Tron (TRON) Flips Solana (SOL)

Solana ($SOL.X) is no longer a Top 10 market cap cryptocurrency – let that soak in for a minute. Instead, the once-touted Ethereum-killer Solana struggles to hold onto the $12 value area. At its peak, Solana was trading near $265. 

Solana’s position in the Top 10 was taken by Tron ($TRX.X). This is not surprising, considering how Solana and Tron have traded this year.

The image below is Tron’s weekly chart. Believe it or not, Tron is one of the best-performing cryptocurrencies out there for 2022. Most of the cryptocurrency market is down over 60%, but Tron has kept its losses (so far) to -34.6%. 

TRX/USD Weekly Chart

But if we look at Solana’s chart, we get a wholly different story. 

SOL/USD Weekly Chart

Solana has lost over -93% since January 2022 and over -95% since its all-time high in November 2021.

Why is Solana bleeding off like crazy? Long story short, tied to the now-bankrupt FTX. You can read last Friday’s article for more details. 🩴

Learn More About...

More in   Crypto

View All

Cryptocurrency 2022 Market Performance Stats

2022 was arguably the worst year for cryptocurrencies ever. Fundamentally, no year in cryptocurrency history was more catastrophic than 2022. 

From a price action perspective, many bearish records were broken and made. However, 2022 still wasn’t as bad as 2018. 

Read It

FTX Could Come Back?

In case you missed it: FTX CEO John Ray told the Wall Street Journal that FTX could, possibly, rise from the dead. ☠️

Ray confirmed that a task force is looking into restarting The decision is based solely on if the value proposition for re-opening the exchange is better than liquidating the assets. 

Read It

Technically Speaking – January 9, 2023

Lots of nice big breakouts and moves across the board since last week. Looking at the top 25 cryptocurrencies by market cap, all are in the green for the past seven trading days, with 20 out of 25 in double-digit percentage gains. 

However, analysts warn that a pause in the near-term upward momentum may occur. Not necessarily a cessation of the current bullish momentum but a pause as the rest of the market digests what the moves mean. We’re going to look at key price levels that investors, traders, and analysts are looking at as resistance. ✋

Read It

Technically Speaking – January 30, 2023

Some of the strongest selling pressure of 2023 occurred today, putting traders and investors on edge as they digest today’s move. 🔻

A good number of analysts believe profit-taking is beginning before the major fundamental news events later this week – and there are some big ones.

Read It