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Solana (SOL) & Cardano (ADA) in a Bearish Mode – A Quick Daily Outlook

The SOL/USD was closed at $155.203 after setting a high of $172.951 and a low of $148.384. SOL/USD reversed its course on Monday and dropped

Arslan Butt•Tuesday, December 14, 2021•2 min read
  • Hoskinson was angry because Cardano earned the highest number of votes
  • According to Deel, cryptocurrencies offer contractors a faster way to get paid, with lower processing fees
  • The investors mainly ignored favorable news fragments and kept selling SOL/USD, probably because of the prevailing adverse market sentiment of declining BTC/USD prices

Solana (SOL/USD) – A Daily Outlook

The SOL/USD closed at $155.203, after setting a high of $172.951, and a low of $148.384. SOL/USD reversed its course on Monday, dropping again to its lowest level in two months, despite some favorable developments surrounding its ecosystem.

 

SOL/USD
Deel, a fintech firm focused on payroll, has expanded its crypto capabilities and added two new tokens to its platform. This means that contractors using the Deel platform can now get paid in stable coins, like USDC or Solana. What’s more, Deel has already been providing support through BTC, ETH and XRP salary payments.According to Deel, cryptocurrencies offer contractors a faster way to get paid, with lower processing fees. Users will need a Coinbase account in order to fully benefit from this new functionality. Coinbase will charge a provider fee of 1.5% for crypto salary withdrawals. The USDC payments will entail a variable fee of 1%, and Solana payments will cost an extra 1.5%.

Justin Kan introduced Fractal, a Solana-based marketplace for gaming NFTs. Kan has plans to use the Solana blockchain to turn Fractal into a sort of Kickstarter for blockchain games, by allowing users to buy exclusive NFTs in pre-sales that help fund the creation of the games themselves. This news should have pushed SOL/USD prices higher, but the cryptocurrency continued to fall, dropping to its two-month low.

The investors mainly ignored favorable news fragments, and kept on selling SOL/USD, probably because of the prevailing adverse market sentiment of declining BTC/USD prices.

Cardano (ADA/USD) Daily Outlook

ADA/USD closed at $1.2244, after placing a high of $1.3558, and a low of $1.2016. ADA/USD extended its decline, dropping for a second consecutive session on Monday, following the prevailing negative market trend. The founder of Cardano, Charles Hoskinson, has criticized the crypto payment provider, BitPay, on listing Shiba Inu coin over Cardano. On December 8, BitPay posted a Twitter poll, asking its users which token they would like to see listed. The options included about 15 prominent tokens, including Avalanche, Polygo, Algorand, Cardano and many more.
However, even before the poll ended, BitPay decided to list the Shiba Inu coin, which drew criticism as to why BitPay would hold the poll in the first place. In response to such a move by BitPay, Cardano co-founder, Charles Hoskinson, took to Twitter to ask, what the point of the poll had been, if BitPay had intended to list SHIB anyway.Hoskinson was angry because Cardano had actually earned the highest number of votes. ADA led the poll, securing 41% of the votes, followed by Tron with 36% and SHIB with 17%. This apparent lack of correlation between the poll results and the listing announcement prompted some negative momentum in ADA/USD on Monday, which upset the founder of ADA.

On the flip side, Hoskinson says that Input-Output has started preparing for future attacks on the Cardano network by quantum-powered adversaries. Quantum computing is “a type of computation that harnesses the collective properties of quantum states, such as superposition, interference and entanglement, to perform calculations,” and the devices that “perform quantum computations are known as quantum computers.”

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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