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Solana Price Rebounds as Founder Dispels Misconceptions on Network Capacity

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4 months ago

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Solana price surged 2% to $145 amid a less volatile weekend. The bullish narrative was uplifted by Bitcoin’s attempts to regain the $ 60,000 psychological level. However, the SOL price developing a bullish continuation pattern flag could bolster a prolonged recovery by the end of August.

Solana Price Holds Steady as Yakovenko Clarifies Fee Dynamics

Anatoly Yakovenko, co-founder of Solana, recently addressed the floating misconception about the SOL Network’s capacity and transaction. In his tweet, Yakovenko clarified that Solana’s blocks are not full, which some attributed to past network congestion.

Anatoly highlighted that amid the growing demand, people are willing to pay high fees to access specific states on the blockchain. This behavior is competitive as users prioritize speed and exclusivity, often for financial gain. Therefore, adding more capacity, whether through Layer 2 (L2) solutions or Zero-Knowledge Proofs (ZKPs), will not necessarily lower fees for those users seeking priority.

Amid the tweet, the Solana price showcased sustainability above the $140 level.

Yakovenko also argues that current fee dynamics are more intricately tied to user incentives than simple support and demand regarding block space. He added that profit potential typically drives the desire for an L2 scaling solution. L2 providers aim to capitalize on offering access to hotspots, areas of the network where demand for transactions is particularly high.

While this competitive landscape may result in more options for users, it does not inherently reduce costs on the main chain.

SOL Price Forms Bull Flag Pattern

Solana Price prediction reveals a consolidation phase in the daily chart, extending from $110 to $200. With a wide range of 90 points, the consolidation phase has high volatility potential. 

In confluence with the prevailing uptrend, the consolidation range forms a bullish flag pattern in the SOL price chart. A bullish flag pattern is a trend continuation pattern that projects the possibility of a bullish trend extension. 

Currently, the flag pattern notices a bullish cycle in motion, and the SOL price trades at $145.36, with an intraday growth of 2.42%. 

If the bull cycle tests the overhead resistance trendline at $180, the Solana price shows an upside potential of 24%. Optimistically, a bullish breakout of the overhead resistance trendline will increase the possibility of the asset surpassing the $200 psychological resistance to hit the $250 mark. 

Regarding the technical indicators, the daily RSI line shows a bullish reversal from the oversold boundary line at 30%. Currently, it takes a lateral route slightly below the halfway line, but a double-bottom reversal projects the possibility of an uptrend continuation. 

In the case of Bollinger Bands, the SOL price is testing the 20-day SMA or the midline, with the upper and lower Bollinger Bands converging. Thus, the indicator shows a contraction phase potentially leading to a quick release of trend momentum on either side. 

Solana PriceSolana Price
SOL/USDT – 1d Chart

On the contrary to the bullish perspective, if the Solana price fails to uphold the $110 support level after a reversal from the $150 mark, the SOL price is likely to drop to $80.

Frequently Asked Questions (FAQs)

The flag pattern in Solana’s price action is a bullish continuation pattern, suggesting that the current consolidation phase could lead to a prolonged recovery.

Anatoly Yakovenko clarified that Solana’s blocks are not full due to network congestion. Instead, users pay high fees to prioritize access to specific states on the blockchain, driven by competition and financial gain.

The Bollinger Bands indicate decreasing volatility, suggesting a potential breakout

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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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PI

Can Pi Network Price Triple Before 2024 Ends?

Published

9 hours ago

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December 23, 2024

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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.

Source: TradingView

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.

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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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ADA

Top 4 Altcoins to Hold Before 2025 Alt Season

Published

15 hours ago

on

December 22, 2024

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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.

Source: X

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.

https://defillama.com/chain/Suihttps://defillama.com/chain/Sui
Source- DefiLIama

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.

Source: Santiment

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.

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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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Price analysis

Will Shiba Inu Price Hold Critical Support Amid Market Volatility?

Published

18 hours ago

on

December 22, 2024

By


Shiba Inu price, a popular meme-based cryptocurrency, has seen a significant decline over the past week amid bearish market trends. Despite minor market rebounds, SHIB’s price action indicates potential for growth as it hovers near critical support levels. Meanwhile, Bitcoin fell below $95,000, contributing to a wider downturn across the cryptocurrency market raising questions about stability amid ongoing volatility.

Will Shiba Inu Price Recover or Dip Beyond Support Line?

A crypto analyst tweeted about the potential price movement of Shiba Inu, emphasizing a critical support level. According to the analyst, Shiba Inu must maintain this support to pave the way for a possible significant price surge.

The tweet highlighted a chart indicating a key horizontal support area that SHIB is currently testing. This support zone has historically been a crucial point for price stability, marking a potential reversal zone for the cryptocurrency. If the price holds at this level, the analyst predicts a substantial upward movement could follow.

Source: X

Shiba Inu price experienced a sharp decline from recent highs, reflecting caution across the broader cryptocurrency market. Over the past week, the meme-based crypto dropped significantly, hitting lows of $0.0000185 during Friday’s session. However, a recovery followed, pushing prices to $0.000024 on Saturday before facing resistance at this level. The rebound subsequently lost momentum.

Meanwhile, most cryptocurrencies traded in the red as Bitcoin retreated after approaching the $100,000 mark. Bitcoin’s decline negatively impacted the broader crypto market, including Shiba Inu. Market sentiment remains fragile, with traders closely monitoring price movements amid broader risk aversion in digital assets.

Shiba Inu Price Analysis

As of the reporting time, the SHIB price is trading at $0.00002154, marking a 2% decline in the past 24 hours. The token’s price fluctuated within a range of $0.00002095 and $0.00002237, reflecting moderate market volatility during this period.

If the bearish trend gains more traction, the Shiba Inu price prediction indicates a potential break below the $0.00002 support level, potentially hitting $0.000019.

This comes as the cryptocurrency market continues to experience mixed signals, with SHIB facing increased selling pressure.

However, if bullish momentum builds, SHIB could rebound from current levels and aim for the $0.000025 resistance. Such a rally would depend on strong buying activity and favourable market sentiment.

The MACD indicator on the 4-hour chart suggests slight bullish divergence, hinting at a potential reversal. The histogram shows decreasing bearish momentum, which may pave the way for a short-term recovery if sustained.

Will Shiba Inu Price Hold Critical Support Amid Market Volatility?Will Shiba Inu Price Hold Critical Support Amid Market Volatility?
Shiba Inu Price Chart: TradingView

Shiba Inu price hangs in a delicate balance, with critical support levels key to its next move. Sustained buying and favourable sentiment could spark recovery, but risks of further dips remain.

Frequently Asked Questions (FAQs)

SHIB’s critical support level is near $0.00002.

SHIB’s price decline is due to bearish market trends and selling pressure.

Strong buying momentum and improved market sentiment could drive recovery.

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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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