Altcoins
Celo Price Prediction as the Recovery Accelerates
Celo proce has been in a strong bullish trend in the past few weeks in sync with other digital coins. It surged to a high of $0.7950, the highest point in months. This price is about 76% above the lowest level in 2022. Its market cap has surged to more than $348 million, making it the 93rd biggest crypto in the world.
What is Celo and why is it soaring?
Celo is a blockchain project that was created with mobile users in mind. It is a carbon-negative, mobile-compatible blockchain network that developers use to build quality applications. Most of their apps are focused on mobile, the biggest ecosystem in the world. There are now over 5 billion smartphone users internationally.
Celo has other important features. For example, it has an average block time of 5 seconds and a negligible gas fee of $0.0005. This makes it one of the most affordable blockchains in the industry. For example, Ethereum charges over $20 per transaction.
Celo developers can build all types of applications including decentralized payments, mobile decentralized finance (DeFi), and other types of dApps. According to its website, there are now over 1,000 projects created in Celo.
Some of the top projects that have been created using Celo are Uniswap, Mento, Curve, Tatum, Plastiks, and GoodDollar among others. According to DeFi Llama, Celo has a total value locked (TVL) of more than $139.2 million. At its peak, its TVL was more than $1.2 billion. Some of the biggest dApps in the platform are Mento, Curve, and Moola Market among others.
Celo price has rallied as investors cheer the network’s growth. In the past few months, the developers have worked hard to make Celo more popular, especially in the emerging market. One way they are doing this is by holding Celo Block parties, which are events in countries like Nigeria and Uganda.
Celo price prediction
The four-hour chart shows that the CELO price has been in a strong bullish trend in the past few weeks. As it rose, the coin has moved above the key resistance level at $0.5640, the highest point on December 24. It has moved above all moving averages while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, the coin will likely retreat to a low of $0.60, which is about 20% below the current level.
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,…
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