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14 09, 2024

Why Dogecoin Price May Struggle to Break $0.11 Resistance

By |2024-09-14T03:56:52+03:00September 14, 2024|Crypto News, News|0 Comments

Dogecoin’s (DOGE) price has remained muted despite an increase in coin accumulation, as shown by its rising Money Flow Index (MFI).

The leading meme coin continues to trade within a horizontal channel, indicating that the buying pressure may not yet be strong enough to trigger a breakout.

Dogecoin Demand Needs More Momentum

DOGE’s MFI, which measures the flow of money into and out of the asset, has been in an uptrend over the past few days. Generally, a rising MFI signals a spike in the demand for an asset.

However, DOGE’s sideways movement over the past few weeks suggests that this demand has not been strong. This makes the rally past the upper line of the horizontal channel, which forms resistance at $0.11, challenging.

Dogecoin Price Analysis. Source: TradingView

Falling whale activity supports this outlook. On-chain data reveals a gradual drop in the daily count of whale transactions valued above $100,000 and $1 million.

Moreover, DOGE’s large holders’ netflow has plummeted by over 112% over the past month, signaling a high volume of coin distribution among investors that hold at least 0.1% of the coin’s circulating supply. 

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

dogecoin large holders' netflow
Dogecoin Large Holders’ Netflow. Source: IntoTheBlock

DOGE Price Prediction: A 14% Price Decline Is Possible

With low whale activity, DOGE’s attempt to rally past the resistance level may be hard. A failed test of this level will cause the meme coin’s price to trend toward support at $0.10.

If the bulls fail to defend this critical level, the downtrend will continue, and DOGE’s value may plunge by an additional 14% to trade at its August 5 low of $0.08.

Read more: 10 Best Altcoin Exchanges In 2024

Dogecoin Daily Analysis.
Dogecoin Daily Analysis. Source: TradingView

However, if demand strengthens, the coin will successfully rally past resistance and target the three-month price high of $0.15. 

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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14 09, 2024

Solana Price Prediction for Today, September 13 – SOL Technical Analysis

By |2024-09-14T01:55:23+03:00September 14, 2024|Crypto News, News|0 Comments

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The Solana price prediction is slightly bullish as the market prepares to push the coin above the 21-day moving average.

Solana Prediction Statistics Data:

  • Solana price now – $138.62
  • Solana market cap – $65.2 billion
  • Solana circulating supply – 468.1 million
  • Solana total supply – 584.4 million
  • Solana Coinmarketcap ranking – #5

When it comes to crypto projects, getting involved early can lead to substantial rewards, and Solana (SOL) is a great example. Since its all-time low of just $0.5052 on May 11, 2020, it has skyrocketed by an impressive 27,479.65%. This meteoric rise shows the massive potential of early adoption in the crypto space. Even though it’s currently trading between $131.86 and $139.46, its all-time high of $260.06, reached on November 6, 2021, highlights the incredible journey this token has undergone. Staying informed about such price movements can be key to timing the market effectively.

SOL/USD Market

Key Levels:

Resistance levels: $170, $180, $190

Support levels: $100, $90, $80

SOLUSD – Daily Chart

SOL/USD currently exhibits mixed market performance, with some positive fundamentals offset by areas of weakness. While daily active addresses and transactions are showing strength, important metrics such as decentralized exchange (DEX) trading volumes and total value locked (TVL) remain weak. This lack of strong fundamental growth is also evident in the price action, as Solana struggles to match Bitcoin’s recent bullish momentum.

Solana Price Prediction: SOL/USD May Cross Above $139

The Solana price is likely to head toward the upper boundary of the channel as the coin begins a slight increase above the opening of today’s trading at $136.16. However, the key support for Solana has been established around the $131 level, a historically strong area, reinforced by a recent liquidation spike that often signals a market bottom. The price has since rebounded to $131, maintaining its support despite bearish sentiment. Holding this level is essential for further bullish developments.

Moreover, on the resistance side, Solana is facing a critical level at $139. Breaking above this resistance could trigger a move toward $140 – $145. A sustained rally past this point could open up higher targets, such as $150 and $160, but this would require a solid push of momentum. Therefore, should in case the price breaks above the $165 level, the resistance levels of $170, $180, and $190 could be reached. Meanwhile, any bearish slide below the lower boundary of the channel may hit the supports at $100, $90, and $80 while the 9-day MA may cross above the 21-day MA.

SOL/BTC Could Face the South

Against Bitcoin, the Solana price is currently changing hands at 2295 SAT below the 9-day and 21-day moving averages. However, if the coin crosses above this barrier, the Solana price could face additional resistance toward the upper boundary of the channel to hit the resistance level of 2700 SAT and above.

Solana Price Prediction for Today, September 13 – SOL Technical Analysis
SOLBTC – Daily Chart

In the meantime, if the bears bring the price below the lower boundary of the channel, the market may begin a downtrend and a further bearish move could touch the support level of 2000 SAT and below while the 9-day moving average remains below the 21-day moving average, suggesting bearish movement.

Meanwhile, @CryptoJelleNL, in a message to his 91k+ followers on X (formerly Twitter), pointed out that despite significant losses across the broader market, $SOL continues to maintain its position above the same support level it has held since April. He hinted that there seems to be strong support preventing the coin from dropping further.

Solana Alternatives

Solana’s price action is closely linked to Bitcoin’s performance, and while Bitcoin has been bullish, Solana has underperformed in comparison. Historically, Solana outperforms Bitcoin in strong market conditions, but there are no clear indications of this happening currently, with a stable and bullish Bitcoin likely needed for Solana to break higher. In contrast, Pepe Unchained is distinguishing itself with technological advancements, developing a Layer 2 blockchain for meme coins that offers faster transactions, lower fees, and instant bridging with Ethereum. Having raised over $13 million, Pepe Unchained is gaining attention in the meme coin space ahead of an anticipated bull market, with price predictions speculating a potential 100x increase.

Pepe Unchained Crosses Major Milestone As Demand Is Surging

Moreover, the token has raised over $13 million in its ongoing presale, offering a unique blend of speculative growth and real-world utility. With a fast-growing community and increasing market traction, it presents a valuable opportunity for investors aiming to take advantage of the next bull market. Seize the chance to invest early and position yourself for potential long-term gains.

Visit Pepe Unchained

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13 09, 2024

Polygon (MATIC) Migrates to POL; Will POL Coin Price Rise Back Within the Top 20?

By |2024-09-13T23:53:13+03:00September 13, 2024|Crypto News, News|0 Comments

A couple of days ago, the Polygon chain accomplished its much-awaited migration, wherein POL replaced MATIC as the native gas and staking token. While the newly launched POL is expected to play a crucial role in AggLayer, the community could decide to expand the utility of POL in subsequent phases. While the MATIC on the Polygon zkEVM will be automatically swapped to POL on a 1:1 basis, the tokens on Ethereum and other chains require a manual migration. 

Meanwhile, the POL price remained stuck under $0.4 until the traders jumped in with a massive influx of buying volume. The POL price experienced a quick upswing after the volume soared. above $70 million, halting the ongoing descending trend. The technicals have turned in a bullish favour, which revives the possibility of reclaiming $0.5. The bulls are trying hard to materialize a parabolic recovery and a bullish close above $0.44 may keep up the probability of a bullish continuation for the next few days. 

The price is trying to set a parabolic curve, which appears to be more likely as the RSI is ascending with the MACD close to undergoing a parabolic crossover. Besides, the steep rise in volume suggests an immense rise in the trader’s confidence. Therefore, the POL price is believed to maintain a steep upswing and rise above $0.57. However, the token may face a pullback before reaching the pivotal $0.6 zone, which may exhaust the selling pressure. 

The upcoming quarter is believed to retain a strong bullish momentum within the markets and hence the POL price is also believed to demonstrate some strength. Therefore, as the market dynamics change, the token is expected to reclaim the $1 milestone, validating a move above the bearish influence. Although forming a new ATH remains a tedious job, the Polygon (MATIC) price or the POL price is believed to maintain a slow and steady upswing in the days ahead. 

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13 09, 2024

Here Are Returns on $1,000 in XRP if XRP Goes Up by 1,000%, 10,000%, or 100,000%

By |2024-09-13T21:51:20+03:00September 13, 2024|Crypto News, News|0 Comments

If XRP sees a 100,000% price growth, an individual who has invested $1,000 in XRP today stands to become a millionaire.

As of today, XRP trades at $0.5272, reflecting a 5.73% drop over the past week and a 9% decline over the last 30 days. A $1,000 investment would yield approximately 1,897 units of XRP at this price. 

While this may seem modest, investors stand to gain significantly if XRP reaches some of the bullish price growth predictions circulating among analysts. This article explores the potential returns on a $1,000 investment if XRP experiences price increases of 1,000%, 10,000%, or even 100,000%.

Returns on $1K Investment in XRP if XRP Rises 1,000%

At the current price of $0.5272, if XRP expands by 1,000%, its value will increase 11-fold to approximately $5.80. Accordingly, the original $1,000 XRP investment would be worth $11,001, with the investor netting a profit of $10,001.

Remarkably, numerous market watchers are convinced that XRP will reach $5.80 in this bull cycle. In a May analysis, EGRAG identified a triangular pattern on XRP’s chart and predicted two possible price targets. One was a breakout that could drive XRP’s price to $5.89.

Earlier, market analyst Dark Defender also projected that XRP could rise to $5.85 following a 20% surge in March. He believed that XRP had breached a key resistance level, paving the way for a potential rally to $5.89. However, this prediction has yet to materialize.

Returns on $1,000 Investment in XRP if XRP Rises 10,000% or 100,000%

While a 1,000% rally would be enough for XRP to surpass its 2018 all-time high, some analysts believe far greater growth is possible.

If XRP’s price increases by 10,000% from $0.5272, the token will trade at approximately $53.24. At this point, a $1,000 investment in XRP would be worth $101,009, netting a profit of over $100,009.

Likewise, should XRP expand by 100,000%, its price would attain $528. At this point, a $1,000 investment in XRP would have made the investor a millionaire with over $1 million in ROI.

Can XRP Rally 100,000%?

In July, wealth advisor Mickle predicted a 100,000% surge in XRP’s price, pointing to its historical pattern of underperformance followed by explosive growth. He noted that XRP surged by 75,000% in 2017 and believes a similar 1,000x gain could occur again.

However, in a more recent analysis, the analyst “CrediBULL” argued that a repeat of the historic 100,000% rally is unlikely. Meanwhile, he noted that although a smaller gain of 10,000% could still be substantial during this bull run.

On the other hand, analyst Michael XBT dismissed the idea of a 10,000% or higher price surge for XRP, calling it a “pipe dream.” He believes a 1,000% rally is more realistic, but even that might be a stretch. 

Critics supporting Michael’s view argue that such massive price rallies are unrealistic since XRP’s market cap would need to approach that of gold.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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13 09, 2024

Solana Price Prediction: More Gains To Made In New SOL Rival GoodEgg (GEGG)

By |2024-09-13T19:50:20+03:00September 13, 2024|Crypto News, News|0 Comments

Solana (SOL) has been a powerhouse in the cryptocurrency world, often regarded as a leading competitor to Ethereum due to its fast transaction speeds and low fees. However, in recent news, the Solana ecosystem faces challenges as selling pressure looms due to developments involving the FTX/Alameda exchange. At the same time, investors are increasingly turning their attention to GoodEgg (GEGG), an emerging AI-based dating platform in the crypto space, as it positions itself to rival Solana (SOL) in 2024 and beyond.

Solana’s Selling Pressure: A Warning for Traders

Solana (SOL), currently trading at around $134.80, has recently faced potential selling pressure due to a large unstaking event linked to the now-bankrupt FTX exchange. A crypto wallet, associated with the bankrupt FTX and Alameda trading firm, redeemed over 177,693 SOL tokens from staking, amounting to $23.75 million. This raised concerns among traders that these tokens could soon be transferred to centralized exchanges, increasing the selling pressure on SOL.

The wallet still holds another 7.057 million SOL, worth a staggering $943 million. With this large amount of Solana (SOL) still unstaked, many traders are keeping a close eye on the market. If these tokens are sold, Solana could experience a significant drop in price as supply outweighs demand.

Solana Price Forecast: What’s Next?

Since reaching a high of $210.18 in March 2024, Solana (SOL) has been trading in a range between $110 and $210.18, currently fluctuating around $134. If the selling pressure from FTX-related wallets increases, SOL could break below the key support level of $125.61, representing a 6.71% decline from current prices. However, if Solana (SOL) manages to hold its ground and closes above the recent $138 high, it could surge towards the $160 price level, signaling a continuation of its long-term upward trend.

GoodEgg (GEGG): Poised to Take Over

While Solana (SOL) faces these market uncertainties, a new rival has emerged in the form of GoodEgg (GEGG), an AI-powered dating cryptocurrency that has quickly captured the attention of investors. With its play-to-date model, GoodEgg (GEGG) offers a unique approach to online dating, where users can interact on the platform and earn rewards through GEGG tokens.

GoodEgg (GEGG) has raised $250,000 in just 24 hours during its presale, showcasing immense potential for future growth. Investors looking for high-return opportunities are increasingly drawn to this innovative platform, which combines AI, blockchain technology, and social interaction.

Why GoodEgg (GEGG) Could Outperform Solana (SOL)

The growing attention on GoodEgg (GEGG) comes as investors seek to diversify their portfolios, especially given the uncertain future of Solana (SOL) due to the selling pressure from FTX/Alameda wallets. 

Here’s why GoodEgg (GEGG) could outperform Solana in the coming months:

  1. Emerging Market Leader: GoodEgg (GEGG) is pioneering the intersection of AI and blockchain in the dating sector, offering an innovative use case for crypto that sets it apart from traditional DeFi platforms.
  2. Strong Market Support: With $250,000 raised in just one day, GEGG is already attracting significant investor interest, making it a promising contender in the AI and blockchain space.
  3. Unique Rewards System: The play-to-date model on GoodEgg (GEGG) incentivizes users with token rewards for engaging on the platform, driving user retention and token value.
  4. Solana’s Challenges: The potential selling pressure on Solana (SOL) could lead to a decline in price, prompting investors to look for alternative investment opportunities like GoodEgg (GEGG), which offers higher growth potential with less market exposure.

The Future of Solana (SOL) and GoodEgg (GEGG)

Both Solana (SOL) and GoodEgg (GEGG) represent unique opportunities in the cryptocurrency market, each with its distinct advantages. While Solana continues to expand its ecosystem, particularly with Solana Pay and its blockchain solutions, the selling pressure from large SOL holders could negatively impact its short-term price trajectory.

In contrast, GoodEgg (GEGG) is in its early stages of growth, providing a fresh investment opportunity with significant upside potential. As Solana (SOL) navigates its market challenges, GoodEgg (GEGG) stands poised to capture the attention of investors looking for the next big opportunity in AI and cryptocurrency.

Join GoodEgg (GEGG) For More Information On Presale, Use links below to join our community: 

Visit GoodEgg (GEGG)

Telegram: https://t.me/GEGG_OFFICIAL

X/Twitter: https://x.com/goodeggofficial

 

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13 09, 2024

Binance Coin (BNB) Price Prediction for September 12

By |2024-09-13T17:49:11+03:00September 13, 2024|Crypto News, News|0 Comments

U.Today – The crypto market is mainly bullish today, according to CoinStats.

BNB chart by CoinStats

The rate of (BNB) has gone up by 5% over the last day.

On the hourly chart, the price of BNB might have found a local resistance level of $548.20. If the weekly bar closes far from that mark, bears may come back to the game, which may lead to a drop to the $530 range.

On the bigger time frame, the growth of BNB continues after yesterday’s bullish closure. However, if the candle closes far from its peak, there is a possibility to see a rollback to the $520-$530 zone soon.

On the weekly chart, the rate of the native exchange coin is far from the support and resistance levels.

As none of the sides is dominating, ongoing sideways trading in the wide area of $520-$600 is the most likely scenario.

BNB is trading at $539 at press time.

This content was originally published on U.Today



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13 09, 2024

Here is When the XRP Price May Display Some Strength Against Bitcoin and Soar by 90%

By |2024-09-13T15:47:25+03:00September 13, 2024|Crypto News, News|0 Comments

As the markets are heading towards the end of the quarter, the volatility is slowly rising and is expected to peak in a short while. As a result, the prices of the top cryptos like Bitcoin & Ethereum could vary by quite a large margin, which may further impact the other cryptos. Meanwhile, the XRP price, which has remained largely stagnant for over a period of time, is believed to rise above its restricted range. Hence, revving the possibility of a consolidated ascending trend to sustain above $0.6, which may push the prices above $0.7. 

The XRP price in the long time frame has rebounded from a pivotal support zone, suggesting the bulls are regaining some dominance, which may assist the rally to achieve the higher targets. 

As seen in the above weekly chart, the XRP price remains within a bullish range of ascending parallel channels after a rebound from the lower support. However, the volume has grounded to the lower levels, with the MACD pointing towards a potential pullback. But the buying pressure continues to mount, which suggests a rebound of the MACD line from the signal line without undergoing a bearish crossover. It has happened before during H1 2023 and hence a similar pattern is expected to repeat. 

Meanwhile, the XR price is expected to revive a strong ascending trend when it gains strength against Bitcoin. Historically, the XRP price entered a massive bullish wave, while the BTC price continued to either plunge or consolidate. Hence, a massive move is expected as the XRP/BTC has again formed a bottom wave, which has propelled the levels beyond the higher targets. 

The XRP/BTC is facing extreme pressure from either of the sides, as both the bulls & bears are either extremely active or passive. The levels have compressed within a narrow range, while the technicals suggest a continuation of a bullish spell. Meanwhile, the volume remains restricted within a range, raising concerns over the next price action. However, the RSI is rising, suggesting the growing momentum of the rally. 

Therefore, the XRP price is expected to rise above $0.6 when the token shows strength against BTC and reaches pivotal resistance at 0.00001425 BTC. A sustained move above the range may validate a fresh ascending trend, reviving the hopes of reclaiming $1. 

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13 09, 2024

Solana Price Prediction: SOL Drops 7% In A Month As Investors FOMO Buy This Casino Token With Time Running Out

By |2024-09-13T13:46:29+03:00September 13, 2024|Crypto News, News|0 Comments

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The Solana price is down more than 7% over the past month following a small loss in the past 24 hours to trade at $134.83 as of 11:28 p.m. EST.

Despite the recent set back, the SOL price has still skyrocketed more than 650% in the past year.

The Solana Price Attempting To Overcome A Major Resistance

4-hour chart for SOL/USD (Source: GeckoTerminal)

The Solana price is attempting to overcome the resistance level at $139.37. Should it close a 4-hour candle above this barrier within the next 12 hours, the crypto could have the room needed to keep climbing in the following couple of days. This might then lead to SOL rising to as high as $152.78 in the short term.

On the other hand, the Solana price failing to establish a position above $139.37 in the coming 12 hours might invalidate the bullish thesis. In this alternative scenario, traders could begin to exert sell pressure on SOL. The altcoin might end up testing the $125.25 support as a result.

In an extremely bearish scenario, the Solana price could plunge to $109.74 if sellers decide to keep dumping the altcoin should it drop to the $125.25 mark in the next 48 hours.

Technicals Warn The Solana Price Could Be Rejected By The $139.37 Mark

Technical indicators on SOL’s 4-hour chart suggest the crypto’s price has stalled and is losing some of its bullish momentum. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show bearish signs.

RSI readings have oscillated within the low to mid 50s. Although the indicator’s value above 50 suggests bullish strength, the negative slope of the RSI line warns that bears could easily take control of the Solana price at any moment.

The MACD Histogram also turned positive throughout the past day of trading to signal that SOL has entered a short-term positive trend. However, the indicator’s value started dropping as the Solana price approached the $139.37 resistance level. Traders might see this as an early indication that the crypto will get rejected by the price point.

As traders wait to see if the Solana price can flip the $139.37 resistance into support, investors are rushing to buy Mega Dice (DICE) before its presale ends.

Backed By A Thriving Online Casino Platform

Mega Dice (DICE) has a major advantage over other crypto casino tokens, since it is backed by an already reputable brand. The rapidly growing Mega Dice casino boasts over 50K players, 10K actively monthly players and over $50 million in monthly wagering.

As part of its expansion, the casino is now looking to onboard more users through the launch of DICE. Not only will this token unlock exclusive access, rewards and benefits for holders, it will also allow investors to share in some of the casino’s daily profits.

Given the amount of dollars already being wagered on a monthly basis, DICE holders could stand to earn from day 1.

In addition to the exclusive access and bonuses, the project is also offering presale investors early bird bonuses. Select holders will receive limited edition NFTs as well that can be traded on the open market.

With everything the project has to offer and its backing by a reputable casino brand, it’s easy to see why YouTuber TodayTrader told his 11.9K subscribers that DICE could deliver 100X returns after its DEX launch.

Time Is Running Out To Buy DICE At ICO Prices

Mega Dice’s presale recently entered its final stage, and will be coming to an end in 16 days. There is still time for investors to purchase tokens to unlock all of the rewards on offer and position themselves ahead of the 100X surge forecast by TodayTrader.

Selling for $0.116056, DICE can be bought using either SOL, ETH or BNB. Once purchased, the tokens can be locked up via the staking page on the project’s website for investors to gain access to a 304% APY.

Purchase DICE here before its presale ends.

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13 09, 2024

Ripple Moves 150M Coins As Price Soars 6%, What’s the Deal?

By |2024-09-13T11:45:19+03:00September 13, 2024|Crypto News, News|0 Comments

XRP News: American blockchain payments company Ripple set off waves of speculation on Friday with its massive 150 million XRP transfer. The blockchain firm’s massive transfer emerged in tandem with a remarkable 6% upswing in XRP price today. This phenomenon has sparked considerable enthusiasm among investors. Meanwhile, recent community developments garnered further optimism to the coin’s price movements.

XRP News: Ripple Moves 150M Coins, Whale Dumps 43M

As per Whale Alert’s on-chain insights on X, dated September 13, Ripple moved a staggering 150 million XRP, worth $85 million, to an unknown wallet address rP4X2hTa7A. This transaction has sparked significant discussions across the global crypto community amid the recent launch of the new Grayscale XRP trust.

Meanwhile, the renowned whale address …Rzn dumped 43.3 million coins, worth $24.34 million, to the exchanges Bitstamp and Bitso via a couple of transactions over the past day. However, despite the considerable dump, the native token of the American blockchain payments company has rocketed roughly 6% today.

As mentioned above, the recent launch of the Grayscale XRP trust appears to have sparked a wave of optimism for the Ripple-backed coin. Additionally, a recent probe into SEC Chair Gary Gansler has poured further optimism into the crypto’s future price movements.

Coin Price Pumps 6%

Meanwhile, Ripple’s XRP price soared nearly 6%, in the past 24 hours, defying the broader market trend, and is currently trading at $0.5699. The coin’s intraday low and peak were recorded as $0.5355 and $0.5809, respectively. Notably, the 24-hour trading volume for the asset registered a whopping 109% surge today.

Simultaneously, Coinglass data illustrated a 7% upswing in XRP’s futures OI to $642.02 million. Further, the derivatives volume skyrocketed 327.22% to $2.93 billion today. This massive surge in the derivatives market indicated heightened investor interest in the asset. Also, coupled with the price upswing, data hints that XRP is currently on an uptrend.

Altogether, recent XRP news, such as community developments and Ripple’s on-chain movements, has garnered significant investor attention to the digital asset.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.



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13 09, 2024

Can SOL Reach $500 In 2024?

By |2024-09-13T09:44:34+03:00September 13, 2024|Crypto News, News|0 Comments

  • Solana price action has been a giant roller coaster since it was created.
  • As one of the fastest-growing crypto assets, Solana captured the attention of investors and traders with its lightning-fast transaction speeds and innovative proof-of-history (PoH) mechanism.

Solana has managed to compete with Ethereum and even outdo it in some aspects, such as maintaining low transaction costs while supporting an immense production of tokens daily.

What does the future hold for this crypto asset? In this article, you will learn how Solana price is expected to perform in the next few years. 

  • Solana’s real-time price is $135.65. 
  • Blockzeit indicators suggest a mixed sentiment on Solana in the market currently.

Solana Coin and Network Review

Solana is a blockchain built for mass adoption that is fast, composable, green, and globally distributed. According to data from Solscan, the network is currently processing 3,133 transactions per second (TPS)  and 873 true TPS with only 1433 validators.

Solana Network Speed

This is a tiny number compared to Ethereum’s over 800,000 validators, making the former less decentralized than the latter.

Nevertheless, Solana still has outdone Ethereum in terms of active users. Solana boasts 3.096 million daily active users, against Ethereums 442,000.

Solana Daily Active Addresses

Over 80% (467,929,971.99 SOL) of Solana’s total supply is in circulation, making it one of the most distributed Layer 1 blockchains in the crypto space. Additionally, 383,426,863.55 SOL are currently staked, which makes up 99.1% of all circulating supply—staking locks away tokens from circulation, making them scarce and increasing their demand. 

Why Solana Price May Pump

Solana has become popular because of several reasons:

  • The network is fast, processing over 3,000 TPS and 600 True TPS.
  • Solana transaction fees are cheap, which attracts many users.
  • The network has user-friendly dApps that are not difficult to maneuver.
  • Solana has marketed itself as the meme coin network, where all the money is.
  • Over 99% of all SOL in circulation is locked away in staking, increasing the demand and price of the coin.
  • Solana developers continue to build.

Why Solana Price May Dump

While Solana’s popularity helped its price surge from sub $20 prices to over $180 in 2024, the network does have some cons investors should consider before throwing their funds in Solana-based projects:

  • Bots constantly exploit and front-run users with slippage.
  • Transactions sometimes fail without enough slippage, but users still pay for the failed attempts.
  • FTX plans to sell off $7.5 billion in SOL.
  • The blockchain has experienced at least 12 major outages so far.
  • Becoming a validator requires significant wealth.
  • Solana’s circulating supply is inflationary and grew by 59.09 million last year, effectively printing $8.5 billion.

Solana (SOL) Price Technical Analysis

The price of Solana, as of September 12, 2024, is 135.65, with a market cap of $63,526,687,181. 

Solana’s weekly timeframe shows a bull pennant forming after a strong upward rally from 2022 lows. This pattern typically signals a continuation of the previous trend, which in this case is bullish. If Solana breaks above the upper trendline, it could lead to a significant upward move.

Support and Resistance Levels

The lower boundary of the triangle acts as strong support around $100–$110, while the upper boundary of the triangle is around $160. A breakout above this could lead to a continuation of the previous bullish trend.

The weekly candlesticks show consolidation, with no significant bearish reversal patterns, supporting the potential for a bullish breakout from this triangle. The candlesticks inside the triangle are forming higher lows, which is a bullish signal.

Volume analysis shows noticeable spikes in volume during the upward rally, with decreasing volume during consolidation. This volume behavior typically supports a potential breakout scenario when the price nears the apex of the triangle.

SOLUSDT Chart by Tradingview

Declining volume during the formation of the symmetrical triangle (pennant) is typical. As the price nears the apex, an increase in volume on the breakout will be necessary to confirm the move-up.

Long-Term & Short-Term Trade Recommendations

  • A breakout above $160 would confirm a bullish continuation. Traders should look for an increase in volume to confirm the breakout. 
  • A stop-loss below the $110 support level will help to manage risk in case of a breakdown.
  • Based on the triangle’s measured move (height of the pattern), the upside target could be around $350-$360 if the breakout is confirmed.
  • For long-term holders: The symmetrical triangle (pennant) could be the final consolidation before a strong rally. A breakout could signal a long-term continuation toward the previous all-time highs near $350-$400.

Solana (SOL) Price Prediction 2024

‘Solana ETF’ is a buzzword in the crypto space currently. Many crypto enthusiasts were overjoyed to hear that VanEck filed Solana ETF

However, the SEC and CBOE halted the Solana ETF progress due to concerns over Solana’s classification as a security. Following discussions, they agreed not to submit 19b-4 filings, which would have initiated the approval process. 

Further, the likelihood Solana ETFs being approved under the current administration is low, with experts suggesting it might not happen until 2025, if at all.

Post ETF, Solana market cap is expected to reach between $170B and $220B. This suggests a price range of $370 and $440. In a bullish scenario, Solana might mirrors platforms like Ton blockchain, price could soar to $1000 by end of 2024.  

This analysis presents a path for Solana’s potential price trajectory, offering investors insights to navigate their investment decisions.

Conclusion

Solana is a key player in the world of decentralized finance. With billion-dollar decentralized protocols build on the network, Solana has multifaceted features that mold its price prediction, ranging from technical and on-chain indicators to strategic developments and mainstream institutional adoption. The overarching sentiment of Solana suggests a coin with a promising future.

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