- The crypto market is set for a major test as four key events, including the Solana Community Conference, grab headlines this week.
- Injective’s Lyora mainnet upgrade is also expected to occur on April 22, as market participants anticipate an impact on the price.
The crypto market began the week with a total valuation of $2.75 trillion. According to our analysts, the broad market cap could rise to $3 trillion as a series of bullish events lines up in the next seven days.
Solana Community Conference
This year’s Solana Crossroads Community Conference will occur in Istanbul, Turkey, over a period of two days – April 25 and 26. According to the announcement, it would witness the gathering of renowned developers, innovators, and investors. Fascinatingly, this could impact the trajectory of the crypto market as crucial updates, including project launches, technological advancements, and partnerships, are expected to be announced.
In the previous event, Solana unveiled its flagship technological projects – “the Solana Seeker phone” and the “Firedancer Validator Client,” which ended up pushing the SOL price up the curve by a wider margin. This week would not be any different as analysts issue caution on a short-term price spike. Meanwhile, users have been asked to look out for possible outages that could nullify enthusiasm.
At press time, SOL was trading at $140 after surging by 4% in the last 24 hours. According to our recent analysis, SOL could hit $2000 this year.
Lyora Mainnet Upgrade by Injective (INJ)
On April 22, Injective would execute its much-anticipated Lyora mainnet upgrade to subject the network to enhanced performance while improving the speed of transactions.
According to analysts, this would position the network ahead of competitors and attract a high number of developers and users for its trading platform. Amidst the backdrop of this, institutional giant Republic Crypto has recently joined the network as an official validator, as highlighted in our previous article.
In the short term, Injective’s native token, INJ, could see a sharp upsurge. Even before the upgrade, the asset has recorded an impressive surge of 8.4% in the last 24 hours and 10.5% in the last seven days, trading at $8.9 at press time.
Texas Bitcoin Reserve Hearing
The Texas Bitcoin Reserve hearing is scheduled to occur on April 23. As detailed in our last news piece, this was filed four months ago. Fascinating, the Senate has approved it pending official implementation.
According to analysts, the upcoming hearing is expected to provide a detailed and clear approach to institutional adoption, which could also impact the short-term price of Bitcoin. Most importantly, it could set a precedent for other states and make the asset an integral part of the financial system of the US.
Prior to this event, Bitcoin has surged by 3.5% in the last 24 hours and 3.3% in the last seven days to trade at $87.6k.
Initia’s Mainnet Launch
Initia’s Mainnet and official token, INIT, would debut on April 24. Analysts believe that this development could rekindle enthusiasm among Decentralized Finance (DeFi) stakeholders. Meanwhile, all eyes are set on the debut price of the official token as experts hint at speculative trading leading to high volatility.
