Binance will temporarily suspend ETH and related Layer 2 token transfers on May 7 to support Ethereum’s upcoming Pectra Upgrade. This pause is scheduled to maintain smooth operations while technical adjustments are made to the Ethereum network.
The suspension will begin at 09:45 UTC, which is about 20 minutes before the upgrade time of 10:05 UTC. Binance stated that the trading of all unaffected tokens will continue as usual during this window, and no user action is required.
ETH and L2 Token Transfers Temporarily Suspended
The pause will affect deposits and withdrawals of tokens on Ethereum and popular Layer 2 networks. These tokens include Arbitrum, Optimism, zkSync Era, Base, Manta, Starknet, Polygon, Metis, Scroll, and Celo, among others. This is a routine safety measure to make sure that users’ funds are not at risk during changes to the network infrastructure.
The exchange has mentioned that it will handle all technical requirements associated with the upgrade and will reopen withdrawals and deposits once the networks are stable. No additional announcement will be made as and when the services resume.
What the Ethereum Pectra Upgrade Brings
The Pectra Upgrade is one of Ethereum’s most anticipated updates since the Merge. It merges changes from both the Prague and Electra development tracks to improve usability, scalability, and Layer 2 efficiency. Among the major changes are cheaper Layer 2 transactions, increased validator caps, smarter wallet interactions, and improvements to developer tooling.
The Ethereum Pectra Upgrade brings lower L2 fees, smart wallets, and a lot to the network. Ahead of the update, Ethereum’s price resilience is near $1,800 and has created speculation about a bullish breakout following the upgrade. Analysts suggest that if the Pectra hype delivers, ETH could retest $2,000 levels.
The markets are recovering from the trade-war turmoil, which has dragged the Solana price below $100 for a while. The bears did try to drag the price below the range for two consecutive days but failed, with the price reclaiming $120 in no time. Since then, the price has been consolidating around the gains, aiming to reclaim the crucial resistance at $125, which could clear the path to $135. With this, the SOL price could probably rise above the bearish influence, but if the selling pressure mounts, the token may face a significant setback.
Solana was one of the most exposed tokens after FTT following the collapse of the FTX exchange back in 2022. The SOL price faced a massive pullback and dropped to a single-digit figure from the highs above $240 following a huge uncertainty over the token. However, the token rebounded finely and surged close to $300, forming a new ATH. In a new update ahead of FTX’s repayment program scheduled for May, the exchange has unstaked large amounts of SOL, raising concerns over the upcoming price action.
The FTX exchange has just unstaked over 186,000 SOL worth nearly $22 million, which may push the price into a decisive phase. Although unstaking does not directly mean dumping, as the creditors may certainly not sell out their holding as soon as they get it, some probability of a pullback remains higher. Currently, no major price change is seen as the market sentiment remains bullish after the Bitcoin price climbed back above $81,000.
Should you be worried about the SOL price rally?
The SOL price in the short term is trading within an ascending triangle and is testing the upper resistance zone between $119.54 and $120.84. The RSI is rising while the Stochastic RSI has entered the overbought zone. Therefore, this carries some possibility of a pullback but as long as RSI maintains a strong ascending trend, the Solana price is believed to maintain a strong upswing and test the higher targets mentioned above.
The post FTX Unstaked 186,000 SOL Tokens—Should You be Worried about the Upcoming SOL Price Rally? appeared first on Coinpedia Fintech News
The markets are recovering from the trade-war turmoil, which has dragged the Solana price below $100 for a while. The bears did try to drag the price below the range for two consecutive days but failed, with the price reclaiming $120 in no time. Since then, the price has been consolidating around the gains, aiming …
Token unlocks have the power to move markets. They inject fresh liquidity, trigger price swings, and influence investors’ feelings about a project. During these events, projects release previously locked tokens, making them available for public trading.
This week, three major projects are stepping into the spotlight—Scroll (SCR), Plume Network (PLUME), and Altlayer (ALT)—as they prepare to release a wave of tokens into circulation.
Scroll (SCR)
Unlock Date: April 22
Number of Tokens to be Unlocked: 40 million SCR (4% of Total Supply)
Current Circulating Supply: 190 million
Total supply: 1 billion SCR
Scroll is a Layer 2 solution that boosts Ethereum’s scalability and efficiency. It uses zkRollup technology to lower transaction costs and increase throughput, helping ease issues like high gas fees and congestion.
On April 22, 40 million SCR tokens, valued at about $9.2 million, will be unlocked. This unlock could introduce added liquidity to the market and maybe renewed interest in Scroll.
Number of Tokens to be Unlocked: 108.34 million PLUME (1.08% of Total Supply)
Current Circulating Supply: 2 billion
Total supply: 10 billion Plume
Plume Network is a Layer 1 blockchain that brings real-world assets onto the chain. From fine art to green energy, it enables diverse asset-backed investments with fast, low-cost transactions. The network seamlessly integrates these assets into a composable RWAfi ecosystem, enhancing their utility and enabling broader financial interactions.
The April 21 unlock will consist of over 108 million PLUME tokens valued at about $17.82 million at press time. Early backers and contributors will receive the majority of these tokens, while the team will allocate 7% for a community airdrop.
Number of Tokens to be Unlocked: 240.80 million ALT (2.41% of Total Supply)
Current Circulating Supply: 3.03 billion
Total supply: 10 billion ALT
AltLayer is a project focusing on enhancing blockchain scalability through Restaked Rollups. It uses “Restaked Rollups,” integrating existing rollup stacks like OP Stack and Arbitrum Orbit with EigenLayer’s restaking mechanism for improved security and decentralization.
On April 25, AltLayer will unlock 240 million ALT tokens, releasing approximately $6.5 million worth into the market. This unlock could introduce added liquidity to the market and maybe renewed interest in Altlayer. The network will allocate the majority of these tokens to the Foundation, and for protocol development.
Ethereum price has underperformed in recent months, sparking criticism from top crypto voices such as Cardano’s founder. Charles Hoksinson. Due to the lack of any meaningful gains, traders are actively seeking the best Ethereum rivals to buy and potentially make 10x returns on investment as the broader market flashes bullish signs.
For context, the Ethereum price is trading at around the same price it was one year back, while Bitcoin has surged by 68%. Crypto trader Naiive also criticised ETH, saying a $10,000 investment made 8 years ago would now be worth $8,000.
ETH/USDT: 1-Week Chart
Amid these bearish headwinds and waning investor confidence, let’s explore the top 5 Ethereum rivals to buy to turn $1K to $10K in May.
Ethereum Rivals to Buy Now For 10x Gains in May
The top Ethereum rivals to buy now for potential 10x returns in May include Ripple (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Sui (SUI). These altcoins have not only outperformed Ethereum but also have robust fundamentals and a strong technical outlook, hinting at gains.
Ripple (XRP)
XRP is one of the top Ethereum rivals to buy now amid positive catalysts, including the hype around XRP ETF approvals. At press time, XRP had a higher fully diluted market cap of $232 billion, compared to Ethereum’s $219 billion.
Meanwhile, XRP/ETH is at the highest point in five years after forming a golden cross, indicating that XRP has offered better returns than ETH. Therefore, investors looking to turn $1,000 into $10,000 should consider switching their investment from Ethereum to XRP.
XRP/ETH: 1-Week Chart
Solana (SOL)
One of the top reasons making Solana among the top Ethereum rivals to buy is network growth. Data from DeFillama shows that Solana’s DeFi TVL is approaching the $10 billion milestone, while the stablecoin market cap is at an all-time high.
DeFiLlama
At the same time, SOL has a series of bullish catalysts that could drive a price recovery in the coming months, including potential ETF approvals. If these products are approved, $1,000 worth of Solana could easily grow to $10,000.
Dogecoin (DOGE)
Dogecoin’s rising open interest highlights massive interest in the altcoin, making it among the top Ethereum rivals to buy now. Data from Coinglass shows that Dogecoin’s OI has gradually risen in the last three weeks to $1.9 billion at press time.
Additionally, 71% of traders with open positions on Binance are long on Dogecoin, highlighting a bullish sentiment that this top meme coin will register massive gains. If DOGE bounces higher, traders holding the coin can easily make a 10x return on investment.
DOGE Long/Short Ratio
Cardano (ADA)
Cardano founder Hoskinson is bearish on Ethereum, after recently stating that the altcoin will crash in 15 years. This criticism drew speculation over whether Cardano could be a better investment and one of the top Ethereum rivals to buy.
The technical outlook on the daily price chart shows ADA has bounced from a key demand zone and aims for the next target of $0.93. The rising RSI with a value of 60 further shows the bullish momentum is growing strong and the MACD line has also crossed above the zero line.
ADA/USDT: 1-day Chart
Sui (SUI)
SUI has outperformed the broader crypto market with a staggering 70% gain in the last week alone. Its market cap has also surged to $12 billion, and it might soon enter the ranking for the top ten largest cryptos by market cap.
SUI/USDT: 1-day Chart
SUI is just 28% shy of its all-time high, and as the uptrend strengthens, as highlighted by the AD line, SUI might be poised for a massive uptrend. The AO bars also support a bullish SUI price prediction that the uptrend will continue.
Summary of Top Ethereum Rivals to Buy
Ethereum is underperforming against most cryptos, and traders are actively seeking the top Ethereum rivals to buy to enjoy massive returns. Some of the top altcoins that you can buy to turn $1,000 to $10,000 today are XRP, SOL, ADA, DOGE, and SUI.
