The market keeps setting a new local low, according to CoinMarketCap.

SOL/USD

The rate of Solana (SOL) has fallen by 6.60% over the last 24 hours.

If it happens far from its low, traders may expect sideways trading in the zone of $135-$145 until the end of the week.

From the midterm point of view, the price of SOL is far from the support and resistance levels. However, if the decline continues to the $120 zone, the accumulated energy might be enough for a breakout, followed by a move to the $100-$110 area.

SOL is trading at $137.27 at press time.

About the author


Denys Serhiichuk

Also Read: Rollblock, Solana, and Ripple’s Price Set to Surge as Bitcoin Records a Rally in Price

XRP Price Prediction: Investor Optimism Fuels XRP Inflows to $1.1 Million

The XRP token in the past two months has showcased moderate volatility in line with broader market consolidation. However, unlike most of the major cryptocurrencies which recorded notable corrections in June, the XRP price remained sideways above $0.46.

An analysis of the broader market context shows that the support trendline for XRP, established since March 2020, has effectively helped stabilize the price and mitigate deeper corrections. Recently, with a resurgence of investor interest, the XRP rebounded from $0.46, achieving a 7.56% increase to its current trading price of $0.492.

In a recent report by CoinShares, digital asset fund flows for week 24 of 2024 reveal a total outflow of $600 million across various digital assets. Bitcoin faced the largest outflows, amounting to $621 million, while Ethereum and XRP stood out with positive inflows. 

Digital Asset Fund Flows by Asset for week 24!

* Total outflows of $ 600 Mio.
* Largest outflows in #Bitcoin with $ 621 Mio.
* Largest inflows in #Ethereum with $ 13,1 Mio.
* Other Altcoins: #XRP with largest inflows of $ 1,1 Mio. pic.twitter.com/TRwk1ztn1Z

— Lucky177654 (@sigi_gauner) June 18, 2024

Ethereum led the inflow charts with $13.1 million, and XRP followed suit with notable inflows of $1.1 million, the highest among other altcoins. This influx of capital into XRP funds signifies a growing optimism among investors. 

Also Read: XRP Price Faces Turbulence Near $0.5 As Whales Shuffle 80M Coins, What’s Next?

The market sentiment surrounding the Ripple vs. SEC lawsuit has seen a significant shift, driven by the SEC’s recent decision to lower its proposed settlement offer from $2 billion to $102.6 million. This development has sparked optimism among investors and the broader crypto community, as it suggests a potential resolution may be closer than anticipated. 

Amid recent positive changes, the price of XRP is hovering above a crucial multi-year support level defined by a triangle pattern. This positioning increases the potential for a major market reversal. 

A breakout above the overhead resistance (marked by a black trendline) could potentially trigger a 30% upswing, targeting the key resistance level marked by a blue trendline.

Escaping the triangle pattern will end XRP’s 5-year-long accumulation and bolster buyers to lead a rally above $2.

Technical Indicator:

• EMAs: A bearish alignment between daily Exponential Moving Average (20, 50, 100, and 200) highlights the overhead pressure against the XRP rally is aggressive,
• Relative Strength Index: The daily RSI slope turned down from the 50% midline indicating the market sentiment remains bearish.

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Bitcoin Price Outlook

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Solana Price Technical Analysis

DOGE Price Analysis: Decision Time for Bulls

DOGE price was previously trending inside a giant descending triangle. The base of the triangle provides robust support for DOGE but prevailing bearish market conditions created by Bitcoin may render it useless. The support has been tested three times before and investors are hoping it will hold water now. Descending triangles are generally not bullish, but if they resolve upwards, it’s usually explosive. 

The price of DOGE is trending below the 50-day and 200-day simple moving averages (SMA), which is not bullish for the asset price. Should a bounce happen at this price point, DOGE may break out of the current market structure and make for $0.237. On its way up, the dog-themed meme coin may encounter resistance around $0.182 and $0.206. On the flip side, in a downward scenario, the DOGE price may find further support around $0.096 and $0.072.

The Relative Strength Index (RSI) has dipped to 29 and is officially in the oversold (OS) region. Overbought (OB) and oversold (OS) regions are characterized by extreme price action momentum. Due to this, the price of DOGE may witness some non-bullish price action volatility in the coming days. Nevertheless, RSI (14) at 29 is an indicator that DOGE has officially bottomed and accumulation may begin from this point onward.

Doge Price Drops in General Market Downturn

The crash of DOGE’s price was part of a market-wide crash instigated by Bitcoin. The king of cryptos slid below a crucial support level late on Monday evening, causing the entire crypto market to drop. The total market cap of the crypto industry is down 3% in the last 24 hours, per CoinGecko. 

Despite these numbers, the Bitcoin Fear & Greed Index remains at 74 (Greed). This has the crypto community questioning whether this important market sentiment analysis tool is rigged. 

Bottom Line

Bitcoin has an overwhelming effect on the markets, as its market cap dominance has also increased in the last week from 51.5% to 52.1%. Dogecoin investors are keeping a close eye on BTC price action as it will mark the difference between profit and loss for them.

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The price of Solana hovered around $137 during European business hours on Tuesday, a 7.5% decrease in the last 24 hours, per CoinGecko.

SOL Price Prediction: Bulls Maintain Form Despite Selling Pressure

SOL price had previously been trending inside a symmetrical triangle. This type of market structure can resolve in either direction, but with some influence, has a higher probability of resolving in a given direction. Solana’s preceding trend was to the upside, which may be a major factor in determining how the symmetrical triangle resolves.

Solana’s price action is trending below the 50-day but above the 200-day simple moving averages (SMA), showing there may be some struggle between the bulls and the bears. While the 200-day SMA provides support, the 50-day SMA provides resistance. The former is expected to hold ground since it supports the uptrend.

A break to the upside from the symmetrical triangle may result in a 63% rally to $292. We can expect some resistance at the 50-day SMA ($157), $196, $228, and $267. On the flip side, a downward scenario may find robust support around $126. Fairly strong support levels also exist around $87 and $56.  

Solana Trading Volume Rallies 153% Despite Market Crash

Despite the prevailing market conditions, the 24-hour trading volume of Solana skyrocketed by 153%, showing increased investor interest and a potential price surge soon.

This burst of activity on the network is supported by statistics, as the number of active addresses on the network hit an all-time high of 41.65 million in May. As of June 18, 2024, active addresses are already halfway to those of the previous month, per

The Block.Coinalyze shows that the aggregated Solana Open Interest (OI) has been falling since June 4, 2024, indicating that money has been flowing out of the asset. This metric is synonymous with the entire crypto industry, which has been experiencing a general drop in value. Nevertheless, SOL OI shows strong support around the $1.36B level, from which point money may begin flowing back into the asset once more.  

Meanwhile, crypto users remain with question marks as the Bitcoin Fear & Greed Index indicates ‘Greed’ for over a month now, despite falling crypto prices.

Bottom Line

Solana price has showcased impressive resilience in the heat of a general market crash. Despite initially crashing 11%, the asset recovered quickly and maintained its bullish market structure.

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Ethereum Historical Prices

2013: The Birth of Ethereum

In 2013, the cryptocurrency landscape was dominated by Bitcoin, which had a focus on payments only. Vitalik Buterin, a young programmer, proposed a new platform that would revolutionize the blockchain world in many ways. Ethereum was born, offering not just a digital currency but a decentralized platform for smart contracts and decentralized applications (dApps).

2014: A Humble Beginning

Ethereum faced a slow start in the market. Its price hovered around $0.30 per ETH at its ICO and for most of 2014, with limited trading volume and investor interest. Despite the skepticism from some quarters, the Ethereum team continued to develop the platform, laying the groundwork for future growth. Initially, one ETH was equivalent to about 2000 BTC. This is now closer to 20.

2015: The Genesis Block

2015 marked a significant turning point for Ethereum. The platform’s developers released the Frontier network, allowing users to mine and trade ETH. Prices remained relatively stable throughout the year, ranging between $0.50 and $3.00 per ETH. The focus was on building a robust ecosystem and attracting developers to create innovative applications on the platform.

2016: The Rise of Ethereum

As Ethereum gained traction, its price began to climb steadily. In early 2016, ETH was trading at around $1.00, but by the end of the year, it had surged to over $8.00 per token. Growing investor confidence in Ethereum’s potential to disrupt traditional industries and enable new forms of digital interaction fueled investor sentiment. 2016 also saw a huge split with the collapse of the DAO, resulting in Ethereum Classic.

2017: The ICO Boom

The year 2017 saw Ethereum catapulted into the spotlight as the platform of choice for ICOs, and it really took off. Hundreds of projects launched their tokens on the Ethereum blockchain, driving up demand for ETH. Prices skyrocketed initially but tumbled soon thereafter, with ETH falling below $100 by the end of the year. It started a “Crypto Winter” and people had to reevaluate their strategies.

2018: Reevaluation of The ICO Model

In 2018, the price of Ethereum experienced significant volatility, mirroring the broader cryptocurrency market. ETH reached an all-time high of over $1,400 in January before undergoing a sharp correction, falling below $400 by April. Regulatory uncertainty, security concerns, and the bursting of the ICO bubble influenced market sentiment. In spite of a harsh reality check for many, development continued and Ethereum moved forward.

2019: Consolidation and Recovery

Developers focused on improving the platform’s scalability and usability, laying the foundation for future growth. Prices remained relatively stable throughout 2019, fluctuating between $100 and $300 per ETH. This period of consolidation allowed the Ethereum community to regroup and prepare for the next phase of development. This was also the start of a wider COVID-19 pandemic which triggered wider economic collapse.

2020: DeFi Explosion

In 2020, Ethereum emerged as the backbone of the decentralized finance (DeFi) movement. A wave of projects leveraging smart contracts and decentralized exchanges proliferated, driving demand for ETH. Prices surged once again, reaching over $600 per token by the end of the year. The explosive growth of DeFi highlighted Ethereum’s potential to disrupt traditional finance and usher in a new era of decentralized applications.

2021: The NFT Craze

The year 2021 witnessed another boom in Ethereum’s price, fueled in part by the rise of non-fungible tokens (NFTs). Artists, creators, and collectors flocked to Ethereum’s blockchain to buy, sell, and trade digital assets, pushing ETH prices to new all-time highs. By May 2021, ETH had surpassed $4,000 per token, propelled by the growing mainstream adoption of NFTs and continued interest in DeFi. Ultimately, the NFT industry would go through a similar boom, bust, and recovery as the ICO model, with multiple scams and overvalued trades taking place.

2022: Market Volatility

In 2022, Ethereum faced increased volatility as regulatory uncertainty and macroeconomic factors weighed on the cryptocurrency market. Prices fluctuated between $1,500 and $3,000 per ETH, reflecting the broader instability in global financial markets. Despite the challenges, Ethereum’s underlying fundamentals remained strong, with ongoing development efforts and growing institutional interest supporting its long-term outlook.

2023: Maturing Market

By 2023, the cryptocurrency market had matured significantly, with Ethereum firmly established as a leading blockchain platform. Prices stabilized around $2,500 to $3,500 per ETH, reflecting a more balanced market sentiment and investor confidence. Continued innovation in DeFi, NFTs, and other blockchain applications further solidified Ethereum’s position as a key player in the digital economy.

Looking Ahead

As we look ahead to the future, Ethereum continues to face both opportunities and challenges. Scalability remains a pressing issue, with the upcoming transition to Ethereum 2.0 expected to address these concerns. Institutional adoption of Ethereum is also on the rise, with major corporations and financial institutions exploring the potential of blockchain technology.

Bears keep controlling the situation on the market at the beginning of the week, according to CoinMarketCap.

ADA/USD

The price of Cardano (ADA) has fallen by 2.91% over the last 24 hours.

If the situation does not change by the end of the day, there is a chance to see a breakout, followed by a move to the $0.38-$0.39 zone soon.

ADA is trading at $0.4043 at press time.

BNB/USD

Binance Coin (BNB) is less of a loser, going down by 1.05%.

BNB is trading at $603.2 at press time.

About the author


Denys Serhiichuk