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Weekly Crypto Highlights: WLFI, Somnia, and Solana

As the deadline approaches, a potential surge in altcoin prices might occur, with these three cryptocurrencies being the standout picks for the upcoming week.

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Examine These Digital Currencies: WLFI, Somnia, and Solana – Notable Cryptocurrencies for the...
Examine These Digital Currencies: WLFI, Somnia, and Solana – Notable Cryptocurrencies for the Upcoming Week

Weekly Crypto Highlights: WLFI, Somnia, and Solana

In the world of finance, several significant developments have taken place over the past week. Here's a roundup of some key events in the cryptocurrency and stock markets.

Cryptocurrencies

  • MicroStrategy, a business intelligence firm, purchased 1,955 Bitcoins for approximately $217 million, further demonstrating institutional interest in the leading cryptocurrency.
  • Solana, another popular cryptocurrency, has been attracting institutional capital, with CoinShares reporting $1.16 billion in inflows over the past 21 weeks. However, the top three institutions that have accumulated Solana in recent weeks remain unnamed.
  • The price of Solana has shown a clear breakout from a symmetric triangle, indicating a potential bullish rally. Despite other coins like BNB, Bitcoin, and Ethereum recording their all-time highs, Solana's price has been moving below $200.
  • The Somnia Network's native coin, SOMI, has been listed on Binance and its price has reached nearly $2 within 48 hours, after a correction, it is currently trading around $1.60. The Somnia Network aims to support gaming, social, and on-chain media applications at a consumer scale, and its protocol burns 50% of gas fees, creating a deflationary model that could increase the value of SOMI over time due to scarcity.
  • If there is a correction in the SOMI price, it is expected to gain around 50% from the $1.28 area.

Stocks

  • Robinhood and AppLovin secured inclusion in the S&P500, a significant milestone for both companies.
  • The S&P committee did not include MicroStrategy in the September rebalancing.
  • Major houses predict at least a 50-basis-point move at the Federal Reserve's meeting, and there is a high probability of a rate cut.
  • ETFs related to Bitcoin experienced $352 million in net outflows last week, while ETH ETFs had five consecutive days of ETF outflows.

Other Developments

  • WLFI, a governance token launched on Ethereum, is backed by the Trump family. WLFI added $5 billion in value to the Trump family's net worth. The current price of WLFI is trading around $0.21, and it is expected to gain 16% during this week and reach $0.245 before a potential retracement. WLFI confirmed it blacklisted hundreds of wallets during launch week.
  • Over 3.79 million SOL, worth around $770 million, have been withdrawn from centralized exchanges to Web3 wallets for long-term holding, indicating a shift towards decentralised storage solutions.
  • Bitcoin's volatility is decreasing, a positive sign for the cryptocurrency's growing maturity as an asset class.
  • The Somnia Network's HODLer Airdrops program allocated 30,000,000 SOMI tokens to eligible BNB holders, rewarding long-term holders of the Binance coin.
  • The price of Ethereum remained relatively neutral during this period.

As always, it's essential to conduct thorough research before making any investment decisions. Stay informed, stay invested, and happy trading!

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