Solana (SOL) About to Withstand Biggest Test Since 2023

In the first half of this year, Victor Gherbovet, who previously collaborated with the FX/CFD broker Admirals for over a decade, decided to launch his own software-as-a-service (SaaS) technology company, FirstByt. Now, as Finance Magnates exclusively learned, the company is introducing a white-label solution for firms looking to launch their own decentralized cryptocurrency exchange (DEX) within a few days.

FirstByt Launches DEX White Label Solution on Solana, Eyes Multi-Chain Expansion

FirstByt unveiled its first products in April this year, though the company had been in development for the past few years. Now, as Finance Magnates has learned, the company is introducing one of the first DEX white label solutions on the market, dubbed DexTrader.PRO starting with the Solana blockchain.

The platform, which can be deployed in just 24 to 48 hours, offers a suite of customizable features including SWAP functionality, limit orders, and dollar-cost averaging (DCA) tools. As Gherbovet stated exclusively for Finance Magnates, this fast setup time represents an important shift in an industry where DEX deployments typically require more extensive timeframes.

The look of white label DEX. Source: FirstByt

"While we're starting with Solana due to its high-speed and low-cost transactions, we're actively planning to expand to other prominent blockchains like Ethereum, Binance Smart Chain, and Polygon," the FirstByt’s CEO and Co-Founder added.

However, the move towards multi-chain compatibility is part of FirstByt's strategy to bridge the gap between decentralized finance (DeFi) and traditional finance (TradeFi).

"We're aiming to introduce decentralized money management features alongside traditional financial instruments like Forex, commodities, and Indices, creating a comprehensive solution for both crypto-native traders and those transitioning from traditional markets."

FirstByt's white-label solution offers customization options for businesses. These include user interface personalization, feature selection, and the ability to set custom commission and fee structures. "Our goal is to provide businesses with the flexibility to tailor the platform to their specific needs while leveraging our robust technology," Gherbovet added.

Security also remains a priority for FirstByt. The platform incorporates multiple layers of protection, including smart contract audits, decentralized custody, and encryption measures to safeguard users and their assets.

The launch of FirstByt's DEX solution comes at a time of growing competition between decentralized and centralized exchanges. As the crypto industry places increasing emphasis on security and transparency, DEXs are emerging as viable alternatives to traditional centralized platforms.

Gherbovet is not the only former Admirals executive who decided to go independent this year. Previously, Bartosz Bielec, a market veteran with 20 years of experience, launched a new CFD business named Prime Quotes. Bielec had previously served as a long-time director and Board Member at Admirals and was also the Chief Commercial Officer at Alpari.

Toncoin (TON) is approaching the critical psychological price level of $6.00, with market momentum supporting its rise.

However, while reaching $6.00 appears achievable, a rally beyond this point may encounter resistance, potentially slowing down any further price growth for the altcoin.

Toncoin Price Is Bullish; Investors Are Not

Toncoin is likely to break out above the $5.93 barrier, as there is minimal resistance at this point. According to the In/Out of the Money Around Price (IOMAP) data, only 61 million TON, worth approximately $351 million, was purchased around this price, indicating weak demand.

On the other hand, the support between $5.48 and $5.65 is stronger, where about 628 million TON, worth $3.6 billion, was bought. This suggests that the zone will act as a solid support floor if prices face downward pressure.

With relatively little resistance to the upside, Toncoin may breach $5.93 with ease. However, to maintain its upward momentum, TON will need continued investor confidence and strong demand.

However, the broader macro momentum shows signs of concern. Active addresses on the Toncoin network have dropped by 31% in the last 11 days, decreasing from 3.5 million to 2.4 million. This decline in participation suggests that investors may be pulling back due to fears of volatility, which could slow Toncoin’s rally.

This reduced participation could signal waning investor confidence in the short term. While the support floor remains strong, the pullback in active addresses may limit TON’s ability to sustain a long-term rally.

TON Price Prediction: Trying Its Best

Toncoin is currently trading at $5.77, aiming to break above the key $5.96 resistance level. If this barrier is breached, TON could rise to $6.00, marking a near-monthly high for the altcoin.

However, while a move above $5.96 seems likely, breaking past the next resistance at $6.36 could prove challenging. Flipping $6.36 into support is crucial for Toncoin to target $7.00, although this price point remains a longer-term goal.

If investors begin taking profits at the current price levels, TON may fail to break above $5.96. This would invalidate the bullish outlook and keep Toncoin consolidated above the critical $5.49 support floor, limiting further upward movement.

After weeks of anticipation, the US Federal Reserve finally cut the key interest rates by 0.5%, triggering a massive rally for bitcoin that sent it to a 3-week peak of over $62,600.

Several altcoins have performed even better, with massive gains from the likes of BCH, NEAR, AVAX, SUI, TAO, and many others.Bitcoin’s Fed-Induced Surge

This highly-anticipated week began with a price slip from bitcoin that drove it from over $60,000 to under $58,000 on Monday. This came after the substantial price surge at the end of the previous week when BTC neared $61,000 for the first time in weeks.

However, the cryptocurrency didn’t stay down long on Monday and soared past $61,000 on Tuesday as the hype for the Fed’s actions was building up. Once the US central bank’s meeting was concluded and Jerome Powellannounceda 50 basis point rate cut, BTC went on a real rollercoaster.

Itwent up and downseveral times from over $61,000 to $59,000 before thebullstook complete control of the market and initiated a massive leg-up that pushed the asset to $62,650 earlier this morning. This became its highest price tag since August 27.

Despite losing some ground since then, BTC still stands close to $62,000 and is up by 3% on the day. Its market cap is above $1.220 trillion, while its dominance over the alts stands tall at 54.7% on CG.Alts With Bigger Gains

The ever-more volatile altcoin sector has produced some really powerful price increases in the past day. Ethereum has added over 5% of value and now sits well above $2,400, SOL is up by 6% and stands close to $140, while SHIB, LINK, APT DOGE, and TON have gained somewhere between 5-8%.

Furthermore, Bitcoin Cash, NEAR, SUI, TAO, STX, FET, and a few others have charted double-digit gains.

Many lower-cap alts, such as POPCAT, SEI, TIA, and WIF, have also surged by double-digits, which has helped the total crypto market cap add about $100 billion daily. The metric is now at $2.240 trillion on CG.

Rep. Ritchie Torres (D-NY), one of the strongest pro-crypto voices within the Democratic Party, recently spoke about the legal status of Ethereum during a congressional hearing, arguing that the second-largest cryptocurrency should not be classified as a security.

"The textbook example of a security is a stock. If I invest in the Apple stock, it means that I am expecting a profit from the managerial efforts of Apple, the company. If I buy Ether, from whose managerial efforts am I expecting a profit," Torres asked.

Dan Gallager, a former commissioner of the Securities and Exchange Commission, stated that there was no Ethereum equivalent of Apple (the company).

As reported by U.Today, the SEC recently conceded that Ethereum is not a security by permitting trading platform eToro to remain on the platform alongside Bitcoin and Bitcoin Cash. However, this was part of a private settlement with eToro, meaning that this case is not precedential.

SEC Chair Gary Gensler has repeatedly refrained from publicly commenting on the legal status of Ether.

Ignoring Robinhood

Gallagher, who now serves as the chief legal officer at Robinhood, claims that his company had over a dozen meetings and calls over a year and a half. However, the SEC still ended up receiving a Wells notice.

During the hearing, the former SEC commissioner claimed that the agency's staff was non-responsive to the company's repeated requests for guidance.

Gallagher has criticized the commission's aggressive stance while also calling for establishing a basic regulatory regime for digital assets.

As more celebrities dive into memecoins, a former Hollywood executive who now works in the Web3 space expressed the flaws surrounding celebrity-backed tokens and offered a potential alternative in the form of decentralized applications (DApps).

At the Token2049 event in Singapore, Cointelegraph journalist Ciaran Lyons spoke with Andrew Saunders, the chief marketing and growth officer of the Ethereum Virtual Machine (EVM) blockchain Skale, about celebrities jumping into Web3 through memecoins.

The Skale CMO criticized the current state of celebrity memecoins and said that he would stay away from them. “I come from Hollywood, and I would never touch a celebrity memecoin,” Saunders told Cointelegraph.

The problem with celebrity memecoins

The executive explained that celebrity tokens have similar qualities to most meme-based tokens. Saunders said that these token projects tend to have key holders who have a lot of supply. The Web3 professional said that even if they distribute the tokens across 50 wallets, it’s still the same situation if they are held by a few people.

Saunders also described memecoins as some sort of a player-versus-player (PvP) game. The executive believes that if users get in early enough, they can multiply their investment. He explained:

However, the executive believes that the tides will turn as the space gets more regulatory clarity. Saunders said that as the perception of crypto becomes more positive in the United States and people begin to understand the technology, there would be more of what he describes as an “arm in” model.

Saunders said that this is when celebrities are able to realize that they can use blockchain technology to connect with their fans. In addition, they would be able to access data that they weren’t able to get using Web2 technologies.

DApps instead of celebrity tokens

As an example, the executive said that a celebrity can create a DApp that allows users to earn points for all their interactions with the celebrity’s social posts. Then, they can trade those points for benefits like meet and greets, autographed posters or even a cameo in a music video.

“I think that’s where it’s going to ultimately go. I think at the end of the day, I don’t see any reason right now for a celebrity to launch a token, whether it’s a memecoin or utility-based token, but I do think blockchain technology is going to be eventually widely used by celebrities,” Saunders said.

An analyst has explained how Bitcoin will likely continue the latest bullish swing, at least in the short-term.

Bitcoin Spot Exchange Supply Has Been On The Decline Recently

In a new post on X, analyst Willy Woo has discussed the short-term and medium-term trajectories that BTC could follow. For the former, the analyst says the bullish trend would continue, with “likely 1 week left in play.”

In the medium term, things appear to be more complicated, as Woo has pointed out the trend forming in the Bitcoin inventory sitting on centralized exchange platforms.

Below is the chart shared by the analyst that shows the trajectory in the value of this metric over the last few years.

As is visible in the above graph, the Spot Bitcoin exchange supply (the blue line) has declined recently, suggesting that investors have been withdrawing their coins into self-custodial wallets.

Generally, one of the main reasons investors keep their coins on spot platforms is for selling purposes, so the Spot BTC inventory can be viewed as an estimation of the available sell supply for the cryptocurrency. As such, the investors taking their coins out of this supply can naturally be a bullish sign for Bitcoin.

In today’s era, however, the Spot BTC isn’t the only factor affecting the asset’s price, as another form of exchange supply has gained popularity in the last few years: Paper BTC.

Paper BTC refers to the derivatives contracts related to the cryptocurrency that don’t require users to own any tokens themselves. With Paper BTC gaining more dominance, its influence on the market has become quite apparent.

In the chart, the purple line corresponds to the total BTC exchange inventory; that is, it shows the sum of the Spot and Paper BTC present on the various platforms.

It would appear that while the Spot BTC itself has declined recently, the same hasn’t been true for the combined Spot and Paper BTC supply, which has continued to move sideways. This would imply that Paper BTC is being printed at about the same rate as Spot BTC, which the investors are withdrawing.

A rise in Paper BTC is generally not a good sign for Bitcoin, so it could hinder BTC’s upward push. Woo notes, however, that things could change quickly if a short squeeze occurs in the market.

A “squeeze” refers to an event where a mass amount of liquidations occurs at once, so a short squeeze in particular, would naturally be the occurrence of a mass amount of short liquidations.

“Current demand and supply is neutral bearish, but signs of moving into a bullish structure if we get some liquidations,” says the analyst.

BTC Price

Bitcoin had recovered beyond the $61,000 mark yesterday, but it appears to have slipped up today as its price is now floating around $59,600.