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☀️ Solana Dapp Volume Increases 

Word On The Street: Solana recently experienced a 9% decline over two days after peaking at $161.80, however its Dapp use increased compared to competitors.

The details:

• Solana’s network usage has seen a significant uptick in the past week, leading traders to speculate about SOL's potential to outperform its competitors.

• According to DappRadar, Solana's decentralized application (DApp) volumes surged by 46% in the past week.

• In comparison, Ethereum DApps saw a 12% gain during the same period, while BNB Chain’s numbers remained flat.

Why it matters: Given the current news flow and the surge in network activity, SOL appears poised to outperform the broader altcoin market.

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Traders Corner (Premium)

Welcome, Traders!

Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Mantra Technical Analysis (Free)

• Stark Technical Analysis (Paid)

• BEAM Technical Analysis (Paid)

TRADERS CORNER
🧘 Mantra Technical Analysis

OM is currently trading at $1.29832, just slightly above the middle VWAP band at $1.29416. This suggests a neutral to slightly bullish momentum as the price is hovering around the central volatility range defined by the VWAP bands.

Trend Analysis:

The chart shows a moderate uptrend, with a series of higher highs and higher lows forming over the recent period. After some consolidation, there has been a noticeable rebound, with the price attempting to move further upward. The VWAP bands are expanding, indicating increased volatility in the market. The bullish momentum is not overly strong, but the price is managing to sustain levels above the middle VWAP band, suggesting that buyers are maintaining some level of control.

Support and Resistance:

- Resistance: The immediate resistance is at the upper VWAP band near $1.31019. If the price can break and hold above this level, it could signal further upward momentum.

- Support: The nearest support lies at the middle VWAP band around $1.29416. If the price falls below this level, the next key support would be at $1.27814 (the lower VWAP band). A break below this could signal a possible bearish reversal.

Potential Scenarios:

Bullish: If OM can continue to hold above the middle VWAP band at $1.29416 and build momentum, a push toward the upper VWAP band at $1.31019 is likely. Breaking this level would open up the potential for further gains, with the price possibly targeting higher levels depending on the strength of the buying pressure.

Bearish: If the price fails to maintain its position above the middle VWAP band and falls below $1.29416, it could test the next support level at $1.27814. A break below this level would indicate increasing selling pressure, potentially leading to a move toward the lower support at $1.26211.

TRADERS CORNER
🌎️ Stark Technical Analysis

Starknet Token (STRK/USDT) is currently trading at $0.390, just above the middle VWAP band at approximately $0.389. This positioning indicates a slightly neutral to bullish stance as the price is hovering near the middle of the VWAP bands.

Trend Analysis:

The chart shows a period of sideways consolidation with the price moving in a relatively tight range. Starknet has experienced several attempts to break out of this range in recent sessions, as indicated by the spikes and dips beyond the VWAP bands. However, each move has been quickly followed by a reversal, signaling uncertainty and a lack of strong directional momentum.

The VWAP bands are relatively flat and narrow, indicating low volatility in the market. The current trend is ambiguous, with neither bulls nor bears showing a definitive advantage. Volume bars at the bottom of the chart also show low buying and selling interest, highlighting the ongoing consolidation.

Support and Resistance:

- Resistance: The immediate resistance level is at the upper VWAP band around $0.396. A sustained move above this level would indicate a potential breakout from the consolidation phase and could lead to further upward momentum.

- Support: The first support lies at the middle VWAP band near $0.389. If the price breaks below this, the next key support would be the lower VWAP band around $0.387. A break below this level would signal potential bearish momentum, likely leading to further downward movement.

Potential Scenarios:

Bullish: If Starknet can sustain above the middle VWAP band at $0.389 and break above the immediate resistance at $0.396, this could trigger bullish momentum. A successful breakout could target the psychological levels near $0.400 or higher.

Bearish: If the price fails to maintain its position above the middle VWAP band and drops below $0.389, it may test the lower VWAP band support at $0.387. A breakdown below this support could signal the start of a bearish phase, possibly pushing the price toward lower levels around $0.380 or below.

TRADERS CORNER
🌈 BEAM Technical Analysis

BEAM/USDT is currently trading at $0.016988, slightly above the lower VWAP band near $0.016958. This suggests the price is in the lower end of its recent trading range, indicating potential bearish momentum or an oversold condition.

Trend Analysis:

The chart shows a downtrend as the price has steadily moved lower over time, with BEAM falling below both the middle and upper VWAP bands. This downtrend is accompanied by a series of lower highs and lower lows, signaling a bearish market structure.

The VWAP bands are expanding slightly, indicating an increase in volatility as the price continues its downward movement. However, the most recent candles show some signs of stabilization, as BEAM has found temporary support near the lower VWAP band. This could suggest a potential short-term bottoming pattern, though the overall trend remains bearish.

Support and Resistance:

- Resistance: The immediate resistance level is at the middle VWAP band around $0.017948. A breakout above this level would be required to indicate a potential reversal or a weakening of the bearish trend.

- Support: The current support is near the lower VWAP band at $0.016958. A break below this level could signal further downside potential, pushing the price toward lower psychological levels, such as $0.016500.

Potential Scenarios:

Bullish: If BEAM can hold above the lower VWAP band and gain some buying momentum, the price could rebound towards the middle VWAP band around $0.017948. A sustained move above this resistance would be needed to challenge the overall bearish trend and potentially trigger a trend reversal.

Bearish: If BEAM fails to maintain its current level and breaks below the support at $0.016958, it may continue its downtrend, targeting lower price levels. Further selling pressure could drive the price to test $0.016500 or lower.

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