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Cardano Price: ADA Has Breached $0.4, What Next?

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Cardano price edged higher on Friday, wiping out its previous session’s losses amid uncertainty in the crypto market. ADA  has been among the best-performing cryptocurrencies this year, jumping more than 62% in the year to date and nearly 11% in the past week. At the time of writing, the altcoin was trading 3.85% at $0.4023.

Fundamentals

Cardano price is set to end the week higher on the back of the bullish momentum throughout the crypto sector this week. Despite the slight derailment seen earlier amid a stablecoin crackdown, the overall crypto market has been on a strong bullish momentum this week. The uptrend in the crypto market has been boosted by the decline in US inflation.

Even so, the main factor driving ADA’s bullish momentum is the impending debut of Djed in Cardano’s network. Djed is a crypto-backed over-collateralized stablecoin supported by ADA and pegged to the US dollar. Djed is Cardano’s first ADA-backed stablecoin and has particularly buoyed ADA markets.

Djed’s launch has seen ADA record massive whale activity on the Cardano blockchain network in the past two weeks. So far this month, Cardano’s daily whale transactions have jumped 5 times more compared to January.

Additionally, Cardano’s uptrend has been boosted by an announcement by Cardano developer Input Output HK about a key upgrade in the network. Input Output HK took to Twitter to announce a key upgrade to Cardano’s network that had successfully gone live. According to the developer, the SECP enhances greater interoperability and secure cross-chain development.

Notably, despite the challenging year for cryptocurrencies including the FTX crash, Cardano has successfully grown the number of new cryptocurrency wallets, adding more than 22,000 new staking addresses each month. Addresses with 10,000 to 10 million ADA have accumulated more than 600 million tokes since the collapse of FTX.

Cardano Price Prediction

The 4-hour chart shows that Cardano price has been hovering around the key level at $0.4000 for the past few hours. The altcoin has managed to remain above the 25-day, 50-day, and 100-day moving averages. Its Relative Strength Index (RSI) has slipped slightly, suggesting that traders have begun cashing in profits from ADA’s recent price surge.

Therefore, if the ADA price breaks below the important level of $0.4000, it may face a temporary retracement as sellers eye the support level at $0.3540. However, a move past the resistance at $0.4145 will have bulls targeting the next resistance level at $0.4395.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

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

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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…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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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

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