The crypto market is buzzing after DTX Exchange (DTX)’s recent presale rally made headlines and stood next to the likes of Solana. This deFi project has earned a high-profile reputation for its marvelous performance, bagging millions in a matter of weeks. Following this sentiment in the market, analysts think buying DTX at a lower price is like $5 for Solana.
Solana Price Dive Sparks Whale Movement
Solana (SOL) has taken a nosedive as whale movements mount to centralized crypto exchanges. The wider market drop led to negative sentiments from several categories of traders. Solana remains key for an altcoin season after hitting levels above Ethereum in institutional flows.
At press time, losses continue to accumulate for the community-dubbed ETH killer. SOL traded at $240, plunging 0.28% in the last 24 hours, bringing weekly losses to similar figures. Crypto assets retracing amid bullish markets come with high volatility.
Solana Whale Dumps Asset
Data from Lookonchain shows a Solana whale depositing 44,950 SOL worth approximately $10.5 million on Binance. The assets were withdrawn from staking to the centralized exchange, likely to prevent losses. Crypto movement to centralized exchanges usually indicates a sale due to the ease of transfers. On the other hand, transfers off exchanges to other custodians indicate long-term holdings.
Another factor that affected Solana outflows in terms of whale address activity was Pump.fun’s transfer of 99,999 SOL worth about 22.7 million to Kraken. The transfer raised lots of eyebrows, and some users suggested a sale. Lookonchain previously wrote on X (formerly Twitter), calling it a sale before stating it was only a deposit.
Pump.fun has gained traction since its launch as the community embraces the meme coin launch pad. Meme coins grew this quarter, with multiple tokens picking up double-digit wins before the price correction.
Can Solana Change the Tide?
Solana bulls are optimistic about an upward swing in prices. While bulls have locked in more positive targets, bears opine that recent setbacks could wipe out huge gains. However, on-chain factors tip a bullish scenario for the asset as the network fee drops. Crypto user Peter Horton explained the bullish scenario of the asset.
DTX Exchange Redefines Real-World Asset Tokenization in DeFi
The DTX Exchange (DTX) protocol lies at the core of the platform’s architecture, serving as the foundation for its operations. It is a comprehensive set of rules and guidelines that govern how the exchange functions, ensuring transparency, security, and efficiency for all participants. The DTX protocol integrates the best elements from both centralized and decentralized exchanges, striking a balance between accessibility and security.
The DTX protocol incorporates a hybrid model that combines elements of both centralized and decentralized exchanges. This allows for a seamless and intuitive user experience while maintaining the security and privacy benefits of decentralization.
DTX Exchange (DTX) Stands Out With High-Leverage Trading
Smart contracts, powered by blockchain technology, play a crucial role in executing and enforcing the rules of the DTX protocol. They facilitate secure and automated transactions, ensuring that trades are executed as intended by the users. The DTX Exchange (DTX) employs an on-chain order book that maintains a transparent record of all buy and sell orders.
DTX Exchange (DTX) utilizes distributed liquidity pools to enhance liquidity and reduce slippage. These pools aggregate liquidity from multiple sources, creating a more efficient trading environment. Join now!
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