Solana (SOL) has struggled to maintain upward momentum in recent weeks. Although the cryptocurrency showed signs of an uptrend, it is now facing challenges due to declining demand for SOL.
The market environment is also deteriorating, which is contributing to the struggles. At $129, Solana is stalled below the key $135 barrier. There is no clear indication of a breakout in sight.
Solana Struggles To Find Demand
The Velocity of Solana has fallen to a 5-month low, signaling weakening demand. Velocity measures the rate at which an asset is circulated within the market. Solana’s current circulation levels are on par with those seen in October 2024, a clear indicator that the cryptocurrency is losing traction.
The drop in Velocity suggests that fewer investors are actively trading SOL, further adding to the bearish sentiment surrounding the token. This lack of demand makes a recovery increasingly difficult, as it implies that traders are hesitant to enter the market.
The ongoing low demand for SOL further confirms a bearish outlook. Many investors are likely waiting for a more favorable environment before committing to new positions, which could delay any potential recovery as the token struggles to attract fresh capital.
Analyzing the 2-week Market Value to Realized Value (MVRV) Ratio, a key metric that tracks the average profit or loss of recent buyers, reveals that the ratio is currently below the zero line. This suggests that investors who purchased SOL within the last two weeks are now facing losses.
This situation could lead to one of two scenarios: either investors hold their positions, hoping for a price recovery, or they sell to cut their losses.
If the latter occurs, increased selling pressure could push the price lower and potentially invalidate any attempts at recovery. In this scenario, the market would likely remain bearish until sentiment shifts.
Solana is currently trading at $130, struggling to break through the critical $135 resistance. While there has been a short-term uptrend, the likelihood of SOL breaching this level seems low. This suggests that the price could remain range-bound for the near future.
The combination of low demand and weak market sentiment points toward a potential decline. Solana may fall through its uptrend support line, with the next significant support levels lying at $125 and potentially $118.
This scenario would delay any recovery, pushing the token further into a bearish trend.
On the other hand, if Solana manages to break through the $135 resistance, the altcoin’s price push toward $148. A sustained move above this level could propel SOL to $150, invalidating the bearish outlook.
For years, crypto in Africa was synonymous with Bitcoin (BTC). Today, that narrative has flipped, with companies like Yellow Card, a crypto exchange operating in Africa, clearly reflecting this shift.
In an exclusive with BeInCrypto, Yellow Card co-founder and CEO Chris Maurice reveals how it is building a pan-African stablecoin network to leapfrog traditional finance (TradFi). This is amid growing regulatory clarity, collapsing fiat systems, and a remittance revolution.
Stablecoins Are Transforming Africa’s Financial Scene
The pan-African exchange operates in over 20 markets, and Maurice says stablecoins now account for over 99% of its transactions. This makes Yellow Card a bellwether for what might be the most transformative trend in emerging markets finance.
“When we first launched Yellow Card in 2019, people were exclusively buying Bitcoin. Now, the most popular asset is Tether (USDT),” Maurice told BeInCrypto.
As it happened, necessity, not speculation, has driven this evolution. Africa leads the world in peer-to-peer (P2P) crypto trading volume. However, unlike global crypto hubs chasing volatile returns, Africans are choosing stablecoins out of financial survival.
Local currencies are eroding under inflationary pressure in countries like Nigeria, which ranks second globally in crypto adoption (per Chainalysis). Stablecoins offer a reliable store of value and seamless means of cross-border payments.
This is especially critical in a continent with $48 billion annual remittances and persistent banking limitations.
“Stablecoins are solving practical financial services challenges in Africa. People aren’t in love with the tech. They need faster, cheaper ways to move money to survive and thrive,” Maurice added.
Infrastructure Built for the Unbanked
Yellow Card has gone beyond trading services. Its infrastructure integrates mobile money systems (like M-Pesa in Kenya) and local fiat currencies such as the Nigerian naira and Ghanaian cedi. According to the firm’s CEO, this helps onboard users without bank accounts.
By managing compliance, currency exchange, and payments internally, the firm enables businesses to operate without battling unreliable local rails.
“Our mission is to let companies invest, hire, and grow in emerging markets without needing to stress over infrastructure. We’ve built the back office [meaning] cybersecurity, AML, [and] data protection, so they can focus on growth,” he articulated.
The Regulatory Dam Has Broken
Maurice also observed that African regulators kept crypto in limbo for years. In Yellow Card’s view, 2024 marked a tipping point.
“There is regulatory momentum in Africa that is only accelerating. The dam has broken,” he said.
South Africa now classifies crypto as a financial product. It has licensed major exchanges like Luno and VALR. Countries in the Central African Economic and Monetary Community (CEMAC), Mauritius, Botswana, and Namibia have followed suit with licensing regimes.
Meanwhile, regulatory incubators are emerging in Kenya, Nigeria, Rwanda, and Tanzania. Against this backdrop, Maurice says Yellow Card has actively helped draft legislation in Kenya and supports crypto frameworks in Morocco.
Fighting the Informal Market
Still, challenges remain. In countries like Ethiopia, Cameroon, and Morocco, outright bans have driven users underground into high-risk P2P networks. Yellow Card pushes for frameworks that level the playing field for compliant players.
“We face a lot of competition from companies that don’t maintain high AML standards…A level playing field is all we seek,” he said.
With $85 million in venture funding, Yellow Card is deploying capital into compliance and partnerships. With this, the company positions itself as the go-to infrastructure provider for global firms looking to tap African markets.
From Africa to Emerging Markets Everywhere
Cross-border payments are perhaps Yellow Card’s most powerful use case. The company’s co-founder says its stablecoin-powered rails are helping businesses reduce working capital needs, expand to new regions, and hire faster.
“We’ve had clients tell us we’ve enabled them to scale into new countries and reduce their costs dramatically. That’s real economic impact,” said Maurice.
The company is not stopping at Africa. Its infrastructure extends into other frontier markets, with a wave of strategic partnerships expected in 2025.
“Yellow Card has built a series of easy buttons for developed world companies to expand into complicated, high-growth markets,” he noted.
“Stablecoins are already a standard part of the financial infrastructure in Africa. CFOs and treasurers in traditional industries are now routinely using them to store and transfer value,” he added.
Africa’s crypto market is still small compared to global giants. Nevertheless, as the world shifts from speculation to utility, the continent’s fragmented financial systems may offer a glimpse into crypto’s most impactful use case: economic empowerment. For Yellow Card, the mission is clear and increasingly urgent.
“We’ve built a company for longevity and scale. Crypto adoption in Africa is stablecoin adoption,” Maurice concluded.
Cardano (ADA) shows renewed strength, up more than 10% in the last 24 hours. Its market cap is now at $26.5 billion. Trading volume has surged 50% over the same period, reaching over $900 million, signaling rising interest and activity.
As ADA forms an early-stage uptrend, technical indicators like ADX and EMA suggest growing momentum and the potential for a bullish breakout. However, a six-day decline in whale wallets raises caution, highlighting a possible divergence between price action and large-holder behavior.
Cardano ADX Rises: Is a Stronger Move Coming?
Cardano’s ADX (Average Directional Index) has climbed to 18.08, up from 14.88 a day earlier, signaling growing trend strength.
This shift comes as ADA starts forming an early-stage uptrend, with higher lows beginning to appear on the chart. While the price hasn’t broken out decisively yet, the rising ADX suggests that underlying momentum is building.
Traders often monitor these early ADX increases as potential signals of a larger move ahead, especially when paired with bullish structure.
The ADX is a widely used technical indicator that measures the strength, but not the direction, of a trend. Readings below 20 typically indicate a weak or ranging market, while values between 20 and 25 signal that a trend is forming.
A move above 25 confirms a strong, active trend. With ADA’s ADX now at 18.08 and steadily rising, the indicator is approaching the critical threshold that could validate a strengthening uptrend.
If the ADX crosses above 20 and price continues to climb, it could attract more bullish momentum and increase the chances of a sustained rally.
ADA Whale Wallets Drop for Sixth Day—Caution Ahead?
Despite Cardano forming an early-stage uptrend, the number of ADA whale wallets holding between 1 million and 10 million ADA has been quietly declining.
There are 2,426 such addresses, down from 2,438 just six days ago. This marks a six-day consecutive drop, following a recent peak that represented the highest whale count since mid-March.
While the price shows signs of strength, the quiet exit or redistribution among large holders could raise caution for short-term momentum.
Tracking whale wallets is crucial because large holders can significantly influence price direction through accumulation or distribution behaviors. When these addresses grow in number, it often signals confidence in the asset and a potential for sustained rallies.
Addresses Holding Between 1 Million and 10 Million ADA. Source: Santiment.
Conversely, a consistent drop in whale activity—especially during a forming uptrend—may suggest profit-taking, reduced conviction, or capital rotation into other assets.
At current levels, the ongoing decline in ADA whales may be an early warning sign that not all large investors are backing this rally. If the trend continues, it could limit Cardano’s upside potential, or at least slow down the pace of gains.
Traders should watch closely whether this divergence between price action and whale behavior widens or begins to realign.
Cardano Eyes Golden Cross as Price Approaches Key Resistance
Cardano’s EMA lines are tightening, suggesting a golden cross could form soon—a bullish signal that occurs when the short-term EMA crosses above the long-term EMA.
If confirmed, and if Cardano price breaks above the $0.73 level, it could open the door to test the next resistances at $0.746 and $0.774.
A sustained breakout would put $0.80 in play, a level not seen since March 8, potentially reigniting broader bullish momentum for ADA in the short term.
