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3 Catalysts Driving Solana Price To $200 This Week

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3 months ago

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Solana price has seen a notable surge over the past week, rising by nearly 20% as traders and investors react to a series of positive developments within the Solana ecosystem. Solana’s price trend showcases a notable upward trend over the week. 

Beginning on July 17, the cryptocurrency’s value steadily increased from approximately $160, demonstrating significant growth and reaching a peak close to $185 around July 22. 

This upward trend signifies a robust market response, possibly influenced by external market factors or developments within the SOL network. Following this peak, there appears to be a slight retraction in price, stabilizing around $175. 

Solana, a layer 1 blockchain network, has slightly declined over the past 24 hours. However, SOL is still hovering above the $170 support level amidst volatile trading conditions. At the time of writing, the SOL price is trading at $176, reflecting a downturn of about 2% during the U.S. time zone. 

According to CoinMarketCap data, despite the current dip, Solana maintains a robust market cap of approximately $81 billion, positioning it as the fifth-largest cryptocurrency by market cap. This performance is part of a broader context of significant trading volume, recorded at around $2.8 billion within the same period.

  1. Solana Price Rises on Whale Transfers

Solana price has surged, fueled by significant whale transfers. Whale transfers refer to large cryptocurrency transactions often carried out by high-net-worth individuals or entities known as “whales.” These major players hold substantial amounts of cryptocurrency and can influence market dynamics merely by the scale of their trades. 

When whales move their holdings, especially on platforms like Solana, it can increase volatility and prices as market participants react to these large inflows or outflows. The perception that whales are accumulating or distributing assets can trigger a cascade of trading activities driven by smaller investors following their lead.

SOL witnessed a significant transaction today, as 124,819 SOL (valued at approximately 22,352,764 USD) was transferred from an unknown wallet to the cryptocurrency exchange Binance. 

2. Solana ETF Speculation Boosts Market Sentiment

Solana price prediction points to rising momentum amidst growing speculation that it could follow in Ethereum’s footsteps with the approval of its exchange-traded fund (ETF). This possibility is buoyed by Ethereum’s recent success in securing an ETF, which has been a significant boon to its valuation and investor appeal. 

Furthermore, the blockchain’s rising fundamentals amplify the anticipation surrounding a Solana ETF. With its high throughput and low transaction costs, Solana continues to attract a broad spectrum of decentralized applications (dApps), which contribute to its ecosystem’s growth. 

A surge in open interest and Total Value Locked (TVL) on Solana indicates growing investor confidence and engagement within the ecosystem. The recent spike in open interest reflects heightened demand for Solana-based derivatives, which often serves as a forward-looking indicator of bullish sentiment among traders. 

3 Catalysts Driving Solana Price Imminent Climb To $200 This Week3 Catalysts Driving Solana Price Imminent Climb To $200 This Week
Source: Coinglass

This surge in open interest and increased trading volume suggests that more investors are positioning themselves for a potential uptick in SOL price. According to Coinglass data, the rise in TVL, which has soared by over 25% in the past month to $5.248 billion, further underscores this trend. 

The daily technical indicators for Solana (SOL) reveal significant market movements and trends. The Relative Strength Index (RSI) is at 64.79, indicating that Solana is approaching the overbought zone but still has room for potential upward movement. 

3 Catalysts Driving Solana Price Imminent Climb To $200 This Week3 Catalysts Driving Solana Price Imminent Climb To $200 This Week
Solana Price Chart|Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator further supports this bullish trend, with the MACD line at 9.07, crossing above the signal line at 5.18. This crossover typically signals a buying opportunity and suggests that the bullish trend may continue.

Frequently Asked Questions (FAQs)

Solana’s strong market momentum and positive developments could drive it to new all-time highs.

The surge is driven by significant whale transfers, ETF speculation, and increasing Total Value Locked (TVL).

Current market trends and technical indicators suggest bullish sentiment, making Solana a strong investment.

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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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Bitcoin price analysis

Will Bitcoin Price Benefit from UAE’s New VAT Exemptions for Virtual Assets?

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3 hours ago

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October 6, 2024

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The Bitcoin price surged 0.55% during the low-volatility weekend, currently trading at $62400. Following the broader market relief rally, the BTC price showcased its sustainability at $60,000 support, bolstering buyers to recuperate the bullish momentum. This recovery could witness another boost as the UAE Federal Tax Authority (FTA) recently announced VAT exemptions for virtual asset transfers and conversions.

Will Bitcoin Price Rally Amid UAE’s New VAT Exemptions on Virtual Assets?

The UAE FTA recently announced a significant revision to its Value Added Tax (VAT) regulations, which includes exemptions for virtual asset transfers and conversions, effective retroactively from January 1, 2018.

This move positions the UAE as a favorable hub for virtual asset investments, as easing the tax burden could notably uplift the country’s appeal for crypto-related businesses. 

The auditing firm clarified that in the UAE, the term ‘virtual assets’ is classified as a “Digital representation of value that can be digitally traded or converted and can be used for investment purposes.”

Businesses engaged in virtual asset services should analyze how the VAT exemption affects their retrospective VAT position, especially concerning their input tax recovery. In some cases, voluntary disclosures may be necessary to amend historic returns and ensure compliance.

Moreover, the UAE’s Virtual Asset Regulatory Authority (VARA) and the Securities and Commodities Authority (SCA) have decided to streamline the licensing and oversight of Virtual Asset Service Providers (VASPs), accentuating the country’s effort for a crypto-friend environment.

This development could boost broader cryptocurrency adoption, accelerating the investment in leading assets like Bitcoin to bolster price rallies.

BTC Price Needs Another Dip Before Next Rally

In the last four days, the Bitcoin price prediction showed a modest rebound from $59,840 to $62,344, registering a 4% growth. The bullish trajectory can be attributed to combined support for $60,000 and 200-day EMA and market easing from geopolitical tension in the Middle East.

However, this reversal lacks confirmation, and the price could revert to $60,000 seeking support. If the level holds, the BTC price could surge 7.7% and challenge the resistance trendline of the flag pattern. Since March 2024, this chart setup has carried a steady correction between two downsloping trendlines, providing dynamic resistance and support.

A successful breach of this resistance is crucial to trigger a prevailing rally and target a $80000 high.

Bitcoin (BTC) Price - UAE VAT ExemptionsBitcoin (BTC) Price - UAE VAT Exemptions
BTC/USD -1d Chart

On the contrary, if Bitcoin price breaks below $60 support or reverts from flag resistance, the sellers could accelerate the bearish momentum. The potential downfall could retest the $52,000 or $50,000 support.

Frequently Asked Questions (FAQs)

The UAE Federal Tax Authority’s (FTA) recent announcement of VAT exemptions for virtual asset transfers and conversions has made the country more attractive for crypto-related businesses. This move could boost demand for Bitcoin and other cryptocurrencies

The Bitcoin price is forming a flag pattern, which indicates a potential continuation of its bullish trend if it can break through the resistance

Bitcoin’s price has held strong at the $60,000 support level, backed by the 200-day exponential moving average (EMA)

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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Price analysis

Will Telegram’s New ‘Gift’ Feature Drive Toncoin Price for $8 Breakout?

Published

6 hours ago

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October 6, 2024

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Toncoin price struggled during the low-volatility weekend, posting a 3.2% decline over the last 24 hours. The bearish momentum heading for a $5 breakdown can be attributed to geopolitical tension in the Middle East or a looming death crossover between key EMAs. Will TON buyers manage to counter-attract amid the new ‘Gift’ feature launched on Telegram?

Can Telegram’s Gift Feature Trigger a Toncoin Price Breakout to $8

Telegram CEO Pavel Durov has announced an exciting new “Gift” feature for the platform, allowing users to give digital gifts to friends and loved ones. The received gift can be displayed in a profile or exchanged for ‘Stars’ Telegram’s virtual currency.

These stars can be used to support creators and purchasing services in mini apps.

Moreover, Some gifts will be available in limited supply, adding exclusivity to the items. Durov’s blog mentioned these limited-edition gifts would be available to convert into TON-based NFTs later this year. The users can auction and trade these tokenized gifts outside Telegram, with ownership secured on the blockchain.

In addition, Telegram introduced verification codes, improved its reporting interface, and redesigned video chats on iOS, indicating their effort to improve user experience.

These developments could significantly boost translation volume in the TON network and accelerate the recovery momentum in Toncoin price.

According to DefiLlama, the TON’s Total volume locked has surged from $317.2 Million to $404 Million in September, accounting for 30% growth. This increase signals the investors’ locking of their assets in TON’s decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.

EMA Death Crossover Puts TON for 11% Downside Risk

Amid the escalating conflict between Israel and Iran, the Toncoin price witnessed a sharp reversal from $6.13 to $5.2— a 15% loss. This pullback records another bearish reversal from the multi-month resistance trendline, indicating the sentiment of sell-the-bounce is intact. 

With a potential death crossover between the 50-and-200-day Exponential Moving Average (EMA) looming, the TON price could have plunged to $5 support. This potential breakdown could push the asset 11% down to test $4.6. 

Toncoin (TON) PriceToncoin (TON) Price
TON/USDT -1d Chart

On the contrary, if the buyers flip the overhead trendline into potential support, the Toncoin price could drive a sustained recovery to $7.26, followed by an $8.2 high.

Frequently Asked Questions (FAQs)

Telegram’s newly launched “Gift” feature could play a pivotal role in Toncoin’s potential price breakout and drive a rally to $8.

Telegram’s new “Gift” feature allows users to send digital gifts that can be exchanged for ‘Stars,’ Telegram’s virtual currency.

Toncoin is at risk of a death crossover between the 50-day and 200-day Exponential Moving Averages (EMA), which could signal a prolonged bearish trend.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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Dogwifhat (WIF)

Dogwifhat Price 8% Away From Ending Six-Month Bearish Phase

Published

9 hours ago

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October 6, 2024

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During the low-volatility Saturday session, the Dogwifhat price dropped by 2.8%, bringing it down to $2.27. The bearish momentum was triggered by the price’s ongoing struggle to break through the key resistance trendline of the falling wedge pattern, which has persisted since March 2024. As the market enters ‘Uptober,’ buyers could drive a final push to conclude this six-month correction.

Dogwifhat Price Inches 8% Closer to Breaking Six-Month Bearish Streak

The cryptocurrency market started October on a bearish trajectory, impacted by the escalating conflict between Iran and Israel. This downturn saw Bitcoin dropping below $65,000, while major altcoins, including Dogwifhat, faced significant reversals. Dogwifhat’s price tumbled from $2.64 to $1.96, marking a 25% loss before recovering slightly, reclaiming the $2 level.

Dogwifhat’s price is now encountering a significant overhead supply at the psychological $2.5 mark. This resistance is compounded by a falling wedge pattern established in March 2024. This chart setup, a typically corrective pattern, is defined by two converging trendlines that signal a steady downward correction. However, the price usually precedes a major breakout, suggesting a potential trend reversal.

Currently trading at $2.2, the WIF price is just 8% away from challenging the pattern overhead trendline. A successful breach from the resistance trendline will accelerate the recovery momentum and drive an 88% rally to hit $4.08, followed by $4.86.

A potential bullish crossover between the 50-and-100-day exponential moving average could support the bullish narrative.

Dogwifhat Price Dogwifhat Price
WIF/USDT -1d Chart

Check out the article on top meme coins to buy for a detailed analysis.

WIF Open Interest Soars 88% Amid Bullish Market Activity

Since mid-September, the WIF open interest has surged significantly from $195.7 million to $368.2 million, marking an impressive 88% growth. This sharp rise in open interest suggests increasing participation in the WIF futures market, which could indicate a substantial buildup of positions by traders expecting significant price movements.

WIF Futures Open Interest (USD)WIF Futures Open Interest (USD)
WIF Futures Open Interest | Coinglass

Additionally, dogwifhat’s Weighted funding rate spiked to 0.0062% on Saturday, according to Coinglass data. This positive value accentuates the buyers’ readiness to pay a premium price to hold a long position, indicating their confidence for further rallying.

WIF OI-Weighted Funding RateWIF OI-Weighted Funding Rate
WIF Weighted Funding Rate | Coinglass

On the country note, if Dogwifhat price reverts from the resistance trendline, the asset could prolong its current correction.

Frequently Asked Questions (FAQs)

Dogwifhat’s price is approaching a key resistance point, just 8% away from breaking out of a falling wedge pattern since march

A potential breakout from the wedge resistance and a bullish crossover between the 50-and-100-day exponential moving averages (EMA) could signal a trend reversal

Dogwifhat’s price faces strong resistance at the $2.5 psychological level, compounded by the falling wedge pattern that has been in place since March 2024

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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