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5 Key Metrics Indicate Solana Price Will Hit New All-Time Highs

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6 hours ago

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Over the past 7 months, the Solana price has traded sideways, struggling to sustain above the $200 level. However, as the crypto market witnessed a renewed recovery in late October, the SOL coin price is poised to escape this long-coming consolidation. Here, we delve into five key metrics that suggest Solana could soon reach new heights, reinforcing its place among the top blockchain networks. 

5 Key Metrics Suggest Solana Price Could Hit New All-Time Highs

The crypto market witnessed renewed bullish momentum in late October as pioneer digital asset Bitcoin surged past $70,000. As the altcoin market mimics the recovery trend, Solana price prediction caught investors’ attention as these five metrics signal its potential for new ATH.

According to Santiment data, the Solana development activity recorded a sudden spike to 140 on October 29th. Typically, active development suggests that the ecosystem is maturing with continuous innovation, which is crucial for maintaining its high position in the emerging crypto market. A high development activity often drives confidence among investors, which could be a positive for its native cryptocurrency.

Solana priceSolana price
Development Activity | Sentiment

Since last week, the SOL’s social dominance has witnessed an upward trajectory, hitting a high of 9.17 on Tuesday. This metric highlights how much attention a cryptocurrency gathers on social media platforms like X (formally known as Twitter), Reddit, and other forums. Increased social engagement typically translates to higher interest from both retail and institutional investors, reflecting the demand pressure in the market.

SOLSOL
Social Dominance | Santiment

  • New Addresses and User Growth

The on-chain data shows a dramatic surge in SOL’s new addresses, rising from 2.99 Million to 5.32 Million in October. The influence of new users not only accelerates network growth but also drives demand in Solana price as new participants engage in transactions and greater activity on the blockchain.

The growth in new addresses is considered among the core developments of the network as its indicates increased adoption.

  • Total Value Locked (TVL) in DeFi

According to DeFiLlama data, the SOL Total Value Locked (TVL) rallied remarkably from $3.8 Billion to $6.25 Billion, registering a 63% growth. Typically, this increase indicates growing investors’ confidence as they lock more capital into the network’s Decentralized finance (DeFi) application.

This metric accentuates highlighted user activity and a robust network that is suitable for a major SOL price reversal.

  • Open Interest in Solana Futures

In October, the SOL’s future open interest experienced a significant surge from $2.14 Million to $3.41 Million, accounting for a 46% increase. This substantial rise in open interest implies that investors are actively speculating on Solana’s future price direction, reflecting heightened engagement and confidence in its market potential.

Generally, the Solana price recovery backed by OI data growth indicates a sustained recovery, which bolsters the asset for new ATH.

SOL Futures Open Interest | Coinglass

Conclusion

Solana price outlook remains bullish, driven by strong network activity, rising Total Value Locked (TVL) in DeFi, an active developer community, increasing institutional interest, and positive market sentiment. These metrics collectively suggest that SOL could be on track for new all-time highs.

Frequently Asked Questions (FAQs)

Solana’s price outlook is supported by several key metrics: high development activity, increasing social dominance, rising Total Value Locked (TVL) in DeFi, growth in new addresses, and a surge in open interest in Solana futures.

Open interest in Solana futures surged by 46% in October. This increase implies heightened investor engagement and speculation on Solana’s future price movements

High TVL reflects a strong DeFi ecosystem, which can support further price growth as user activity and capital inflow increase.

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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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Pepe Coin (PEPE)

Analyst Forecast Final Dip For Pepe Coin Price Before 30% Surge

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1 day ago

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October 29, 2024

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During Tuesday’s trading session, the crypto market saw substantial inflows as Bitcoin surged past the critical $70,000 level. Amid this renewed momentum, the meme coin sector, known for its volatility, displayed notable moves. In particular, the frog-themed meme coin jumped 3.7%, testing a four-month resistance. However, analysts suggest a final dip in Pepe coin price may occur before a major rally unfolds.

Pepe Coin Price Poised for Final Dip Ahead of Projected 30% Rally

In a recent tweet, market analyst CryptoDoc highlights the Pepe coin price resonating mainly within two converging trendlines of the daily chart. This consolidation reveals the formation of a bullish continuation pattern called a symmetrical triangle pattern. 

Theoretically, the converging trendlines provide a temporary break for the prevailing trend to build its momentum before the next. In the last four days, the Pepe price rebounded from the pattern’s support trendline at $0.0000084 to $0.00000852, registering a 13% jump. Consequently, Pepe’s market cap surged to $4.01 billion.

Despite the bullish trajectory, the analyst predicts a small retest or final dip to the green zone support, coinciding with the pattern’s lower trendline.

If history repeats, the bottom support should replenish the bullish momentum for the PEPE price and push it to nearly 17% to challenge the overhead resistance. A successful flip of this overhead trendline into potential support could push the asset to $0.000012, registering an almost 30% growth.

PEPE pricePEPE price
CryptoDoc

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

Traders Back Bulls as Funding Rate and Open Interest Surge

According to data from Coinglass, the open interest (OI)-weighted funding rate has recently surged to $0.0139, indicating that buyers are paying a premium to maintain their long positions. This spike suggests a strong bullish sentiment in the market, with buyers showing confidence in further price appreciation.

PEPE OI-Weighted Funding Rate

Additionally, the futures open interest has shown a recovery trend, climbing from a recent low of $60.566 million to its current level of $132.7 million, marking a 119% percentage growth. Elevated open interest levels typically signal heightened trading activity, amplifying market movements and potentially contributing to increased volatility.

Pepe Coin pricePepe Coin price
Futures Open Interest | Coinglass

On the contrary, if sellers breach the bottom trendline, the bearish momentum will invalidate a breakout thesis to drive an extended consolidation.

Frequently Asked Questions (FAQs)

The OI-weighted funding rate recently surged to $0.0139, suggesting that buyers are paying a premium to maintain their long positions

If sellers breach the bottom trendline of the symmetrical triangle, it would indicate a shift in momentum, invalidating the breakout thesis and potentially leading to extended consolidation.

Analysts expect a brief dip in Pepe Coin’s price to test support and regain bullish momentum. This dip is seen as a setup for a potential 30% rally

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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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After Soaring 20%, Is Sui Price Ready to Hit $5 By December?

Published

2 days ago

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October 29, 2024

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After an impressive 20% surge, the big question now is whether Sui price is primed to hit the $5 mark. An analyst has projected that Sui is in the middle of the third impulse buying Elliot wave that could send the price to $5 when it tops out. This recent surge in price has brought back excitement among Sui investors, who were keenly watching for signs of continued growth.

Why Is Sui Price Up Today?

The price of SUI has increased 7.8% in the last 24 hours, a 16% increase from October 28, when the asset hit a month-low of $1.59. SUI is trading at $1.85 after outperforming BTC, which gained 3.8% against it.

After Soaring 20%, Is Sui Price Ready to Hit $5?After Soaring 20%, Is Sui Price Ready to Hit $5?
SUI/USDT Price Chart

Sui is rising because of the recent surge in the price of Bitcoin, which saw the number one crypto asset break above $70,000. This much-awaited move has the entire crypto space abuzz with speculation of higher prices, especially as we approach the crypto-centered U.S. elections this coming week.

Is Sui Ready To Hit $5?

Crypto analyst Decode has forecasted that the next target for SUI price is $5. His prediction is based on the Elliot Wave theory, which suggests that prices move in repetitive wave patterns, which are influenced by changes in investor sentiment.

Sui missed the 2.618 Fibonacci extension zone when it hit a new all-time high and retraced due to profit taking. However, the correction has completed a smaller wave 4 and is ready to embark on the last wave that could propel it to $5.22.

After Soaring 20%, Is Sui Price Ready to Hit $5?After Soaring 20%, Is Sui Price Ready to Hit $5?

With analysts calling for $300,000 BTC, Sui investors should be prepared to cash out big time, as previous data has shown that the asset tends to outrun Bitcoin.

Sui Eyes $5 But Must Beat This Obstacles First

Sui is eyeing about 150% gains from its current price of $5. However, the cryptocurrency must overcome certain key obstacles for it to succeed. 

  1. Price action is trending below the 50-day exponential moving average (EMA) which has suppressed the price for the last 1 week.
  2. Despite the 20% jump, the crypto asset is still trading inside a falling channel.

These obstacles could keep the price from attaining the $5 mark. However, the recent jump was accompanied by a huge boost in volume. Coingecko data shows the 24-hour trading volume soared by 134%. This is the highest volume has recorded in the last 2 weeks.

With such volume confirmation, it is possible SUI price could break above the channel and the 50 EMA to test the next major resistance, $2.36. This would market a 28% additional gains from the current price. If the asset breaks its previous ATH, it would be in price discovery and could surge to $5 within a week or two.

After Soaring 20%, Is Sui Price Ready to Hit $5?After Soaring 20%, Is Sui Price Ready to Hit $5?
Sui Price Analysis Chart

The invalidation thesis for this bullish scenario is if bears push price below $1.59. This would effectively cause a breakdown from the falling channel, changing the outlook from bullish to bearish.

Frequently Asked Questions (FAQs)

Sui price surged by 20% primarily due to the bullish momentum in the crypto market, driven by Bitcoin’s recent breakout above $70,000. This increase in Bitcoin’s price typically boosts investor confidence across the crypto space.

Analysts project that Sui could reach $5, based on the Elliott Wave theory. The current analysis suggests it is in the midst of a bullish impulse wave that could push the price to $5.22.

Sui has shown a tendency to outperform Bitcoin, gaining 3.8% against BTC recently. As Bitcoin’s price continues to rise, many analysts believe Sui could benefit significantly from this correlation.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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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ADA

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?

Published

2 days ago

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October 29, 2024

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Cardano price could be on the precipice of a massive upside move as Bitcoin eyes an ambitious $300,000 milestone. Analysts have speculated how this could happen in the next 10 to 18 months as BTC’s price looks to clear an 8-month consolidation zone. Can Bitcoin’s momentum drive the price of Cardano to $5 and beyond?

Why Is Cardano Price Up Today?

On October 29, the ADA price increased by 4.6% to trade at $0.3491 during the London pre-market hours. This increase is likely attributed to Bitcoin’s surging above the psychological resistance level of $70,000, which has investors hoping for a new all-time high in the coming days. The crypto market is up 2.5%, with meme coins leading the rally.

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
ADA/USDT Price Chart

Additionally, analysts foresee Cardano price surging in the future as they recently announced an ADA-BitcoinOS bridge that could capitalize on the $1.4 trillion BTC market by bringing DeFi to the king of crypto

This news has caused Cardano’s social dominance to surge, leading to the ‘Cardano’ term trending on X. Spikes in social dominance suggest that an asset is being heavily discussed on social media platforms, and if the discussions are positive, they are usually followed by a price increase.

Cardano social dominanceCardano social dominance

With Bitcoin price rising, speculation on how Cardano becoming a Bitcoin L2 could pump the price of ADA has saturated the crypto space.

Will ADA Price Hit $5 If Bitcoin Soars to $300K?

Famous crypto analyst PlanC has predicted, using his popular Power Law indicator, that Bitcoin price will reach $150,000 to $300,000 within the next 10 to 18 months. He notes that the last eight months have been a healthy consolidation, and once BTC breaks above the $80,000 mark, “the probability of ever dropping below $60k will be extremely low.”

 

Crypto trader Zach Humphries thinks Cardano price will set new all-time highs around $5 during this cycle. This would push the ADA market cap to around $178 billion, with 35 billion coins circulating.

This prediction is likely since the highest price Cardano has ever reached was $3.10. Currently, ADA is 89% down from the ATH, presenting a massive 1300% potential increase from the current price. 

If Cardano founder Charles Hoskinson executes his vision with BitcoinOS to bring BTC into the crypto fold, the price of ADA will soar even higher than $5.

Cardano Price Analysis: Key Levels To Watch

Cardano price action is not pretty, even though the market is green. The asset is up only a few percentage points, but the market structure is mostly bearish, with several strong resistance levels up ahead. 

However, this should not be a worrying factor, as ADA prices have been known to surge aggressively during bull markets.

Key levels to watch include $0.43, which marks the immediate resistance, and beyond that, $0.67, which coincides with the 78.6% Fibonacci retracement level. Conversely, Cardano may find support between $0.20 and $0.3 if bears push the price down. 

Can Cardano Price Hit $5 If Bitcoin Hits $300,000?Can Cardano Price Hit $5 If Bitcoin Hits $300,000?
Cardano Price Analysis Chart

While analysts are extremely bullish on the ADA price in the long term, the short-term prediction for the asset is neutral to slightly bullish. However, this outlook can change at any moment if market conditions shift. A clear breakout above $0.67 will change the outlook to extremely bullish, while a break down below $0.3 will turn the prediction bearish.

Frequently Asked Questions (FAQs)

Cardano’s price recently increased by 4.6%, likely due to Bitcoin surpassing the $70,000 mark. This rise in Bitcoin’s price often boosts the broader crypto market, with meme coins and other assets like Cardano gaining as well.

Many analysts suggest that Cardano (ADA) could reach or exceed $5 if Bitcoin achieves $300,000. The correlation with BTC and potential developments, like the ADA-BitcoinOS bridge, are strong drivers that could propel ADA to new highs.

The ADA-BitcoinOS bridge is a project aiming to connect Cardano with Bitcoin’s vast market, allowing decentralized finance (DeFi) services to tap into Bitcoin’s ecosystem. This could significantly boost ADA’s value by increasing its use and visibility in the crypto space.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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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