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Solana Price Forecast: As SOL Flips Ethereum

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Solana price, a Layer 1 blockchain token, has surged significantly this month, driven by robust bullish momentum in the cryptocurrency market. November has proven to be a month of remarkable gains for SOL, with its price climbing by over 40%, signaling the potential for further upward movement. The cryptocurrency’s performance has drawn market attention as it broke through multiple resistance levels, sparking speculation about an impending breakout. Solana now challenging Ethereum in market dynamics.

Solana Price Ready to Rally As SOL dApps Flips Ethereum

Raydium, Jito, and Solana have emerged as the top contenders in the decentralized application (DApp) space. Solana-based protocols outperformed Ethereum in 30-day protocol fees for the first time, marking a significant milestone for the blockchain. This shift highlights the growing adoption of Solana’s ecosystem, especially among retail users.

Raydium, a leading decentralized exchange on Solana, generated a record-breaking $203.13 million in fees over the past 30 days. Jito, a staking-focused protocol, followed closely, raking in $199.61 million. Meanwhile, Solana secured $192.06 million, narrowly surpassing Ethereum’s $187.67 million during the same period.

Solana has officially surpassed Ethereum in monthly fee generation, marking a significant milestone in blockchain competition. Recent data shows Solana generating $183.46 million in monthly fees, overtaking Ethereum’s $181.42 million for the same period.

This development highlights the growing adoption and usage of the Solana blockchain, often praised for its scalability and low transaction costs. Investors and analysts closely monitor Solana’s performance, with some advocating accumulating its native token, $SOL, below $300 for potential upside.

SOL Price Forecast: This Pattern Hints Solana Could hit $1,300

Solana attracts the crypto market as a compelling technical setup suggests potential gains. Analysts highlight a bullish symmetrical triangle pattern, typically signaling a continuation of the prevailing trend. The SOL price is currently at $242, with a surge of 4%.

The resistance at $259 serves as a pivotal breakout point for the Solana price prediction. A sustained close above this level could validate the bullish trajectory. Conversely, critical support zones lie at $245 and $126. A breakdown below these levels would invalidate the bullish outlook, signaling a potential reversal in sentiment.

The broader market’s optimism adds to Solana’s momentum, reflecting a 900% rally from its previous consolidation phase. If the breakout confirms, the measured move points to a potential target near $1,300, aligning with historical patterns observed in similar setups.

Source: TradingView

Solana’s recent milestones, strong adoption, and bullish patterns signal significant upside potential. If key resistance levels hold, SOL could target $1,300. However, a breakdown below critical support zones may reverse sentiment, underscoring the importance of cautious, informed decision-making.

Frequently Asked Questions (FAQs)

Increased adoption and surpassing Ethereum in protocol fees.

Solana outperformed Ethereum in monthly protocol fees.

$259 is a critical breakout point for SOL.

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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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Algorand

Algorand price surges as crypto pundit sees it hitting $1.25

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2 hours ago

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November 29, 2024

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Algorand price experienced a strong bullish breakout on Nov. 29 as cryptocurrencies continued their uptrend.

Algorand (ALGO), a top layer-1 network, surged to $0.40, marking its highest level since November 2022. The cryptocurrency has risen for four consecutive weeks, climbing over 240% from its lowest level this year.

Crypto analysts are still optimistic about the ALGO price. In an X post, Steph is Crypto, a popular analyst, noted that the coin would jump to $1.26. He cited a double-bottom pattern that happened on the weekly chart. If this forecast is correct, it means that the coin may jump by 300%. 

Another analyst noted that the coin would rally because of its strong tokenomics, its real-world adoption, and the best technology. For example, Algorand has a partnership with FIFA, which uses its blockchain to run its NFT marketplace.

The total value locked in Algorand’s DeFi ecosystem has also risen, hitting $170 million, the highest since February. Key dApps in its ecosystem have seen significant inflows, with Folks Finance’s assets rising by 200% in the last 30 days. Lofty has $45 million in assets, while Tinyman holds $34.6 million.

Algorand’s rally aligns with the broader cryptocurrency market performance. Bitcoin surpassed $98,000 on Friday, and the total market cap of all cryptocurrencies reached over $3.4 trillion. Other traditional coins from 2021, such as Theta Network, Stellar, and MultiversX (formerly Elrond), also recorded significant gains.

Algorand price analysis

Algorand price
ALGO price chart | Source: crypto.news

The weekly chart supports the bullish outlook for ALGO, suggesting it may climb to $1.54 during the current bull run. The coin recently completed a double-bottom pattern at $0.10, which it has not breached since last year. It has now surpassed the neckline of this pattern at $0.3348, a typical bullish indicator.

If this trend continues, ALGO could target $1.54, representing a 287% increase from current levels and aligning with the 50% Fibonacci Retracement level. For this to happen, the coin must first break through the 23.6% retracement point at $0.7745 and the 38.2% level at $1.20. However, a drop below the support level at $0.20 could trigger downside momentum.



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XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout

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1 day ago

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November 28, 2024

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XLM price has been on a steep ascent since mid-November. However, that momentum was briefly interrupted over the weekend as the wider crypto market followed Bitcoin’s downward cue. Nonetheless, the market returned to the upside on Wednesday, with Stellar breaking out of a bullish flag pattern. We discuss why this could be a pathway to the $1 mark. 

XLM Price Triggers Parabolic Rally to $1

Consolidation phases typically follow exponential price gains like the one recently seen on Stellar price. The brief period of profit-taking is what forms the “flag.” In a market rally, a breakout from the flag pattern signals a return to the previous upward trajectory. In the case of XLM, the breakout happened on Wednesday, and a successive price gain on Thursday added credence to the bullish continuation pattern.  

To get the price target in a bullish flag pattern, we measure the “flagpole,” which is the distance from the lows of the upward move to the highs at the flag’s formation point. We then use the same measurement to extrapolate to the upper target, starting from the flag’s lower trendline. Applying this method on the four-hour XLM price prediction chart below signals that the price could go as high as $1.11

XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout

Besides the technical outlook’s leaning toward the upside, a number of on-chain metrics also signal bullish control of the market, as discussed below.

Rising Open Interest Signals Increased Demand for XLM

Open Interest measures the value of options or futures contracts that are yet to expire, or investors are yet to exercise/close. In XLM’s case, the value of Open Interest in perpetual contracts rose by 3.2% in the 24 hours preceding this writing, as seen on the graphic below. That signals that more investors are predicting that the value of XLM will continue to rise in the coming days. This sentiment adds support to the coin’s demand side.

XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout
XLM Open Interest data

A Sharp Spike in XLM DeFi TVL Highlights Growing Adoption

According to recent DeFiLlama data, the Total Value Locked (TVL) in the Stellar chain DeFi ecosystem rose sharply by 63.5% in the last seven days to $56.18 million. That augurs well for XLM price as it points to increased utility in financial transactions. 

XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout
Stellar DeFi TVL. Source: DeFiLlama

Stellar Price’s Bullish Momentum Targets $0.50 Support

The RSI indicator reading is at 53, signaling a stronger upside potential. The next key barrier for XLM price is at $0.50, which is a psychological level. A break above that level will confirm the bullish bias. The coin has its immediate support at $0.48, the lower mark of the recent consolidation.

XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout XLM Price Kickstarts Parabolic Rally to $1 After Recent Breakout
XLM/USDT 4-hour chart

A break below that level will invalidate the upside thesis and potentially open up the path to test $0.40, near the last breakout zone before the parabolic. 

Frequently Asked Questions (FAQs)

A bullish flag is a continuation pattern that comes after a brief consolidation period such as one seen on XLM price recently. We use the flagpole to measure the upper price target. A breakout from this pattern suggests that the price will likely continue soaring.

Rising Total Value Locked (TVL) highlights growing adoption of XLM in the DeFi ecosystem. With increased utility comes increased demand.

Rising Open Interest means investors are not in a hurry to exercise/close their perpetual contracts. That shows they are confident of the asset’s growth prospects, which signals growing demand.

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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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meme coin

Capybara is down by nearly 30% in 24-hour trading

Published

2 days ago

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November 27, 2024

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The Capybara token has gone down by 29.2% in the past 24-hours of trading, despite the Solana-powered token having soared through the week at 76%.

In the past day, the Capybara(CAPY) token has slid down by 29.2% according to data from crypto.news. The animal-themed token is currently trading hands at $0.002478.

Despite the downhill slope it is currently in, CAPY has been on an upward trend in the past seven days, with its price going up by nearly 80%. The Solana-based token has even seen a 121.87% in the past month, but it seems its rally has come to an end.

Capybara is down by nearly 30% in 24-hour trading - 1
Price chart for the Capybara token in the past 24-hours of trading, November 27, 2024 | Source: CoinGecko

The token featuring the adorable South America-native rodent has had an experience quite similar to other animal-themed meme coins such as MOODENG(MOODENG). Just a few days ago on Nov. 22, CAPY went through a meteoric rise, reaching a new all-time-high of $0.0191521. But the token has since struggled to climb back up to its peak.

At the time of writing, the Capybara token’s trading volume stands at $4,538, decreasing by more than 50% compared to the previous day. Though, the token does not have a visible market cap, therefore it is nowhere near the cryptocurrency rankings. Not only that, CAPY also does not have any tokens on its circulating supply, despite its total supply amounting to 1 billion tokens.

On X, CAPY is being tweeted almost every minute along with other meme coins like CATI, HMSTR, DUCKS and DOGS. Most of these tweets seem to be automatically generated by bots using random accounts.

On the official website, Capybara World, the CAPY token is described as a community-driven token inspired by “the most peaceful animal in the world.” The Capybara token was launched in Dec. 2021, available for trading on Raydium and dexlab.

Over the years, the capybara has become one of the internet’s favorite animals. According to the South China Morning Post, there has been an influx of capybara content on various social media platforms like Instagram, TikTok and YouTube. The capybara is known for its laid-back and serene demeanor, becoming a symbol of peace and tranquility.



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