Altcoins
Dogecoin Price Retreats as Fear and Greed Index Pulls Back
Dogecoin price continued the sell-off that started on Friday after the US published the January jobs numbers. DOGE dropped to a low of $0.090 on Monday, significantly lower than the year-to-date high of $0.100. This decline was in line with that of other cryptocurrencies like Bitcoin and Ethereum.
Fear and greed drops
Dogecoin price declined sharply as a sense of fear spread in the financial market following the strong jobs numbers from the United States. These numbers revealed that the American economy continued adding jobs even as many big-cap companies announced mass layoffs. On Monday, Dell announced that it will lay off 5% of its workers. Other companies like Microsoft, Google, and Facebook have all laid off workers.
Therefore, with the broad economy adding more workers, there is a likelihood that the Fed will maintain its relatively hawkish tone in the coming months. It decided to hike rates by 0.25% last week, the smallest increase since last year. As such, with the rate of inflation substantially above the 2% target, analysts believe that the Fed has more room for hikes. Therefore, the fear and greed index has pulled back modestly,
At the same time, Dogecoin’s hashrate has continued rising in the past few months. It currently stands at 535 TH/s, which is a few points below its all-time high of 800 TH/s. This is a sign that Dogecoin is significantly healthy. A high hash rate shows that the number of guesses in the network is increasing. Recently, several proof-of-work coins have seen their hash rate jump. They include Litecoin and Bitcoin.
Dogecoin price prediction
Turning to the daily chart, we see that the DOGE price has been in a strong bullish trend in the past few days. It has now formed an ascending channel shown in black. This price is slightly above the lower side of the ascending channel. It has also formed what looks like a bearish flag pattern.
Therefore, the coin will likely continue falling as sellers target the lower side of the channel. If this happens, it will then resume the bullish trend and retest the upper side at $0.10. A move below the lower side of the channel will signal that there are still more sellers in the market.
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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