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Can Solana Price Post a 2021-Like Bull Run?


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3 months ago

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The SOL/ETH currency pair traded within a tight range as liquidity woes challenge global markets, including crypto. With investors anticipating a series of interest rate cuts in the United States starting in September, Solana price may surge ahead of other cryptocurrencies, potentially reaching $200.

SOL/ETH Price Market Movers: Rising DeFi TVL and And Whale Buying Spree

Solana price collected liquidity at $140 this week, paving the way for a reversal to $145 as the protocol’s decentralized finance (DeFi) ecosystem made a comeback in the total value locked (TVL). According to DeFi Llama, the value locked in smart in the protocol’s smart contracts has surged to $4.98 billion from the early August crash to $3.8 billion. An increase in this metric is often viewed as a bullish signal for reducing the potential selling pressure. Investors show confidence in the asset, committing their holdings to secure the protocol and earn rewards.

Solana TVL | DeFi LlamaSolana TVL | DeFi Llama
Solana TVL | DeFi Llama

On the other hand, ETH price quickly swung towards $2,700, but due to shrinking liquidity and a slow uptake of Ether ETFs, a correction occurred to $2,664. This sluggish movement in ETH price may soon be over if whales keep up their risk appetite for ETH. Based on Santiment, holders of between 1,000 and 10,000 ETH account for 35.13% of the total supply, up from 34.77% on August 1. Those addresses with between 10 million and 100 million ETH focused on the recent crash, increasing their holdings to 10% from 9.67% in the same period.

Ethereum supply distributionEthereum supply distribution
Ethereum supply distribution

Solana Price Analysis: Ready For A Move-Up

The SOL/USD currency pair sits above crucial support provided by the 200-day Exponential Moving Average (EMA) and the lower end of the Bollinger bands. A rebound toward the indicators mid boundary is anticipated, which has a higher probability of boosting Solana price toward $160.

Meanwhile, a Bollinger Band Squeeze occurs when the upper and lower bands converge, indicating a period of low volatility. This can be likened to the current lack of liquidity. A breakout from either band after a squeeze often signals a significant price movement. Hence, with support at the 200-day EMA holding, traders can profit by entering long positions in SOL/ETH pair and anticipating a huge breakout to 0.062.

SOL/ETH price chart | Tradingview SOL/ETH price chart | Tradingview
SOL/ETH price chart | Tradingview

Per the SOL price prediction, the outlook is bullish in the short term, but it would be safer to manage expectations. A break below the 200-day EMA on the SOL/ETH pair could trigger another sell-off, with altcoins bearing the brunt. Key levels o each on the downside are 0.05 for the pair, $130 and $120 for Solana and based on ETH price forecast, traders keenly watch the levels at $2,500, $2,200.

Frequently Asked Questions (FAQs)

Support at $140 allowed bulls to collect liquidity.

This is unlikely, especially if SOL/ETH upholds support at 0.05362.

Solana shows immense potential to rally, but traders must practice risk management.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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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BTC Hits New ATH, GOAT and BONK Rise 8-13%

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3 days ago

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November 20, 2024

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Crypto Prices Today, November 20: The crypto market experienced mixed sentiment as Bitcoin touched $94K intraday, marking a new all-time high, before settling above $92K. Major altcoins showed negative sentiment, with declines of 2-3% over the last 24 hours. Meanwhile, GOAT and BONK emerged as top gainers, surging 8-13% in the same period.

The global crypto market cap dropped by 0.3% in the past day, standing at $3.07 trillion. Total trading volume reached $179 billion, reflecting a 10% decline from the previous day.Here’s a look at some leading cryptocurrencies by market cap and their price movements today.

Crypto Prices Today: BTC Hits $94K ATH While SOL, ETH, and XRP See Declines

Bitcoin touched an all-time high of $94K in intraday trading today before facing a rejection, currently holding above $92K. GOAT and BONK led the market, posting impressive gains of 8-13% over the last 24 hours. Major altcoins experienced slight turbulence, with most trading 2-4% lower. Meme coins showed mixed sentiment; DOGE rose by 1%, while SHIB dropped 3% in the same period.

Bitcoin Price Today

Bitcoin price is up by 0.5% over the last 24 hours, currently trading at $92,050. The coin’s intraday low and high are $91,059 and $94,002, respectively. BTC’s market cap stands at $1.81 trillion with a 24-hour trading volume of $75 billion, reflecting a market dominance of 59.21%.

According to sosovalue, daily inflows have reached $600 million, although data from BlackRock and Grayscale is yet to be updated. The debut of Bitcoin ETF options on Nasdaq, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), has sparked a surge in demand. This pivotal development offers investors new tools for hedging risks and managing exposure to Bitcoin’s price fluctuations.

Ethereum Price Today

Ethereum is down by 2.33% in the last 24 hours, currently trading at $3,087. The 24-hour low and high for ETH are $3,070 and $3,160. With a market cap of $371.5 billion and a 24-hour trading volume of $28 billion, Ethereum holds a market dominance of 12.51%, making it the second-largest cryptocurrency in the world. The price decline is also reflected in Ethereum ETFs, with a daily outflow of $67 million, though BlackRock and Grayscale’s inflow data is awaited.

Solana Price Today

Solana is currently trading at $232, showing a 4.5% decline over the last 24 hours. The 24-hour low and high for SOL are $231 and $247, respectively. With a market cap of $110 billion, Solana ranks as the fourth-largest cryptocurrency in the world. Its 24-hour trading volume stands at $6.87 billion, with a market dominance of 3.61%.

XRP Price Today

XRP is currently trading at $1.08, reflecting a 4% drop in the last 24 hours. The 24-hour low and high for XRP are $1.0738 and $1.138, respectively. XRP’s 24-hour trading volume is $5.74 billion, with a market dominance of 2%. On a positive note, XRP whales moved 210 million coins, sparking rumors of a partnership with Cardano.

Meme Crypto Prices Today

Dogecoin price saw a gain of approximately 1.3%, currently trading at $0.38. Its 24-hour low and high are $0.3767 and $0.4183, respectively. On the other hand, Shiba Inu (SHIB) is down by 3% in the last 24 hours, now trading at $0.00002404. Its 24-hour low and high are $0.00002409 and $0.00002601, respectively.

Top Crypto Gainers Prices Today

Goatseus Maximus

Goatseus Maximus is currently up by 12%, trading at $1.20. Its 24-hour low and high are $0.9988 and $1.231, respectively.

BONK

BONK is trading at $0.00005609, reflecting a 10% increase in the last 24 hours. Its 24-hour low and high are $0.00004847 and $0.00005768. The market volume stands at $4.23 billion.

UNUS SED LEO

UNUS SED LEO (LEO) is currently trading at $8.50, showing a 9% increase over the last 24 hours. The 24-hour low and high are $7.73 and $8.50, with a market cap of $7.85 billion.

Top Crypto Losers Prices Today

Hedera

Hedera (HBAR) is currently trading at $0.1258, reflecting a 16% decrease over the last 24 hours. Its 24-hour low and high are $0.1241 and $0.1561, respectively, with a market cap of $4.69 billion.

Akash Network

Akash Network (AKT) is currently trading at $3.813, showing a 12.7% decline in the last 24 hours. The 24-hour low and high are $3.779 and $4.494, respectively.

The hourly time frame charts show a positive trend with BTC up by 0.02%. However, ETH has experienced a slight decline of 0.1% during the same period.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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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Ethereum Price Is Surging, Will It Hit $6,000?

Published

3 weeks ago

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November 4, 2024

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All eyes are currently on the world’s largest altcoin Ethereum (ETH) as it strongly defends the crucial support levels of $2,400. The Ethereum price reversed its trajectory shooting past $2,500 over the weekend with analysts stating that ETH has taken the perfect support and is gearing up for a nearly 2.5x rally to $6,000 ahead.

Ethereum Price Rally to $6,000 Ahead?

Crypto analyst Ali Martinez identified an attractive risk-to-reward setup for Ethereum (ETH) while suggesting a promising long position for the altcoin. Martinez disclosed his trade approach, noting that he’s placed a stop-loss below $1,880 while setting an ambitious price target of $6,000. Martinez believes that the current Ethereum price structure provides a compelling opportunity for investors looking to capitalize on the altcoin’s potential upward momentum in the near term.

However, for the ETH price to confirm a rally to $6,000, it first needs to clear the crucial resistance of $2,680. Breaking past this sloping trendline can give bulls the upper hand.

While Ethereum has been underperforming Bitcoin for a very long period of time, institutions continue to remain bullish on the altcoin. Last week, Swiss banking giant UBS rolled out its first Ethereum-based tokenized investment fund unit in Singapore.

At one end, the Bitcoin dominance has climbed to 60.5% while the Ethereum dominance has slipped to 13%, down from 18% earlier this year.

It will be interesting to see how further will the Ethereum price continue to lag behind Bitcoin, or reverse the trajectory and begin the altseason soon. Last week, legendary trader Peter Brandt predicted the ETH price crash to $1,550 levels.

Is Ethereum the Next Amazon?

A research analyst at crypto asset manager 21Shares believes that Ethereum’s potential remains largely untapped while comparing the blockchain to the Amazon of the early 1990s. Leena ElDeeb, Research Analyst at 21Shares, said: Ethereum is “complex, akin to Amazon in the 1990s — promising vast potential but less straightforward in its use cases”.

Federico Brokate, vice president and head of the US business unit at 21Shares, stated that Amazon started just as a small online bookstore. However, it later transitioned into becoming a global e-commerce conglomerate and a cloud computing giant.

Similarly, Ethereum had a humble beginning in 2015 as a blockchain network supporting smart contracts. However, it now supports decentralized finance (DeFi) applications worth more than $140 billion. Brokate said:

“Just as Amazon evolved beyond books to redefine entire industries, Ethereum may also surprise us with revolutionary use cases that we can’t fully envision today.”

Although ETH’s market cap of $320 billion represents just 6.25% of Amazon’s $2 trillion valuation, Brokate highlights a significant advantage for Ethereum compared to Amazon in the 1990s. This includes the extensive pool of talent dedicated to enhancing the network’s utility. “Amazon has grown to employ over 1.5 million people worldwide — growth we may see paralleled in the Ethereum ecosystem,” he added.

Even though the Ethereum price has been testing investors’ patience currently, it could bounce back to new highs once it comes out of the bearish grip. ElDeeb said that the inflows into spot Ethereum ETFs will also continue to rise as the ETH price gains strong bullish momentum.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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Ethereum Price Risks Of Falling If It Loses This Key Support Level

Published

1 month ago

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October 13, 2024

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The Ethereum price has noted highly volatile trading lately, moving between the $2,600 and $2,300 range. However, amid this, a prominent crypto market has highlighted a key support level, falling below which could trigger a further selloff in the Ether market, potentially dragging its price down. In addition, a flurry of factors are also in the play, that could potentially influence the ETH price in the coming days.

Ethereum Price At Risk Of Further Decline

In a recent analysis, shared on the X platform, renowned crypto expert Ali Martinez identifies $2,300 as a crucial support level for the Ethereum price. He noted that more than 2.4 million addresses have purchased 5.6 million ETH at this level.

Ethereum Price Analysis Ali MartinezEthereum Price Analysis Ali Martinez
Source: Ali Martinez, X

Having said that, he predicts that if Ether falls below this level, it could trigger a selloff, as investors might choose to minimize their losses. In other words, Martinez issued a stark warning that falling below the $2.3K level could lead to a further dip in ETH price.

In another analysis, Martinez said that Ether tends to see a strong correlation whenever it breaks below its TD setup support trendline. Considering the past patterns, the average of such drops is around 53%, which could cause trouble for the crypto. In that analysis, he noted that if the second largest crypto by market cap loses the $2,250 support, a significant price drop may follow.

Ethereum price Analysis Ali ChartsEthereum price Analysis Ali Charts
Source: Ali Martinez, X

However, despite these, some analysts have remained bullish on the crypto’s long-term potential. A popular crypto analyst, known as EᴛʜᴇʀNᴀꜱʏᴏɴᴀL on X, said that Ethereum is now at the final stage of its accumulation process, readying for a major bull run in 2025. He has cited historical trends to support his comments.

ETH Price AnalysisETH Price Analysis
Source: EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, X

What’s Next For ETH Price?

The Ethereum price has been highly volatile over the past few days, as evidenced by its recent performance. In addition, the slowing US Spot Ether ETF inflows have also sparked concerns over the shifting interest of the market participants from ETH to other top altcoins.

However, despite that, many in the crypto market remained bullish on the second-largest crypto by market cap. Historical data indicates that the crypto market showcased a positive performance in the final quarter of the year. Besides, the upcoming US Presidential Election is also likely to boost the ETH price in the coming days.

Meanwhile, Standard Chartered’s Global Head of Digital Assets Research Geoff Kendrick has also shared a bullish sentiment recently. According to him, if Donald Trump wins and continues to maintain his pro-crypto stance, Solana price could see a 5X surge by 2025. Simultaneously, for Ether, he predicted a 4X jump, and a 3X surge for BTC, sparking market optimism.

In addition, an Ethereum price prediction hints at a potential ETH rally of around 11% by December this year. This has sparked both speculations and optimism among investors, especially as the market is keeping a close track of the crypto’s price.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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