How are Binance coin, Solana, and Manta moving since the beginning of the year?
We report the latest most relevant news and make a price forecast for 2024
Summary
The latest news for the crypto projects Binance Coin, Solana, and Manta
Going in chronological order, the latest updates from Binance show us how the exchange is planning to bring the theme of blockchain and web3 worldwide with its educational program for schools.
Binance Academy, the educational branch of the crypto exchange, has recently partnered with the independent non-profit organization “Blockchain Center” to develop an education plan on topics such as cryptocurrencies and distributed systems for over 200 universities spread across 50 countries worldwide.
The goal for Binance is to train at least one million students in blockchain engineering and compliance by 2026, with a substantial investment in the new minds of the future.
Currently, the program developed by the exchange represents a 20-week course that covers many key topics in the cryptographic world such as distributed ledger technology, the programming language Solidity, the fundamentals of blockchain, the international regulatory issue of cryptocurrencies, and much more.
Binance Academy has already shaped the minds of over 19,000 students from various universities around the world with past programs conducted in the form of workshops.
As for Solana, we have some great news released a few hours ago by the L1 network team, introducing an innovative technology that could change the fate of the cryptographic future.
Let’s talk about the “token extension” feature, which represents an innovative update of the SPL token standard, introducing a higher level of programmability for tokens on the Solana network.
With this update, developers can add a long list of features to the new tokens that will be created, such as metadata, whitelists, permanent delegations, transfer fees, restricted usage, immutable transformations, and much more.
What is most exciting about this new introduction is that companies looking to develop their own crypto can now have a competitive advantage in terms of compliance with existing international regulations on cryptographic tokens.
For the Solana team, “token extensions” could significantly improve the landscape of stablecoins on their blockchain, encouraging issuers like Paxos and GMO Trust to develop one on the network known as the “Ethereum Killer”.
Finally, they talk about the latest developments at Manta Network, and we can only observe the strong growth that the Ethereum Pacific layer-2 is experiencing, with metrics such as TVL, number of addresses, and transactions constantly increasing in recent days.
In particular, it is worth noting how the chain has attracted over 1.6 billion dollars within it, becoming the 3rd largest network by TVL in the ranking offered by L2beat, behind only Optimism and Arbitrum. The active addresses on Manta have exceeded the figure of 731,000 units, with total transactions surpassing the record threshold of 10 million, in a perspective of strong growth for the coming months.
These are incredible results for a scaling solution that was born just a few months ago and with a native token introduced only recently.
It is worth noting that last week the Pyth Network oracle added the price feed of the MANTA-USD pair on more than 50 blockchains, making the resource available for trading in a wide range of decentralized markets and facilitating exchanges for web3 users.
Given the recent progress of Manta, we expect a 2024 full of great satisfactions for this cryptographic infrastructure.
Analysis of prices of crypto BNB, SOL and MANTA
Let’s now analyze the graphical behavior of the crypto Binance coin (BNB), Solana (SOL), and Manta (MANTA), which are following completely different patterns among themselves.
Considering the influence that Bitcoin has in the cryptocurrency market at this precise moment in history, with the spot ETF launched in the USA a few days ago, let’s compare the 3 coins in their respective trading pairs against BTC in order to have a clearer and more useful final picture for graphic analysis.
Starting from Binance coin (BNB), it is quite evident how the war advanced by the SEC at the beginning of June with the multiple accusations against the exchange did not favor a positive price action for the platform’s native currency.
In the last two quarters of 2023, BNB has lost about half of its value against BTC, before recovering some of the lost ground in a timid and uncertain bullish movement.
Prices are now found in conjunction with 0.00728 sat and have recently been rejected at the level of 0.008 sat where an area that served as support on the chart for several weeks between August and September converges.
The quotes are above the EMA 50 daily, giving some hope to Binance bulls that it could see a return to 0.01 sat in the case of a strong breakout accompanied by decent volumes.
At the moment, given the percentage points lost in the second half of last year, we can confirm that on BNB the forecasts for 2024 remain uncertain but tending towards a recovery compared to BTC.
For Solana (SOL) instead, the situation changes significantly: after the small dump in June, during which the SEC took the opportunity to define the cryptographic resource in question as “security”, the bulls have started to make themselves heard from July onwards.
In about 6 months, the currency has grown by 500% against BTC, going from 0.00054 sat to 0.0027 sat, in a truly spectacular upward trend.
The prices have consistently remained above the EMA 50 without showing any signs of a possible market reversal and giving excitement to their token holders.
Since the end of December, we have instead witnessed a deceleration of the bullish momentum with SOL forming a lower high capable of allowing for a more prolonged bearish movement.
Prices are now trapped within the trading range of 0.002 sat and 0.0024 sat, waiting for the next move to determine the fate of Solana.
For this crypto, we expect a growth in 2024, even though we have to face potential storms.
Finally, as for Manta, there is little to say: the historical reduction of the crypto prevents us from making an accurate analysis, but we can immediately notice the strength with which prices are keeping the asset high.
Since January 18, the day of Manta’s listing on Binance and its airdrop, the coin has experienced slow but steady growth, without showing any signs of possible declines.
Its prices are significantly higher than those recorded during the closing of the first day of trading, offering a positive price outlook for the immediate future.
Given the growth of the chain and its excellent debut on the market, we also expect a very positive 2024 for MANTA, which however appears to be a less established reality and will certainly have to face more challenging obstacles compared to Binance coin and Solana.
