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Will Solana Price Hit $300? Analyst Cites Key Factors as Potential Boosters

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3 hours ago

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The crypto market witnessed a notable downtick at the end of October, likely fueled by pre-election uncertainty. As Bitcoin reverted from $70,000, most major altcoins, including SOL, are experiencing a stalled recovery momentum. However, crypto analysts highlight key factors that could boost Solana price for a rally to $300.

By press time, the SOL price trades at $176.58 with an intraday gain of $3.34. Consecutively, the market cap jumped to $82.92 Billion.

Will Solana Price Soar to $300? Analyst Outlines Key Catalysts for Growth

In a recent tweet, market analyst Eugene Ng Ah Sio accentuated a bullish stance on Solana by combining key broader markets and SOl’s technical outlook. As the crypto market shows a hesitant recovery ahead of the 2024 U.S. election, these key factors could notably impact the Solana price prediction.

  1. Open Interest (OI) Reset: Eugene highlighted that the October market saw a substantial reduction in future Open Interest (OI), indicating a decrease in speculative long positions. This wipeout of speculative trades leaves sufficient room for a fresh wave of buyers after the election.
  2. Pre-Election Market De-Risking: Analysts noted that market participants likely intended to de-risk closer to November 5, ahead of the U.S. elections. However, this process accelerated, providing clarity on the market’s positioning sooner than expected. Thus, the SOL could witness a temporary volatility or pullback to recuperate the bullish momentum. 
  3. Solana as the Go-To Blockchain: Following the boom in AI meme coins, Solana has emerged as a favorite blockchain of choice for launching these assets.  With the latest examples for Goatseus Maximus (GOAT), these altcoins have boosted Solana’s network activity and adoption, consecutively bolstering SOL recovery.
  4. Key Support: Eugene revealed that Solana’s price has recently flipped a 6-month resistance into potential support. This technical development signals strength, as SOL retesting this support could offer a suitable entry opportunity.
SOL Analysis| Eugene Ng Ah Sio

SOL Chart Analysis Hints 4% Surge Before Major Breakout

In the last two months, the Solana price showed a notable recovery from $120 to $175, registering a growth of 46%. As mentioned above, this recovery broke through a significant resistance trendline at $160, opening the path for further gains in the asset.

The daily bollinger band indicator challenging on the upside further indicates an active high momentum rally. With sustained buying, the SOL price could jump 4% before challenging the resistance trendline of the bull flag. 

Since March 2024, this chart pattern has driven a steady consolidation zone for buyers to replenish the bullish momentum. A potential breakout on the upside will further boost the buying pressure and push a rally to $275, followed by $375.

Solana PriceSolana Price
SOL/USDT -1d Chart

On the contrary, if the sellers continue to defend the overhead resistance, the Solana price could witness another reversal and an extended sideways trend.

Frequently Asked Questions (FAQs)

Eugene highlighted that Solana recently flipped a six-month resistance into potential support. This level serves as a key support zone, and if SOL retests this area successfully, it could offer an ideal entry opportunity for buyers, reinforcing the bullish trend

Analyst Eugene Ng Ah Sio highlights several factors, including an Open Interest (OI) reset, accelerated pre-election de-risking, and Solana’s popularity as a blockchain for AI meme coins. These elements could collectively boost Solana’s price trajectory toward the $300 mark.

Analysts indicate that a sustained buying trend could push SOL towards a bull flag breakout, with potential price targets at $275 and $375 if the momentum continues

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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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doge

Will Dogecoin Price Surge 25% by October End? Analyst Shares Insights

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13 mins ago

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October 27, 2024

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The cryptocurrency market showcased a bullish outlook during Sunday’s low-volatility session. Following a 1% surge in Bitcoin price, many major altcoins, including Dogecoin, experienced a renewed recovery in the final week of October. Amid the recent price jump, a crypto analyst highlights a key resistance breakout for DOGE to drive a high-momentum rally. 

Currently, the DOGE price trades at $0.14, with an intraday jump of 2.49%. Meanwhile, the market cap surged to $20.2 Billion.

Will Dogecoin Price Surge 25% by October End? Analyst Shares Insights

This week, the crypto market experienced a sharp correction as the Bitcoin price reverted from its $70,000 barrier. Following the bearish momentum, the dog-themed memecoin DOGE recorded $0.149 to $0.127—  a 14.6% loss.

In a recent tweet, renowned crypto analyst Ali Martinez revealed this pullback as forming a bull-flag pattern. Generally, the pattern showed a dominating trend with a long ‘Pole’ followed by a temporary pullback within two downsloping trendlines to represent a ‘Flag.’

This correction should allow buyers to recuperate the exhausted bullish momentum for the next leap. By press time, the Dogecoin price traded at $0.14 and teased an upside breakout from the pattern resistance trendline.

The analyst highlights a potential breakout from the $0.143 region, which will push the ascend 25% to hit $0.175.

Dogecoin priceDogecoin price

Large Holders Boost DOGE Holdings by 17.6M

According to Santiment data, large Dogecoin holders with wallet sizes between 10 million and 100 million DOGE have increased their holdings, accumulating an additional 17.64 million DOGE. 

This growing accumulation by big players could signal heightened confidence in DOGE’s future price potential and may contribute to stronger price support in the coming weeks.

Dogecoin (DOGE)Dogecoin (DOGE)
Supply Distribtuion | Santiement

DOGE Price Analysis Hints an Escape from Major Accumulation

The Dogecoin price prediction shows the current retracement likely follows a sharp recovery that began in mid-October. Starting from $0.10, the coin’s price surged to a high of $0.149, marking a 48% increase.

The trading view chart shows this upswing breached a key resistance at $0.12, concluding a 4-month accumulation for  DOGE. If sustained, the buyers could drive a 36% rally and hit the $0.00002 barrier.

A recent bullish crossover between the 50-and-200-day EMA could increase the buyer’s dominance for this asset for a sustained rally.

Dogecoin PriceDogecoin Price
DOGE/USDT -1d Chart

On the contrary, if the retest phase fails to sustain the above triangle’s breached trendline, the sellers would strengthen their grip over this asset for prolonged consolidation.

Frequently Asked Questions (FAQs)

Crypto analysts suggest that a breakout above the $0.143 resistance could propel Dogecoin’s price by 25%, potentially reaching $0.175 before month-end.

Dogecoin’s recent pullback is forming a bull-flag pattern on the daily chart, a setup that generally indicates a continuation of the bullish trend after consolidation.

According to Santiment, large Dogecoin holders have accumulated an additional 17.64 million DOGE, signaling confidence in its future potential and adding stronger price support

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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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Is Cardano Price on Track to Hit $1 In November?

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1 day ago

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October 26, 2024

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Cardano price has recently shown significant movement, with the token eyeing the potential to reach $1 in the near future. The proof-of-stake blockchain asset has gained traction, although recent corrections have introduced a bearish sentiment. 

After breaking below the $0.45 resistance level, Cardano faces increased volatility, with varied forecasts from cryptocurrency trackers suggesting caution and optimism.

Can Cardano Price Reclaim Its $1 Price Level?

Cardano could have a real shot at reclaiming the $1 price level by year-end. As the recent data, ADA price trades around $0.33, far from its past all-time high (ATH), but a rally of around 185% could push it back to the desired $1 mark. 

This ambitious goal requires Cardano to maintain a steady upward trajectory driven by market optimism and technical support.

Several factors fuel the potential for ADA’s surge. Increased adoption, network upgrades, and positive sentiment in the crypto market could act as catalysts. If these elements align, there’s a realistic path for ADA to break through significant resistance levels at $0.50 and $0.70 before challenging the $1 mark.

Is Cardano Price on Track to Hit $1 In November?Is Cardano Price on Track to Hit $1 In November?
Cardano Price Chart: Source: TradingView

Bitcoin is currently holding firm above the $67,000 mark while the broader crypto market faces turbulence. Despite Bitcoin’s resilience, many cryptocurrencies are under pressure, reflecting a broader market downturn that has shaken investor confidence. Ethereum has also been impacted, struggling to reclaim its position at nearly $24,000.

The crypto market’s performance highlights the ongoing challenges, with high volatility affecting both major and minor digital assets.

Cardano Whale Activity Sparks Volatility

The whale transaction activity in Cardano shows notable fluctuations in line with the asset’s price movements. ADA’s price has recently seen significant volatility, especially with high-value transactions exceeding $100,000.

From late April to October, ADA’s price and whale transactions have demonstrated a fluctuating pattern. Peaks in transaction volumes often correspond with price shifts, suggesting that large holders are actively moving their holdings, possibly in response to market conditions. Periods of high transaction volume hint at attempts by whales to capitalize on market opportunities or mitigate potential losses.

Is Cardano Price on Track to Hit $1 In November?Is Cardano Price on Track to Hit $1 In November?
Source- Santiment

Cardano’s path to reclaiming the $1 price level hinges on favorable market conditions, continued adoption, and strategic upgrades. While whale transactions and market volatility present challenges, these factors also highlight the interest and influence of major stakeholders in ADA’s future.

Frequently Asked Questions (FAQs)

Cardano’s price is affected by market sentiment, adoption rates, network upgrades, and whale activity.

While challenging, reaching $1 by year-end could be possible if Cardano maintains bullish momentum, adoption grows, and market conditions improve.

Large transactions by major holders can increase volatility, impacting short-term price movement based on buying or selling volumes.

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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 Hit ATH Before Year End?

Published

1 day ago

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October 26, 2024

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Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, has experienced a significant dip recently following a broader market correction. Despite this setback, the Token has soared by an impressive 113% over the past year. 

The altcoin, however, now faces challenges in stabilizing its value as it attempts a recovery. Market analysts remain cautiously optimistic, with some predicting that SHIB could regain momentum and potentially hit new all-time highs.

Can Shiba Inu Price Hit ATH Before Year End?

The possibility remains for Shiba Inu price prediction to reach its all-time high before year-end, but it requires a 352% rally. Recent examples from the meme coin market support this potential surge.  At the time of writing, the price of SHIB is at $0.00001667, with a decrease of 5% in the past 24-hours.

For instance, Moodeng’s price recently skyrocketed by 325% within 72 hours, highlighting how quickly the market can respond to revived interest. This example signals the scope for rapid gains in digital assets with increased investor momentum. 

Will Shiba Inu Price Hit ATH Before Year End?Will Shiba Inu Price Hit ATH Before Year End?
Shiba Inu Price Chart: Source: TradingView

Shiba Inu’s prospects are further strengthened by renewed enthusiasm for meme coins, evidenced by rising demand in tokens like PEPE, POPCAT, MEW WIF, BONK, FLOKI, and BRETT. 

Despite recent market downturns, Shiba Inu continues to attract attention. Shibburn and Shibarium developments, alongside significant whale transactions, suggest a potential for Shiba Inu’s price rise in the coming months.

Shib Burn Creates Negative Supply Shock

Shiba Inu’s burn mechanism has triggered a notable supply contraction, intensifying scarcity within the cryptocurrency market. In the past 24 hours alone, over 9 million SHIB tokens were burned, marking a burn rate increase of 114.36%. 

This continuous reduction has brought the total burnt SHIB from the initial supply to a staggering 999.98 trillion tokens, leaving a circulating supply of approximately 410.73 trillion. As the total supply dwindles, it creates a potential for a tighter supply-demand dynamic, which could support price growth if demand spikes.

Will Shiba Inu Price Hit ATH Before Year End?Will Shiba Inu Price Hit ATH Before Year End?
Source- Shibaburn

Shiba Inu Price Prediction: Analyst Says it’s “Time to Buy SHIB” Again

Crypto analyst shared an x post highlighting the current potential of Shiba Inu as a buying opportunity. According to the chart analysis, SHIB’s price has experienced a downturn, aligning with technical support zones. Despite the possibility of further dips, the analyst believes that now could be a favorable time to invest. 

The post suggests a cautious yet optimistic outlook, with potential for gains if prices rebound from current levels. This analysis reflects a growing sentiment among crypto enthusiasts to leverage current price positions, particularly in volatile markets like Shiba Inu.

Shiba Inu’s unique supply factors and market interest provide hope for gains. While ATH by year-end is challenging, favorable trends and strong demand could drive a significant rally.

Frequently Asked Questions (FAQs)

While challenging, it’s possible if market demand spikes and investor sentiment remains strong.

Shiba Inu would require a 352% rally from its current price to hit its previous all-time high.

The burn mechanism reduces SHIB’s supply by permanently removing tokens, potentially driving up prices if demand grows.

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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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