The crypto markets are in the red again, with the total market cap down more than 1% and trading volume shrinking in the last 24hrs.
Many of the top coins in the space are also down over the last seven days, although there are some notable exceptions that are performing well.
Solana (SOL)
Solana has followed a bearish trend in recent days and weeks but the native SOL token could now be about to turn.
SOL dipped below $30 for the first time since June following the release of US Consumer Price Index data and despite a mini-recovery earlier in the week is still currently struggling to break out.
The Mango Market Hack – which saw $100 million stolen – also affected the price, with the dApp built on the Solana blockchain. The hack saw 30$ of Solana’s Total Value Locked (TVL) wiped instantly.
Top SOL NFT marketplace Magic Eden also saw customers and creators leave after revealing they would make royalties optional.
However, TradingView trader Maikisch has offered some cause for optimism for the token.
The analyst, one of the top forecasters on SOL, believes the coin is now forming an Ending Diagonal pattern which means it could break out in an uptrend very soon.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Polygon (MATIC)
Polygon has been one of the biggest winners of the last week with its native MATIC token up 9% in seven days and 13% in a month.
The rise in price comes amid a series of updates and partnerships being announced that have the polygon community extremely excited, while crypto investors Grayscale made a large investment last week.
The Layer 2 scaling solution is well placed to make a big run in the next bull market as it is significantly quicker than a lot of blockchains, including Ethereum.
However, it works closely with Ethereum and its new zero knowledge EVM (zkEVM) – which will make Ethereum significantly more scalable – could be set to go live in early 2023.
It is already the leading Ethereum bridge in TVL, ahead of the likes of Arbitrum, Optimism, Near, and Fantom with more than $3 billion in TVL.
In recent days it has announced partnerships with KuCoin and Nubank – a fintech bank in Brazil that has 70 million customers, while ongoing partners include Starbucks and Meta.
The developers also announced that despite the ongoing bear market in 2022, Polygon has continued to attract builders and now has 53,000+ dApps on the chain – an eight-fold increase since the start of the year.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
IMPT
IMPT is a new eco-friendly project that is aiming to solve one of the world’s biggest crises – global warming.
The protocol aims to help ease climate change by allowing shoppers to earn carbon credits while they shop.
Some of the world’s top retailers – including Amazon, Microsoft, and LEGO – have already partnered with IMPT.
Shoppers will earn IMPT tokens on purchases which can then be converted to Carbon Credits.
Firms are allowed to offset their greenhouse gas emissions by holding credits, which fund conservation projects globally.
IMPT also wants to make credits fully tradeable for individuals as well as businesses, while also keeping a score to raise awareness and encourage further carbon-offsetting efforts.
The project has just launched the first phase of its presale and has already secured almost $6 million of investment.
There will be two further presale phases – with the token price rising from $0.018 to |$0.023 and then $0.028 – before the project has its initial exchange offering later in the year.
XRP
XRP remains one of the most highly-traded coins in the space with more than $1.3 billion in volume in the last 24hrs.
That mark is only beaten by Bitcoin, Ethereum and, stable coins USDT, USDC, and BUSD.
The coin remains on a downtrend over the last week – 3.3% in 24hrs and 7% on the seven-day chart – but the project revealed exciting news on Tuesday.
RippleX developers are currently testing an Ethereum-compatible sidechain and bridge that will allow Ethereum decentralized apps (dApps) to connect to the XRP Ledger’s Mainnet.
The sidechain is being developed by Peersyst, using Solidity – the same coding language as other Ethereum Virtual Machine (EVM) blockchains such as Avalanche.
Optimism also continues to surround the lawsuit against the SEC, although there have been no significant developments in recent days.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
