Ethereum and Solana traders eye new presale token

As Intel Markets' presale goes live, investors of major projects like Ethereum and Solana are flocking to invest in INTL.

The crypto market is experiencing a shift. Ethereum and Solana, once the darlings of the crypto world, are experiencing an unexpected exodus. Seasoned traders who held SOL and ETH as a hedge against inflation are now selling those assets.

They appear to be pouring their holdings into new projects, such as the Intel Markets presale. Let's delve into the details.

Ethereum Price Declines Amid Institutional Outflows

On August 3, the price of Ethereum fell below significant resistance at $3,000; since then, the cryptocurrency has not managed to rise above this mark.

Currently, ETH is trading 15% below the $3,000 mark at $2,576. Several potential reasons are contributing to the decline in Ethereum's price.

Over the past eight days, spot Ethereum ETFs have consistently experienced withdrawals. According to Bloomberg, Spot Ether ETFs launched in July have lost $112 million in institutional funds.

Furthermore, the initial excitement surrounding Ethereum's deflationary potential has likely faded. The demand and price of Ethereum are being adversely affected by spot Ether ETF outflows.

The most recent significant update to the Ethereum network, EIP-4844 (proto-danksharding), has led to a decrease in transaction fees for Layer 2 chains. The network's revenue could decline as Layer 2 chains receive a disproportionately large share of transaction fees.

This development has also impacted the supply of ETH. Since EIP-4844, ETH has become inflationary again. The circulating supply of ETH is greater than it would have been otherwise due to lower transaction fees, which means less ETH is burned and collected in fees.

Typically, a higher volume of an asset available across exchanges and user wallets due to a larger circulating supply leads to increased selling pressure, which stifles price increases.

Solana Gains Momentum with Robinhood Listing

Solana has recently been added to the Robinhood wallet, according to an announcement made by Johann Kerbrat, General Manager of Robinhood Crypto. This addition aims to enhance the cryptocurrency wallet by incorporating new blockchains and digital assets.

Solana now joins the growing list of cryptocurrencies supported by Robinhood, which also includes Ethereum, Polygon, and Bitcoin. Robinhood's decision to support SOL follows its acquisitions and license expansions earlier this year, which expanded its crypto offerings.

Following the announcement, the price of SOL experienced a slight increase, indicating a positive market response to this move. The capabilities of the Solana blockchain and Robinhood's large user base could potentially lead to increased transaction volumes.

Recent price analysis suggests that SOL is poised for an 18% rise as it approaches a major flag pattern breakout.

Intel Markets Presale Raises Over $175,000

Amidst the current bearish market trend, Intel Markets stands out as a promising emerging project. Within the first two days of its public presale, Intel Markets raised more than $140,000 in funding, which now exceeds $175,000.

One of the key features of Intel Markets is its dual-chain structure trading platform. This platform enables it to operate on two distinct blockchains, Solana and Ethereum, giving investors wide exposure to assets while leveraging the advantages of both blockchains.

Intel Markets provides advanced trading tools, such as powerful charting software, with 1000x leverage. Its primary tool is the AI-driven trading bot, which is used by over 1200 traders and has a proven track record of profitable performance. With these exceptional features, users can fully capitalize on trading opportunities, maximizing their potential profits.

Due to the exchange's significant potential, users, particularly investors in Solana and Ethereum, are flocking to purchase the Intel Markets native coin, which is currently available at a discounted price of $0.009.

To learn more about Intel Markets, visit their presale page, Telegram channel, or Twitter profile.

Disclaimer: The information provided in this article is solely for educational purposes. It should not be construed as financial advice or an endorsement of any specific product or service.