Biggest Movers: SOL up 22% as ADA Hits Highest Point Since November – Market Updates Bitcoin News

Solana surged by as a lot as 22% on Monday, as bullish sentiment returned to cryptocurrency markets. The transfer noticed the token climb to its highest level since November, when it was embroiled within the FTX collapse. Cardano additionally moved increased to start out the week, climbing by practically 13%.

Solana (SOL)

Solana (SOL) was one among Monday’s huge movers, as costs of the token rose by as a lot as 22%.

SOL/USD surged to an intraday excessive of $16.62 to start out the week, which comes lower than 24 hours after buying and selling at a low of $13.47.

At the moment’s rise in worth pushed SOL to its strongest level since November 12, days after the token plummeted, after being uncovered to the FTX/Alameda scandal.

From the chart, Monday’s rally got here following a breakout of a key resistance degree on the $15.00 mark.

Because of this, the 14-day relative energy index (RSI) has risen to 73.26, which is its strongest level since April.

Attributable to costs now being comparatively overbought, there’s a sturdy risk that there might be a reversal in momentum within the coming days.

Cardano (ADA)

Cardano (ADA) was one other notable gainer to start out the week, with the token climbing for a second straight day.

Following a low of $0.2865 on Sunday, ADA/USD hit a excessive of $0.3409 earlier in immediately’s session.

Like with solana, this transfer noticed cardano hit its highest mark since November, and got here after a breakout of a ceiling at $0.3250.

Trying on the chart, because of immediately’s rally, the 14-day RSI rose to a degree not seen since September 2021.

Attributable to this, earlier features have considerably eased, and as of writing, ADA/USD is buying and selling at $0.3247.

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Might cardano rally again past this resistance degree within the coming days? Tell us your ideas within the feedback.

Eliman Dambell

Eliman brings an eclectic viewpoint to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At the moment, he acts as a commentator throughout varied asset courses, together with Crypto, Shares and FX.

Memecoins roared back into momentum on Wednesday amid a broader rally supported by encouraging inflation data and Donald Trump’s pro-cryptocurrency moves.

What happened: The unconventional Fartcoin surged over 27% in the last 24 hours to emerge as the biggest meme coin gainer.

The Solana SOL/USD-based token amassed a market capitalization of $1.24 billion at the time of writing, with trading volumes jumping 26% in the last 24 hours.

Fartcoin was followed by dogwifhat, another popular community-driven Solana meme coin, based on a meme featuring a dog wearing a hat.

The billion-dollar-valued cryptocurrency pumped 11%, while its trading volume jumped 75%.

PENGU, the official coin of the popular non-fungible token collection Pudgy Penguins, gained 9.76% to a market capitalization of $2.16 billion.

Cryptocurrency	Gains +/-	Price (Recorded at 10:45 p.m. ET)
Fartcoin (FARTCOIN)	+27.22%	$1.25
dogwifhat WIF/USD	+11.55%	$1.71
Pudgy Penguins (PENGU)	+9.76%	$0.03448

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Meme coin heavyweights like Dogecoin DOGE/USD and Shiba Inu SHIB/USD also gained momentum, rising 3.63% and 2.58%, respectively.

Ethereum ETH/USD-based frog-themed coin Pepe PEPE/USD jumped 6%, while cat-themed Popcat, one of 2024’s biggest gainers, rallied 7.88% in the last 24 hours.

The total meme coin market capitalization rose 4.83% to $106.94 billion, while the overall volume surged 27.81% to $10.74 billion.

The upsurge followed slower-than-expected growth in core inflation, seen as a net positive for risk-on assets. Additionally, a report raised hopes for clear cryptocurrency regulations under new SEC leadership in the Trump administration.

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A cryptocurrency fraud workshop co-hosted by the Delta Police Department last fall identified over 1,100 victims worldwide, including a ‘significant number’ in Canada.

On Sept. 16 and 17, 2024, the DPD and blockchain analytics company Chainalysis hosted “Operation DeCloak,” bringing together representatives from law enforcement agencies including the RCMP, Victoria Police Department, Vancouver Police Department, the BC Securities Commission, the BC Prosecution Service and the BC Financial Services Authority, as well as key stakeholders from cryptocurrency exchanges such as Shakepay and others.

The initiative was a localized “sprint” of Chainalysis’ “Operation Spincaster,” a series of public-private collaborations designed to disrupt and prevent cryptocurrency scams. Spincaster itself spun out from “Operation Disruption,” a collaboration between Chainalysis and the Calgary Police Service in March 2024.

“Leveraging the transparency of the blockchain, Chainalysis proactively identified thousands of compromised wallets. This actionable intelligence formed the basis of a series of operational sprints across six countries (U.S., U.K., Canada, Spain, Netherlands and Australia) with over 100 attendees, including 12 public sector agencies and 17 crypto exchanges,” the company said in a press release.

“Over 7,000 leads were disseminated during these sprints, relating to approximately US$162 million of losses. These leads were used to close accounts, seize funds and build intelligence to prevent future scams.”

During last fall’s Operation DeCloak, Chainalysis led training sessions in investigating leads, tracing stolen funds and identifying compromised wallets using the company’s proprietary “Crypto Investigations Solution.”

According to a DPD press release, 240 crypto addresses were closely examined, revealing an estimated collective loss of C$35 million.

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The event also promoted proactive policing and disruption strategies aimed at combating fraud, with particular emphasis on a growing tactic known as “approval phishing” used by romance and investment scammers targeting cryptocurrency transactions.

The method involves scammers gaining their victim’s trust by promoting false investment opportunities with the promise of high returns, thereby convincing victims to unknowingly approve malicious blockchain transactions.

The initial transaction gives the scammer access to tokens in the victim’s digital wallet without the victim’s knowledge, resulting in unauthorized withdrawals.

Police say scammers typically connect with their victims through social media, or via apps or pop-up ads.

During Operation DeCloak, police say immediate steps were taken to notify identified victims of these scams.

“With the co-operation of the exchange companies, affected individuals were promptly contacted with the goal of preventing further harm,” the DPD said in its press release.

Since the workshop, the department has successfully deployed the techniques learned through Operation DeCloak.

“The technique was applied to a previous investigation which identified stolen cryptocurrency funds in a blacklisted address containing US$1.2 million. This address was in the process of being seized by an overseas police agency,” the department said.

Using the DeCloak techniques, the DPD’s Cybercrime Unit has identified an additional 70 transactions worth US$800,000 sent from Canadian exchanges. Investigators are identifying those victims and seizing the funds from the blacklisted address so they can be returned.

“This collaboration with Chainalysis and cryptocurrency exchanges is a testament to the DPD’s focus on innovation and commitment to community safety and well-being.”

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