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Why Is Solana Price Down Today?
Published
4 months agoon
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adminSince yesterday, the crypto market has officially entered the fear zone, hinting at the investor’s hesitation in placing trade. The result of these hesitations is the cryptos struggling in the market, especially altcoins like Solana, Ethereum, XRP, and many others. Out of these, Solana, which ruled the market thanks to heavy demand for Solana tokens, is struggling. It is because the Solana price dropped below $130 earlier in the day, concerning the holders for its further drop amid its ongoing week-long downtrend.
Solana has lost more than 8% of its value in the last week, currently at $133.28 after a minor recovery. However, with the high selling pressure, the downtrend may continue if the SOL price fails to surge above the pivot at 139.42.
Three Reasons Why Solana Price Is Struggling
Solana’s was booming at the beginning of the year, as its price surged to a high of $202.87. However, with the bulls losing their grip on the market, most of the altcoins began to struggle, especially as the market entered the fear zone yesterday, continuing even today.
Regardless, the biggest reason for Solana’s price is the Pump.fun selling nearly 50% of its accumulated assets. With this, the Solana-based meme coin deployer, Pump.fun has dumped 274,373 SOL ($42.64M) in recent Lookonchain reports.
Since its launch in January, the platform boomed in terms of popularity and token launch. It has hit the 680K $SOL($91M) mark in revenues and has accumulated more than 0.1% of Solana’s current supply. But at the same time, it sold its first share of 254,074 $SOL($40.26M) at an average price of $158.
The https://t.co/DrKlYnPPqY Fee Account sold 10,300 $SOL($1.38M) at $134.46 again 40 mins ago!https://t.co/DrKlYnPPqY has sold 264,373 $SOL($41.64M) at an average price of $157.5.https://t.co/dZDKPfB4vU pic.twitter.com/mRLYK100zl
— Lookonchain (@lookonchain) September 3, 2024
The second selling was on September 3, which dumped 10,300 $SOL($1.38M) at $134.46, resulting in an instant SOL price drop. A few have called it locking in the profits, whereas many called it offering the token at a low before the price boost.
However, this was not the end of the Solana’s struggles. Earlier DefiLlama reports revealed that Solana’s daily revenue also hit a six-month low on Monday due to the rise of the pump.fun competitors like Ethervista and SunPump. As per reports, the Solana revenue was only $190.7K on September 1, a 90% decline from March’s peak at $2.47 million.
The impact of this declining revenue and competition has also dropped the Solana price, especially with the launch of SunPump, which has already beaten Pump.fun in terms of popularity. The impact of this popularity is also its native token as analysts believe SUN Price Could Explode 300% in future.
Final Thoughts
Despite the 4% recovery in the Solana price, the token is struggling on the weekly charts, including its drop to $123K on August 4. This drop came after the Solana meme coins deployer, Pump.fun sold almost 50% of its accumulated SOL assets at an average price of $157.5. Moreover, with rising competition like Ethervista and SunPump, the altcoin’s suffering has increased.
Pooja Khardia
With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.
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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XRP Price Pumps 7% On Christmas Eve, Will It Reach Yearly Highs?
Published
2 hours agoon
December 25, 2024By
adminThe XRP price is currently enjoying a nice recovery, having pumped over 7% on Christmas Eve. Based on several analyses, XRP could be eyeing a rally to its yearly high of $2.91.
XRP Price Eyes Current ATH Following Latest Pump
The XRP price is eyeing a rally to its current ATH following its 7% gains on Christmas Eve. Crypto analyst Javon Marks recently mentioned that XRP’s 4-hour chart is coming off a Hidden Bullish Divergence confirmation.
He added that this suggests that XRP could recover over 30% to its 2024 high of $2.91, which could be on the horizon. The crypto analyst added that a continuation of this uptrend can lead to a new all-time high (ATH).
Marks is confident that this projected rally is a matter of when not if. In anticipation of this rally, Ripple Whales have accumulated 40 million XRP, which also provides a bullish outlook for the crypto.
Crypto analyst CrediBULL Crypto also provided a bullish outlook for the XRP price. He stated that the XRP/BTC chart looks absolutely “fantastic.” He suggested that a parabolic rally was on the horizon while revealing that he was looking to open another long position.
The crypto analyst added that XRP’s chart is still the most bullish looking in the entire space off the lows. He believes that the crypto is just a “powder key building pressure.”
Double Bottom Pattern Adds To Bullish Sentiment
In an X post, crypto analyst CasiTrades stated that the XRP price has essentially formed a double bottom as it bounces around key Fibonacci levels. The analyst added that XRP is now getting a bullish wave.
However, she warned that the crypto is still under $2.38, meaning that it is still technically within this recent price correction. As the Relative Strength Index (RSI) and price climbs, CasiTrades noted that the structure looks promising and that XRP is still on track for the wave, pushing toward D targets around $2.60.
Her accompanying chart showed that the XRP price could reach this Wave D target by December 26. Thus, she remarked that the crypto still has time to achieve this target.
In the long term, a CoinGape market analysis showed that XRP could still reach double digits as it rises to $10. Fundamentals such as the RLUSD stablecoin and a potential end to the Ripple SEC lawsuit support such bullish projections.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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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Here’s What To Expect After Pectra Upgrade
Published
5 hours agoon
December 24, 2024By
adminAmid its evolutionary journey, the Ethereum protocol is set to undergo another major upgrade dubbed Pectra in the first quarter of 2025. For a long time, developers have worked on this upgrade, adding and removing EIPs amid functionality review. However, many wondered what comes next after the coming Pectra upgrade. Here is where the Fusaka upgrade comes in.
Ethereum Fusaka Upgrade: The Pectra Enhancer
For various reasons, developers had to drop some improvements initially designated for inclusion in Pectra upgrade. Some of these EIPs will now be a part of the Fusaka upgrade. It is worth noting that the anticipated enhancements will help Ethereum and its associated Layer-2 solutions sustain their Decentralized Finance (DeFi) growth traction.
According to Galaxy Research Vice President and core Ethereum developer Christine Kim, stakeholders have not yet completed the scope of Fusaka as of now. This makes estimating the timeline for its launch fairly harder.
However, she noted that developers will focus on the original 12 code changes in the original Pectra EIPs for Fusaka. These changes are subdivided into EOF Code changes and PeerDAS. When Pectra goes live, developers may now focus on what changes need to go live with Fusaka and which might have to drop.
One of the major Ethereum Improvement Proposals billed for Fusaka is EIP 7549. This EIP will help improve the main chain’s ability to scale through Layer-2 rollups. According to a Galaxy Research note from October, this improvement will “implement a new networking protocol to increase blob capacity while keeping the computational load on nodes unchanged.”
Other major EIPs that will accompany Fusaka include EIP 3670 for “Code Validation” and EIP4750 to enhance “Functions.”
Notably, Fusaka may contain more than the 12 EIPs, a decision core devs will make when the upgrade is fully in focus.
The ETH Price Undertone
Amid the growing competition in the broader DeFi ecosystem, Ethereum L2s remains one of the biggest beneficiaries. However, Ethereum price might also need this upgrade as key fundamental updates might be the missing ingredient to trigger a new run in the the coin’s spot valuation.
Notably, ETH price suffered a major drawdown that pushed it below $4,000 mark over the past few weeks.
As of writing, ETH price was changing hands for $3,479.25, up 1.09% in 24 hours. With more upgrade comes enhanced functionalities which can drive adoption within the ETH ecosystem. This trend may help fuel increased demand for ETH, pushing its price to a new high.
Beyond Pectra and Fusaka, Ethereum developers are also eyeing Beam Chain consensus layer upgrade. Lately, there has been silence regarding this proposition.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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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Cardano Price Eyes Rally To New Highs As Bull Flag Appears
Published
8 hours agoon
December 24, 2024By
adminThe price of Cardano (ADA) has joined the so-called Santa rally, a trend that is amusing investors after a very volatile week. Earlier, the price of the coin dropped to a 4-week low of $0.7659 and entering a short period of consolidation afterward. With the latest bullish uptick, the digital currency is likely to leverage its bull flag setup to soar higher.
ADA Price and Future Projections
At the time of writing, the price of the ADA has jumped by 6.66% and was changing hands for $0.9412. According to market analyst @Av_Sebastian, there is a whole lot of reasons to agree with the ADA bull flag formation. He presented an ADA/USD 1D chart that shows Cardano breaking out around the $0.93 price mark.
Multiple people have pointed out to me that there might be a huge bullish flag on the $ADA chart and I must agree with them.🫡
Crypto market seems to be turning around, all coins seem to be recovering right now.🔥
Is this the beginning of the Christmas pump?🎄 https://t.co/Tkkh2HGcnP pic.twitter.com/0NQ8jcXRkn
— Sssebi🦁 (@Av_Sebastian) December 24, 2024
Notably, this price level formed a strong resistance for ADA over the past week. With just a few attempts to break above this level within this period, the ongoing rally marks a significant stride. The bull flag is a technical setup formed in periods of consolidation within an uptrend.
If Cardano ends up with a bullish candle on the daily, the coin might eventually break the $1 price mark in the short term. This projection aligns with previous ADA price analysis where top analysts project a $2.60–$2.80 based on Elliott Wave projections.
Is Cardano Undervalued?
Cardano is a Proof-of-Stake (PoS) protocol, considered as an Ethereum killer. Many see the coin as undervalued, considering its growing role in the Decentralized Finance (DeFi) ecosystem.
Despite the growing backlash against the protocol and its founder Charles Hoskinson, the push for growth remains intact. Recently, Hoskinson proposed that the Cardano Foundation should move to Abu Dhabi or Wyoming in a bid to drive community governance.
The protocol, through the Chang hard fork upgrade, has made significant strides to democratize its governance systems. This, and alliances like the Bitcoin DeFi push makes ADA an appealing coin for long term growth.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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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