Altcoins
AAVE Crypto Price Staggers Amid Mixed On-Chain Data
AAVE price crawled back in the past few days even as the number of daily number of users dropped. The token was trading at $87.38, which was a few points above this week’s low of $83.44. It has jumped by about 70% from the lowest level in 2022.
AAVE mixed statistics
Aave is a leading non-custodial financial platform that makes it possible for people to deposit funds and earn interest. It exists across multiple chains like Ethereum, Avalanche, Polygon, Optimism, Arbitrum, Harmony, and Fantom. Its most active platform is about $6.1 billion.
AAVE V2 has a total value locked (TVL) of over $6.2 billion while V3 has a TVL of over $997 million. V1 is much smaller with its TVL of more than $30.6 million. A quick look at on-chain data shows that the network is not doing extremely well.
For example, the number of daily active users soared to more than 12 million in June 2021. The number of users has dropped to a low of 2.8k. At the same time, as shown below AAVE’s revenue has been in a downward trend. Its daily revenue peaked at $266k in October 2021 to the current $26.2k.
Other numbers are relatively negative. According to TokenTerminal, the borrow volume in AAVE peaked at $12.1 billion to the current $2.2 billion. This is one of the main reasons why the revenue in the network has dropped. Supply-side fees have also been in a downward trend.
On the positive side, the number of active token holders has been rising. Data shows that there are now over 153.1k token holders since the launch. Inflows have been falling. According to IntoTheBlock, the concentration of large holders stands at about 81%, with 65% of all holders being in the loss-making territory.
AAVE price prediction
The four-hour chart shows that the AAVE crypto price has formed an ascending channel shown in red. It is now slightly above the lower side of the channel. AAVE is consolidating at the 50-day moving average and has moved slightly above the 23.6% Fibonacci Retracement level.
Therefore, there is a likelihood that AAVE crypto will continue rising as buyers target the upper side of the channel at $92. A break below the support at $83 will invalidate the bullish view.
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
