According to Finbold, Solana (SOL) is showing signs of a potential significant rally, with technical indicators suggesting a possible 1,600% increase in value. The decentralized finance (DeFi) asset is currently forming a 'cup and handle' pattern, a bullish setup that often precedes price breakouts. This pattern, highlighted by cryptocurrency analyst Ali Martinez, indicates a period of accumulation and consolidation, with the base forming between late 2022 and early 2024. The handle, a shorter-term pullback, aligns with Solana's recent price movements around the $250 resistance level. Martinez suggests that if Solana breaks out from this pattern, it could target a record high of around $4,000, supported by the 1.618 Fibonacci extension pointing to $2,236 and the 1.786 extension aligning with the $4,000 target. Solana's current position above the 0.786 retracement level of $123.44 further supports its bullish momentum. However, no specific timeline has been provided for when these targets might be achieved. Achieving a $4,000 price would significantly elevate Solana's market cap, potentially placing it on par with Bitcoin if the latter experiences minimal growth. In the short term, Solana has faced bearish sentiments, but recent developments suggest a potential reversal. Trading analyst CryptoBusy noted a double-bottom pattern in the one-hour timeframe, indicating a possible bullish breakout. If this momentum continues, Solana could target the 0.5 Fibonacci level at $225 and the 0.618 level at $230, with a potential price increase of $10 (4.56%) from the breakout point. On-chain metrics also support this outlook, with data from DeFiLlama showing a surge in Solana's daily trading volume from $2.92 billion to $5.99 billion, reflecting growing liquidity and investor interest. Regulatory developments could also impact Solana's price. The Securities and Exchange Commission (SEC) is anticipated to approve a Solana exchange-traded fund (ETF), although outgoing SEC Chair Gary Gensler has reportedly rejected it, questioning Solana's status as a security. The Solana community remains hopeful for approval under a potential new administration. At the time of reporting, Solana was trading at $225.60, with daily gains of over 5%, although it is down nearly 3% on the weekly chart. Solana's trading above the 50-day and 200-day simple moving averages, along with a 14-day relative strength index of 45.25, suggests room for growth without entering overbought conditions, indicating a strong potential for an impressive 2024.

Citibank said in its latest report that stablecoins not only have the potential to consolidate the dominance of the US dollar, but also challenge the claim that Bitcoin will one day end the dollar's hegemony. Analysts said in the report: "Initially, cryptocurrencies such as Bitcoin were considered competitors to central bank-issued currencies. In fact, some believed - and still believe - that Bitcoin could end the hegemony of the US dollar. However, USDT is challenging this statement." Citi pointed out that the vast majority of stablecoins are pegged to the US dollar, and the issuers hold both US dollars and US Treasuries. Analysts also said that if the US government further legalizes stablecoins, this could enhance the dominance of the US dollar. "Increased regulatory transparency may also further enhance the attractiveness of stablecoins. If so, the demand for US Treasuries by stablecoin issuers may increase from the current 1%. Therefore, this cryptocurrency will not replace the US dollar, but will make the US dollar more acceptable to the world and consolidate the US dollar's long-standing global dominance." (TheBlock)

On Dec 11, 2024, 16:24 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 101,000 USDT benchmark and is now trading at 101,023.351563 USDT, with a narrowed 5.45% increase in 24 hours.

OKX market shows that BTC has broken through 101,000 USDT and is now at 101,010 USDT, with a 24-hour increase of 5.41%. (This newsletter is generated with the assistance of AI)

Coinglass data shows that in the past 4 hours, the total liquidation of the entire network reached 81.4637 million US dollars, of which long positions were liquidated for 15.2816 million US dollars and short positions were liquidated for 66.1821 million US dollars.

According to a post by Coinbase International on the X platform, “Coinbase International set a new single-day trading record. On December 10, the nominal trading volume exceeded US$12.5 billion, setting a new historical record.”

According to BlockBeats, the cryptocurrency BNB has experienced a notable price increase. As of December 12, market data indicates that BNB's value has risen to touch $700, with the current price standing at $698.3. This marks a 6.91% increase over the past 24 hours. This surge in BNB's price reflects a positive trend in the cryptocurrency market, highlighting the volatility and rapid changes that can occur within short time frames. Investors and market analysts are closely monitoring these developments, as such fluctuations can have significant implications for trading strategies and market predictions. The increase in BNB's value is part of a broader pattern of movement within the cryptocurrency sector, which often sees rapid shifts in response to various market factors. The recent rise in BNB's price underscores the dynamic nature of cryptocurrency investments, where prices can change swiftly, influenced by a range of economic and market conditions. As the market continues to evolve, stakeholders remain vigilant, assessing the potential impacts of these changes on their portfolios and the overall market landscape.

Crypto payment provider Alchemy Pay has announced plans to launch its own L1 public chain, which the company said will target large-scale commercial applications. It is understood that the L1 blockchain will be called Alchemy Chain and built on the Solana (SOL) virtual machine architecture. According to the announcement on December 11, the new L1 will provide a payment system that allows users to trade with fiat currencies and cryptocurrencies. The platform will also provide a user-friendly ecosystem that connects on-chain and off-chain processes, chain abstraction, stablecoin revenue mechanisms, and revenue generation. In addition, the blockchain network will integrate the L2 network. Alchemy Chain will be released through the meme Launchpad and meme Telegram robots, aiming to take advantage of the growing popularity of meme-based projects. Previously, the project announced preliminary plans for the L1 blockchain in late October 2024. (Crypto.news)

The U.S. Senate was scheduled to vote on the re-election proposal of SEC Commissioner Caroline Crenshaw this morning, but the meeting was postponed to the afternoon (U.S. time) due to attendance issues. Senator Tim Scott criticized the Democratic Party's move as a "last-ditch effort to hinder President Trump's agenda." Crenshaw was widely opposed by the crypto industry for supporting SEC Chairman Gary Gensler's strict regulation of the crypto industry and opposing Bitcoin spot ETFs. Coinbase CEO Brian Armstrong once commented that Crenshaw was "more anti-crypto than Gensler" and warned senators that supporting his nomination would affect his score in the crypto-friendly rating. The crypto industry has also stepped up its opposition through advertisements and open letters in an attempt to prevent his re-election. (FoxBusiness)

Bloomberg Intelligence expects MicroStrategy’s stock, MSTR, to join the Nasdaq 100 index later in December, with an announcement to come as soon as this week. source: https://cointelegraph.com/news/microstrategy-cracks-nasdaq-100-bloomberg?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

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Instead of having separate pools for each stablecoin, Perena will create one large stablecoin pool to make trading between them easier and cheaper.

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