2017: The Dawn of Solana

In 2017, Solana emerged as a scalable blockchain platform designed to support high-performance decentralized applications (dApps). Its native token entered the market at an initial price of around $0.50 per coin. Despite limited initial recognition, Solana’s innovative approach to blockchain technology laid the foundation for its future growth and development. It provided a new proof-of-history consensus mechanism. 

2018: Building Momentum

During 2018, Solana worked diligently to build momentum within the blockchain community. SOL prices fluctuated between $0.20 and $1.00 per token as the project focused on developing its infrastructure and attracting developers to build on its platform. A major selling point was its high speeds and low fees as compared to Ethereum. 

2019: Mainnet Launch

In 2019, Solana achieved a significant milestone with the launch of its mainnet. Prices surged to over $2 per SOL as the project gained traction among developers seeking a high-performance blockchain platform. Solana’s innovative consensus mechanism and low transaction costs appealed to users looking for scalable solutions for decentralized applications.

2020: DeFi Integration

The year 2020 marked a period of integration for Solana within the decentralized finance (DeFi) ecosystem. Prices climbed to over $4 per SOL as the project became increasingly integrated with various DeFi protocols. Solana’s high throughput and low latency made it an attractive option for DeFi applications, driving demand for its native token. In 2020, Ethereum gas prices were extremely high. 

2021: Explosive Growth

Like all tokens, Solana experienced explosive growth in 2021. Prices soared to over $200 per token, propelled by the rapid expansion of decentralized applications and the growing popularity of the Solana ecosystem. The project’s ability to handle thousands of transactions per second and its low fees positioned it as a leading competitor in the blockchain space. 

2022: The Post-Boom Price Decline

After the rapid ascent of the previous year, Solana declined in 2022. Prices retraced to around $50 to $100 per SOL as investors took profits and market sentiment shifted. However, Solana’s fundamentals remained strong. It continued to make a huge number of market partnerships. Like the wider market, it took a hit after the 2022 FTX collapse with its link to Sam Bankman Fried. 

2023: Resilience and Innovation

SOL would be one of the most successful tokens of 2023. While retracting to around $20 and staying there for most of the year, it rose in prominence during the final quarter. In December, its price would rise beyond $100. This is puzzling to many analysts who suggested that the ecosystem would go bust after negative press surrounding FTX. 

A Bright future

Solana was a top-performing coin in 2024. Trading at ~$20 in mid-2023, it would rise above $200 by Q1 2024. In June, it could move to ~$200, attempting a test of previous highs, coinciding with resistance. Long term, analysts see a bright future for Solana, eyeing new ATH. Many analysts contend that Solana-based meme coins are what contributed to its price rise in 2024, not project fundamentals.

• MATIC price is showing positive signs below the $0.65 resistance against the US dollar.
• The price is trading above $0.60 and the 100 simple moving average (4 hours).
• There is a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
• The pair could continue to rise if it clears the $0.640 and $0.650 resistance levels.

Polygon’s MATIC Price Aims Higher

After forming a base above the $0.50 level, Polygon’s price started a steady increase. MATIC broke many hurdles near $0.550 to move into a positive zone, like Bitcoin and Ethereum.

There was a move above the $0.60 resistance and the price climbed as high as $0.6646. Recently, there was a minor downside correction below the $0.640 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.

MATIC is now trading above $0.60 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair.

Source: MATICUSD on TradingView.com

Immediate resistance is near the $0.640 level. The first major resistance is near the $0.650 level. If there is an upside break above the $0.650 resistance level, the price could continue to rise. The next major resistance is near $0.665. A clear move above the $0.665 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.680 level or $0.700.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.640 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.6100 level.

The main support is near the $0.584 level or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A downside break below the $0.584 level could open the doors for a fresh decline toward $0.550. The next major support is near the $0.532 level.

Technical Indicators

4 hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.610 and $0.584.

Major Resistance Levels – $0.640, $0.650, and $0.700.

VanEck Issues Bold Prediction for Ethereum

Leading asset management firm VanEck stunned the crypto community recently after forecasting that the price of Ethereum (ETH) could spike to $22,000 by 2030, six years from now.

VanEck based its prediction on the SEC’s approval of spot-based ETFs, recent readings of Ethereum’s on-chain data, and the network’s scaling progress. At the current price of $3,687, ETH must surge 496% to reach the projected $22,000 price.

Following the prediction, market participants expect similar price surges for assets in close correlation with Ethereum. Consequently, The Crypto Basic assessed how much Cardano (ADA), one of Ethereum’s major rivals, would surge if it trailed Ethereum.

Similarities Between Ethereum and Cardano

For the uninitiated, Cardano and Ethereum share similar traits. They function as decentralized platforms for developers to create and run smart contracts. Cardano was created in 2017 by Charles Hoskinson, one of the eight founders of the Ethereum network.

It is common knowledge that the values of most crypto assets, like ADA, are somewhat correlated with the price actions of Bitcoin and Ethereum.

Consequently, we analyzed how much a unit of ADA will be worth in the next six years when VanEck expects ETH to trade at $22,000.

ChatGPT Prediction

If VanEck expects the price of ETH to soar 496% from its current level of $3,687 to hit $22,000 by 2030, a similar price surge for Cardano would place ADA at $2.62 per unit.

Interestingly, leading AI chatbot ChatGPT also projects that ADA could surge to $2.63 by 2030 should ETH hit the $22,000 price projected by VanEck.

Changelly Forecast

However, experts from the crypto trading platform Changelly predict that ADA will trade between $6.06 and $7.04 in 2030, the same year VanEck expects ETH to change hands at $22,000.

Changelly projects an average price of $6.22 for Cardano in the same timeframe. To hit this average price, ADA must surge 1,313% from its current level. ADA currently changes hands at $0.44 at press time, representing a 9.6% decline in the daily charts.

Telegaon Eyes $8.16 Target for Cardano By 2030

Additionally, the popular crypto prediction platform Telegaon expects ADA to reach minimum and maximum targets of $7.78 and $9.08, respectively, by 2030. Telegaon’s average price prediction for ADA was set at $8.16. Notably, ADA must soar 1,754% from its current price to hit Telegaon’s $8.16 average target.

Notably, the content of this article is for informational purposes. It is imperative to conduct due diligence before making any investment decisions. There is no guarantee that ADA will hit the projected targets by 2030. However, Cardano has already shown its prowess in recording significant rallies, as seen in 2021 when its price surged to an all-time high of $3.10.

XRP Price Prediction: The cryptocurrency market is going through a downtown phase following a failed attempt to repair the uptrend and kick off the bull run expected in the second halftime of the year. XRP price slumped below $0.5 again with support at $0.47 coming in handy. Unless bulls arrest the bearish situation and debut above $0.5, the leading cross-border remittance token could end up at $0.3.

Ripple Vs SEC Updates: Is The SEC Setting Sight On Appeals

The long-running lawsuit pitting Ripple against the Securities and Exchange Commission Commission (SEC) is nearing the final determination. Lawyers involved in the matter seem to weighing outcomes and deliberating the next steps.

Based on the prevailing outlook, the case could be determined in July. The partial ruling in July 2023 cleared Ripple for its role in secondary sales of XRP on third-party platforms like cryptocurrency exchanges—these sales do not constitute securities.

However, Ripple still had a case to answer regarding direct sales to institutional investors. The SEC proposed a hefty penalty of $2 billion as the company allegedly violated US securities laws.

Lawyers privy to the matter are of the option that the regulator will be appealing the summary judgment last July. If the SEC takes this direction, Ripple could start another legal battle following the determination of the remedies in July or August 2024.

Fred Rispoli, a pro-XRP lawyer, opines a settlement is highly likely, especially with the window narrowing. However, Rispoli has not ruled out a possibility.

XRP price traded at $0.48 during the European session on Friday according to CoinGecko data. If the ruling likely in July or early August favors Ripple, investors can look forward to a stronger XRP. However, further downside to $0.3 cannot be ruled out, especially if the SEC appeals the summary judgment.

XRP Price Prediction: Breakout, or Breakdown Impending?

XRP is testing a very important support at $0.47. It has rebounded from this level at least three times, forming a triple-bottom pattern. If bulls uphold the current green candle on the four-hour chart, confidence in the uptrend will grow boosting XRP above $0.5 this Friday.

Based on the sideways movement of the Moving Average Convergence Divergence (MACD) indicator, a consolidation period is expected in the coming sessions. Bulls have a task to prove their worth by triggering a buy signal from the MACD which will manifest as the blue line crosses above the red signal line.

XRP will further reinforce the bullish grip with a move above all three key Exponential Moving Averages (EMAs); the 20-day, the 50-day, and the 200-day. Holding above the $0.5 resistance is a step closer to the psychological resistance at $1.

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The early years of bitcoin were marked by steady growth and periods of rapid price appreciation, known as ‘bull runs’. One of the greatest bull runs saw the price of BTC run from $US4,000 to $US69,000 in November, 2021. Over the past 18 months, BTC has risen from $US16,000 to a new all time high of $US73,000.

However, there were also periods of uncertainty, as Sciberras points out.

“During 2014 and 2017 we saw many bitcoin ‘forks’ proposed that split the bitcoin community,” he says. Hard forks are changes to the underlying protocol of the blockchain network that essentially splits a cryptocurrency into two.These forks represented crucial junctures in bitcoin’s history, with various factions in the community attempting to change BTC’s direction. Despite heated debates, and a number of forks, bitcoin has persisted in its current format. 

“Bitcoin surviving these attempts to change it is a core contributor to where BTC is now, increasing its confidence and resilience,” Sciberras says. 

“It has weathered many storms and attempts to change it, with bitcoin forks now a distant memory, combining for less than 1% of bitcoin’s total market cap.”

In June of 2023, BlackRock, the world’s largest asset manager, filed plans to start an exchange-traded fund (ETF) specifically for BTC. Multiple other institutions followed suit, with WisdomTree, ARK Invest and others lodging their first application or updating existing applications shortly after BlackRock’s announcement. In January this year, 11 of the ETF applications were approved for trade in the US, pushing the price of bitcoin to reach a new all-time high of over $US73,000. Since their inception, these ETFs have seen some of the largest inflows of any ETF in history, marking them as one of the most successful ETF launches ever.

Another defining feature of bitcoin’s price history is the halving event, which happens roughly every four years, and reduces the rate at which new coins are created. The most recent Bitcoin halving occurred on April 20, 2024, as the bitcoin blockchain ticked over the 840,000 block. The issuance rate for bitcoin is now down to 3.125 BTC per block, taking bitcoin’s annual inflation well below 1%.

“We’ve seen bitcoin’s price significantly increase a year before the halving and a year after,” Sciberras says.

Many investors view the halving event as one of the most significant factors that affects bitcoin’s price. However, Sciberras is circumspect.

“The jury is still out on how priced-in the halving is, or how important the event is in the grand scheme of bitcoin’s price trajectory,” he says.

“There is a theory that the four-year halving event is not as significant as many think and that, instead, its alignment with external liquidity cycles is what makes it appear like a trigger for upward price movement.”

Bitcoin price, on the other hand, finds itself at a critical support level. Albeit strong and tested several times before, if broken the asset could see lows of $57,000.

XRP Price Prediction: It’s Make or Break Time for XRP Price

XRP’s price has been choppy for the past two months. After surging in the Feb-March mini-rally, XRP has not touched those highs again. Currently, the asset is ranging between $0.55 and $0.47. Additionally, XRP price action is trending below the 50-day and 200-day simple moving averages (SMA). This is not bullish for the asset. 

Nevertheless, the XRP weekly macro-chart shows a bullish scenario in which the asset is on an uptrend. Zooming out provides a better perspective as it filters out the hourly or daily noise, showing a clear trend. 

XRP price has been making higher lows for the past 728 days, albeit very subtly. The asset has two major support zones to hold it up in a downward scenario – $0.45 and $0.43. At the latter support level, XRP will still be above the previous low, safeguarding the uptrend. Conversely, a bounce from here could see XRP reclaim the $0.55 level before aiming for $0.72.

On the other hand, the price of Bitcoin looks to bounce off the $66,000 support level and make for $72,000. Both BTC and XRP are in consolidation zones, and both must also decide on a direction soon. 

XRP Price Future Outlook

Ripple has been at the forefront of onboarding banks onto the blockchain, although the price of its native asset, XRP, has remained suppressed for a long time. Since the Ripple-SEC lawsuit began, the XRP price has remained largely stagnant.

In the meantime, Ripple Labs and XRP developers continue to advance in technology and collaboration, building irresistible fundamentals. Most recently, Ripple partnered with Archax to bring hundreds of millions of dollars worth of tokenized real-world assets (RWA) to the XRP Ledger (XRPL). 

On June 13, 2024, Brad Garlinghouse and David Schwartz, Ripple executives, shared the stage for the first time together at the XRPL APEX 2024 Developer Summit. They talked about the plans to launch lending protocols and data oracles on the XRPL, a move that may bring in billions of liquidity to the XRP Ledger.

Data from Santiment shows the Market Value to Realized Value (MVRV) Z-score (red) sits at -0.67. As long as this number is below 0, it indicates it may be an opportune time to buy XRP.

Bottom Line

Garlinghouse and Schwartz expressed their excitement around the integration of crypto into mainstream U.S. politics. Regulatory challenges from government bodies such as the SEC have been a stumbling block for Ripple. Nevertheless, despite the challenges from U.S. political, economic, and regulatory landscapes, global adoption of Ripple’s solutions has been significant.

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Over the years, many price predictions have been made regarding XRP. Crypto hedge fund manager, Thomas Kralow, previously predicted that XRP would hit $US30 a coin in 2023. This prediction fails to consider the mathematical improbability of XRP reaching this price, as the total supply of 100 billion coins means the project’s market cap would be $US3 trillion dollars. That is more than double the current market cap of all cryptocurrencies combined.

To avoid the sensationalist views often provided by XRP fanatics, Drozdz provides a balanced insight into two scenarios: a bullish outlook, driven by increased popularity and positive legal outcomes, and a bearish view, potentially impacted by declining interest, token design and broader market sell-offs.

The Bull Case

“Cryptocurrencies, in general, are driven largely by news, popularity, and in the case of XRP, court decisions,” says Drozdz. These currencies lack intrinsic value, like physical assets or cash flows. Therefore, their value largely depends on the sentiment of investors.

The recent winning streak against the SEC has already created a ripple effect, pardon the pun, on its price. However, the trend back to the baseline price before the ruling indicates that the market thinks the project might not be out of the woods just yet.

The end of the SEC case in the coming months, especially if the penalties for the institutional sales of XRP are light, could boost XRP’s price, but whether the price will stay high or fall afterwards is yet to be seen.

Beyond the legal realm, the general state of the cryptocurrency market can significantly impact XRP. Drozdz notes: “A large-scale upswing in the crypto world could be a boon for XRP. If other cryptocurrencies rise, XRP could well ride the wave.”

The Bear Case

However, not all potential scenarios are rosy. The resolution of the ongoing litigation could, paradoxically, lead to a decline in XRP’s price.

“Once the excitement around the lawsuit fades, we could see a drop in interest for XRP. That could, in the medium term, negatively impact its price,” Drozdz explains.

While the price currently remains above the level the token was at prior to the ruling, if XRP continues on the trend, it won’t be long before it drops to a new low.

The broader market also presents possible challenges. If a significant sell-off in the cryptocurrency market occurs, this could also depress the value of XRP. “Just as XRP can benefit from a bull market, it’s susceptible to bearish trends in the wider cryptocurrency space,” Drozdz says.

There are also concerns about using XRP in Ripple’s cross-border payment system. The currency is largely redundant and potentially isn’t necessary for the payments system to function. Even if XRP is used to settle payments, the value of XRP does not affect the system’s functionality, as the payments are settled in fiat value. This means that the payment can still be sent as usual whether XRP is $1 or 1 cent, providing little incentive for positive price action.

For this reason, it is easier to perceive long-term value if the token’s design and utility in the system is improved.

Since late 2023, Solana (SOL) has been on a while ride as it saw its price rapidly rise from less than $20 to reach – on a few occasions – toward and above $200. Additionally, the token’s blockchain again started hosting an ever-increasing number of new projects.

SOL price trajectory has seen it rise 48.79% since the start of 2024 and cross above $200 twice in March. More recent trading has, however, been more lackluster, and the token dropped 13.03% in the last seven days, ensuring Solana price today, at press time, stands at $150.75.

Along with the dynamic price action, the ecosystem has also undergone a string of updates and upgrades, with the most recent taking place in late May and changing the fee structure to favor block validators.

With all the developments affecting Solana in the last eight months or so, Finbold decided to consult predictive artificial intelligence (AI)-driven algorithms and discover where SOL may stand at the end of 2024.

AI sets Solana price for the end of 2024

The machine learning predictive algorithms are forecasting that the coming months will stand in stark contrast to the more recent weeks. Indeed, Solana is expected to trade with relative stability in the rough range between $150 and $175 until mid-October.

The final quarter of 2024, however, will bring a dramatic change for the token as SOL is expected to explode and rapidly climb $200 in November and above $365 by late December.

The final days of the year are, however, expected to bring a correction and lead to Solana ending 2024 at $324.09 – 142.08% above its press time, but 11.21% below its projected yearly highs.

Technical analysis (TA), however, contradicts the algorithm’s short-term prediction of relative stability as it indicates that Solana is set to make a major – up to 53% – move should it cross below its support level at $143 or above its resistance at $178.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Ethereum price is down 0.75% following huge exchange outflows and hawkish statements from the Federal Open Markets Committee (FOMC) which decided to leave rates unchanged on June 12.

Despite Ethereum’s recent dip, investors have been accumulating with more ETH tokens taken out of centralized exchanges over the last few days. This accumulation activity may be due to bullish events on the horizon like the expectation of spot ETH ETF market debut in the coming weeks.

Data from market intelligence firm CryptoQuant reveals that about 460,000 ETH valued at $1.6 billion at current rates was withdrawn from centralized exchanges between June 9 and June 11. This marks the fifth time in 2024 that the exchanges have seen a single-day outflow of more than 400,000 ETH, signifying a highly bullish momentum for Ethereum.

Bitcoin: Outflows from all exchanges. Source: CryptoQuant

ETH price technical analysis

Ethereum is trading around $3,491at the time of publication on June 13. The price had risen 5.6% to $3,657 after United States Consumer Price Index (CPI) data came at 3.3%, lower than the 3.4% analysts’ expectations.

The price then turned down sharply following the hawkish stance taken by the FOMC which chose to leave interest rates unchanged at the 5.25%-5.50% range.

The 100-day exponential moving average (EMA) provides immediate support at $3,499. A daily candlestick close below this level would spell doom for the smart contracts token that could drop first toward the 200-day EMA at $3,330 and later to the major support at $3,278.

Lower than that, the price may drop to collect the demand side liquidity below the said level to seek solace from the $2,860 support floor. This is where Ether’s downside could be capped representing an 18% drop from the current price.

ETH/USD daily chart. Source: TradingView

This negative outlook was supported by the downward trend of the relative strength index (RSI). The price strength at 43 reinforced the bears’ grip on the price.

Conversely, if bulls manage to defend the support provided by the 100-day EMA, they may push the price of Ether higher, first toward the 50-day EMA at $3,633 and later toward $4,000.

above the $0.15 resistance. This move will unanimously unite traders for an extended recovery to the short-term target of $0.2.

Dogecoin Price Aims Eyes 79% Breakout

DOGE price has been in a giant descending triangle for the past 4 months. Descending triangles are generally not bullish but have a 34% probability of breaking to the upside. Dogecoin price action is trending below the 50-day but above the 200-day simple moving averages (SMA). This indicates a tussle between the bears and the bulls. The Relative Strength Index (RSI) is currently at 46, acting as support.

The price of the dog-themed meme coin is approaching the end of the descending triangle and soon it may be decision time. There is strong support around the $0.12–$0.13 area that may hold up the price. This support level has been tested three times in the last four months, making it robust. 

A breakout to the upside may result in a 79% surge in price that pushes DOGE to $0.27. This will be the highest price DOGE has hit in three years. Conversely, if DOGE breaks out to the downside, key support levels exist around $0.12, $0.09, and $0.07.

Dogecoin Price Future Outlook

The king of meme coins sits at a $20 billion market cap, with trading volume up 7% in the last 24 hours. This signals increasing interest among investors. A month ago, Elon Musk added DOGE as one of the payment methods for Tesla, causing its price to surge.

The price of DOGE has also been influenced by a recent rumor that Musk plans to integrate the meme coin into the X platform. Musk posted an animation from DogeDesigner showing a merge between his former payments platform X and the X social media app.

Musk received a money-transmitting license in January and also plans to introduce the digital payment platform later this year. These events may directly, or indirectly heavily impact the price of DOGE.

Bottom Line

DOGE is the king of meme coins, and as this market matures, the crypto asset may lead the niche in rallying. Positive market and economic news, such as reducing interest rates and inflation, may play a big role in boosting Dogecoin price and the entire crypto market toward new highs.

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