May 24, 2024

Today, October 17, the global crypto market remains relatively positive, with a total market cap value of $1.13 trillion. Market leader Bitcoin remains above the $28,000 level with a 4.3% increase at 8:16 AM EST. 

Notably, the recent boost in market sentiment could be due to the approval of the crypto licensing bill by California Governor Gavin Newson on October 13.

This bill will take effect in July 2025 and could benefit the growth of crypto businesses and the crypto industry. Despite the false reports of BlackRock’s spot Bitcoin ETF approval, the buyers continue to dominate the market.

Although over $57 million worth of Bitcoin long positions were liquidated after the false report, the market is relatively stable. Consequently, the top gainers benefit from a more positive market outlook and exciting ecosystem developments. 

Solana (SOL) – The Fast and Decentralized Payment Platform 

On October 17, at 8:38 AM EST, SOL’s price was $24.02, with a 2.9% increase in the last 24 hours. Furthermore, it has recorded an 8.8% seven-day price increase, ranking it among the top gainers. 

One of the innovations driving SOL’s price gains in the last 24 hours is the introduction of Solana Pay. This technology allows users to accept and send stablecoins such as USDC for just $0.00025 average fees and high throughput.

According to the developers, Solana Pay is a JavaScript library enabling commerce on Solana. It facilitates the creation and interpretation of payment requests in a standard way, no matter the wallet or service used. 

Also, businesses and developers can use Solana Pay to receive payment in SOL or other tokens without intermediaries. It offers easy integration of options such as payment links, pay now buttons, or QR codes. This innovation will likely drive more users to the Solana ecosystem and boost SOL’s price. 

Also, Solana Foundation is hosting its annual conference titled Breakpoint 2023 from October 30 to November 3. This year’s event will feature keynote addresses from industry leaders such as Google Cloud, Star Atlas, and Circle. 

These positive ecosystem developments are likely driving SOL’s price gains on the daily chart. SOL Encounters Resistance at $24.4 Price Level, as Buyers Return The chart below suggests that SOL is in an uptrend today, with the bulls striving to conquer a stiff resistance at the $24 price level.

SOL found critical support at the $21 price level, preventing a decline since October 14. It rallied on October 16 to touch the $24.4 resistance level before the sellers forced a retreat. However, the buyers are still active and attempting a break above the $24 resistance level. 

SOL is trading above the Parabolic SAR indicator, confirming a rising buying pressure for Solana. The Relative Strength Index (RSI) indicator is at 64.7, rising to the overbought zone of 70. Expect SOL to continue its rally if it breaks above the $24.4 resistance level in the coming days. 

SafePal (SFP) – The Secure Crypto Wallet Ecosystem 

SFP traded at $0.64 on October 17, at 8:43 AM EST, with a 6.6% increase in its price in the past 24 hours. Notably, it has gained 5.8% on its price in the past seven days, benefitting from the uptrend of the general market.

One of the factors driving SafePal’s gains is the rising adoption of its hardware wallet. 

According to a letter from SafePal’s CEO last month, the launch of the SafePal X1 wallet – its first Bluetooth wallet is an outstanding achievement. Notably, its hardware wallet is gaining popularity among crypto users worldwide. 

SafePal has recorded growth from 6 million to 10 million users in 2023, confirming the rise in adoption for the wallet. Each wallet is worth $69.99 and is secured with ultra-modern features to give users a more satisfying experience. 

Its modern design features make it lightweight and easily transported across various locations. Following these developments, the SFP chart has formed a sizeable green candle on the daily chart as buyers begin to dominate the market. 

SFP Pivots Off $0.60 Support as Buying Pressure Mounts

SFP has found critical support at the $0.60 and is attempting to break above the $0.63 resistance level. Notably, SFP’s uptrend began on October 13, and the buyers are still active in the accumulation phase. The RSI value is 62.8, rising to the overbought region of 70.

Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal line with bullish histogram bars, suggesting buyers are still active in the market. Therefore, SFP will likely continue its uptrend in the coming days as long as the buyers sustain their charge. 

ApeCoin (APE) – The Gaming and NFT Ecosystem 

APE’s price at 8:46 AM EST is $1.11, with a 3.3% increase within 24 hours. Additionally, APE has gained 8.3% on its price in the past week as the buyers make their return. 

APECoin is an ecosystem that relies heavily on its Governance and DAO systems. Therefore, the updates from its newsletter reveal some exciting developments and proposals in the ecosystem that might be driving its rally. 

Ecosystem Developments Likely Driving APE’s Price

The Bulletin Board reveals that one of the proposals put forward in the ecosystem is for economic sustainability and study. According to the report, the ApeCoin DAO requested proposals from third-party research firms experienced in DeFi operations and treasury management. 

The goal is to create a comprehensive study that will make a decentralized treasury management structure. This structure will aid the deployment of the ApeCoin DAO’s assets on-chain. This deployment will ensure the sustainable operation of the DAO. 

Also, an ongoing AIP-302 focuses on creating an advertising marketplace for the ApeCoin ecosystem. According to the proposal by ADSHARES, the ApeCoin DAO should provide funding to begin an Ape Ad Marketplace. 

This marketplace will enable creators to monetize their creations and lands with advertisements while receiving Ad revenue in $APE. Although the ecosystem is open to external advertising, it focuses on the internal Ad network that will enable the community to promote their work across all Metaverses. 

According to the description, ADSHARES DAO is a technological stack aiming to create a new, transparent advertising system. It seeks to shift control of digital advertising from the Corporations to the people.

The developers are developing an open-source ADSHARES blockchain to run, stake, and govern the ecosystem.

If the proposal is approved, the $ADS coin-wrapped token and other associated apps are part of the package. Notably, voting for these proposals will conclude on October 18 and determine whether they will be adopted. 

These developments and the community-focused governance model will likely attract more investors and boost APE’s price. 

APE Buyers Sustain Uptrend Despite Resistance

APE has formed seven consecutive green candles on the daily chart as more buyers open long positions to accumulate the tokens.

APE has been in an uptrend, retaining its gains since October 11, when it found support at $1.03. The upper wick of today’s bullish candle is attempting to break above the $1.11 resistance level. 

If APE closes above $1.11, it will likely continue on its uptrend on the daily chart. Also, APE is approaching the Median Band of the Donchian Channel (DC), and a break above it will confirm a further price increase. 

Additionally, the RSI indicator shows a value of 47.1 in the neutral zone and is rising to approach the buy zone. If the RSI’s value increases to 50, it will confirm a long-term price increase for APE. Therefore, APE will likely continue its rally in the coming days if the buyers can overcome the $1.11 resistance level. 

Meme Kombat (MK) – The Memecoin Battleground for Rewards 

meme kombat

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Meme Kombat is an on-chain battle ecosystem where users can engage in several battle modes and stake their tokens for additional rewards. It runs on the Ethereum blockchain, gaining from its security and extensive community.

Notably, Meme Kombat gives users access to passive income opportunities by participating in staking. $MK is the utility that enables all activities on this ecosystem, ranging from battle modes to staking.

Recently, the total supply of MK increased to 120 million tokens, with 50% (60 million) set aside for the presale. This upgrade presents more opportunities for investors to accumulate the token than the formerly limited supply of 12 million. 

MK will eventually list on crypto exchanges and might experience a price surge. Therefore, investors who buy the token at the presale price could earn massive returns. 

Over $565,000 has been invested into the presale, approaching $1,000,000. Also, based on the current presale price, MK will likely close $2 once it lists on exchanges, rewarding early investors. 

Presently, MK token trades at $0.1667, and investors can purchase these tokens with a secure crypto wallet using either ETH or USDT. Also, users can complete their purchase of MK tokens from the BSC blockchain for more flexibility. However, all tokens will be transferred to Ethereum for claiming after the presales.

Staking The Passive Income Solution

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Similar to Ethereum, Meme Kombat also supports an automatic staking feature. Therefore, investors can stake the tokens immediately after purchase. At the end of the presale, users can re-stake their MK tokens to lay claims on their accumulated staking rewards.

Remarkably, Meme Kombat relies on staking as an anti-inflation mechanism and a community reward system for its followers. Its users can opt to release some of their stakes for wagering on battles, yielding extra rewards on successful bets.

Also, 30% of the total supply is for staking and battle rewards, granting users extra incentives to stake their MK tokens. However, the minimum lock period for staking after the presale is 14 days. Also, a user who wishes to withdraw must remove all tokens, as partial withdrawals are not permitted. 

Betting Gives Meme Kombat More Long-Term Value 

The crypto-gambling industry is arguably one of the fastest-growing sectors due to the application of blockchain technology. Consequently, Meme Kombat betting is vital for the growth and development of its ecosystem. Users can contest and wager on battles directly or indirectly while placing stakes and having fun. 

Also, several game modes are accessible to users. These include Player vs. player betting modes. This mode enables users to bet directly against their opposition and win rewards for a positive outcome.

Next is the Player vs. player mode applicable for general and high-stake battles built on the risk level each participant hopes to take. Additionally, users can opt for a Player vs. game mode and bet on a predicted outcome for the battles the platform’s AI decides. 

Other gaming modes include direct and side action betting, which gives users more options to bet on, such as which character makes the first move. 

Remarkably, Meme Kombat’s AI technology aids live betting on real-time battles, attracting more gamers to the ecosystem. Consequently, betting is transparent, and the outcomes are secured without partiality. 

Also, Meme Kombat’s AI algorithms randomly select alternative battle sequences, making them highly unpredictable. This unpredictability makes the game quite captivating for users. 

Meanwhile, the AI-backed visuals present battles to users clearly for a colourful and fun-filled experience. Meme Kombat will likely increase relevance and adoption over time based on this multi-dimensional utility. 

Conclusion 

The crypto market has shown volatility in the last few days due to wild speculation surrounding a Bitcoin ETF approval. According to crypto analyst Ali Charts, one lesson to be learned is that when the Bitcoin ETF is approved, the market will rally. 

Also, this improvement in the market led to a recovery for most altcoins and assets correlated to Bitcoin’s price. While there is no certainty in the crypto market, the last quarter of 2023 looks bullish. If the current price momentum persists, a bull run will likely ensue in 2024. 

However, some risk-averse investors can opt for ongoing presales as an alternative to earn rewards. Nevertheless, all investments come with risks, and proper research and risk management are crucial to succeeding as an investor.


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