Connect with us

Price analysis

Solana Price Rebound Aims for 25% Surge as TVL Heads Toward $6 Billion

Published

3 hours ago

on


In Friday’s US trading session, the crypto market rebounded with renewed buying strength as the Bitcoin price spiked 4.34%. After a week-long consolidation, the bullish momentum uplifted most major altcoins, including SOL, to kick-start a sustainable recovery. The Solana price is up 5% today, indicating potential for further recovery as the Total Value Locked (TVL) continues to rise.

Solana Price Gears Up for 25% Rally as TVL Edges Toward $6 Billion

Following the initial market sell-off triggered by geopolitical tension in the Middle East, the Solana price plunged $136.2 in early October. The coin price managed to stabilize with short consolidation and developed a bullish reversal double-bottom pattern.

The SOL price has been up 7.8% in the last 48 hours to trade at $145, while the market cap boosted to $68.28 billion. The recent price jump also reclaimed the crucial daily EMAs (50, 100, and 200), positioning SOL price for further rally. With sustained buying, the Solana price could rise 25% to hit $180, challenging the triangle resistance for the pennant pattern.

Theoretically, the pattern shows a long pole defining the primary trend, followed by a counter-trend move led by two converging terminals. The short pullback is meant to recuperate exhausted bullish momentum and offer a strong breakout for the next big move.

Thus, a potential break-out from the overhead trend line will accelerate the bullish momentum and trigger the Solana price prediction rally to $209, followed by $275.

BINANCE:SOLUSDT Chart Image by sahilmahadik07BINANCE:SOLUSDT Chart Image by sahilmahadik07

SOL TVL Surges to $5.7 Billion with User Activity at 3.44M

According to theBlock data, Solana’s active addresses have swiftly rebounded to 3.44 million, highlighting a surge in user activity and engagement on its network. This increase in active addresses signals growing confidence and participation in Solana’s ecosystem, which is a positive indicator of network health. 

In addition, Solana’s Total Value Locked (TVL) has displayed a steady upward trend since March 2024. According to DeFiLlama data, the SOL TVL has surged by $5.7 Billion. Reflecting increased investor confidence and engagement in decentralized finance (DeFi) projects within its ecosystem.

On the contrary, if the Solana price breaks below the pennant’s lower trendline, the bearish momentum will accelerate, extending the correction trend to $100, followed by $80.

Frequently Asked Questions (FAQs)

Solana’s price is up 5% today, and this momentum is expected to continue toward a 25% surge, driven by rising Total Value Locked (TVL) in its decentralized finance (DeFi) ecosystem

Solana’s price formed a bullish double-bottom pattern after a stabilization period following an initial sell-off

If Solana’s price drops below the pennant’s lower trendline, bearish momentum could accelerate, extending the correction

✓ Share:

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

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoins

Top 3 Altcoins to Sell in Uptober

Published

2 days ago

on

October 10, 2024

By


The crypto market is in the red today after shedding 3.2% of its value. Nevertheless, the entire crypto space is still convinced October will be a green month for crypto assets. As October (Uptober) runs out, there are some altcoins to sell before election month kicks in and uncertainty hits its highest.

3 Altcoins to Sell in Uptober

October has historically been one of the best months for crypto over the past 12 years, and many anticipate a new all-time high for Bitcoin. However, the total crypto market cap, excluding Bitcoin, has fallen by 5.68% since the start of the month. While analysts consider this drop to be within the expected 10% range, the Bitcoin Fear and Greed Index has dropped from 49 yesterday to 33 today, indicating growing investor fear. Here are three altcoins to consider selling before October ends.

1. FTX Token (FTT)

FTT is the native token of the infamous FTX crypto exchange. While the token spiked by over 55% following the court approval of the FTX reorganization plan, it has also seen a sharp decline due to profit-taking, as evidenced by the long wicks.

FTX Token - Altcoins to Sell in UptoberFTX Token - Altcoins to Sell in Uptober

FTT price is down 2.6% in the last 24 hours and is trading at $2.21. While the $16 billion compensation plan is good news for all of the crypto market, with selling pressure mounting, it could face a downturn in October.

2. MANTRA (OM)

OM is the main utility and governance token of the MANTRA DeFi protocol.  The token recently hit a new all-time high due to the anticipation of its upcoming main net launch, topping out at $1.4746. 

However, candlestick analysis shows weakness as the OM price reached a zone of resistance. The long upper wicks indicate buyer exhaustion, and the short consolidation period followed by a long black candle suggests sellers may be taking control.

MANTRA priceMANTRA price

Investors selling to make a profit could cause the price to drop as low as $0.85, a 34% drop from the current price. This makes OM one of the top altcoins to sell before October is over.

3. Stacks (STX)

The Stacks network is a layer-2 solution for Bitcoin that enables the deployment of smart contracts and decentralized applications (dApps) on the Bitcoin mainnet. STX is the native token of the platform and has had a nice 30% pump ahead of the Nakamoto network upgrade and the launch of a new Bitcoin-pegged stablecoin, sBTC. 

While STX is expected to benefit from the Nakamoto hard fork, selling pressure could affect its price, as the chart shows the asset in a pattern with a measured move of 25% to the downside. 

STX price STX price

The STX price is $1.69, representing a 3% decrease in the last 24 hours. A 25% drop from the current price will set it around $1.28.

Conclusion

While October is indeed a green month on average, it is good to check tokens that may perform better than others and diversify into them. On the other hand, tokens like FTX (FTT), Stacks (STX), and MANTRA (OM) show signs of dropping between 25% and 40% in October (Uptober), meaning they are altcoins to sell.

Frequently Asked Questions (FAQs)

Although October is historically a strong month for the cryptocurrency market, not all altcoins benefit from this upward momentum.

Three altcoins showing signs of decline are, FTT, OM and STX.

While a short-term drop is anticipated, crypto markets can change rapidly. Depending on market sentiment, news, and developments, these tokens may regain value later, but timing your entry or exit is crucial.

Related Articles

✓ Share:

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.





Source link

Continue Reading

Price analysis

Toncoin Price Eyes $6 Comeback as Stablecoin Supply on TON Surges 13x

Published

2 days ago

on

October 10, 2024

By


During Wednesday’s U.S. trading session, the crypto market showed a bearish outlook as Bitcoin headed close to a $60k breakdown. Along with most major cryptocurrencies, Toncoin price also faced downward pressure, recording a 1.5% intraday loss and nearing a $5 support break. Will the bearish momentum stabilize for a potential reversal as the TON blockchain witnesses a renewed growth in stablecoin supply?

Toncoin Price Targets $6 Recovery as Stablecoin Supply on TON Blockchain Jumps 13x

After the arrest and legal drama around Pavel Durov, the founder of Telegram, the TON network is showing signs of resilience.

According to crypto enthusiast Nick Garcia, sourced from Messari, the stablecoin supply on TON Blockchain has surged by 25% since the arrest, with an overall increase of 13x since April. The increase accentuates a renewed interest and growth in the TON ecosystem despite the turbulence surrounding Durov’s arrest. 

The rising, stablecoin supply often boosts liquidity and network usage, potentially boosting demand for Toncoin as a utility token for transaction fees and staking, thereby supporting a price increase.

According to DefiLlama, TON’s total value locked (TVL) has experienced a notable increase, rising from $317.2 million to $402 million over the past month, reflecting a 26% growth. The increasing TVL hints that more inverters are locking their assets into the TON network and participating in decentralized finance (DeFi) protocols.

Moreover, Nick Garcia offers a cautionary outlook for investors and users by comparing this scenario with FTX, which faced a major collapse.

TON Price To Plunge 8% Amid Downsloping Resistance

Amid the ongoing war between Iran-Israel, the Toncoin price showcased a sharp reversal from $6.06 to $5.06, registering 17%. This bearish turnaround in the daily chart marks another reversal from the resistance downsloping trendline, signaling the sellers continue to defend high ground.

The dynamic resistance that has been intact since July 2024 could renew the selling pressure and drive the asset for prolonged correction. If selling pressure persists, the TON price could potentially drop to $4.5, with further downside risks leading to a decline toward $3.3.

Toncoin PriceToncoin Price
TON/USDT -1d Chart

On the contrary, a bullish breakout from the overhead trendline will signal the recovery trend gaining momentum and drive a rally past $6 swing high to target $7.2 resistance.

Frequently Asked Questions (FAQs)

Toncoin is showing signs of resilience as the stablecoin supply on the TON Blockchain has surged by 13x since April, boosting liquidity and network activity. However, with recent bearish pressure and the ongoing legal drama surrounding Pavel Durov, investors should watch for a bullish breakout from the downsloping trendline to confirm a sustained recovery

If the bearish trend continues, Toncoin could drop by 8.8%, reaching the $4.5 support level

Toncoin is undergoing a correction driven by a downsloping trendline that has been in place since July 2024

✓ Share:

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

Continue Reading

DOGE price analysis

Will Dogecoin Price Surpass $0.15 By October End?

Published

3 days ago

on

October 9, 2024

By


On Wednesday, the crypto market experienced a sudden wave of selling pressure as Bitcoin headed for the $60k breakdown. While most major altcoins followed this downward momentum, Dogecoin showed resilience, posting a 0.4% intraday gain. The neutral candle formation suggests that DOGE is continuing its sideways trend, but whale accumulation and an imminent breakout from the triangle pattern signal a potential rally toward $0.15

Can Dogecoin Price Break $0.15 by the End of October?

Amid the ongoing Iran-Israel war, the Dogecoin price showcased a notable reversal from $0.132 to $0.1, accounting for a 19% loss. Consequently, the Doge’s market cap plunged to $15.75 billion. An analysis of the daily chart shows this pullback forms a bear cycle within this symmetrical triangle pattern. 

Since June 2024, the pattern’s two converging trendlines have carried a sideways trend within two converging trend lines acting as dynamic resistance and support. Theoretically, this chart pattern drives a temporary correction for the prevailing trend to regain its momentum for a directional move post-breakout. 

The Dogecoin price prediction recent breakdown below 100 and 200-day Exponential Moving Average could accelerate the selling pressure and drive another 6% fall to retest the lower trend at the $0.1 psychological level. A potential reversal from this support could extend the consolidation phase yet provide buyers an opportunity for upside takeout at $0.122.

If the DOGE price manages to breach the overhead trendline around mid-October, the buyers could drive a high-momentum breakout rally to $0.15 by month-end.

Dogecoin PriceDogecoin Price
DOGE/USDT -1d Chart

According to data from Santiment, the number of Dogecoin holders with wallets containing between 1 million to 10 million DOGE has steadily increased, reaching a total of 10.63 billion DOGE. 

This rise in whale holdings since the October 2024 disputed major price swing suggests high confidence among the largest holders for Dogeoin’s future potential. Historically, the indicator’s upward trend coincides with a major market bottom and potential reversal.

DOGEDOGE
Supply Distribution | Santiment

 

DOGE Faces Key Resistance at $0.124 Amid 44.79 Billion Whale Supply

According to Intotheblock, the $0.124 level is backed by 44.79 Billion DOGE accumulated by 311.21k addresses. This data from GIOM (Global In/Out of the Money)  highlights a high concentration of supply at this price point, which can act as a strong resistance level. Coinciding with triangle resistance, the DOGE price could witness renewed selling pressure.

Global In/Out of the MoneyGlobal In/Out of the Money
GIOM| Intotheblock

Therefore, a potential reversal could extend the Dogecoin price consolidation trend and the potential for a triangle breakdown.

Frequently Asked Questions (FAQs)

Dogecoin could potentially rally to $0.15 by month-end if it manages to break through the overhead trendline within the symmetrical triangle pattern

The $0.124 level, backed by 44.79 billion DOGE in supply accumulated by 311.21k addresses, poses a significant resistance.

Dogecoin’s recent breakdown below the 100- and 200-day Exponential Moving Averages could amplify selling pressure, with a potential fall of 6% to retest the $0.1 psychological support

✓ Share:

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

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon