ADA took the market by storm after rallying 88% in a week.

Key Support levels: $0.60

Key Resistance levels: $0.70, $0.80

1. Buyers Return with a Vengeance

Nothing appears to stop ADA’s rally. It broke one resistance after another and is now found at 62 cents, almost double the price compared to early November! This performance is impressive and comes after ADA’s founder disclosed his plans to work with the US government on crypto-related policy.

2. Strong Rally Without any Pullbacks

The rally that started on November 5th continued until today with no relevant pullbacks. This saw the price make sustained gains for over a week. Whatever selling took place only paused the rally for a short moment. At the time of this post, ADA is above 60 cents, which acts as support.

3. Buy Volume Explodes

A quick look at the volume shows that the last time Cardano saw such buy pressure was in the 2021 bull market. This is great news as it gives a strong bullish signal to the market. If this is sustained, then this cryptocurrency has a good chance to break even higher later on, with 70 cents and 80 cents as key targets.

• Bitcoin price declines and shows a high chance of a pullback after reaching a new all-time high of $89,900.
• Ethereum faces rejection around its weekly level of $3,454, indicating bearish momentum ahead.
• Ripple declines as it retests a crucial resistance level, suggesting a correction ahead.

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump’s election victory. Technical indicators now suggest a normal correction for all three coins may be ahead.

Bitcoin bulls show signs of exhaustion

Bitcoin price reached a new all-time of $89,980 on Tuesday after rallying seven consecutive green candlesticks since November 5, suggesting the rally may be overstretched. At the time of writing on Wednesday, it trades slightly down around $87,500.

The Relative Strength Index (RSI) also stands at 80, well above its overbought level of 70. It points downwards, signaling increasing risk. Traders should exercise caution when adding to their long positions, as a move out of the overbought territory by the RSI could provide a clear sign of a pullback.

If BTC faces a corrective pullback, it could decline 10% from its current position and retest its $78,807 support level. 

BTC/USDT daily chart

Conversely, if the bulls continue the upward momentum, the rally could extend to retest its 241.40% Fibonacci extension level at $99,887, drawn from July’s high of $70,079 to August’s low of $49,000.

Ethereum price is poised for a decline as it faces rejection from key level

Ethereum price retested its daily support at around $2,342 on November 5 and surged over 40% until Monday. Such a massive rally could lead to a pullback. As of Tuesday, it retested the weekly resistance level at $3,454 and declined 3.79%. At the time of writing on Wednesday, it continues to decline slightly down to around $3,200.

The RSI indicator on the daily chart supports Ethereum’s decline. It reads 69, pointing downwards, exiting from its overbought value of 70, indicating bullish momentum is losing strength.

If ETH faces a pullback, it could decline around 6% from its current position and retest its psychologically important $3,000 level. 

ETH/USDT daily chart

However, If ETH breaks and closes above the weekly resistance at $3,454, it will rally to retest its psychologically important $4,000 level. 

Ripple price could face  pullback following rejection off  key resistance 

Ripple price broke the daily resistance level of $0.544 on November 7 and rallied over 27% until Tuesday. When writing the article on Wednesday, it retested a March 11 high of $0.744 and faced rejection, starting to decline to trade around $0.671.

If XRP continues to decline, it could extend the decline to retest its crucial daily support at $0.626.

The RSI also stands at 73, well above its overbought threshold of 70. It points downwards, signaling increasing risk. Traders should exercise caution when adding to their long positions, as a move out of the overbought territory by the RSI could provide a clear sign of a pullback.

XRP/USDT daily chart

On the other hand, if the XRP breaks and closes above $0.744, it could extend the rally to retest its resistance level at $0.854.

Solana’s price recently surged to $225, marking a promising milestone as it captures investor attention. Currently trading at $210.69, SOL has experienced a slight pullback of 3.79% in the past day, indicating some resistance near recent highs. Despite this dip, the token’s 24-hour trading volume of $12.4 billion showcases strong activity and liquidity, suggesting that investor confidence remains robust. As SOL’s market cap hovers around $99.43 billion, the question remains whether this retracement is temporary or if the cryptocurrency is poised for another rally, potentially testing new highs. For a comprehensive SOL Price Prediction, investors are analyzing key technical indicators to gauge the cryptocurrency’s trajectory.

SOL’s Technicals Hint at Sustained Bullish Trend Ahead

The Ichimoku Cloud further validates this bullish outlook, as the altcoin’s price is above the cloud, implying sustained bullish pressure. The MACD also reverberates the same narrative of positive momentum, with the MACD line at 13.82 crossing the signal line.

There is a strong potential to pursue the all-time high of $260, about 24% away. Should Solana manage to breach $230, the next set target is $250, propelling towards its new record high. On the contrary, $204 and $210 are important support zones while spying on the upper levels. If the price falls to weaker levels below $204, this would indicate a shift in momentum and likely reversal.

Solana Dominates 2024 with 10B Transactions

Solana’s prowess is unmatched in the blockchain industry, with transactions worth $10 billion recorded in the 2024 year to date. The medium is far better than other platforms, with Near and Tron being the closest, with 1.9 billion and 1.95 billion transactions, respectively. In terms of network activity as well, the SOL cryptocurrency is way ahead of BNB Chain, Polygon, and Base, which are ranked in transactions ranging from 1.2 billion to 1.1 billion.

The chart incorporates Solana’s huge transaction volume, further validating the token’s activity in the blockchain ecosystem. It emphasizes the high demand for platforms, as Solana is constantly used for decentralized applications and smart contracts. Therefore, it shows how Solana’s ecosystem is intact, and even the network’s scalability and cheap transaction costs are factors for the cryptocurrency’s success in 2024.

Solana Market Sentiment Shows Bullish Outlook

Currently, the sentiment around Solana cryptocurrency seems more positive than negative, with retail and institutional investors revealing hybrid signals. The crowd sentiment for the token stands at 0.08, which is slightly more than neutral, suggesting some degree of optimism prevailing in the market on the part of retail investors. On the contrary, Smart Money Sentiment shows an even better bullish trend at 1.31, reflecting confidence from institutional investors and big traders.

$SOL Sentiment

CROWD = Bearish 🟥
MP | #SmartMoney = Bearish 🟥 #Solana
Check out sentiment and other crypto stats at https://t.co/HQDyBNv73S#crypto #cryptotrading #CryptoX pic.twitter.com/8KB02sv9Me

— Market Prophit (@MarketProphit) November 11, 2024

This synchronization between retail and institutional sentiment implies that the SOL token has a good outlook in the market and that there is room for more bullish sentiment to take hold. The optimism from both groups indicates a potential for aggressive buying and aspirations for higher prices in the short term.

Also Read: Bitcoin Price: Willy Woo Reveals Next Target for BTC After $100K!

Dogecoin price today: $0.3800

• Dogecoin is the best-performing asset among the top 100 tokens by market cap following a 130% rise. 
• Eric Balchunas hinted at the launch of a DOGE ETF, which could lower the skeptical view of investors toward memecoins.
• DOGE could rally to test its all-time high if it overcomes the $0.5900 key hurdle.

Dogecoin (DOGE) rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas’s post regarding a DOGE exchange-traded fund (ETF).

Dogecoin could be on the brink of an ETF launch as prices continue upward march

Dogecoin has witnessed double-digit gains in the past 24 hours, rising over 15% as the general crypto market rallied. It currently trends as the best-performing asset among the top 100 tokens, seeing over 130% gain on the weekly timeframe, per CoinGecko data.

The momentous rise saw Dogecoin’s market capitalization cross the $56 billion mark, surpassing that of automotive company Ford in the process. DOGE’s impressive run dates back to October 13, since which it has risen over 250%.

Following another round of price rally on Tuesday,  Bloomberg senior ETF analyst Eric Balchunas hinted at the possibility of a DOGE ETF after Canary Capital’s S-1 application for an HBAR ETF.

Eric Balchunas played a crucial role in the Bitcoin and Ethereum ETFs approval timeline by providing regular updates and insights on regulatory developments.

Hence, most Dogecoin community members are showing increased interest after Balchunas’ tweet.

Crypto expert Andrew Kang predicted in March that the approval of a DOGE ETF holds a 30% chance, particularly if regulatory clarity improves.

Although there is currently no application for a DOGE ETF, most crypto community members are preparing for asset managers to submit one soon, especially after Republican candidate Donald Trump won the US presidential elections last Tuesday.

As anticipation builds for a DOGE ETF, Dogecoin could extend its gains and tackle its all-time high resistance.

Additionally, a DOGE ETF could lower the skepticism toward meme coins by giving institutional investors exposure to Dogecoin’s price.

Dogecoin Price Forecast: DOGE could test its all-time high if it rallies above the $0.5900 resistance

Dogecoin sustained over $127 million in liquidations in the past 24 hours, with liquidated long and short positions accounting for $63.69 and $64.10 million, per Coinglass data.

DOGE aims to tackle the resistance level of a key rectangular channel near $0.4483 after charging above the $0.3517 resistance of August 2021. A firm close above $0.4483 will see DOGE tackling the $0.5900 resistance of May 2021 and stage a rally toward a new all-time high.

DOGE/USDT daily chart

Crypto analyst Ali Martinez also suggests a similar bullish outlook as DOGE’s Market Value to Realized Value (MVRV) is at 45.65%. This is below the 78% mark, which often indicates market tops in previous cycles. Hence, DOGE still has room to run.

The Relative Strength Index (RSI) is in the oversold region, indicating a potential price correction is imminent.

A daily candlestick close below $0.3517 will invalidate the bullish thesis.

Solana has popularly become the go-to choice for several venture capitalists and hedge funds, with most believing it’s price could reach $600 in this bull market cycle.

In a recent Crypto Investment Manager Survey by MV Global, 76 venture allocators were asked, and almost a third of those who participated believed SOL could reach that mark.

Solana’s Bullish Run Continues: $600 Target in Sight

The last seven days have been a field day for gains within the top assets in the cryptocurrency market, especially Solana. Some coins surged past Bitcoin’s gains in the past week. Solana price is doing particulary great this week, up 34.7%, which is way higher than Bitcoin’s 7-day increase of 28.1%.

The cryptocurrency market experienced a massive inflow following Donald Trump’s victory in the 47th presidential election and also on crypto prediction markets. As Bitcoin price hit a new high of $88,933, most major altcoins recorded a renewed recovery. Thus, the Solana price recorded a sharp surge as well.

At the current price of $210.65, the token seems still well-positioned to go further upwards. A recent MV Global’s Q4 2024 Crypto Investment Manager Survey has placed the coin at a $600 value during this bull cycle.

The MV Global survey conducted responses from 76 prominent venture capital and hedge fund managers. The results of this survey have identified a few trends in the crypto market. Interestingly, 33% think Solana price will exceed $600 during this bull cycle, while another 23.2% say $600 is the limit. The rest of the participants believe that the SOL price will remain between $150-$300.

The token has been the best performer over the past 30 days, up 49.2%, against Bitcoin’s +40.6% and Ethereum’s +37.7%. According to the survey, this outperformance will continue because it has greater exposure to emerging sectors, including DePIN and meme coins.

A Closer Look at the Factors Driving the Surge

The study shows strong confidence in Solana’s potential. Seventy-five percent believe it could outperform crypto ETFs. Bitcoin dominates headlines, with predictions ranging from $100,000 to $150,000 this cycle. However, attention is shifting to altcoins like SOL and ETH. Investors are focusing on these assets as they rise in emerging sectors.

The survey suggests that the altcoin season will not be extensive, and the funds target few tokens. 43% of the participants showed confidence in tokens about AI. 14.3% of all participants liked DePIN tokens.

Meanwhile, 27.5% of participants were skeptical about gaming tokens’ growth. 24.6% showed no interest in Layer-2 tokens.

Most investors didn’t want to increase exposure to meme coins. Only 43% held any, and few invested over $10,000. The MV Global survey shows optimism in sectors like AI. However, it sounds cautious about others. The market is expected to peak in 2025.

Is SOL the Next Big Thing? Analysts Say Yes

These projections are relatively conservative compared to global investment bank Standard Chartered’s target of $200,000 for Bitcoin by the end of 2025 and  VanEck’s more optimistic forecast of $300,000.

In the case of Ethereum, the predictions are more mixed; one-third think its peak will be between $3,000 and $5,000, while another third believe it would go as high as $5,000 to $7,000. Despite the different outlooks,ETH  has solid institutional support and a core position in DeFi.

In conclusion, Bitcoin’s bullish outlook can be favored by a new US president’s liquidity growth from fiscal policies, but this will be after 16 to 24 months in the absence of time and quantum of inflow. The volatility in the broader crypto market will persist as investors reset expectations, with many expecting the market to peak in 2025.

As this cycle plays out, any growth from Solana will be closely tracked. A consensus is slowly building, and a trajectory of this kind will finally nail its position among the leading cryptocurrencies in the years to come.

Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.