Cryptocurrencies had a relatively strong performance this week as Bitcoin bounced back to almost $60,000. Toncoin was trading at $7.23, a few points below its highest point this year while Solana rose to $146, up from this month’s low of $121.  These coins rose as investors bought the dip and as the impact of the ongoing liquidations by the German government and Mt. Gox wallets. They also recovered after the US published an encouraging inflation report that revealed that consumer prices were falling.  Another positive event that happened was that Solciety, an upcoming Solana meme coin, raised over $863k from investors in less than two weeks. You can buy the SLCTY token here. Solana price forecast Solana price bottomed at $122.10, where it failed to move below since May this year. It then bounced back and was trading at $140 on Thursday evening.  On the daily chart, the token has formed a double-bottom pattern whose neckline was at $188.73. In price action analysis, a double bottom is one of the most bullish chart patterns. It has also formed a small double-bottom pattern whose neckline is at $154. At the same time, the token has found substantial support at the 200-day Exponential Moving Average (EMA), which is a popular bullish sign.  The MACD and the Relative Strength Index (RSI) indicators have also formed bullish divergence patterns. Therefore, the likely scenario is that Solana will resume the bullish trend in the near term.  If this happens, the next key level to watch will be the key resistance point at $155. A break above that level will see it rising to the next psychological point at $160.

Toncoin price forecast Toncoin has been one of the top-performing cryptocurrencies this year as the TON ecosystem continues doing well. The $TON price dropped to a low of $6.36 last Friday as other cryptocurrencies fell. That was an important level since it coincided with the lower side of the ascending channel. There are signs that TON price could soon make a bearish breakout. It has formed a rising wedge pattern, a popular bearish sign. Unlike Solana, the MACD and the Relative Strength Indicator (RSI) have formed a bearish divergence pattern. Therefore, with the rising wedge nearing a confluence level, there is a likelihood that the $TON token will have a bearish breakout in the coming weeks. 

Solciety analysis Unlike Toncoin and Solana, Solciety is not yet publicly traded. Instead, it is a political neutral cryptocurrency currently in its presale event. Launched earlier this month, the sale has raised over $870k and the trend is gaining momentum. Solciety aims to be at the intersection of non-fungible tokens (NFT), meme culture, and Solana meme coins. Recently, Solana’s ecosystem has produced some of the top meme coins like Book of Meme (BOME) and Dogwifhat. It also aims to become the best political meme coins in the industry. Unlike Donald Tremp and Jeo Boden, Solciety will not be affiliated in either of the political space. As the US election nears, people supporting either candidate will feel comfortable investing in the SLCTY token. A key feature of Solciety is its meme generator feature where users will be able to create political memes with over 200 traits, backgrounds, and fonts.Users can make some money in SLCTY tokens by creating and sharing these meme coins.  As the network grows, the developers will introduce augmented reality features that will help users view their meme coins well. You can read more about Solciety and its tokenomics here.

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MicroStrategy has confirmed that it is effecting a 10-for-1 split, which will give current shareholders nine extra shares for each share they currently hold. It will also make the company’s shares more affordable and accessible.

The board of directors of MicroStrategy, one of the biggest business intelligence firms in the world, announced a 10-for-1 split of their stock today. This noteworthy announcement came after the company purchased over 11,000 BTC for about $786 million last month, causing its total holdings to hit record highs. Its share price also skyrocketed and is currently sitting at about $1,370. It is interesting to note that the company’s stock has steadily risen faster than the price of Bitcoin itself. For example, its stock has gone up about 216% this year, while Bitcoin has recorded a 91% increase in price. While still impressive, this pales compared to MicroStrategy’s share price growth. According to the company, the shares will be split between class A and class B common shareholders, and the date set for the split is August 1, 2024. The effect of this split is that every holder of the company’s stock will receive an extra nine shares for each share they hold. Holders of class A shares will receive extra class A shares, and holders of class B shares will receive extra class B shares. Knowing the price of a single share, the dramatic nature of this stock split immediately becomes more evident. The essence of a stock split is to increase the number of shares in the company, as existing shares are divided into several “new” shares. The company’s market capitalisation will remain unchanged, but each share’s price will be slashed, allowing the company’s shares to become more affordable without compromising the company’s underlying value. The company clarified that this stock split will not affect or change the current voting rights of the company’s stockholders. Instead, the move will improve the accessibility of the company’s stock by lowering the trading price per share. This may also attract more investors and employees, convincing them to buy the company’s stock. The official distribution of the shares, expected to happen after trading closes on August 7, 2024, is pegged for that day.

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