The end of July into the start of August promised much for the crypto market as Ethereum (ETH), Polygon (MATIC), Solana (SOL), and others, all-seeing solid gains.
However, while a continuation was seen through projects stair-stepping their way forward, in reality, a classic bear trap was being set towards the end of the 3rd week in August, and liquidity was pulled from the market with Bitcoin (BTC), Polygon, and others returning to their pre-July levels.
While this is to be expected as the markets, both crypto and stock, are not out of the woods yet, these occurrences are common and are good opportunities for day and swing traders to still profit amidst market turbulence.
The Bottom May Not Have Been Hit
This begs the question of whether or not the bottom has been hit yet, and if the crypto markets follow a correlation with the stock market, then it probably has not been hit yet.
This is because a short rally after a huge sell-off in the stock market is seen before a further decline and a new low. Historically speaking, this occurred in 2008 following the previous recession and the 1973 global recession where, after largescale selloffs happened over the course of days, a short resurrection and bounce before a further sell-off, and eventually, the bottom was hit.
Be aware that those who fundamentally believe in the value of cryptocurrency and blockchain technology are using this as an opportunity to accumulate at a discount and dollar cost average down. The economic downturn provides the average investor with the best opportunity for financial freedom if they can survive the economic impacts of a recession. For those that can, then if the bottom has not been hit, it is an opportunity to continue to accumulate at a discount.
As such, institutions, whales, and hedge funds are most likely the reason that projects such as Solana have dropped. The collective long positions and extra liquidity pumped into the market were in response to the perceived bear trap setup that has now been realised. A bear trap is a false breakout where some investors perceive the indicators to signal a run-up, but in reality is a setup for bearish indicators and charts similar to how a real bear trap looks, hence the name.
Nevertheless, projects such as Solana (SOL) are still garnering retail investors’ money, with buy orders continuing to outperform sell orders. While the total value of Solana may be decreasing, more and more retail investors are accumulating, which in the long run is bullish.
Retail investors typically hold for longer and buy the token for the belief within the utility of the project rather than just to earn a profit on a trade. Certainly, retail investors will look to profit from their investment, but they are doing so by backing the project rather than backing the graphs.
Crypto markets may be back down, but they are certainly not out. Solana is currently partnering with Android to produce the world’s first Web3 phone and integrate Web3, the Metaverse, and P2E games into consumers’ everyday lives. This is the next paradigm shift and evolution of technology brought to consumers. From the telephone to the cell phone, to the flip phone, more recently smartphones, and now Web3 phones. The evolution is clear, and Solana is bringing the next phase.
Solana is down from its all-time high of $260, and many analysts expect the project to shatter that price within the next few years. The network is one of the fastest in the ecosystem, has low transaction costs, and in 2021 announced that the project was going carbon neutral.
Blockchain technology is breeding innovation across multiple sectors and industries, but one area that can benefit almost all industries is within supply chain management, and VeChain (VET) is the leading supply chain management coin in the market.
VeChain is already powering some of the biggest companies in the world, with BMW, Renault, PWC, and Direct Imported Goods all using or exploring the project’s potential to increase their inefficiency and help alleviate supply chain bottlenecks.
VeChain looks to solve these issues through smart chips, which store and transfer the data onto the network from sensors. The sensors enable companies to have an overview of stock, when new shipments are coming and where they are, but also microdetails such as the temperature or weight of the goods.
Industry experts are predicting the utilisation of VeChain to continue to rise, with a long price target of $0.34 by 2024, with the expected price to be around $0.28. Currently, the token sits at $0.0025 but continues to expand globally, with Europe being a key region that VeChain expects to see mass adoption.
Through their “Everything Connected” mantra, VeChain continues to rank highly among tier 1 companies, and its token has begun to reflect the corporate sentiment. At the time of writing, VeChain is ranked #32 in market capitalisation with over $1.8 billion of value attached to the protocol and is the leading supply chain management token in the market.
Supply chain management is a crucial area of operations for most businesses, particularly ones that are goods-based, and VeChain is the leading protocol in helping upscale efficiency. With top-tier brands already using the project and VeChain’s expansion plans across Europe, the future looks bright.
With turbulence remaining across many leading coins, one area that has remained agnostic and continues to thrive is within the presale market. Developments have continued to be developed, and releases are not slowing down anytime soon.
One new protocol that recently started its presale and has already raised around $1 million is Big Eyes Coin (BIG). Big Eyes is the next generation, cat-themed community token that aims to shift wealth across the DeFi ecosystem and provide the possibility for financial freedom for those who believe in the project.
The platform will truly be community-led, with 90% of BIG being released on launch for the community alongside NFT collections that focus on bringing joy and being fun for users. Moreover, the platform aims to be meritocratic by providing no taxes or fees for trading. For many new projects, the fees for trading are astronomically high due to there being insufficient liquidity in the market to trade. However, with Big Eyes, slippages will be obsolete on the platform directly, and already raising close to $1 million, liquidity will not be an issue.
The token is also allocating 1% of the initial release tokens to charity through its do-good projects and is looking to promote social responsibility through its meme-based platform.
Big Eyes is currently in stage 1 of its roadmap after already completing its audit and launching its presale via its website. Stage 2 involves integration on Uniswap alongside its first charity donation, influencer campaign, and listings across multiple swap platforms.
Stage 3 focuses on its NFT release and Big Eyes’ first IRL event, where exclusive NFTs will be dropped and given out to those who participate. These NFTs will be one of a kind and are set to be some of the most valuable on the Big Eyes platform from this one-time opportunity.
Lastly, stage 4 is focused on consolidation, with events, adding more swaps, and bridging chains the key focus alongside donating $1 million to charity and NFT evolution.
Big Eyes Coin is currently available to buy on their website. The platform wants to be the next community-led coin to redistribute wealth and benefit those who have faith in HODLing the token.
This news is republished from another source. You can check the original article here.