Altcoins

AVAX Price Prediction as Bullish Liquidations Soar

Published

2 years ago

December 19, 2022

Crispus

AVAX price collapsed to the lowest level in almost a month as bullish liquidations soared to the highest level since November 9. Avalanche’s coin plunged to a low of $11.90, which was about 18% below the highest level this month and 42% below November’s high.

AVAX liquidations continues

Avalanche is a leading blockchain network that provides infrastructure solutions to other developers. It is a third-generation layer 1 network that is significantly faster and cheaper than Ethereum.

Avalanche’s growth skyrocketed in 2021 as demand for clean, faster, and more efficient projects rose. It accelerated after the company launched Avalanche Rush, a $150 million incentive program for the network.

Avalanche has been used to build hundreds of decentralized projects in industries like Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse. DeFi Llama identifies 277 DeFi projects that have a total value locked (TVL) of more than $1.7 billion.

Some of the best-known projects in the ecosystem are AAVE, Benqi, Trader Joe, and Stargate. At its peak, Avalanche had a TVL of over $22 billion.

AVAX price dropped during the weekend as the number of holders who liquidated their holdings jumped. According to CoinGlass, liquidations jumped to over $1.67 million on December 16, the lowest level in more than a month.

These liquidations happened as worries about the hawkish Federal Reserve spread in the financial market. In its decision last week, the Fed hinted that it will continue hiking rates in the coming months even as inflation continued easing. Data published on Tuesday showed that the headline consumer price index (CPI) dropped to 7.3% in November from the previous increase of 7.7%.

AVAX price has also dropped after the TVL in Avalanche’s ecosystem continued dropping. In addition, exchange outflows have remained at an elevated level recently.

Avalanche piece prediction

The 4H chart shows that the AVAX price has been in a strong bearish trend in the past few days. In this period, it remains below all moving averages. The coin has also formed a bearish flag pattern, which is usually a bearish sign. Therefore, there is a likelihood that the AVAX price will have a bearish breakout as sellers target the next key support level at $10. A move above the resistance at $13 will invalidate the bearish view.

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

1 year ago

December 27, 2023

Crispus

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…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

1 year ago

December 22, 2023

Crispus

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 5^th 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…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

1 year ago

December 1, 2023

Crispus

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 6^th 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,…