Altcoins

Ethereum Price Hits $18,000 Amid Improved Crypto Sentiment

Published

10 months ago

June 21, 2023

Crispus

Ethereum price breached the important $18K level for the first time in two weeks on Wednesday as markets react to crypto support from financial institutions. At the time of writing, Ethereum was trading 1.22% higher at $1,813.88. Its total market cap has jumped by nearly 5% over the last day, while its total volume traded nudged 53% higher.

Catalysts Behind ETH’s Recovery

Ethereum price has staged a strong recovery in the past few days, adding more than 4% in the past week and 51.51% in the year to date. ETH’s recent rally is in tandem with the market-wide recovery in the crypto sector. Data by Coinmarketcap shows that the global crypto market cap climbed by 6% over the last 24 hours to $1.14 trillion, while the total crypto market volume increased by 67.70% over the same period.

Crypto market sentiment has been high since late last week after BlackRock, the world’s largest asset manager, filed for what would be the first-ever spot bitcoin ETF in the U.S. BlackRock’s application came in a week after the US Securities and Exchange Commission (SEC) filed a lawsuit against crypto exchange heavyweights, Binance and Coinbase.

The Wall Street regulator hit the crypto exchanges with a slew of allegations, including selling unregistered securities. Markets have been speculating about BlackRock’s timing, particularly with Coinbase as its crypto custody partner.

Additionally, a new crypto exchange backed by financial giants, Charles Schwab, Citadel Securities, and Fidelity Digital Assets signaled its support for cryptocurrencies after announcing that it has been trading Bitcoin and Ether for several weeks.

With heavyweights like BlackRock and Fidelity showcasing their crypto commitments to the public, investors have been quite optimistic about the future of the crypto sector. The Bitcoin price has breached the $28,000 level for the first time since early May, with most altcoins following closely. As such, investors seem to remain optimistic, pumping liquidity into the crypto market.

Ethereum Price Analysis

The daily chart shows that the Ethereum price has been on an upward trajectory for the past few days, moving above the major bullish support level of $18,000. The altcoin has managed to move above the 50-day and 200-day exponential moving averages, while its Relative Strength Index (RSI) moved above the signal line into the neutral zone. Its Moving Average Convergence Divergence Indicator has also moved into the bullish zone. However, the digital asset has failed to move above the 50-day and 100-day simple moving averages.

Therefore, there is a likelihood that the Ethereum price will continue moving upward as buyers target the next important resistance level of $1,920. A move past the crucial resistance will give bulls enough momentum to push the price higher to $2,000. On the other hand, a move below the crucial support of $1,769.05 will invalidate the bullish thesis.

ETH Price Chart

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,…