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Compound Price Prediction After the COMP Rebound

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Compound price has made a strong rebound in the past few days in tandem with other cryptocurrencies. COMP jumped to a high of $57, which was the highest point since October 22. It has jumped by more than 62% from the lowest point in 2022. 

What is Compound?

Compound is one of the biggest players in decentralized finance (DeFi). It is an autonomous platform that makes it possible for people to borrow funds in the form of cryptocurrencies. According to its website, Compound has over $670 million of borrowings that are backed by over $2.2 billion worth of coins. It operates in Ethereum and USDC. 

Compound also runs Compound Treasury. A crypto-powered cash management solution that enables people to earn fixed interest with daily liquidity. Also, people can borrow against digital assets. Some of the top companies that uses Compound are Genesis, Gauntlet, Hashkey, and Nansen among others. 

Yields and liquidity are backed by Compound Protocol, an audited platform that has over $3 billion in assets. It has handled over $285 billion in total transaction volume since launch.

COMP price has been in a strong bearish trend in the past few months. It plunged by more than 70% in 2022 in sync with other cryptocurrencies like BTC and ETH. It also crashed as the total value in its ecosystem plunged. 

Compound has over $1.86 billion in total value locked (TVL). At its peak, Compound had over $10 billion in assets. Including the borrowed funds, Compound has a TVL of over $2.54 billion. Sadly, the amount of money in the ecosystem has been in a strong bearish trend and is now at the lowest level since 2021.

COMP price prediction

Compound Price

The daily chart shows that the COMP price has been in a strong bearish trend in the past few months. Like other coins, Compound rose from a low of $29.83 to $56.78. Compound remained above all moving averages while the Relative Strength Index (RSI) has moved to the overbought level. 

Therefore, the coin will likely continue rising as buyers target the key resistance level at $65.93, the highest level in September last year. A drop below the support at $40 will invalidate the bullish view.

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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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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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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