The crypto market is facing a correction after the recent run-up. Major cryptocurrencies like Solana and Toncoin have faced bearish pressure, dropping to support levels. On Monday, Solana dropped to a low of $205, near the major support level of $200. Currently, the SOL price is trying to stabilize above $210; further price action will dictate the direction of the coin.
Meanwhile, Cutoshi (the utility memecoin) is making waves with its successful presale, raising over $1.35 million with continued investment from whales and HNIs. In this environment, emerging projects like Cutoshi have the potential for major gains.
Ethereum Researcher Max Resnick Makes the Switch to Solana
Max Resnick, a prominent Ethereum figure in recent months, has joined Anza, a core development team for Solana. In his first 100 days, Resnick focuses on creating a technical specification for Solana’s fee markets and consensus mechanisms—areas he sees as key to making a significant impact. Anza, a Solana Labs spin-off, continues developing Solana’s original software.
Solana has recently reached a new record level but is now moving to a lower level. The presence of whales is evident in the on-chain transaction data, with 185,000 SOL tokens being taken out of Binance last week. Even though this bearish situation in SOL might linger for some time, Solana has moved on to develop the ecosystem. By another measure of robustness through the decentralized exchange (DEX) volumes, which exceeded $100 billion, and by another increase in the activity of meme coin users such as WIF, the Solana ecosystem has remained strong.
Toncoin (TON) Rejects From Descending Trendline, What’s Next?
Toncoin is one of the few cryptocurrencies that failed to achieve an all-time high in the first leg of the bull market. Last week, it tried to break out of the descending trendline resistance from the start of April. However, bears took over, and the TON price has been corrected back to the $5.8 level.
On Monday, Toncoin dropped nearly 15% intraday; however, the volume was below average. In the last 24 hours, volume has more than doubled, but action in the price is still invisible. Toncoin has faced challenges over the past month, losing its spot among the top 10 most advanced coins. Despite this, TON whales have stayed active, driving up the coin’s price during this time.
Cutoshi Sees Inflow From SOL and TON Whales
Amid the profit booking in Solana and Toncoin, whales are shifting profit towards Cutoshi, which aims to bridge the gap between conventional and digital finance. Cutoshi works on the principles of Bitcoin, building new technology and enhancing financial freedom.
Cutoshi is turning heads with its blend of meme culture and DeFi, drawing inspiration from the Chinese Lucky Cat, a globally recognized symbol of good fortune. At its heart lies a decentralized ecosystem fully powered by its users. The platform will include a multichain DEX, offering easy and affordable trading for everyone, with low fees and a user-friendly interface.
Cutoshi’s ecosystem packs several community-focused and rewarding features. The multi-chain DEX facilitates cross-chain asset swaps in a streamlined manner, reducing the time and cost incurred. To enhance open-source income, its farming strategy incorporates a distinctive earning mechanism that allows users to finish missions. Cutoshi also provides lively NFTs and limited-edition products to develop community engagement.
The project is also distinct due to the Cutoshi Academy, which aims to bridge the knowledge gap in DeFi and crypto. Priced at $0.031, the CUTO token is making waves in its presale thanks to its scarcity-driven model.
With its recent listing and unique features, Cutoshi is building strong demand for its tokens. Investors can expect steady price growth with each presale stage, tracking the project’s ongoing success.
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