Altcoins
Gifto’s GTO Price Rockets Higher as the Santa Season Sets In
Gifto price continued its bullish comeback during the weekend as the Christmas gifting period neared and after a series of partnerships. GTO price jumped to a high of $0.0243, the highest level on record. It has defied gravity and soared by more than 105% from the lowest level this year.
What is Gifto and why is it rising?
Gifto Metaverse is a blockchain project that is disrupting the gifting process. It is a gifting platform that is powered by the Gifto Wallet and Gifto Chain. Gifto Wallet makes it possible for users to create and share crypto gifts with cryptocurrencies like Bitcoin, Ethereum, and GTO. On the other hand, Gifto Chain powers the world’s first open standard for virtual gifts.
Therefore, being in the gifting industry explains why the GTO price has jumped sharply in the past few weeks. With Christmas nearing, the level of gifting is set to increase dramatically in the next few weeks. As such, projects that have a gifting angle are expected to do well.
GTO price also rose after a series of positive news about the ecosystem. In a statement, Poolz Finance announced that it had partnered with Gifto Metaverse. This means that POOLZ holders will be able to create their own blockchain gifts through the Gifto Wallet.
Gifto also partnered with Autofarm in a deal that will se the Gifto Wallet have a direct access to the AutoFarm vaults. In the announcement, Gifto hinted that it will enable staking in 2023.
Further, the network recently rebranded their platform and announced plans to launch their plans for the roadmap for next year. Therefore, GTO rose as investors wait for the next few catalysts for the coin.
GTO price prediction
The four-hour chart shows that the GTO price has been in a strong bullish trend in the past few weeks as the Santa Season nears. It has moved above the important resistance level at $0.096, which was the highest level on November 5. It remains about the 25-day and 50-day moving averages while the MACD has moved above the neutral point.
Therefore, I suspect that the coin will likely continue rising ahead of Christmas. If this happens, the next key level to watch will be at $0.03. A drop below the support at $0.020. A caveat is that GTO is a thinly token that could be highly volatile.
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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