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CRO Price in a Downward Spiral as Cronos TVL Sinks

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CRO price came under intense pressure on Thursday as cryptocurrencies recoiled. Cronos dropped to a low of $0.056, where it has been in the past few days. It has plunged by more than 95% from its all-time high. This decline has seen its total market cap plunge to about $1.45 billion.

Cronos ecosystem activity slips

Cronos is the blockchain network for Crypto.com, the giant crypto exchange. Unlike FTX Token, CRO has real utility in that it is used to power a relatively sizable ecosystem. Its ecosystem is made up of projects like decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse.

CRO price has dropped as investors worry about the safety of Crypto.com, one of the biggest spenders in the industry. Crypto has spent more than a billion dollars in the past few months to grow its market share. For example, it spends $700 million to acquire rights of Staples Center

The company is also a major sponsor of major sports events like the recent World Cup, Formula 1, and UFC. It also spent millions of dollars in a Superbowl ad and additional funds in television advertising. As such, the concern is where the company got the funds since it is a mid-cap exchange.

CRO price has also dropped because of the challenges facing its ecosystem. Data shows that the total value locked (TVL) in its DeFi ecosystem plunged to $540 million. At its peak, the network had a TVL of over $4 billion. 

Most networks in its ecosystem have seen significant outflows. For example, Tectonic’s TVL has dropped by more than 4% in the past 30 days to $282 million while VVS Finance has lost its TVL to over $178 million.

Will CRO price recover?

So, will Cronos price bounce back? For this to happen, the network needs to have more activity in its network. Also, the broad crypto industry needs to be supportive. Unfortunately, conditions are relatively difficult as interest rates surge.

Therefore, there is a likelihood that Cronos will continue falling in the coming months. A likely solution will be for Crypto.com to publish its full audited finances. If this happens, it will likely bring more confidence in the network. 

As shown below, CRO price remains below all moving averages while the bearish momentum is continuing. Therefore, the next key support level to watch will be at $0.050.

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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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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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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