The pressure on market participants finally lifted when the Fed decided to cut its benchmark interest rate by 50 bps. The news was welcomed positively, reflected in the price rallies of various asset classes, including crypto. At the time of writing, BTC is sitting at $64,363 or 9.83% higher in the last seven days.
The majority of altcoins also rallied following BTC’s rise. The euphoria has pushed the crypto market cap from $1.96 trillion to $2.2 trillion in the last seven days.
The next question arises: Will this bullish momentum continue? Or is it just a temporary sentiment, and Bitcoin will still return to a consolidation phase? Several metrics and indicators may help you determine the answer.
The current supply of Bitcoin is at a low level, with only 4.7% of its on-chain value stored in wallets, indicating a constrained supply. Meanwhile, the supply of stablecoins has increased to $160.4 billion. This purchasing power supply could shift market dynamics if injected into the market.
The Pintu Academy team has compiled valuable insights from several crypto projects. We analyze that information to determine its potential impact on various asset prices. Will these be bullish or bearish catalysts? Find out in the following article.
It should be noted that all information in this Market Signal is intended for educational purposes, not as financial advice. Do your own research before making any financial decisions.
Solana (SOL) ➡️ Bullish 🚀
The Solana Breakpoint event, held on September 20-21, 2024 in Singapore, has concluded. However, the event has the potential to continue providing positive catalysts for the SOL’s price and several protocols within its ecosystem.
These positive catalysts stem from official announcements made by the Solana developers team. The announcements include the latest information regarding protocol updates and innovations from Solana.
Firstly, Solana has announced that it will be launching the new Solana Mobile. The latest version will feature improved hardware in terms of processor, storage capacity, and performance. Additionally, there will be integration with Web3, a decentralized app store, and enhanced security features.
Secondly, Solana has announced that testing for Firedancer has entered the testnet phase. This is a significant milestone, as the introduction of Firedancer will improve the Solana network’s security, decentralization, and performance.
Jupiter (JUP) ➡️ Bullish 🚀
At the Solana Breakpoint event, Jupiter, Solana’s largest DEX platform, announced several significant updates. Firstly, Jupiter has officially acquired SolanaFM, a native Solana explorer. Jupiter claims this move can increase its system’s data capabilities by up to 10x.
Founded in 2021, Solana FM provides in-depth insights into transaction history, smart contracts, and token information on the Solana network.
Secondly, Jupiter announced the launch of Perps V2. With this update, Jupiter introduces a gasless transaction feature. This feature eliminates the need for users to pay gas fees, enabling a faster and smoother trading experience. New features such as limit orders and the Dove Oracle have been introduced to enhance price discovery.
Thirdly, the launch of Ape Pro, a dedicated platform for the memecoin market, has been announced. Ape Pro offers two main features: Ape Trading and Ape Mint. Ape Trading includes features like account abstraction, Google login, and low fees (0.5%). Ape Mint allows users to mint their memecoins with locking and vesting features.
Fourthly, Jupiter Mobile has been launched. This app aims to remove the friction often associated with DeFi. Jupiter Mobile offers on-ramps via Apple Pay, Google Pay, and credit cards, allowing users to buy crypto and swap tokens with just a few taps on their smartphones.
These significant updates by Jupiter are expected to strengthen its position and fundamental value. As a result, the JUP token is likely to be categorized as a bullish token this week.
Sanctum (CLOUD) ➡️ Bullish 🚀
Sanctum also captured attention at the Solana Breakpoint event. This Solana-based liquid staking platform announced three significant updates. First, they revealed plans to launch Creator Coins, a platform that enables anyone to create, grow, and monetize their communities.
Second, Sanctum announced the upcoming launch of Cloud Card, a Solana-based debit card. Cloud has partnered with Based App and Jupiter to develop this debit card, scheduled for release in Q4 2024. With Cloud Card, users can spend their SOL and stablecoins in over 100 countries.
Third, Sanctum also announced that their second airdrop season is imminent. Similar to Jupiter, Sanctum’s updates could be a catalyst for the CLOUD’s price in the short term.
Maker (MKR) ➡️ Bullish 🚀
Sky, formerly known as Maker, seeks to expand its ecosystem network. This time, Sky is aiming to integrate with the Solana network. The integration process is planned to be carried out using Wormhole’s Native Token Transfer (NTT).
The expansion will allow the SKY governance token and the native stablecoin USDS to move seamlessly between the Ethereum and Solana networks. This step addresses the liquidity issues often arising when tokens are distributed across multiple blockchains. Additionally, it provides users with greater flexibility in managing their assets.
Sky’s expansion into Solana can strengthen its fundamentals and competitive advantage. For instance, Sky’s competitors, like Aave, are still focused on EVM-compatible networks and have not yet expanded to Solana. Therefore, this catalyst could be a positive sentiment for the price of the MKR token in the future.
Agenda Token Unlock Pekan Ini
Pintu Academy will feature a list of protocols for token unlocks this week. Here is the list:
| Protocol Name | Token Unlock Schedule | Token Unlock Amount | Token Unlock Value | Token Unlock Allocation |
|---|---|---|---|---|
| Venom (V) | 25 September 2024 | 253,36 million V | $23,45 million | Community and ecosystem |
| Yield Guild Games (YGG) | 27 September 2024 | 14,08 million YGG | $6,42 million | Investor, ecosystem, and treasury |
| Singularity Net (AGIX) | 28 September 2024 | 8,19 million AGIX | $5,79 million | Community |
Furthermore, some other protocols that will conduct token unlock this week are Galxe (GAL), Acala (ACA), Euler (EUL) and Tornado Cash (TORN). Notably, the total token unlock value this week exceeded $48 million.
In general, the token unlock agenda will increase the supply in circulation. If the holder of the unlocked token decides to sell their holdings and there is no offsetting demand, the token price will likely plummet. The greater the number of tokens unlocked, the greater the potential pressure generated.
However, a well-planned token unlock schedule can also strengthen the sustainability of a project. As the protocol evolves, token unlocks can motivate team members, boost community engagement, and promote ecosystem growth.
Crypto Performance Over the Past Week
Here are the best and worst performing cryptos on Pintu:
Cryptocurrencies With the Best Performance
- ZeroLand (ZERO): 🔼105,90% (Rp 5,71)
- Bittensor (TAO): 🔼87,72% (Rp 8.354.943)
- Degen (DEGEN): 🔼77,25% (Rp 81,02)
Cryptocurrencies With the Worst Performance
- Zeta (ZEX): 🔽23,63% (Rp 695)
- BinaryX (BNX): 🔽18,52% (Rp 18.415)
- Dogs (DOGS): 🔽10,70% (Rp 13,11)
References
Jack Kubinec, Solana Firedancer client now live on testnet, Blockworks, diakses pada 23 September 2024.
Blockhead, Jupiter Unveils Mobile App, Gasless Perps, Memecoin Powerhouse at Solana Breakpoint, diakses pada 23 September 2024.