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APE hits multi-month highs and UNI rallies as Solana wallet hack hits SOL

ApeCoin (APE)

ApeCoin broke out to its highest level since late May above $7.40 per token on Wednesday and last traded at $7.30 and with gains of over 10% on the day. According to CoinMarketCap, APE is up over 15% in the last 24 hours, making it the best-performing cryptocurrency in the top 50 by market cap.

APE/USD has been arguably in a technical uptrend since mid-June, with the 21-day moving average (currently at $6.13) also offering support more recently. The cryptocurrency is now probing an area of ​​support turned into resistance from May, in the $7.50 region. If it can go above that, a challenge of $8.0 seems likely.

APE/USD has been breaking out to new highs since May. Source: FX Empire

Gucci accepts ApeCoin payments

Iconic high-end luxury fashion brand Gucci announced on Tuesday that it will now accept in-store purchases in ApeCoin through its payment processor BitPay, news that likely gave APE a boost. Gucci’s move to accept ApeCoin comes after the company began accepting payments in Bitcoin, Ethereum, Dogecoin, and various USD-pegged stablecoins in May. Gucci competitors like Balenciaga and Farfetch have also started accepting crypto payments this year.

Uniswap (UNI)

UNI, the native token that powers predominantly Ethereum-based decentralized exchange (DEX) Uniswap, was last trading nearly 8% higher on Wednesday. The cryptocurrency was met with significant demand as it retested its 200-day moving average at just under $8.20 earlier in the session, and has rally to just under $9.0, supported by a broader rise in crypto prices on Wednesday recovered per token.

UNI bulls will be eyeing a test of the near $10 highs the token printed last week and the cryptocurrency’s technical outlook looks positive. UNI has been in an uptrend since mid-June and a break above the $10 resistance area could open the door for a quick rally towards the next resistance area around $12.50.

UNI/USD uptrend remains intact. Source: FX Empire

Uniswap is expensive compared to other exchanges according to the ratio of market cap and turnover

According to the anonymous host of InvestAnswers, UNI is expensive compared to the stock price of the leading US crypto exchange Coinbase Global and the stock prices of the NYSE and Nasdaq exchanges. The host said that Uniswap has a market cap to revenue ratio of 6.7 ($6.7 billion market cap versus $1 billion in annual revenue). This is almost double the NYSE’s ratio and well above Coinbase’s 2:1 ratio.

Still, the host remains positive on UNI, noting that “considering the growth of DEXs and their popularity and how they have survived and thrived during this bear market [market] Winter I think the future is very bright for Uniswap.” “The question is, could Uniswap triple from here? I say yes it could,” they added.

Solana (SOL)

Solana is the worst-performing cryptocurrency in the top 20 by market cap on Wednesday, weighed down by news that thousands of Solana wallets were hacked. SOL, the native token powering the Solana blockchain, was last down around 1.0% on the day, trading in the mid-range of $39 per token.

Despite the news of the hack, the slightly better tone to broader cryptocurrency market conditions is keeping SOL above its 50-day moving average in the mid-$37.00s for now. Technicians are also eyeing a possible test of an uptrend that has been supporting price action since mid-June. As long as SOL is able to stay above this uptrend, it arguably still has a slightly positive near-term technical bias.

SOL/USD uptrend remains intact despite the recent dip. Source: FX Empire

Solana wallets hit by multimillion dollar hack

Late on Tuesday, the Solana blockchain crypto ecosystem was attacked. As of early Wednesday morning, at least $8 million worth of crypto has been withdrawn from more than 8,000 different “hot” wallets, including Phantom, Slope, and TrustWallet. “Hot” wallets are those that remain connected to the internet at all times to provide users with convenience in sending, receiving or storing digital assets.

Twitter users speculated that the hackers might have access to users’ private keys, allowing them access to the wallet. However, the exact cause of the attack is unknown. A spokesperson for Phantom, the developer of the most widely used Solana wallet, told crypto media that “we are evaluating the incident affecting Solana wallets and are working closely with other teams in the ecosystem to get to the bottom of it.” . “The team does not currently believe this to be a Phantom-specific issue,” they added.

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