Bitcoin and the altcoins have returned to the red zone at the start of this week. Despite breaking through the $61,500 resistance, BTC has shed over 10% in the past seven days, trading around $57,850. With Bitcoin’s decline, most altcoins have also experienced significant drops.
The Fed’s dovish remark last week has led to a loss of bullish momentum for BTC. The liquidation of numerous long positions has further reinforced this negative catalyst. This trend will likely continue without any significant positive catalysts in the coming week.
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
Sanctum (CLOUD) ➡️ Bullish 🚀
CLOUD is poised for a bullish week. A significant positive catalyst for Sanctum stems from the announcement of several major exchanges launching SOL liquid staking tokens built using Sanctum. To date, Binance, Bybit, and BitGet have introduced their respective SOL liquid staking tokens.
Users can now stake their SOL tokens and receive liquid staking tokens (LSTs) in return through these partnerships. This allows users to earn staking rewards while maintaining the flexibility of their assets through LSTs.
Although the exchanges facilitate staking, the underlying process remains decentralized via Sanctum’s services. The more accessible and user-friendly staking mechanism on centralized exchanges has the potential to attract millions of new users to Sanctum. It could be a positive catalyst for the CLOUD token’s fundamentals going forward.
The CLOUD token price is currently at Rp4.165 or has gained 45,58% in the last seven days.
Arbitrum (ARB) ➡️ Bullish 🚀
Arbitrum is scheduled to release the Arbitrum Stylus upgrade on its main chain on September 3, 2024. The primary advantage of Stylus is that it will make Arbitrum more developer-friendly.
For instance, developers will be able to write smart contracts using a variety of programming languages. This is expected to broaden Arbitrum’s appeal and offer more specific benefits tailored to different programming languages, tools, and frameworks.
The momentum surrounding this launch could be a positive catalyst for ARB token prices in the short term. In the past 24 hours, ARB has experienced a 2.74% decline to Rp 7,690.”
Polygon (MATIC) ➡️ Uncertain⚖️
Polygon has a significant event scheduled for September 4, 2024: the migration of the MATIC token to POL. This is a key part of the Polygon 2.0 roadmap. The proposal to rename MATIC to POL was first introduced to the community in July 2023. Polygon conducted a testnet on July 17, 2024 to ensure a smooth transition.
Beyond the name change, the POL token will also have new utilities within the Polygon ecosystem. One of these is as the native token for gas fees and staking on the Polygon mainnet. Additionally, POL will secure Polygon’s aggregated chains, such as AggLayer.
Predicting the exact impact of the token renaming on MATIC’s price is difficult. Some holders may sell their tokens immediately, putting downward pressure on the price. However, this event could attract many new buyers, increasing prices.
Fantom (FTM) ➡️ Uncertain⚖️
Fantom’s migration to Sonic is drawing near. Fantom is scheduled to open the Sonic Testnet to the public this week. This is a crucial step in assessing the readiness of the Sonic network for public use. Generally, if no significant issues arise during the public testnet, the mainnet launch will follow shortly after.
Sonic is a new L1 blockchain network that will use native S tokens for its ecosystem. The Sonic network will also be connected with a Layer-2 Ethereum bridge. This update will also increase the performance of Fantom Opera from 200 TPS to 2,000 TPS
There are two potential scenarios for the short-term price of the Sonic token. If the testnet runs smoothly, the price will likely remain stable or even increase. However, the FTM price can decline if significant issues occur during the public testnet. Therefore, Fantom is considered volatile this week.
Token Unlock Agenda This Week
In general, the token unlock agenda will increase the amount of token 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.
Therefore, Pintu Academy will feature a list of protocols for token unlocks this week. Here is the list:
| Protocol Names | Token Unlock Schedule | Total of Token Unlock | Token Unlock Value | Token Unlock Allocation |
|---|---|---|---|---|
| Taiko (TAIKO) | 06 September 2024 | 12 million TAIKO | $19,32 million | Trailblazer airdrop |
| Immutable X (IMX) | 06 September 2024 | 32,47 million IMX | $44,17 million | IMX ecosystem and projects development |
| Mode Network (MODE) | 06 September 2024 | 500 million MODE | $ 6,24 million | User and developer airdrop |
Crypto Performance Over the Past Week
Here are the best and worst performing cryptos on Pintu:
Cryptocurrencies With the Best Performance
- Sanctum (CLOUD): 🔼45,79% (Rp 4.171)
- Radiant Capital (RDNT): 🔼31,36% (Rp 1.441)
- Dusk Network (DUSK): 🔼13,15% (Rp 3.760)
Cryptocurrencies With the Worst Performance
- IO NET (IO): 🔽28,92% (Rp 23.706)
- Inspect (INSP): 🔽27,92% (Rp 27.616)
- Liquity (LQTY): 🔽25,16% (Rp 11.452)
References
- Micah Zimmerman, Binance to launch BNSOL, expand staking opportunities on Solana, Crypto News, accessed on 2 September 2024.
- Crypto Wendy, Prepare for Polygon 2.0: MATIC to POL Token Migration Explained, Yahoo Finance, accessed on 2 September 2024.