Connect with us

Crypto World

Zama Token Debuts at $400 Milion Valuation

Published

on

ZAMA Chart

ZAMA is currently trading 30% below its ICO price.

Zama’s highly anticipated $ZAMA token has made headlines as the first production-scale use of Fully Homomorphic Encryption (FHE) on the Ethereum mainnet.

However, the token is currently trading at $0.035, marking a 30% decrease from its initial coin offering (ICO) price).

ZAMA Chart
ZAMA Chart

Zama’s auction format was notable for its confidentiality features. The token sale raised $118.5 million through a sealed-bid Dutch auction, using Zama’s technology to protect the privacy of participants’ bids.

Zama’s focus on FHE is part of a broader strategy to enable confidential smart contracts on Ethereum. This technology enables computation on encrypted data without first decrypting it, enhancing privacy for blockchain applications.

Advertisement

This article was generated with the assistance of AI workflows.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Solana Price Charts Are Hinting at a Potential Rally Toward $110 Next

Published

on

Solana Price Charts Are Hinting at a Potential Rally Toward $110 Next

Solana’s SOL (SOL) has rallied 10% over the past 24 hours, rising to an intraday high of $86 on Wednesday.

The recovery was accompanied by a leap in futures activity, with SOL’s open interest rising by more than 5% to $5.27 billion.

Analysts are now focusing on the short-term technical setup and fundamental indicators that may signal a major turning point for SOL.

Key takeaways:

Advertisement
  • SOL price has risen 10% in 24 hours, fueled by bullishness in the broader market and Solana ETF inflows.

  • Solana’s symmetrical triangle breakout targets $110 SOL price.

SOL recovers with the crypto market

The SOL/USD pair rose as much as 13.6% to $86 on Wednesday from a two-week low of $75 on Tuesday, amid a marketwide recovery.

Bitcoin (BTC), the market leader, was trading at $66,800 at the time of writing, up 5% over the 24 hours. Second-placed Ether (ETH) has gained about 8% on the day to trade just above $1,990. XRP (XRP) has also posted significant daily gains among the top 10 cryptocurrencies, up 6% over the same period.

As a result, the global crypto market capitalization is up 4% on the day to $2.28 trillion on Wednesday.

Performance of top-cap cryptocurrencies: Source: CoinMarketCap

Solana’s surge today is accompanied by significant short liquidations totaling $15.4 million over the last 24 hours, signaling intense demand-side pressure.

The buyers were also US-based spot Solana ETFs, which have recorded $40 million in net inflows since Feb. 9.

Advertisement
Spot Solana ETFs flows table. Source: Farside Investors

The growing demand-side pressure that could push SOL prices higher when coupled with increased inflows from global Solana investment products and buying by whales.

Cryptocurrencies, Markets, Price Analysis, Tech Analysis, Market Analysis, Altcoin Watch, Solana, ETF
Source: Lookonchain

SOL’s symmetrical triangle breakout targets $110

Data from TradingView shows SOL price breaking above a symmetrical triangle on the six-hour time frame, as shown in the chart below.

The price needs to close above the 100-day simple moving average (SMA) at $86 to sustain the upward momentum.

The measured target of the prevailing pattern, calculated by adding the height of the triangle to the breakout point, is $110, coinciding with the 50-day SMA. This represents a 28.5% rally from the current levels. 

SOL/USD 6-H chart. Source: Cointelegraph/TradingView

As Cointelegraph reported, a daily candlestick close above the 20-day EMA, currently at $88, would open the way for a rise toward $95 and later to $117. 

Glassnode’s realized price distribution data for Solana shows limited historical buying activity above $85, suggesting that the bulls could easily break this resistance.

In other words, there are relatively few SOL holders with a cost basis above this zone, reducing the chances of sellers stepping in decisively until the price reaches higher supply zones. 

Advertisement

The next significant resistance sits at $115, where approximately 22 million SOL were previously acquired.

SOL: UTXO realized price distribution (URPD). Source: Glassnode