Price analysis
Solana Price Eyes 42% Move Upon SOL ETF Approval In Brazil
Solana price is on the borderline of reinforcing its leg up and sliding below a crucial support level in search of liquidity. On the brighter side, the approval of a second SOL ETF in Brazil may uphold investor interest and trigger a larger breakout.
Solana Price Market Movers: SOL ETF Approval, Positive Market Sentiment, Futures Liquidation
- Solana price is at a critical juncture. Bulls are poised to aggressively drive the price up by 42% to $200. However, if the support level of $140 is breached, it could trigger another sell-off, potentially leading to a drop to $130.
- The second Solana spot exchange-traded fund (ETF) approval by the Brazilian Securities and Exchange Commission (CVM) may set the stage for a SOL price rally. According to the agency’s central database Brazil-based Hashdex is the operator of the investment product. Hashdex, which boasts more than $962 million in assets under management, partnered with BTG Pactual, a local bank, to develop and launch the spot ETF. The first SOL ETF was approved in early August.
- The recent spike in Solana’s weighted sentiment to 1.935, as per Santiment data, indicates a significant increase in positive sentiment surrounding the competitive smart contracts token. Notably, this surge is a bullish signal, suggesting that traders are becoming more optimistic about SOL’s prospects.
- Based on SOL price forecast, the massive spike in long position liquidations, reaching $3.57 million in 24 hours and $737.66k on August 22, indicates a significant build-up of bearish pressure on the market. It suggests that many traders betting on Solana price increase were forced to liquidate their positions, increasing the probability of another downswing to $130 support.
SOL Price Analysis: Bulls Defend Key Support
Solana delicately holds $140 support hinting at the lack of enough liquidity to resume the uptrend. An attempt to break above $150 was rejected yesterday under the 20-day and the 50-day Exponential Moving Averages (EMAs) resistance.
The anticipated rebound from $140 will encourage traders to place buy orders betting on a major leg up to $160. Such a move may ignite broader market FOMO, elevating Solana toward the $180 and even the $200 level.
A potential falling wedge breakout formed when Solana price corrected, touching two lower highs and three lower lows, could accelerate the rally. Traders measure the breakout target with the distance between the first swing high and the first swing low, extrapolating above the trend line resistance.
An extended retest of $140 support could allow selling pressure to build up as sellers gain confidence. Moreover, several attempts to move higher have failed in the last two weeks, signaling the lack of enough liquidity. Hence, another swing low to around the $130 support area is possible before Solana reverses the trend.
Frequently Asked Questions (FAQs)
The ETF approval is positive for Solana, but investors can expect a delayed reaction until the products start trading.
The technical picture for SOL is solid, suggesting that the next trend reversal may hit $200 and beyond.
SOL may sweep through the $130 area to pick up more liquidity before resuming the uptrend to $200.
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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Stellar price plunged in the last three weeks due to a risk-off sentiment brought forth by Fed’s interest decision for 2025. The XLM price has formed a falling wedge pattern and found support at the 50-day moving average, indicating an eventual comeback as investors buy the dip.
Stellar Price Technical Analysis: Falling Wedge Forms
The Stellar Lumens coin fell sharply and formed a few lower lows and lower highs as Bitcoin and most altcoins crashed. This decline has seen it form a falling wedge chart pattern, which is made up of two falling trendlines. The upper trendline connects the highest level on December 2 and 17, while the lower lines link the lower lows since November 26.
A falling wedge is a highly popular reversal sign. In most cases, this reversal happens when the two lines are nearing their confluence levels, which is about to happen.
Another bullish case is that the XLM price has found support at the 50% Fibonacci Retracement level. This retracement links the lowest and highest levels in 2024.
Further, the Stellar price seems to have completed its mean reversion, which explains why it crashed in the past few days. Mean reversion is when a cryptocurrency or a stock return to its average price. In this case, it has found substantial support at the 50-day moving average, where it has failed to drop below in the past two consecutive days.
XLM price has also found support near the lower side of Andrew’s pitchfork tool. Therefore, the coin will likely have a strong bullish breakout in the coming days. If this happens, it may rally and retest the psychological point at $0.50, which coincides with the 23.6% retracement level.
Stellar Lumens price’s bullish view will become invalid if the coin slips below last week’s low at $0.3125. Such a drop will see it drop to the psychological level at $0.30.
XLM Price Has Bullish Fundamentals
Stellar Price has some bullish fundamentals that could push its price higher in the next few weeks. The first big thing is that Stellar and Ripple are often seen as ‘cousins’ since they target the payment industry. Also, Stellar’s founder, Jed McCaleb, is one of Ripple’s founder.
Therefore, Ripple’s performance could benefit the XLM price as it has previously done. As we wrote earlier, analysts are optimistic that the XRP price will skyrocket by 60% if the SEC approves a spot XRP fund. Another analyst expects the Ripple price to surge to $4 as Binance transactions rise.
Further, Stellar’s network is doing relatively well as the DeFi total value locked stages a slow recovery. DeFi Llama data shows that the Stellar Network had a TVL of over 135 million XLM, higher than last week’s low of 112 XLM.
Therefore, a combination of strong fundamentals and technicals may help the Stellar price rebound in the near term.
Frequently Asked Questions (FAQs)
Stellar lumens has retreated because of the ongoing crypto sell-off. Bitcoin and other cryptocurrencies like Ether and Solana have all plunged hard.
The XLM token may rebound to at least $0.50 because the falling wedge chart pattern works out well. Besides, it has already completed the mean reversion pattern.
Stellar price has strong fundamentals, including its similarity with Ripple and its growing ecosystem in the DeFi industry.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
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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Pi Network price has seen a rally of 10% amid a market resurgence over the past 24-hours. The PI price could potentially 3x before the year 2024 concludes, supported by strengthening technical indicators and the market recovery. However, rising volatility remains a critical factor to monitor closely. The recent bullish rally highlights growing investor confidence, suggesting Pi Network might continue its upward momentum in the coming months.
Will Pi Network Price 3x By End of December?
The Pi Network price is currently hovering above $48, recording a notable surge within the past 24-hours, fueled by growing excitement around its forthcoming mainnet launch. This milestone transition, set for December 31, 2024, could potentially redefine the project’s trajectory and expand its utility.
Since its inception in 2019, Pi Network has attracted significant attention for its unique approach to cryptocurrency mining and community-driven growth. The shift from testnet to mainnet marks a pivotal development, enabling users to migrate their Pi coins to a fully operational blockchain.
With the mainnet’s launch, the ecosystem aims to unlock complete functionality, paving the way for real-world transactions and token trading. The move could solidify Pi Network’s place among notable blockchain projects.
The broader crypto market recovery, highlighted by Bitcoin hovering above $97,000, has added
to the bullish sentiment. As Pi Network prepares to unveil its open mainnet, market analysts speculate its price could triple, bolstering optimism among investors and users alike.
PI Price Gains Momentum, Eyes Key Resistance Levels
The PI price has experienced notable movement, reflecting growing market interest. As of the latest data, the token is trading at $47.43, marking a 4.52% increase on the day. Analysts are closely monitoring the token’s trajectory within its established ascending channel.
The chart highlights a critical resistance at the $67 level, which has historically acted as a turning area for the token. Breaking this level could propel the price further into bullish territory.
However, failure to sustain momentum might lead to a pullback toward the channel’s midline.
The histogram of MACD is seen to go upward insignificantly which is signal for a cautious optimism. Yet the RSI is neutral 47.89 implying that the tape could still trend higher or cast a pause.
The upper boundary of the ascending channel near $184 is being eyed as a potential long term target of market participants. Levels above this would mean a 254.80% rally from current prices. Support on the flipside comes in near $44, just above the channel’s lower boundary. This trend indicates strong market activity as traders weigh the token’s potential in the coming months.
Pi Network Price rally reflects huge investor confidence with upcoming significant milestones. Despite the challenges, its forthcoming mainnet launch could lead its price to multiply up to three times before 2024 ends.
Frequently Asked Questions (FAQs)
Analysts speculate it could, given bullish market sentiment.
Scheduled for December 31, 2024.
It transitions Pi to a fully operational blockchain for real transactions.
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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The crypto market shows signs of resurgence, offering investors lucrative opportunities. These four Altcoin to Hold stand out with potential for significant growth before 2025. Backed by promising fundamentals, they are strong contenders for a surge during the anticipated bull market.
Altcoins to Hold: XRP
XRP price has surged by 100% over the past month, reaching $2.24 during a strong market rally. Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC), which appears close to a favourable resolution, has significantly boosted investor confidence.
Market bulls are defending the $2.05–$2.20 support range, a key area attracting substantial buyer interest. Analysts suggest a break above $2.60 could lead to more upside momentum, with $3.00 as the next psychological target. XRP continues to shine as one of the top altcoins to hold before 2025.
DexBoss (DEBO)
DexBoss (DEBO), selling for $0.01 in its presale, is drawing attention from cryptocurrency enthusiasts. This memecoin stands out by combining humor with blockchain-based utility. Unlike typical short-lived memecoins, DexBoss offers a robust ecosystem featuring decentralized token swaps, staking opportunities, and exclusive NFT releases.
Its unique approach appeals to both speculative investors and long-term holders. DexBoss’s foundation of blockchain technology positions it as more than a fleeting trend. The coin’s diverse features make it an intriguing option for those seeking innovation and potential in the cryptocurrency market.
Sui (SUI)
Sui (SUI) price has risen to $4.59, marking a 2% surge and highlighting its growing market appeal. The Layer 1 blockchain platform is gaining recognition for delivering fast, private, and secure digital asset management making it altcoin to buy.
Known for its efficiency, Sui has seen a steady rise in Total Value Locked (TVL). Analysts view this momentum as a sign of investor confidence ahead of the anticipated 2025 altcoin season. With its innovative smart contract solutions, Sui continues positioning itself as a top contender among altcoins in the competitive blockchain ecosystem.
Dogecoin (DOGE)
Dogecoin (DOGE), a prominent meme-based cryptocurrency, recently recorded a significant price surge despite slight market corrections. The DOGE price has climbed 250% over the past year, trading at $0.332 at the time of writing. This remarkable growth underscores its rising popularity among investors and its appeal as a potential altcoin to hold before the anticipated 2025 alt season.
Notably, whale transactions involving Dogecoin have spiked, reflecting heightened activity among large holders. In late October, transactions exceeding $100,000 saw a sharp increase. This trend signals growing whale interest, which could further influence market dynamics and fuel continued momentum for DOGE’s price trajectory.
As crypto market dynamics shift, focusing on Altcoin to hold can yield substantial returns. These four assets offer growth potential, innovation, and community-driven resilience, making them a must-watch for 2025.
Frequently Asked Questions (FAQs)
XRP, DexBoss, Sui, and Dogecoin are top recommendations.
XRP shows bullish trends with potential legal clarity boosting confidence.
DexBoss offers utility through token swaps, staking, and NFTs.
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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