Altcoins

Ethereum Price Holds Steady Amid Waning Risk Appetite: What Next?

Published

8 months ago

August 14, 2023

Crispus

Ethereum price has been trading sideways for the past few weeks after facing a strong rejection from the important level of $1,900. At the time of writing, Ethereum was trading slightly higher at $1,850.88. The asset’s total market cap has slipped to $222 billion, while the total volume of ETH traded over the last day jumped by more than 77%.

Fundamental Analysis

Ethereum price has been under intense pressure for the past few days against the backdrop of global uncertainty and a decline in market sentiment. According to Coinmarketcap, the global crypto market has crashed over the past few weeks to $1.17 trillion, while the total crypto market volume surged by nearly 50% over the past 24 hours.

Bitcoin, the largest cryptocurrency by market capitalization, has failed to start a fresh upward trajectory above the crucial level of $30,000, weakening the global crypto market sentiment. A look at the Crypto Fear and Greed Index, the key measure of the emotions driving the crypto market, shows that investors are in conservation mode. The current reading on the index is neutral at 50, down from a Greed level of 64 seen a few weeks ago.

The US dollar jumped to a five-week high on Monday after high inflation readings published last week. Data published by the Bureau of Labor Statistics on Thursday showed that the US headline inflation in July rose slightly from June. The month-on-month Consumer Price Index (CPI) rose by 0.2% in July, matching June’s increase, while the annual inflation rose by 3.2%, up from 3% in June. The US Producer Price Index also grew more than expected in July.

Higher inflation rates give the US Federal Reserve more incentive to further hike interest rates, improving the outlook of the greenback. A stronger US dollar tends to be bearish to the prices of assets, including stocks, commodities, and particularly cryptocurrencies. Even so, the CPI increase in July was smaller than expected, supporting the case for the US central bank to hold steady its interest rates till its next meeting in September. The Federal Open Market Committee (FOMC) is slated to release its meeting minutes later this week on Wednesday.

Ethereum Price Prediction

The daily chart shows that the Ethereum price has been in consolidation mode for the past few weeks, trading between the tight range of $1,885 and $1,830. The asset remains slightly below and above the 50-day and 200-day exponential moving averages, respectively. Its Relative Strength Index (RSI) has improved slightly, moving above the signal line. The Bollinger Bands have narrowed, indicating a decline in market volatility.

As such, the Ethereum price is likely to continue trading sideways in the ensuing sessions, struggling to find direction. A flip above the upper band at $1,888, could pave the way for further gains to the next resistance levels at $1,930.75 and $2,000. However, a move below the crucial support level of $1,845 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,…