Price analysis
Solana Price Holds Above $180 Despite Recent Volatility and SEC Legal Updates
Solana price has experienced significant fluctuations, showing a notable upward trend. The token has been consistently hovering above the $180 support level after breaking through this threshold earlier in the week. This movement represents a robust recovery from its previous position, which saw the token navigating lower support levels.
Solana has peaked at around $193 this week, surging by more than 3%, demonstrating strong market momentum and investor confidence. However, since then, it has experienced a slight pullback, reflecting the typical volatility seen in cryptocurrency markets
Solana Price Fluctuations and Recent Performance
The SEC recently updated its legal action against Binance, excluding Solana from its previous claims identifying certain cryptos as securities. This revision was filed on July 30 in a joint status report with the U.S. District Court for the District of Columbia.
This adjustment aligns with a court’s earlier decision, which concluded that secondary market sales of Binance’s BNB tokens are not securities transactions. This change might alter the U.S.’s regulatory landscape and influence the forthcoming launch of exchange-traded funds based on Solana.
As of the reporting time, SOL price is trading at $180.73, with a slight decrease of 2.74% during the U.S. trading session. Over the past 24 hours, the layer 1 crypto has fluctuated between a low of $179.30 and a high of $187.30. The 24-hour trading volume for Solana has reached $2.9 billion, indicating significant activity in the market.
The technical indicators of Solana reveal a consolidation pattern on the 4-hour chart, as observed on the OKX exchange. The Moving Average Convergence Divergence (MACD) is in the bearish zone, with the MACD line at 0.26, below the signal line of 1.68.
However, the histogram has shrunk, suggesting a decrease in bearish momentum, which may hint at a possible reversal or stabilization in the short term. The Relative Strength Index (RSI) stands at 37, positioning Solana in neutral territory but leaning towards oversold conditions.
SOL price prediction is facing a strong rejection at the $193 level; if bullish momentum mounts, pressure could drive the price toward $200 and potentially up to $250 in the next bullish run.
TVL Surge
According to DefiLlama, Solana has reported substantial activity in its financial ecosystem. The platform’s total value locked (TVL) stands impressively at $5.4 billion. The market capitalization of its stablecoins is also robust, amounting to $3.2 billion.
In terms of transaction fees, Solana has generated $1.88 million in the last 24 hours alone, contributing to revenue of $940,009 during the same period.
The 24-hour trading volume on Solana price has surged to $1.589 billion, with inflows totaling $4.15 million, underscoring the network’s continued investor confidence and financial health.
Support holds at $170, which is crucial for maintaining the current price structure. However, if bears gain more control and selling pressure increases, the price might drop to $160, breaking below the support. If the bearish momentum continues, further decline could be seen, potentially lowering the price to $150.
Frequently Asked Questions (FAQs)
The SEC’s exclusion of Solana from its securities claims has positively impacted investor confidence, potentially influencing Solana’s market performance.
Solana’s TVL, which is $5.4 billion, indicates substantial activity and investor confidence, which can positively influence its price and market stability.
The current support level for Solana is $170. Maintaining this support is crucial to avoid further declines.
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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 Bitcoin price surged 0.55% during the low-volatility weekend, currently trading at $62400. Following the broader market relief rally, the BTC price showcased its sustainability at $60,000 support, bolstering buyers to recuperate the bullish momentum. This recovery could witness another boost as the UAE Federal Tax Authority (FTA) recently announced VAT exemptions for virtual asset transfers and conversions.
Will Bitcoin Price Rally Amid UAE’s New VAT Exemptions on Virtual Assets?
The UAE FTA recently announced a significant revision to its Value Added Tax (VAT) regulations, which includes exemptions for virtual asset transfers and conversions, effective retroactively from January 1, 2018.
This move positions the UAE as a favorable hub for virtual asset investments, as easing the tax burden could notably uplift the country’s appeal for crypto-related businesses.
The auditing firm clarified that in the UAE, the term ‘virtual assets’ is classified as a “Digital representation of value that can be digitally traded or converted and can be used for investment purposes.”
Businesses engaged in virtual asset services should analyze how the VAT exemption affects their retrospective VAT position, especially concerning their input tax recovery. In some cases, voluntary disclosures may be necessary to amend historic returns and ensure compliance.
Moreover, the UAE’s Virtual Asset Regulatory Authority (VARA) and the Securities and Commodities Authority (SCA) have decided to streamline the licensing and oversight of Virtual Asset Service Providers (VASPs), accentuating the country’s effort for a crypto-friend environment.
This development could boost broader cryptocurrency adoption, accelerating the investment in leading assets like Bitcoin to bolster price rallies.
BTC Price Needs Another Dip Before Next Rally
In the last four days, the Bitcoin price prediction showed a modest rebound from $59,840 to $62,344, registering a 4% growth. The bullish trajectory can be attributed to combined support for $60,000 and 200-day EMA and market easing from geopolitical tension in the Middle East.
However, this reversal lacks confirmation, and the price could revert to $60,000 seeking support. If the level holds, the BTC price could surge 7.7% and challenge the resistance trendline of the flag pattern. Since March 2024, this chart setup has carried a steady correction between two downsloping trendlines, providing dynamic resistance and support.
A successful breach of this resistance is crucial to trigger a prevailing rally and target a $80000 high.
On the contrary, if Bitcoin price breaks below $60 support or reverts from flag resistance, the sellers could accelerate the bearish momentum. The potential downfall could retest the $52,000 or $50,000 support.
Frequently Asked Questions (FAQs)
The UAE Federal Tax Authority’s (FTA) recent announcement of VAT exemptions for virtual asset transfers and conversions has made the country more attractive for crypto-related businesses. This move could boost demand for Bitcoin and other cryptocurrencies
The Bitcoin price is forming a flag pattern, which indicates a potential continuation of its bullish trend if it can break through the resistance
Bitcoin’s price has held strong at the $60,000 support level, backed by the 200-day exponential moving average (EMA)
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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Toncoin price struggled during the low-volatility weekend, posting a 3.2% decline over the last 24 hours. The bearish momentum heading for a $5 breakdown can be attributed to geopolitical tension in the Middle East or a looming death crossover between key EMAs. Will TON buyers manage to counter-attract amid the new ‘Gift’ feature launched on Telegram?
Can Telegram’s Gift Feature Trigger a Toncoin Price Breakout to $8
Telegram CEO Pavel Durov has announced an exciting new “Gift” feature for the platform, allowing users to give digital gifts to friends and loved ones. The received gift can be displayed in a profile or exchanged for ‘Stars’ Telegram’s virtual currency.
These stars can be used to support creators and purchasing services in mini apps.
Moreover, Some gifts will be available in limited supply, adding exclusivity to the items. Durov’s blog mentioned these limited-edition gifts would be available to convert into TON-based NFTs later this year. The users can auction and trade these tokenized gifts outside Telegram, with ownership secured on the blockchain.
In addition, Telegram introduced verification codes, improved its reporting interface, and redesigned video chats on iOS, indicating their effort to improve user experience.
These developments could significantly boost translation volume in the TON network and accelerate the recovery momentum in Toncoin price.
According to DefiLlama, the TON’s Total volume locked has surged from $317.2 Million to $404 Million in September, accounting for 30% growth. This increase signals the investors’ locking of their assets in TON’s decentralized Finance (DeFi) protocol as a sign of confidence in its robust network.
EMA Death Crossover Puts TON for 11% Downside Risk
Amid the escalating conflict between Israel and Iran, the Toncoin price witnessed a sharp reversal from $6.13 to $5.2— a 15% loss. This pullback records another bearish reversal from the multi-month resistance trendline, indicating the sentiment of sell-the-bounce is intact.
With a potential death crossover between the 50-and-200-day Exponential Moving Average (EMA) looming, the TON price could have plunged to $5 support. This potential breakdown could push the asset 11% down to test $4.6.
On the contrary, if the buyers flip the overhead trendline into potential support, the Toncoin price could drive a sustained recovery to $7.26, followed by an $8.2 high.
Frequently Asked Questions (FAQs)
Telegram’s newly launched “Gift” feature could play a pivotal role in Toncoin’s potential price breakout and drive a rally to $8.
Telegram’s new “Gift” feature allows users to send digital gifts that can be exchanged for ‘Stars,’ Telegram’s virtual currency.
Toncoin is at risk of a death crossover between the 50-day and 200-day Exponential Moving Averages (EMA), which could signal a prolonged bearish trend.
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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During the low-volatility Saturday session, the Dogwifhat price dropped by 2.8%, bringing it down to $2.27. The bearish momentum was triggered by the price’s ongoing struggle to break through the key resistance trendline of the falling wedge pattern, which has persisted since March 2024. As the market enters ‘Uptober,’ buyers could drive a final push to conclude this six-month correction.
Dogwifhat Price Inches 8% Closer to Breaking Six-Month Bearish Streak
The cryptocurrency market started October on a bearish trajectory, impacted by the escalating conflict between Iran and Israel. This downturn saw Bitcoin dropping below $65,000, while major altcoins, including Dogwifhat, faced significant reversals. Dogwifhat’s price tumbled from $2.64 to $1.96, marking a 25% loss before recovering slightly, reclaiming the $2 level.
Dogwifhat’s price is now encountering a significant overhead supply at the psychological $2.5 mark. This resistance is compounded by a falling wedge pattern established in March 2024. This chart setup, a typically corrective pattern, is defined by two converging trendlines that signal a steady downward correction. However, the price usually precedes a major breakout, suggesting a potential trend reversal.
Currently trading at $2.2, the WIF price is just 8% away from challenging the pattern overhead trendline. A successful breach from the resistance trendline will accelerate the recovery momentum and drive an 88% rally to hit $4.08, followed by $4.86.
A potential bullish crossover between the 50-and-100-day exponential moving average could support the bullish narrative.
Check out the article on top meme coins to buy for a detailed analysis.
WIF Open Interest Soars 88% Amid Bullish Market Activity
Since mid-September, the WIF open interest has surged significantly from $195.7 million to $368.2 million, marking an impressive 88% growth. This sharp rise in open interest suggests increasing participation in the WIF futures market, which could indicate a substantial buildup of positions by traders expecting significant price movements.
Additionally, dogwifhat’s Weighted funding rate spiked to 0.0062% on Saturday, according to Coinglass data. This positive value accentuates the buyers’ readiness to pay a premium price to hold a long position, indicating their confidence for further rallying.
On the country note, if Dogwifhat price reverts from the resistance trendline, the asset could prolong its current correction.
Frequently Asked Questions (FAQs)
Dogwifhat’s price is approaching a key resistance point, just 8% away from breaking out of a falling wedge pattern since march
A potential breakout from the wedge resistance and a bullish crossover between the 50-and-100-day exponential moving averages (EMA) could signal a trend reversal
Dogwifhat’s price faces strong resistance at the $2.5 psychological level, compounded by the falling wedge pattern that has been in place since March 2024
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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