s most recent upgrade, which among other things greatly enhanced speed. However, the increases in coin values appear to be waning as the adverse market sentiment overpowered all of the positive development and anticipation for the next FIFA World Cup. Algorand (ALGO) is officially on the Cardano network, according to an announcement made by Cardano founder Charles Hoskinson in response to the Mikomedia A1 Rollup going live on Algorand. Algorand is a non-EVM chain with numerous more distinctive features, making it the ideal choice for one of the first rollups outside the Ethereum (ETH) ecosystem, according to the statement. The Layer-2 A1 rollup’s launch is significant for Cardano and Algorand since it will enable network connectivity between the two projects. Due to the distinct topologies of the two blockchain networks, this would not have been possible without the rollup. According to AlgoExplorer, there were 17.3 million accounts on Algorand as of the end of the previous year. The total number of accounts on the network climbed to 23.5 million by 10 March 2022. These figures have only risen over the last few months, and Algorand seems to be becoming more well-liked. Now, many people are wondering whether it is worthwhile to invest in ALGO. In 2021, the entire crypto market exploded, and ALGO suffered a similar fate. However, after a little while, it immediately went back to $1. ALGO saw some early signs of a robust comeback in February, reaching $ 1.67 before dropping once more. From February to April 2021, ALGO’s price fluctuated and occasionally fell, but it consistently stayed above $1 to provide a support level. ALGO’s price rose up until 2022, when it fell to $0.90 on 14 February. Then, it gradually grew once more, largely because of LimeWire, an NFT marketplace for music and entertainment. The token hit $0.80 on 21 March 2022, before skyrocketing to $0.97 on 2 April.

​Bitcoin [BTC]: A tale of how short traders caused a price rally in January In January 2023, Bitcoin [BTC] markets experienced their strongest monthly performance since October 2021, with a year-to-date (YTD) increase of over 43%. Glassnode, in a new report, found that this unexpected spike in value put BTC’s price at its highest level since August 2022, with a weekly increase of 6.6% from its low of $22,400. Whodunit: Unpacking the mystery of Bitcoin’s rally Glassnode reported that an increase in the number of short squeezes in the derivatives market was the main reason behind the recent surge in BTC’s price over the past month. The recent rally was driven by short squeezes in the derivatives market, with over $495 million in short futures contracts liquidated in three waves. The report noted that the cash and carry basis for perpetual swap and calendar futures were now in positive territory, indicating a return of positive sentiment and speculation in the market. Although the total Open Interest in BTC, in relation to its market capitalization, has declined since November 2022, and the leverage ratio has dropped from 40% to 25%, Glassnode opined that this represented a decrease in futures leverage and short-term speculative interests. Further, Glassnode found that as price rallied in the last month, new demand for the king coin slowed. According to the report, the total BTC balance held on exchanges has reached a multi-year low of 11.7% of the circulating supply. The daily inflow and outflow of coins from exchanges was balanced, with a net flow of $20 million, reflecting a slowdown in new demand. The largest monthly outflow of coins in history occurred from November to December 2022 but has returned to neutral, indicating a cooling down of outflows. The upward trend of BTC may come to a halt BTC’s movements on a daily chart suggested that its price might experience a drawback in the new trading month. As of this writing, the leading coin’s moving average convergence/divergence (MACD) indicator revealed that a new bear cycle had commenced. The MACD line had intersected the trend line in a downtrend, and BTC’s price fell to its 21 January level. Furthermore, the coin’s price and Chaikin Money Flow had moved in opposite directions in the past two weeks, creating a bearish divergence. This bearish divergence indicated that there might be a potential price fall in February, as the trend in the CMF suggested a decrease in buying pressure while the price continued to move upwards. This is a red flag for investors, as it may indicate that the upward trend in price is not supported by underlying demand. Lastly, BTC’s Money Flow Index (MFI) was 48.46 and was in a downtrend at press time, having breached the 50-neutral spot. This also showed that buying momentum had declined significantly in the BTC markets.

​OpenSea sees a spike in Ethereum-based NFT sales, thanks to these factors With Blue Chip non-fungible tokens (NFTs) collections at the forefront, the year has so far seen a resurgence of interest in profile-picture (PFP) NFTs. Ethereum-based NFT sales have soared to a four-month high on leading marketplace OpenSea, according to data from Dune Analytics. The monthly sales volume is expected to close the trading month at its highest level since August 2022. So far this month, the sales volume of Ethereum-minted NFTs on OpenSea has totaled $409 million. This represented a 21% increase from the $283 million logged as sales volume at the end of 2022. The recent increase in sales volume can be attributed to a surge in the number of Ethereum-based NFTs sold on the OpenSea marketplace. In addition to the surge in the sales volume and count of Ethereum-based NFTs on OpenSea, the marketplace itself has seen increased traction since the commencement of the 2023 trading year. Per data from DappRadar, in the last month, the transactions count on OpenSea grew by 9%. The growth in transactions count of the decentralized application (dApp) resulted in a rally in sales volume. In the last 30 days, sales volume on OpenSea grew by 62%. All of these happened, despite the 1.21% decline in the count of unique active wallets within the period under consideration. Ethereum is king In the NFT vertical of the crypto ecosystem, Ethereum-based NFTs have seen the most sales in the last month. According to data from CryptoSlam, NFTs sales from the Ethereum chain in the last 30 days totaled $745 million. Within this period, 207,719 buyers and 211, 813 sellers participated in 1.91 million sales transactions on the chain. What is the market saying? Blue Chip NFTs have grown in value since the year started. These NFTs are a subcategory of the broader NFT market that is of high quality and value. Examples include Bored Ape Yacht Club [BAYC], Mutant Ape Yacht Club [MAYC], Crypto Punks, and Meebits. According to NFTGo, the Blue Chip Index is calculated by weighing the market capitalization of Blue Chip NFT collections to determine their performance. So far this year, the Blue Chip Index has climbed by 6%. As for the general market, market capitalization and sales volume have gone up by 7% and 21%, respectively, in the past 28 days. In the last 28 days, 1.03 million Ethereum-minted NFTs have been sold on the leading NFT marketplace. According to data from Dune Analytics, this represented a two-month high in the sales count of Ethereum-based NFTs on OpenSea.

​Cardano presents trade opportunity at this price – should you take it Cardano [ADA] saw a break in structure and its momentum flipped to bearish after the selling seen in the past 24 hours. There was some conflict between lower and higher timeframe charts, and the inference was that another drop southward was likely. Bitcoin [BTC] held on to the $22.2k-$23k area in the past few days. Although BTC had a bullish outlook at press time, a bearish reversal could not be counted out yet. A move above $22.6k was significant- but have the recent days of trading been a deviation before a reversal? A drop below $22k could shift the near-term bias of Bitcoin and many altcoins to bearish. Plotting the path forward as ADA shows some near-term losses that were possible On the four-hour chart presented above, it was seen that ADA faced some resistance at $0.383. In the past few hours of trading, it was forced to drop sharply below the $0.357 mark. In doing so, the market structure was broken on the four-hour timeframe. However, the daily structure remained bullish. This meant that aggressive traders can look to short the asset, with their entry within the bearish breaker that extended from $0.357-$0.368. Invalidation of this idea would be a session close above $0.37. Take-profit targets lie near $0.34, where a support zone was spotted. It remained likely that the $0.33-$0.346 area will see a strong presence from the bulls. Yet, this also depended on the sentiment behind Bitcoin over the next few days. A daily session close for Cardano below $0.326 will shift the structure to bearish. The RSI fell below neutral 50 in recent hours to show some downward momentum. Meanwhile, the OBV has not slipped beneath a support level from earlier this month, which meant bulls were still in the fight. Since Bitcoin was at a critical location, confirmation of a bullish continuation or deviation could take some time to form. Given the bullish structure on the daily timeframe, ADA bulls can wait for a move to $0.34 or $0.325 and a bounce in prices thereafter, before bidding. The mean coin age metric indicated network-wide accumulation The funding rate on Binance was positive, and the age consumed metric did not see a dramatic spike since early January 2023. Thus, the sentiment was bullish and large movements of ADA tokens were not witnessed, something that can precede intense selling waves. The positive MVRV ratio meant holders were in profit. The ratio reached a three-month high two weeks ago, and it remains to be seen if holders will offload their bags. A bearish structure break could encourage them to do so. On the other hand, the rising 90-day mean coin age metric showed an accumulation phase was in progress.

​CRV becomes the most traded token among Ethereum whales but… Curve Finance’s native token CRV just jumped to the top of the list of most traded crypto tokens among ETH whales. This outcome may pave the way for the next major price move for CRV given its current position. According to WhaleStats, CRV managed to surpass Shiba Inu to become the most traded token by ETH whales. Why is this important? Well, ETH whale activity often underscores strong demand, in which case investors can expect more upside. There is also a chance that the observed ETH whale activity may also represent incoming sell pressure but is that the case? CRV’s supply distribution reveals that the top addresses have been buying in the last three days. This suggests that CRV continued to enjoy strong demand during the weekend. In addition, the supply held by top addresses metric confirms that whales have continued to accumulate CRV. This may suggest that the observed surge in ETH whale transactions pertaining to the CRV token may reflect buying pressure. Are whales shielding CRV from the bears? CRV’s price action has continued to extend its upside despite being deeply overbought. It managed a 7.40% upside in the last 24 hours at press time, reflecting strong demand. This allowed it to extend its rally above the 200-day moving average. CRV traded at a 120% premium from its lowest price level at the end of December 2022. This makes it one of the top gainers among the major cryptocurrencies. However, CRV’s deeply overbought nature may encourage some selling pressure. Both the MVRV ratio and the mean coin age are currently in the upper monthly range. This means CRV holders are deep in profit. This outcome is contrary to the expectations of a pullback. A potential reason for this is that investors, especially whales, are more focused on long-term gains. If the recent rally is the start of the next bull run, then the upside seen so far might just be the start of more recovery ahead. This might explain why whales are currently not in a rush to secure short-term profits. Note that all this is speculative based on what we have seen so far. There are still some risks that may trigger a retracement and perhaps an erosion of the latest gains. Nevertheless, whales continue to demonstrate confidence in the market, and this may continue to favor the upside.

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​BNB can witness increase in selling pressure, thanks to these factors Binance Coin’s [BNB] performance of late has been in the buyers’ favor, like most of the other cryptos. However, Santiment’s data revealed that BNB was overvalued as per its MVRV Z-Score. The metric identifies overvalued and undervalued assets based on short and long-term returns. Besides, according to CryptoQuant, BNB’s Relative Strength Index (RSI) was in an overbought position. The RSI, when coupled with BNB’s MVRV Z-Score, suggested that it was likely that we would witness an increase in selling pressure, leading to a price plummet. At the time of writing, BNB registered over 2% weekly gains and was trading at $290.88 with a market capitalization of more than $45.9 billion. Here is the scenario Apart from the aforementioned metrics, a few of the others also did not look quite optimistic for BNB. For instance, BNB’s daily active addresses registered a decline over the last week, which was a negative signal. Moreover, BNB’s velocity also went down sharply. And, the token’s price volatility went up considerably. This further increased the chances of a price decline. Despite the possibility of a downtrend, BNB managed to remain popular in the market as its social volume was consistently up during the last few days. Can BNB beat the odds? BNB’s daily chart also gave a bearish notion, as most of the market indicators were supporting the sellers. The Money Flow Index (MFI) registered a downtick and was heading toward the neutral mark, which can cause price declines. Though the Chaikin Money Flow (CMF) was above the neutral position, it also went down slightly, further increasing the chances of a downtrend in the coming days. However, the Exponential Moving Average (EMA) Ribbon suggested that the bulls were leading the market as the 20-day EMA was above the 55-day EMA.

​Polkadot development surges, but revenue decline concerns investors, as… Polkadot [DOT]‘s development activity soared over the past few months, Token Terminal reported on 16 January. This spike in activity could be attributed to the growing number of projects and developments within the Polkadot ecosystem. Parachains such as Moonbeam Network and the Astar Network were just a few examples of projects that were showing signs of progress and improvements. These developments also attracted a significant number of developers to the ecosystem, further driving its growth. More than meets the eye Despite this growth in development activity, the revenue collected by Polkadot decreased from 21.76 million to 10.74 million between 9 – 15 January, according to Twitter account Polkadot Insider. This decline in the number of transfers had a direct impact on the revenue generated by Polkadot, which fell by 36.4% in the last month. This declining revenue could be a cause for concern for investors. Polkadot echoes the people One reason for the declining revenue could be Polkadot’s decreasing activity on the social front. Based on data provided by LunarCrush, it was observed that the number of social mentions for Polkadot declined by 46.9%, while the number of social engagements decreased by 64.4% in the last three months. This could indicate a lack of interest or engagement from the community, which could have a direct impact on the platform’s growth and revenue. Moreover, the sentiment towards Polkadot remained negative as well, according to Santiment. Thus, the crypto community’s outlook towards Polkadot remained negative, which could have a further impact on the platform’s improvement and adoption. However, notwithstanding these factors, stakers on Polkadot’s network remained undeterred as they grew by 6.6% over the last 30 days. This could be due to the popularity of Polkadot’s nomination pools, which allowed users to stake even with just pne DOT. This feature has made it more accessible for users to participate in the network and earn rewards, which could have contributed to the growth in stakers. It remains to be seen how the Polkadot’s token DOT will respond to these developments. As its volatility declined by 47% over the last week, investors could use this opportunity to buy DOT at a relatively stable price.

​SOL can move sideways in the short term unless these players gain influence over… Solana [SOL] broke above its recent trading range of $15.29 – $17.45. However, at press time, it was facing a hurdle at $24.45. It was trading at $23.65 and flickered red, indicating that bears were on site at the time of writing. Bitcoin [BTC] also faced a short-term price rejection at $20,995 during the same period. Therefore, SOL could oscillate in a new trading range and attempt a retest at the $23.45 level. SOL’s next short-term trading range At press time, SOL’s Relative Strength Index (RSI) and Money Flow Index (MFI) were flat on the three-hour chart. It implies that buying pressure stagnated and could face a reversal if bears gained more influence. At the same time, the RSI and MFI were in the overbought zone, indicating that the bullish momentum was still relatively strong at press time. Therefore, SOL could retest the $24.45 level and oscillate between $21.72 – $24.45 in the next few hours. SOL bulls may only attempt a break above this range if BTC overcomes the $20,995 short-term resistance. Alternatively, bears could push SOL below $21.72 if selling pressure intensifies. However, such a downtrend could find steady support on the 61.8% Fib level of $20.95 and invalidate the bullish bias described above. SOL’s trading volume surged, but sentiment and development activity declined According to Santiment, SOL’s development activity declined slightly after witnessing massive growth over the past few days. Similarly, its total weighted sentiment retreated from the positive side and was hanging below the neutral line, the negative side. This showed that investors’ confidence in the asset dropped slightly after the decline in development activity. However, SOL’s trading volume and prices surged alongside an increasing demand in the derivatives market, as evidenced by Binance Funding Rate moving into the positive zone. These two positive metrics show a possible uptrend momentum, while a decline in development activity and sentiment could cancel out the momentum. Thus, BTC performance could offer a much more accurate direction for SOL’s next price action.

​All doesn’t seem well with MATIC despite Polygon’s latest accomplishment Polygon [MATIC] recently reached a new milestone in terms of decentralized exchange (DEX) volume. It crossed $50 billion in DEX volume over the last 12 months, according to a tweet on 11 January. However, despite reaching this watershed number, DEX volume on Polygon declined over the last few months, according to data from Dune Analytics. This decline in volume could be due to a variety of factors, such as increased competition from other platforms or a general decline in trading activity in the crypto market. This decline in volume suggested that even though Polygon reached a new milestone, in terms of DEX volume, the growth of Polygon in this area decelerated. Not all hope is lost for Polygon The declining DEX activity, however, did not affect Polygon’s NFT market. Polygon’s growing NFT marketplaces showed positivity, with a spike in NFT volume as reported by Dune Analytics data. One likely reason for this spike would be the recent launch of the Donald Trump NFT collection. Furthermore, Polygon’s recent collaboration with social media giants such as Reddit and Instagram could also be factored in. These collaborations have helped bring more attention and exposure to the Polygon ecosystem. Talking about MATIC Moving on to the MATIC token – simply put, the network growth and velocity for the token declined, along with daily active addresses. The latter is evidence of fewer active users on the network. This aforementioned decline impacted MATIC holders’ profitability as well, which was showcased by the MVRV ratio, which declined over the past month. This suggested that most MATIC holders would lose money if they sold their holdings at press time. Moreover, the positive long/short difference implied a majority of long-term holders were experiencing losses at press time. Despite these short-term setbacks, Polygon continued to push forward with its ongoing developments in zk-EVM, which aims to make it easier to build and deploy zk-rollup dApps on the platform. The platform’s focus on scalability and performance is expected to help attract more developers and users in the long run. At press time, the price of the MATIC token was $0.859, but it grew by 1.41% in the last 24 hours, according to CoinMarketCap.

​SAND could see an extended rally unless these holders change course The metaverse and NFT projects may experience renewed interest in 2023 and hence the need to look into their potential. One such project is The Sandbox which recently made a major development-related update. But more importantly, its native token SAND kicked off this month on an optimistic note. A recent WhaleStats alert revealed that SAND concluded the week by joining the list of top 10 most purchased tokens by ETH whales. This was observed in the last 24 hours at press time and it highlighted the existing demand that has propelled SAND in the last few days. The surge in ETH whale demand is quite an interesting observation considering SAND’s latest performance. The token pulled off a 24% rally in the first week of January. The demand from ETH whales increased the chances of SAND extending its bullish momentum into another week. But this prospect might be dampened by potential profit-taking as the price approaches profit-taking zones. Playing in the SAND SAND traded at $0.45 at press time and an extended upside may push SAND towards the $0.50 range. The latter could be taken as an important price zone for the token because it will come into contact with the 50-day Moving Average. The price will also be within the 50% Relative Strength Index (RSI) level if not above. This retest is more likely to boost the likelihood of short-term profit-taking, and thus the possibility of a bearish retracement. The buying pressure from ETH whales may boost investor sentiment and support an extended rally. In addition, The Sandbox recently announced its upcoming launch of a new metaverse game called Game Maker 0.8. This announcement may have also contributed to a favorable investor sentiment. Can SAND sustain its bullish momentum? SAND’s ability to continue rallying ultimately depends on whether it can garner enough demand. Its supply distribution metric reveals that most of the top address categories are still contributing to bullish pressure. This observation supported the expectation of a continued bullish momentum. There are other signs supporting the same outcome. For example, the supply held by top addresses recently registered a sizable uptick, confirming that whales have been buying. Also, The Sandbox kicked off January with a surge in development activity. These observations may further strengthen investor sentiment in favor of the bulls. Nevertheless, investors should keep an eye out on the aforementioned take-profit zones.

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​Lido Finance [LDO] can push higher on the charts if these conditions are met Tether Dominance receded slightly in the past few days to show that the buyers were willing to trade their Tether [USDT] for crypto assets. This could be a bull trap, as the buying pressure was not strong, and the higher timeframe bias for most altcoins remained bearish. Bitcoin [BTC] has not yet breached the $17k mark, but Lido’s native token has already rocketed higher. More gains can follow if an important level of resistance is beaten over the next day or two. The fair value gap from early November has been filled, and LDO can push higher During the price crash of November 2022, LDO fell from $1.85 to $0.93. The Fibonacci retracement levels were plotted based on this move. The token spent the majority of the past two months beneath the $1.18 level, but this changed over the past week. The start of January saw LDO consolidate at the $0.95 area, and had seen very little volatility toward the end of December. In early January, trading volume saw a massive rise and there was intense buying pressure, as evidenced by the OBV. The RSI also shot above the neutral 50 mark to indicate bullish momentum. At press time, it was just beneath the overbought territory. Therefore, upward momentum was still powerful. LDO posted gains of 53.7% from the swing low on 1 January to the swing high at $1.45 on 4 January. The rally has reached a fair value gap left on the charts during the nosedive the price saw in November. Once this inefficiency is filled, the prices will likely see a bearish lower timeframe reversal. The 61.8% Fibonacci retracement level also posed an additional layer of resistance. Open Interest soars higher to confirm capital entering the market Coinglass data showed that Open Interest had been dormant toward the end of December. Market participants entered the fray in great numbers once the price spiked above $1 and continued higher. The OI has climbed higher in the past two days. A signal that the bears are taking the upper hand would be a slump in the OI and a move below $1.24 for LDO. Instead, if the token can breach the $1.47 level, it is likely to climb to $1.64, the 78.6% retracement level, which sat beneath a bearish order block.

​Solana’s latest update could do wonders for SOL but not with this obstacle around Things might be about to get a lot more interesting for Solana [SOL] and its NFTs. This is thanks to a recent announcement from its NFT platform Metaplex. The latter announced a new upgrade that will enable the enforcement of royalties. The Metaplex announcement means Solana might become more appealing to NFT creators in 2023 and here’s why. NFT creators can earn a share of the profits every time an NFT created finds a new buyer. Metaplex plans on introducing the same feature for Solana NFTs. According to the announcement, NFT creators can implement the upgrade from 6 January. Doing this will allow them to implement royalties and even implement optional rule sets for their royalties. One of the potential benefits of this move is that it will allow creators to earn more from their NFTs. This move may also encourage more creators to adopt the Solana blockchain as their go-to network for deploying their NFTs. If the above happens, then we might witness an increase in NFT trade volumes in 2023. Solana’s NFT trade volumes were severely affected by the bearish market conditions. Zooming in at its performance in December reveals a bit of an uptick in the last five days of December. It remains to be seen whether this move will actually have a positive impact on Solana NFT trades volumes but it should in theory. The same goes for the impact on SOL’s demand. Speaking of, SOL delivered an unenthusiastic performance for the last six weeks. We have seen a drop in price volatility but what can investors expect in 2023? SOL flirts with the bulls Solana experienced a surge in social volume towards the end of December. This means SOL might be exposed to more visibility as social volume surges. Also worth noting is the timing of this social volume surge. It occurred at around the same time that SOL dipped into oversold territory. SOL’s price action has so far struggled to exit oversold territory, meaning the existing demand was not enough to support a substantial pivot. We do see a surge in money inflow as indicated by the Money Flow Index (MFI). Perhaps this accumulation has curtailed the previously existing bearish momentum. We may see a bit of an uptick if SOL can attract significant bullish volumes in the next few days. Fortunately, there are already signs that SOL’s demand is recovering. Both the Binance and DYDX funding rates experienced their sharpest dip at the end of December. Nevertheless, a sharp uptick was witnessed in the last 24 hours. Furthermore, the above chart indicated that demand in the derivatives market was recovering as investors could be seen taking advantage of the discount. SOL investors should keep an eye out for metrics that may indicate a resurgence in spot demand and bullish volumes.

​FTX’s Liquid Japan to start returning customer assets in 2023 Liquid Japan, a Japanese crypto exchange owned by FTX, has revealed its plans to return customer assets next year. The bankrupt exchange’s Japanese subsidiary has released a statement that outlined the timeline and the roadmap for the proposed returns. Returns to begin in mid-February According to the statement released by Liquid Japan, the firm is currently undergoing a system development. Following this, FTX Japan and Liquid Japan customers will be able to withdraw their assets through Liquid Japan’s web version. The exchange’s statement read: “Specifically, you will be able to check your FTX Japan balance from the Liquid Japan web version, and then you will be able to withdraw/take out. Customers using the Liquid Japan platform will be able to withdraw as usual.” As for the roadmap and the timeline of the returns, the firm has stated that eligible customers will first have to open an account with Liquid. Following this, they will be able to view their balance and transfer their assets from FTX Japan into Liquid Japan. All withdrawals will be processed on the Japanese subsidiary’s website. Further updates regarding this process will be available from January 2023. Withdrawals suspended since November This decision marks a rather unique event wherein the firm has made an effort to put its customers first. Thousands of people having accounts with various exchanges and lenders have been left stranded this crypto winter, following FTX’s collapse. The announcement to return customer assets came over a month after Liquid Japan suspended withdrawals on its platform. The decision was made on 15 November, in light of the liquidity issues induced by parent firm FTX, which is currently undergoing Chapter 11 bankruptcy proceedings. FTX Japan had revealed on 1 December that due to Japanese regulations, the exchange’s customer assets would not be included in FTX Japan’s estate. Subsequently, the subsidiary announced that it would draft a plan to return said customer assets. Meanwhile, there has been a development regarding the customer assets of the parent firm, FTX. According to a press release by the Securities Commission of The Bahamas, Bahamian regulators hold FTX deposits worth more than $3.5 billion.

​Polkadot investors could have a merry start to 2023 if DOT goes with this flow Polkadot’s [DOT] recent price action was not up to the mark as it registered negative weekly growth. As per CoinMarketCap, DOT was down by nearly 3% over the last seven days. Furthermore, it was trading at $4.49 with a market capitalization of over $5.1 billion. A celebration for investors As per CryptoQuant, Polkadot’s Relative Strength Index (RSI) and stochastic were both in oversold positions. This was a major bullish indicator that suggested a price surge in the coming days. Interestingly, Polkadot Insider, a popular Twitter handle that posts updates related to the Polkadot ecosystem, revealed its weekly stats. This further established the popularity of Polkadot in the crypto community. Furthermore, as per the tweet, Polkadot’s social engagement exceeded 43 million, reflecting its popularity. Not only that, but Polkadot’s Galaxy score also looked positive. Furthermore, Polkadot’s metrics also showed signs of recovery, as most metrics suggested that the token’s price would rise in the coming days. For instance, DOT’s Bionance funding rate registered an increase, reflecting its demand in the derivatives market. DOT’s development activity also went up, which could be taken a positive signal. DOT also managed to remain popular as its social volume spiked last week. The ‘but’ investors should watch out for… While the metrics looked bullish, DOT’s market indicators revealed an ambiguous picture. For instance, the Exponential Moving Average (EMA) Ribbon pointed out that the bears were leading the market. Moreover, the Chaikin Money Flow (CMF) also registered a slight downtick, which was concerning. Nonetheless, the Moving Average Convergence Divergence (MACD) suggested that the bulls might soon take over as it displayed the possibility of a bullish crossover. DOT’s Money Flow Index (MFI) also registered an uptick, which was in the buyers’ favor.

​Assessing MATIC’s path for coming days with these Polygon updates at hand The year 2022 was quite the opposite of eventful for the crypto industry, as the market witnessed a number of crashes that shook investors. Despite the market’s high volatility, Polygon [MATIC] continued to improve its network and hit several milestones along the way. For instance, Polygon recently mentioned in a blog that its total number of unique addresses reached the 200 million mark. This in itself could be considered as a major achievement, reflecting the increased adoption of the blockchain. Something more in store Polygon successfully processed over 960 million transactions this year and had 778,000 smart contracts deployed on its network. This was almost a 153% year-on-year growth. Apart from the statistics, Polygon was also on fire in terms of partnerships and integrations in many fields, including, DeFi, GameFi, NFT, and more. Starting with the Polygon and Meta partnership, in which the latter began testing a digital collectibles feature on Instagram in May. This partnership allowed select U.S. creators to share NFTs that they had created or bought. Furthermore, Starbuck also worked with Polygon to provide the blockchain technology to build its recently announced Web3 experience, named Starbucks Odyssey. In fact, recently Polygon partnered with Herity network and Phi that will help the network grow in Web3. What 2023 might look like Despite Polygon’s achievements over 2022, MATIC was seen struggling to push its price upward. This could be attributed to the current bearish market. According to CoinMarketCap, MATIC registered almost 15% negative weekly gains, and, at press time, was trading at $0.79 with a market capitalization of $6.9 billion. Furthermore, Santiment’s chart revealed that MATIC’s Market Value to Realized Value (MVRV) Ratio was the lowest in the past three months. This could be an indication of a market bottom. Interestingly, MATIC also managed to increase its popularity as its social volume went up. As per CryptoQuant’s data, MATIC’s exchange reserve was decreasing, which too is a positive signal as it indicates less selling pressure. Nonetheless, MATIC’s network growth went down, which might be concerning. Therefore, considering all the updates and on-chain metrics, it is likely for MATIC to bounce back in the coming year if the market conditions get favorable.

​Are Arbitrum, Optimism already banking on a profitable 2023? This report suggests… According to data provided by Messari, a crypto analytics firm, layer-2 solutions, such as Arbitrum and Optimism witnessed improvements in terms of adoption. This could be due to the growing TVL share of both L2s. Arbitrum and Optimism: Competing in the big leagues Messari’s data further found that Arbitrum and Optimism had grown in terms of total value locked (TVL) share. These protocols outperformed other protocols such as Fantom and Solana in this category. One reason for the same would be that as technology has progressed, it has become easier for projects to port over to rollups like Arbitrum and Optimism. Centralized exchanges have also integrated these layer 2 solutions. These L2 solutions generated user interest through other means as well. For instance, Optimism showed positive growth in the NFT space. Data acquired by Dune Analytics suggested that the number of buyers of Optimism NFTs had grown significantly over the last few months. Initiatives such as launching Optimism quests and other launches to attract more users paid off for the layer 2 solutions. Comparisons to be made on Layer 2 solutions However, the main appeal of the Layer 2 solutions would be their declining transaction fees. According to data gathered by Dune Analytics, the fees on both the layer 2 solutions had declined significantly. Coupled with that, both layer 2 solutions helped users save funds. Even though both solutions helped users from high Ethereum gas fees, Arbitrum outperformed Optimism and saved users more money. Both solutions witnessed a spike in activity, too. Over the last three months, active addresses on both solutions noticed a massive spike. However, even in this regard, Arbitrum had more active addresses on its network than Optimism. Another indicator of the growth of the layer 2 solutions would be the fact that the number of transactions on the solutions was escalating. The transactions being made on their protocols were getting closer to the number of transactions being made on Ethereum. If these layer 2 solutions transactions continue going in the same trajectory, they might match the number of transactions being made on the Ethereum network. It remains to be seen whether the L2 solutions would be able to catch up with Ethereum in the future. At the time of writing, Optimism’s native token, OP, had capitalized on the interest in its network. It was currently trading at 0.9406 after its price rose by 0.43% in the last 24 hours.