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The Loom network’s native token, LOOM, has seen a meteoric rise and has shown explosive performance in the cryptocurrency market. One might wonder what the catalyst behind such bullish momentum is, and it is linked to an interesting development.
Today it was announced that Loom will join forces with Atlassian, a global leader in team collaboration software. The companies have signed a definitive agreement that will see Atlassian acquire Loom for a whopping $975 million. This news has reverberated throughout the industry, marking a new chapter of growth and opportunities for both entities.
Reflecting the market reaction, the price of the LOOM token rose, reflecting the community’s optimism about this partnership. The integration envisions a future where the mundane aspects of knowledge work are minimized, taking advantage of the best of the innovative video capabilities of JIRA, Confluence and Loom.
The foundations of this acquisition date back several years, thanks to the continuous efforts of key figures from both companies. Loom has always been on Atlassian’s radar, especially noticed by Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar. Their belief in Loom’s potential was evident even when the platform was registering less than one million looms per month in 2019. Fast forward to the present and Loom has more than seven million looms registered monthly.
This acquisition does not just represent a change of hands. It is a testament to Loom’s significant growth and strong financial health. The vision shared by Loom leaders is to make this acquisition one of the most successful in the software world. They aim for a future where users can’t imagine using Atlassian tools like Confluence and JIRA without built-in Loom features.
Solana’s growth in trouble
Solana (SOL) has certainly caught the attention of many in the cryptocurrency world, especially with its impressive rise in September. However, when examining its charts over different time periods, certain patterns emerge that suggest this growth could be under a potential pullback threat.
On the daily chart, Solana witnessed a notable bull run in September, characterized by strong bullish candles. Major buying pressure occurred in this phase, leading the crypto to break above previous resistance levels.
However, this same chart now reveals that SOL is experiencing a period of consolidation, with prices moving sideways and candles getting smaller. There is an apparent struggle between buyers and sellers, leading to a state of equilibrium.
More significantly, the moving average (MA) lines show a possible bearish crossover in the near future. The short-term moving average appears to be approaching the long-term moving average from above, a classic indicator of a possible downtrend. If this crossover occurs, it could indicate a shift in momentum from bulls to bears.
Turning our attention to the weekly chart, the outlook becomes even more illuminating. SOL’s explosive growth is more evident, with a strong vertical rise. However, after this rise, the chart shows red candles, hinting at a bearish reversal. The volume bars below the price candles also indicate a decline in buying interest in recent weeks compared to the September peak.
Cardano gets major support
Over the past few months, Cardano (ADA) has been under the watchful eye of many investors, traders, and market analysts. The second image reveals the Total Value Locked (TVL) on Cardano, which can be considered a metric to measure the strength and potential of a blockchain network. A high TVL means strong platform activity and user engagement and, as shown, Cardano reached its peak TVL around April, after which it began its decline.
ADA’s daily price chart further corroborates the trend seen in its TVL. As we can see, ADA has followed a downward trajectory, and the price has declined below the medium and long-term moving averages, indicating a prevailing bearish sentiment. Long red downward candles indicate strong sell-offs, and smaller green upward candles represent temporary relief or minor bullish pullbacks.
Notably, ADA appears to have reached a critical “Adamantium” support level, a level it is hesitant to surpass. But the million-dollar question is: will the ADA recover from here?
It is worth highlighting the fact that ADA largely follows the general market trend. It’s not just ADA that faces pressure; A large part of the market is currently in a similar phase. Cardano’s price movements have shown a strong correlation with other major assets, indicating that its price is heavily influenced by broader market trends.
