Wheelofenergy – wheelofenergy.org

• Solana [SOL] has seen a spike in the number of transactions being made on its network, which resulted in an increase in its TVL over the past month.
• However, DEX volume and active addresses on the network have declined, as evidenced by data from DeFiLlama and Dapp Radar.
• The crypto community had a pessimistic outlook towards the future of Solana at press time due to decreasing social mentions and engagements for SOL, along with a declining sentiment score.

High Transaction Volumes on Solana Network

Solana [SOL] has been witnessing high numbers of transactions being made on its network, resulting in an impressive 22.75% increase in its Total Value Locked (TVL) over the past month according to data from Artemis and DeFiLlama.

Declining Interest In DEXs

Despite this growth, there has been a decrease in interest in its decentralized exchanges (DEXs), as evidenced by data from Dapp Radar showing a 22.5% drop in unique active wallets on Saber and a 33.97% decrease for Radium. This could be linked to underperformance of these DeFi protocols compared to others available on the market.

Negative Social Sentiment

The crypto community also had a negative outlook towards the future of Solana at press time due to decreasing social mentions and engagements for SOL, along with a declining sentiment score according to LunarCrush’s data. This impacted the price of SOL as well, which decreased materially over the last month coupled with reduced token volumes (1.13 billion to 271 million).

Growth Potential From NFT Market

Despite this pessimism around Solana’s future prospects, one aspect that could turn things around is its non-fungible token (NFT) market which saw an increase in trade activity recently according to Santiment’s data. If this trend continues it could improve user interest in the protocol and its native token again going forward.

Conclusion

Overall it would seem that despite seeing high transaction levels on its network recently Solana is still struggling with lagging interest from users when it comes to DEXs available on the platform coupled with waning sentiment from within the crypto community at present moment – but there may still be hope if NFT trading activity continues to pick up going forward .

• Cardano [ADA] was in a downtrend from 16 February to 11 March, but it had retraced a good portion of those losses.
• A compression was spotted on the lower timeframe charts, which could lead to a breakout in either direction.
• Selling pressure has been persistent and the Cardano bulls could be suffocated over the next day or two, which could cause a drop to $0.33.

Cardano [ADA] Price Analysis

Uptrend Reversal

Cardano [ADA] was in an uptrend from 16 February to 11 March but retraced some of its gains over the past ten days. The bulls managed to push prices as high as $0.368 but failed to break above a zone of resistance on the four-hour chart.

Compression Before Breakout?

A bearish breaker block from the four-hour timeframe formed in the $0.35 area suggested that any upward move could have been liquidity hunting only. On higher timeframes such as daily, ADA traded within a range between $0.23 and $0.42, with mid-range at $0.33 providing support at the time of writing. The Bollinger Band width indicator showed relatively lowered volatility over recent days while a pennant pattern (white) appeared on the charts although this wasn’t necessarily bullish as its flagpole was rather small yet indicated compression – with breakout either way possible thereafter.

Critical Support Level

The Relative Strength Index (RSI) was below 50 in the neutral zone while market structure on one-hour timeframe remained bearish indicating that southward breakout was more likely than northward one should current levels hold true for longer periods of time and break down beneath $0.33 followed by retest thereof would serve as ideal opportunity for shorting ADA positions if trading such strategies is allowed by your local regulations . On contrary move back above 0 .36 would point towards potential upside reversal .

CVD & Selling Pressure

Spot CVD has been declining steadily suggesting fairly significant selling pressure so far unable to weaken substantially . This means that there is still possibility that Cardano bulls may suffer further suffocation within next couple of days potentially leading price back down towards 0 . 33 level again before any sustainable rebound can begin forming unless demand picks up significantly before then .

< h2 > Conclusion Despite formation of pennant pattern technically pointing out breakout either way , market structure , RSI levels and spot CVD all suggest downside continuation with critical support being placed around 0 . 33 mark watching closely what will happen once psychological 0 . 30 barrier gets tested or broken should prices start moving southbound soon enough .

Overview of Coinbase’s Base Layer 2 Blockchain

• Coinbase CEO Brian Armstrong recently appeared in a podcast and spoke about the Layer 2 blockchain known as ‘Base.’
• The project is designed to contribute to the crypto-space and make transactions faster, cheaper, and more scalable.
• Base currently has no plans for a token launch, but could be used for lower USD Coin payments, DeFi gaming, and NFT integration with its mobile app.

Coinbase CEO Brian Armstrong on Base

Coinbase CEO Brian Armstrong recently appeared on the Bankless podcast to talk about the company’s Layer 2 blockchain known as ‚Base‘. According to the Coinbase exec, the overall sentiment behind this project is to contribute to the crypto-space by building rather than just engaging with crypto stakeholders through policy making. He also said that Base will be used to make crypto more usable by bringing down transaction costs as low as one penny. Additionally, he clarified that there are no plans of issuing a token at this point.

Uses Cases of Base

Armstrong believes that one possible utilization of the layer 2 blockchain can be making USD Coin payments fee lower. Additionally, it could also be used to make the experience with DeFi gaming and NFTs seamless. Here it must be noted that Coinbase is working on integrating its NFT platform with its mobile application. Moreover, he stated that Coinbase is moving towards a subscription and services model in order to maintain consistent revenue from this layer 2 blockchain.

Long Game for Coinbase

Armstrong also talked about Coinbase’s long game where he claimed that they are more concerned about doing things right according regulations; instead of coming under pressure from rivals‘ developments and growth. This would mean that they are not looking into short term gains but focusing more on long term success in terms of regulations etc..

Conclusion

Overall, it can be concluded from Armstrong’s statements that Base is not just an innovative product from Coinbase but also part of their larger plan for the future – which includes staying compliant with regulations while continuing to innovate in terms of providing better products and services .

• VeChain and BCG released a whitepaper for VET 3.0 which focuses on sustainability initiatives.
• VeChain is looking for strategic partnerships and expanding its governance, development, business, finance and legal departments to facilitate sustainable practices.
• Other protocols such as Ethereum are also making an effort to transition to the proof-of-stake (PoS) system in order to reduce energy use.

VeChain Releases Whitepaper for VET 3.0

Blockchain protocol VeChain, in collaboration with the global management firm Boston Consulting Group (BCG), has issued a whitepaper for VET 3.0. The 72-page whitepaper contains a detailed roadmap of the VeChain protocol’s focus for the next few years, with the main message centred on sustainability.

Focus on Sustainability Initiatives

According to the whitepaper, VeChain will create initiatives to provide individuals with the necessary information to participate in the sustainability agenda. The VeChain protocol identifies the environment, social conditions, labour conditions, governance, and business model as primary identifiers of its sustainability needs. Small individual efforts such as reducing personal food waste are expected to multiply throughout the community.

Seeking Strategic Partnerships

The whitepaper also said that VeChain intends to form strategic alliances over the next several years. The protocol also intends to secure lighthouse enterprise partnerships in order to quickly generate awareness and recognition.

Ethereum Transitioning To PoS System

Other protocols are also continuing to focus on initiatives that aid in the management of their carbon emissions. As a result of Ethereum’s deliberate effort to transition to the proof-of-stake (PoS) system, it is more than 99% more energy efficient than Bitcoin.

Conclusion

VeChain claims it is making conscious efforts towards driving a sustainability-driven agenda through VET 3.0 promises and established alliances. With strategic partnerships being sought after and other protocols looking into ways of reducing energy consumption too; it looks like blockchain technology may be taking steps towards becoming more environmentally friendly.

• A whale holder of AAVE reduced its holdings to a two-year low on 27 February, causing AAVE price to decline further.
• The whale’s decision was followed by a 14% decline in the value of AAVE over the past week.
• Technical indicators such as MACD and RSI suggest that buying momentum has waned and buyers are taking profits or liquidating their positions quickly.

Large Whale Reduces AAVE Holdings

On 27 February, a large holder of Aave [AAVE] tokens significantly reduced its holdings by sending 363,796 AAVE tokens to two addresses that previously held zero coins. This move caused the amount of AAVE held by the whale address to drop to its lowest level since May 2021.

Impact on Price & Trading Volume

At press time, AAVE exchanged hands for $79.06. While the alt’s price declined by 3% in the last 24 hours, its trading volume rallied by almost 30% during the same period, data from CoinMarketCap revealed. This sort of price/trading volume divergence often indicates that there are more sellers than buyers in the market. It could be because there are more traders taking profits or an isolated incident that has caused traders to liquidate their positions quickly. If there is no change in conviction and confidence is not restored, this often results in a further decline in the price of an asset.

Bear Cycle Commences

On a daily chart, the significant decline in buying pressure resulted in the commencement of a new bear cycle on 22 February, putting bears back in control of the market. A look at AAVE’s moving average convergence/divergence (MACD) showed that red histogram bars have been represented which signals a wane in buying momentum. Moreover, key momentum indicators were spotted below their respective neutral zones at press time with RSI trending downwards at 43.20 and MFI reaching for oversold zones at 37.29 respectively..

AAVE Market Cap In BTC Terms

Realistically speaking, as per CoinMarketCap rankings at press time, Aave had dropped more than 5 places to occupy 11th spot with total market capitalization standing close to $10 billion while it exchanged hands against Bitcoin (BTC) at 0.0019 BTC per token – up 1% over seven days prior trading session closing prices..

Conclusion: Loss Of Confidence?

The large whale’s decision to reduce its holdings followed a 14% decline in value of AAVE over past week suggesting that it may not be optimistic about potential for further price growth short term unless confidence is restored soon otherwise prices could fall further as accumulation wanes and bear cycles continue dominating marketspace

• GMX saw massive growth in terms of volume, capitalizing on the recent bullish sentiment of the market.
• Indicators painted a bearish picture for the token, with an increase in selling pressure and a decrease in network growth.
• The velocity of the token declined, indicating that it was being traded less frequently.

Overview of GMX’s Growth

GMX saw massive growth in terms of volume due to the recent bullish sentiment of the market. Indicators, however, were painting a bearish picture for the token as there was an increase in selling pressure and a decrease in network growth. Furthermore, the velocity of GMX declined, indicating that it was being traded less frequently.

Performance on Avalanche Network

GMX’s performance on Avalanche [AVAX] network showed promising signs for its adoption rate and overall volume. According to a 20 February tweet, there had been double the number of users using GMX on Avalanche compared to before 2021 started. Moreover, its overall volume had increased by 250%. This surge could be attributed to traders’ high interest around GMX which was reflected by an overwhelming 62.1% long positions held against 37.1% short positions.

MVRV Ratio & Network Growth

Santiment’s research indicated that most holders would profit if they decided to sell their current positions since GMX’s MVRV ratio had increased over the last few weeks. Additionally, new addresses seemed to have lost interest in tokens as there was also a decline observed in GMX’s network growth rate.

Decline In Velocity

The velocity of GMX tokens also fell significantly recently which meant that fewer trades are being made with it when compared to before 2021 started. This further added to sellers‘ pressure as they now had even fewer buyers left which could drive its price down further if these trends continue over time..

Conclusion

Overall, while traders have become increasingly optimistic about crypto markets and shown great interest towards GMX token itself, indicators suggest that its state is currently worsening due to various factors such as decreased demand from buyers and lower velocity amongst others which might affect its price negatively if not countered quickly enough through proper strategies soon enough by investors or developers behind it .

• Cardano’s [ADA] tokens have seen a surge in demand since the start of 2023, with whale transactions increasing significantly.
• The upcoming Valentine upgrade is expected to advance blockchain interoperability and encourage cross-chain dApp development.
• Cardano also recorded strong performance on the DeFi front, with total value locked (TVL) and decentralized exchange (DEX) trading volume rising sharply from lows of 2022.

Cardano Price Rally

Cardano network registered an impressive recovery since the start of 2023, as ADA tokens went on an accumulation spree. According to Santiment data, whale transactions on the network have risen significantly since February 2023, clocking an average of 1700 daily transactions. ADA’s bullish rally has seen token holders pocket gains of about 50% since the start of 2022.

Valentine Upgrade

The community is eagerly awaiting for Cardano’s Valentine upgrade scheduled for 14 February. According to Input Output HK, this new upgrade will accelerate blockchain interoperability and promote cross-chain dApp development. Development activity on the network has also picked up considerably over the past seven days by 27%, spreading a wave of optimism among Cardano supporters.

DeFi Performance

In addition to its price rally, Cardano recorded a strong DeFi performance as well. Total Value Locked (TVL) and Decentralized Exchange (DEX) trading volume soared from lows witnessed in 2022 and currently stands at $24.42 million at press time according to DefiLlama data. Furthermore, 71% of its circulating supply was staked in its smart contract according to Staking Rewards data which also showed that number of stakers increased by 10% in last 30 days.

1 ADA Worth?

How much is 1 ADA worth today? As per current market prices, 1 ADA is worth around $0.35 USD while 10 ADAs are valued at around $3.5 USD and 100 ADAs are priced at roughly $35 USD respectively.

Conclusion

All-in-all, Cardano has been able to make a remarkable comeback after bearing the brunt of bear market in 2022 due to FTX debacle – registering considerable gains both price wise and DeFi wise over last few months which bodes well for future prospects for the network given their upcoming upgrades slated for 14th Feburary 2021 .

• Ethereum’s DeFi Total Value Locked (TVL) is the highest, currently valued at $28.99 billion.
• Despite its dominance, other blockchain networks have outperformed Ethereum in terms of TVL input over the past 30 days.
• Scammers have been exploiting users by using fake wallets and phishing attempts on the Ethereum network.

Ethereum’s Dominance in DeFi TVL

Ethereum [ETH] has established itself as a major player in decentralized finance (DeFi) with its Total Value Locked (TVL) being the highest. At press time, Ethereum’s TVL was valued at $28.99 billion and it continues to be a fundamental bragging right for the network due to its capability of hosting several decentralized applications (dApps).

Competitors Outperforming Ethereum in TVL Input

Despite its high value, other chains within the DeFi ecosystem have been challenging Ethereum’s dominance by outperforming it in terms of TVL input over the last 30 days. TRON [TRX] and Optimism [OP], two projects that are aiming to scale up or improve upon the current state of Ethereum, have seen significant increases in their respective TVLs compared to ETH despite still playing second fiddle to it overall. TRON has seen a 26.82% increase while Optimism has seen an even higher 56.56% increase according to data from DeFi Llama – implying that unique depositors may be choosing these alternatives over ETH for their liquidity needs.

Scam Attempts On The Network

The security health of not just Ethereum but also its users has been put at risk by scammers who exploit any vulnerability or loophole they can find on the network for personal gain without regard for anyone else involved. A recent tweet from Peckshield Alert revealed that two top gas spenders on the network were actually scammers who used fake wallet addresses resembling those of their targets‘ real ones as well as ‘transferFrom’ features through smart contracts to conduct zero token transfers which showed up on Etherscan and users‘ wallet records alike.

Network Upgrades Planned For 2023

Despite all this, there is some good news on the horizon as plans are already set into motion for a series of upgrades slated for 2023 which could help address some of these issues while also helping support scalability needs on-chain and more efficient dApp development off-chain – all things which will go toward making sure that no one is able to take advantage of others via malicious means while ensuring a healthy future growth potential for both developers and users alike with regards to DeFi projects on Ethereum moving forward into 2021 and beyond..

Conclusion

Ethereum remains unchallenged when it comes to DeFi protocols with its TVL total value locked still holding strong at $28 billion dollars despite stiff competition coming from multiple angles trying to dethrone it from its throne atop this particular market segment – however, scams remain a problem that need addressing if growth is going sustain itself long-term without interruption or detriment caused by malicious actors seeking personal gain without regard for others involved or affected by their actions directly or indirectly otherwise.

• Bitcoin network difficulty has recently risen to close to 40.0T as the price and hashrate of Bitcoin saw a rise.
• The Bitcoin network difficulty is a metric for gauging the difficulty of mining new blocks in the Bitcoin blockchain.
• The current Bitcoin hashrate indicates an increase in computing power, leading to the rise in difficulty.

The Bitcoin network difficulty has been on the rise, recently reaching close to 40.0T. This increase in difficulty comes as Bitcoin’s price and hashrate has seen a surge. The remarkable climb of the king coin has been a topic of much discussion in the crypto space, with other coins and tokens following in Bitcoin’s footsteps.

The Bitcoin network difficulty is a metric used to measure the difficulty of mining new blocks in the Bitcoin blockchain. To ensure that blocks are mined, on average, every 10 minutes, regardless of fluctuations in processing capacity on the network, the difficulty adjusts itself every 2016 blocks (approximately every two weeks). As the hashrate, or computing power, of the Bitcoin network increases, the difficulty also increases, making it harder for miners to solve the cryptographic puzzle needed to mine a block.

The current Bitcoin hashrate indicates an increase in computing power, which has resulted in the rise in difficulty. After the hashrate dropped in December 2022, observed data revealed a surge in January 2023, indicating a higher monthly contribution. This is likely a result of the increase in price, as miners are incentivised to join the network when its value is higher.

Ultimately, the rise in difficulty is a positive sign for the network, as it indicates an increase in hashrate, which is necessary to secure the network. As the price of Bitcoin continues to increase, it is likely that the difficulty will continue to rise as well.

• Apple’s upcoming VR launch later this year has been followed with much anticipation with MANA investors expecting a positive outcome of it.
• On the daily timeframe, the Exponential Moving Average (EMA) indicated that the MANA could possibly price higher in the long term.
• However, there is no certainty that the greens would result from Apple’s impact.

The cryptocurrency space has been abuzz with conversations revolving around the metaverse and virtual reality in 2021. This heightened talk was one reason why tokens like Decentraland [MANA] and The Sandbox [SAND] reached considerable All-Time Highs (ATH). However, the unfavorable market condition seems to have derailed efforts, as many of these tokens dipped severely from their crests. But with the recent news from Bloomberg on the 23rd of January, a breath of revival may be in the horizon for MANA.

Apple is set to release their Virtual Reality (VR) devices later this year and MANA investors have been following the development with much anticipation, hoping for a positive outcome. This is due to the Decentraland project being built around a virtual reality experience, with its token being on the Ethereum [ETH] blockchain.

In 2023, MANA accompanied the rest of the market, building an incredible 118.49% value increase in the last 30 days. On the daily timeframe, the Exponential Moving Average (EMA) indicated that the MANA could possibly price higher in the long term. This was because the 200 EMA (purple) positioned over both the 20 (blue) and 50 (yellow) EMAs. Based on crossovers and divergences, the stance indicated that the MANA price action could switch to being bullish.

Though the impact of Apple’s VR devices is uncertain, one cannot write off the influence. At the same time, AI-linked tokens like Aave, Synthetix and Yearn have seen even higher growths in the last 30 days, so there may be an opportunity to capitalize on this trend. Trading volume has decreased but so has selling pressure rationale, so investors could look at this as an opportunity to invest in MANA.

Though the future of MANA is uncertain, the news from Apple could be the breath of revival that the token needs. With the right strategies and due diligence, investors could make the most of this opportunity and turn it into a profitable investment.