Altcoins

Enjin Coin Price Prediction as NFT Volume Slumps

Published

1 year ago

December 27, 2022

Crispus

Enjin Coin price slumped in 2022 as investors reacted to the relatively underperformance of non-fungible tokens (NFT). ENJ dropped to a low of $0.26, which was much lower than its all-time high of $4.01. It was one of the worst-performing cryptocurrencies.

NFT demand slumped in 2022

Enjin is a blockchain project in the NFT industry. It has a complete suite of products that make it easy for people to mint NFTs and sell them to users globally. Also, it has a wallet that makes it possible for people to manage their NFTs.

Its most important platform is known as Efinity, which is a Polkadot parachain for NFTs. Further, Enjin provides solutions to help developers integrate NFTs with games. It also has a marketplace for people to buy and sell NFTs.

Finally, Enjin has JumpNet, which is a forever-free Ethereum scaling platform. Therefore, Enjin price does well when NFTs are doing great.

The opposite happened in 2022. As cryptocurrencies slumped, the volume of NFTs traded eased as well. The total volume of NFTs traded in the first-quarter of the year totaled over $19 billion. Since then, monthly spending on NFTs has dropped to less than $500 million. OpenSea monthly volume has also crashed.

Further, Efinity has had no major market share in the NFT industry. A closer look at its website traffic shows that the number of users crashed after peaking in Q1 of 2022. Therefore, there are concerns about whether Efinity will become a major player in the industry.

Enjin Coin price prediction

The daily chart shows that the ENJ price has been in a strong bearish trend in the past few months. As it dropped, it managed to move below the important support level at $0.3822, which was the lowest level on June 18. It also plunged below the 25-day and 50-day moving averages while the MACD moved below the neutral point.

Therefore, there is a likelihood that Enjin will continue falling as sellers target the next key support level at $0.20. A move above the resistance point at $0.3822 will invalidate the bearish view.

Altcoins

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

Published

4 months ago

December 27, 2023

Crispus

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…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

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 5^th 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…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

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 6^th 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,…