carrie11cady

@carrie11cady

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A lawmaker in Japan’s legislature named Satoshi Yamada has introduced questions for the government on the status of national Bitcoin reserves globally.

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In a question submitted to the country’s House of Councillors on Dec. 11, Yamada asked the Japanese government to consider “the status of understanding the movement to introduce Bitcoin reserves in the United States and other countries.”

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In a question submitted to the country’s House of Councillors on Dec. 11, Yamada asked the Japanese government to consider “the status of understanding the movement to introduce Bitcoin reserves in the United States and other countries.”

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A lawmaker in Japan’s legislature named Satoshi Yamada has introduced questions for the government on the status of national Bitcoin reserves globally.

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Data from Santiment, a data analytics platform, also mentioned that DOGE’s “mean dollar invested age” is flashing a bullish signal. The mean age of investment is down 31% in eight weeks for the crypto asset, indicating that dormant coins are returning to circulation. With respect to bullish momentum, the platform mentioned in an X post,

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Previously, when the RSI’s overbought condition “eased back” to 50 in March 2024, a strong uptrend was observed on its daily chart. Based on the chart, the analyst hinted that a breakout above $0.50 over the next few days could happen “at any time.”

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An overbought condition on the relative strength index (RSI) indicates the possibility of traders selling the crypto asset, which can cause a short-term decline in value.

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The futures basis refers to the difference in price between spot and futures market pricing, measured as a percentage of spot. In Bitcoin bull markets where all-time highs occur, the basis can reach 30% or more, reflecting increased speculation over BTC price growth to come.

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Despite a 16% decline this week, Trader Tardigrade, a crypto pattern analyst, pointed out that Dogecoin’s strong overbought signal of the daily RSI has been reset.

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“I can’t explain to you how absolutely insane this image is,” he told X followers alongside an illustrative chart.

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Thus, a retest of the 50-day EMA and a drop to $0.34 and $0.32 can occur before its next bullish leg up.

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The integration of ZK-rollups marks a pivotal development for Solana as key projects such as ArciumHQ lead the charge in providing a trustless and efficient framework that allows encrypted computations to run on the blockchain.

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This development also helps in privacy and security with projects like DarklakeFi and PrivateLP, focusing on building confidential, swap-based automated market makers and a market-governed anonymity protocol, respectively.

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In addition, the implementation of ZK-based scaling and ZK Virtual Machines (ZKVMs) by teams such as RiscZero and Succinct Labs enables arbitrary onchain computations that are not limited by Solana’s compute capabilities.

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These developments are instrumental in maintaining Solana’s edge as a blockchain capable of handling high throughput demands while ensuring privacy and security. This increases user confidence in the network and heightens demand for SOL, which positively impacts its price.

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SOL’s price uptick on Dec. 11 follows an increase in onchain activity as more users engage with the network, contributing to the increasing momentum.

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Data from DefiLlama reveals the total value locked (TVL) on the Solana network has increased sharply from $5.6 billion on Nov. 5 to an all-time high of $9.5 billion on Dec. 7. This 70% ascent suggests that users and developers are interacting more with the network.

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Additional data provided by Blockworks Research reveals that SOL’s price increase on Dec. 11 was preceded by a sharp increase in the network’s economic activity. The chart below shows that Solana’s monthly real economic value—all revenue sources, including base fees and priority fees—increased from $158 million in October to an all-time high on Oct. 24 to the current level of $409 million in November.

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Solana’s latest drop in TVL and real economic value signifies its decreasing attractiveness to developers over its rival, which reduces the demand for the native SOL token.

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Solana retested this support zone on Nov. 11 and Nov. 16, before rallying to new all-time highs above $264 on Nov. 22.

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