On October 7, 2024, analysts noted a significant shift in the cryptocurrency market, with profits moving from Solana-based memecoins to utility tokens like Wormhole (W) and Rollblock (RBLK). Solana (SOL) fell to $135, marking a 16% drop from last week's high and its lowest point in over three weeks.
The sell-off affected Solana's meme coins, with the total market cap declining by 7% to $7.8 billion. Solana is nearing the 50% Fibonacci retracement level, and bearish signals suggest potential further declines, with an initial target of $121.65.
Wormhole (W) traded at $0.3457, increasing by over 13% in the past week but facing resistance at $0.3760. A drop below $0.3205 could lead to further declines to $0.28, while a breakout above $0.3760 could push it towards $0.4168.
Rollblock (RBLK), a new crypto casino, has gained traction, leveraging the $500 billion global gambling industry. The platform has attracted over $4 million in funds, with its token priced at $0.03, reflecting a 200% increase for early investors. Projections suggest that $RBLK could reach $1 by the end of 2024, driven by player growth and retention.