Bitcoin $4341 in a Single Day
Bitcoin took no prisoners for its first day of trading in October and posted a gain of over $4300. Bitcoin did finally take resistance at its previous failure before the local low. If the resistance holds then this becomes a local double top and we look to sweep the previous low. If the resistance is to break then we look for resistance at the local trend first and then the horizontal area from the previous high.
The Market as a whole saw a good bump upwards but there are some clear winners who really had good days yesterday and others who did not follow in the footsteps of the Bitcoin Leader.
SOL seeing some Love again
Grayscale Adds Solana to $494M Digital Large Cap Fund
The asset manager’s bitcoin-heavy fund allocated 3.24% to SOL Friday.
What is SOL?
SOL is a Very Fast and Very Cheap Blockchain that has been impressing developers for quite a while now.
Solana is building the architecture of their blockchain-based on Proof of History (PoH); a proof for verifying order and passage of time between events. The purpose of PoH is used to encode the trustless passage of time into a ledger. A Proof of Stake (PoS) consensus mechanism is then leveraged for confirmation of the current sequence produced by the Proof of History generator. PoS is also used for voting and selecting the next Proof of History generator node and for punishing any validators that act against the interest of the network.
Up to 710k transactions/second on a 1gb network without data partitioning
Proof of History
Encoding time as data in the replicated state allows for simple and efficient proofs and protocols.
Performant System Architecture
The network is arranged for maximum throughput and high availability. Our smart contracts bytecode is based on Berkeley Packet Filter designed for fast execution.
Fast Proof of Replication
A fast streaming Proof of Replication is designed for storing a large distributed ledger.
Consensus independent from transaction flow
Transactions flow through the network independent of consensus and are limited only by hardware.
CONTINUE TO IMPRESS:
We spoke about both of these coins before and OMG continues to put in some good-looking candles. OMG is flirting with it’s Macro ATH-ATL 50% level. It has failed this level before and the result was an 82% loss. The technicals are pretty clean but the overall volume is a bit disappointing. There are definitely some short-term trades on lower time frames for the intra-day and scalpers in the house.
AXS has recently fallen 50% after hitting a $95 high in early September. We are on our way to our first Price Discovery resistance level near $124.