Price analysis
Analysts Predict $400 Solana Price as Whales Buy into ‘Most Bullish Chart’
Published
5 hours agoon
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adminThe crypto market enters the new week on a bullish note as the Bitcoin price inches closer to a $70,000 resistance breakout. The bullish momentum gradually fuels bullish momentum in most major altcoins, including SOL. However, crypto analysts showcase a higher interest in Solana price movement amid the formation of its ‘Most Bullish Chart’ setup and Whale accumulation.
Currently, the SOL price trades at $177 with an intraday gain of 0.26%. Consecutively, the Solana market cap surged to $82.21 Billion, while 24-hour trading volume spiked 32% to reach $2.82B.
Analysts Eye $400 Solana Price as Whales Accumulate on ‘Most Bullish Chart’
In a recent tweet, market analyst CryptoBoss shares an optimistic view on Solana (SOL), highlighting what he describes as the “most bullish chart I’ve ever seen. His monthly chart analysis shows a well-known reversal pattern called Cup and Handle, often identified at major market bottoms as a precursor to significant upward movements.
Theoretically, this chart setup shows a U-shaped accumulation trend represented by a Cup, followed by a short consolidation with a handle portion before a major breakout. If the pattern holds true, the Solana price prediction is poised to breach the overhead resistance trendline, setting up a rally to the $400 mark.
Major Holders Stake $35M in Anticipation of Breakout
Ahead of the major breakout, SOL’s on-chain data shows renewed activity from crypto whales. According to data from Lookonchain, a whale wallet identified as AA21…VxH9 withdrew 153,511 SOL, valued at approximately $26.4 million, from Binance over the past week and promptly staked the tokens.
Similarly, a wallet EHax…gAUa withdrew 35,498 SOL, valued at $6.12 million, from top crypto exchanges Binance and Kraken in the last 4 days and quickly staked it. Another whale wallet, EGzi…mR7g, accumulated 13,000.8 SOL (valued around $2.3M) from Binance yesterday, bringing its total staked holdings to 95,651 SOL, worth $16.83M.
This accumulation trend from large holders has often conceded with major market recovery, indicating the asset is poised for a strong breakout.
SOL Price Analysis Signals an Imminent Breakout From Bullish Pattern
The layer-1 cryptocurrency Solana showcased a sustained recovery in the Uptober market, as its price surged from $133 to $177, registering a 33% surge. An analysis of the daily chart shows this rally assisting in forming a bull pennant pattern.
Under the pattern’s influence, the SOL price is a 3% surge, offering a decisive breakout from the key resistance trendline. A successful flip of the overhead trendline into suitable support will indicate the continuation of the prevailing uptrend.
The post-breakout could set an initial target of $275, a nearly 50% surge from the breakout point.
However, until the price gives a deceptive breakout, the Solana price will continue a sideways trend.
Frequently Asked Questions (FAQs)
Analysts predict a potential rally to $400 due to SOL’s formation of the “Cup and Handle” pattern on the monthly chart,
Recently, large holders, or “whales,” have staked around $35 million in SOL, signaling confidence in its long-term value.
If SOL successfully breaks above the current resistance, the initial target is set at $275, a 50% increase from the breakout point, with potential for further gains toward the $400 mark
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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Avax Price Analysis
Top 3 Cardano Rivals to Turn $10 to $1000 in November
Published
50 mins agoon
October 28, 2024By
adminIn October, Cardano price traded nearly sideways despite high expectations for a bullish trend. This prolonged consolidation offers little optimism for ADA’s better performance in November. Thus, these three Cardano rival tokens may capture investor attention, potentially driving rallies that could turn a $10 investment into $1,000.
3 Cardano Rivals That Could Flip $10 into $1,000 this November
By press time, the Cardano price had traded at $0.339, with an intraday loss of 0.41%. From the All-time-high of $3.1, the ADA price has risen 89.12%, while the market cap plunged to $11.85 billion. As the asset shows no sign of bottoming, these Cardano rivals could better drive and utilize the Q4 rally.
Solana (SOL)
The fifth-largest cryptocurrency by market cap, Solana (SOL) tops our list of Cardano rivals amid high-momentum rally and on-chain recovery. In the last two months, the Solana price prediction showcased a sustained rally from $120 to $174, registering a growth of 45%.
According to data from TheBlock, the Solana Network saw its new addresses surge from 3.05 million to 5.76 million in October, marking an 88% surge. This impressive increase implies heightened user adoption and growing interest in the Solana ecosystem, potentially signaling increased transaction volume and network activity.
With sustained buying, the SOL price is poised to surge 3% before escaping the major resistance that drove the last 7-month consolidation.
Avalanche (AVAX)
Like other top altcoins on this, the Avalanche coin has traded sideways for the past four months, struggling to sustain above $34. However, the consolidation revealed the formation of a bullish reversal pattern called an inverted head and shoulder in the daily chart.
Theoretically, the pattern displays three troughs with the middle extended lower than the other two. These lower price rejections indicate an active demand pressure and a fresh breakout opportunity as the price breaks the neckline resistance.
The current Avalanche price prediction indicates a trading value of $25.6, with the potential for a 13% surge ahead of a major breakout. Sustaining this breakout would provide a stronger indication of bottom formation and an early sign of trend reversal.
Toncoin (TON)
Contrary to other Cardano Rivals, the Toncoin price displays a major upward trend. Thus, market analysts believe the current correction in TON price is an opportunity for buyers to recuperate the bullish momentum.
By press time, the Toncoin price had traded at $5, testing the multi-month support of $4.6. While the price holds this support, the 30-day Market Value to Realized Value ratio (MVRV) has plunged to -4.85% region, indicating short-term holders are making a loss.
Typically, this negative value leads to panic selling of speculative traders, which triggers initial volatility and a temporary pullback. However, long-term buyers often use such a situation to enter at a discounted price while the asset gains a sharp reversal.
Conclusion:
As ADA price remains in prolonged consolidation, investors may find promising opportunities in its top Cardano rivals—Solana, Avalanche, and Toncoin. With Solana’s growing user base, Avalanche’s bullish reversal pattern, and Toncoin’s support at a critical level, these assets are well-positioned to capture investors’ attention.
Frequently Asked Questions (FAQs)
The top three Cardano rivals projected to gain traction in November are Solana (SOL), Avalanche (AVAX), and Toncoin (TON).
Avalanche’s price chart shows an inverted head and shoulders pattern, a classic reversal indicator, suggesting a trend shift if the neckline resistance is breached.
Toncoin’s price correction, combined with a low Market Value to Realised Value (MVRV) ratio of -4.85%, suggests an opportunity for long-term buyers
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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Markets
AI Companions AIC rises as trader sees a new ‘bullish wave’
Published
4 hours agoon
October 28, 2024By
adminAI Companions token rose for three consecutive days, reaching its highest level since Oct. 21 as traders remained optimistic about the project.
According to TradingView, AI Companions (AIC) token climbed to an intraday high of $0.1122, 40% above its lowest point last week. It has surged by over 5,700% from its all-time low, bringing its fully diluted valuation to $105.7 million.
The recent rally followed the developers’ release of an updated website design and a smart contract audit report by Soken.
Its other major catalyst was the recent listing by Gate.io, one of the largest crypto exchanges in the industry. According to CoinMarketCap, 50% of its $9.2 million 24-hour volume was handled on Gate.io, followed by MEXC and BingX.
The developers have hinted that the token will soon be listed on a tier-1 exchange. While the name remains undisclosed, possible exchanges include Binance, Coinbase, Bybit, OKX, Upbit, HTX, or Kraken. A tier-1 exchange listing often leads to increased gains.
Meanwhile, some traders believe that the AI Companions token has further growth potential. In a post on X, BitcoinHabebe, an analyst with over 164,000 followers, predicted that the token is on the verge of a new bullish wave. He cited its top-notch team, upcoming exchange listing, and strong technical indicators.
AI Companions is aiming to disrupt an industry that some analysts believe is worth billions of dollars.
The project is building a solution that leverages artificial intelligence, virtual reality, and blockchain to provide virtual friends and companions. According to its roadmap, the virtual companion platform will be launched in the second quarter of 2025, with the AIC token serving as the primary means of exchange on the platform.
AI Companions token retested a key level
The 4-hour chart shows that the AIC token rose and retested the important resistance point at $0.1122, its highest swing on Oct. 21. This recovery occurred after the token found strong support at $0.0774, its lowest level on Oct. 3 and 11.
It has rebounded above the 50-day moving average and formed a small cup and handle pattern, a popular bullish indicator.
A break above the resistance at $0.1122 could signal more gains, with the next reference level at $0.1500, its highest level in September and 41% above the current price.
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Dogwifhat (WIF)
Analyst Signals Bottom for Dogwifhat Price as WIF Eyes $3 with Bullish Support
Published
14 hours agoon
October 28, 2024By
adminThe crypto market witnessed a sudden pump during Sunday’s low volatility as Bitcoin headed back to $70,000. Amid the renewed bullish sentiment for the Quater 4 rally, a crypto analyst highlights potential bottom formation in Dogwifhat price with key technical indicators, proposing a reversal opportunity.
By press time, the WIF price traded at $2.5 with an intraday gain of 5.75%. Conservatively, the asset market cap rallied to $2.5 Billion.
Analyst Predicts Bottom for Dogwifhat as WIF Targets $3 on Bullish Momentum
In a recent tweet, analyst Bluntz highlights a bullish outlook for the dog-themed meme coin Dogwifhat, studying the WIF/SOL pair. The layer-1 cryptocurrency Solana has showcased substantial bullish momentum as the crypto market is gradually adopting the Q4 rally.
While the SOL’s strength could boost the top memecoin under its umbrella, the Dogwifhat (WIF) caught the analyst’s attention as a promising candidate for a potential breakout.
According to Bluntz, the WIF/SOL pair appears to be bottoming out on the 4-hour chart. He notes a “5 down” wave pattern, a common signal for the end of a correction phase, accompanied by significant divergence.
This setup, particularly with the heavy divergence, suggests a possible trend reversal for the Dogwifhat price.
WIF Price Analysis Signal 1.5% Surge Before Key Breakout
In the past two weeks, the WIF price has showcased a steady downtrend from $2.97 to $2.1 low, accounting for a 26% loss. This bearish turnaround resonating strictly within two downsloping trendlines reveals a bull flag pattern formation.
Theoretically, this chart setup is characterized by a long ‘Pole’ representing the dominating trend and a ‘Flag’ portion to display temporary correction. This retracement holding its position above the 50-day exponential moving average accentuates a health pullback for the next leap.
Currently, the Dogwfihat price trades at $2.48, standing 1.5% away from challenging the flag resistance. A potential breakout from the overhead trendline will give buyers sufficient support to drive a higher recovery.
The post-breakout rally could drive the asset 32% up to challenge the $3.3 high.
On the contrary, if crypto sellers continue to defend the flag resistance, the dogwifhat could witness renewed selling pressure and drive an extended consolidation.
Frequently Asked Questions (FAQs)
The analyst signals a bottom formation for Dogwifhat and predicts a potential breakout, targeting $3 as WIF gains bullish momentum amid a broader Q4 rally.
Currently trading at $2.48, WIF stands 1.5% away from breaking the bull-flag resistance. A breakout could push the price up by 32%, potentially reaching $3.3.
Dogwifhat is forming a bull-flag pattern, characterized by a downward-sloping “Flag” after a strong “Pole” rally
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.
Source link
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