Altcoins
Huobi Token Price Pressured as Coin Inflows Rise
Huobi Token price remained under pressure on Monday even as the exchange continued to defy gravity in terms of inflows. HT dropped to a low of $5, which was the lowest level since November 23rd. It has crashed by more than 27% from its highest level in November.
Huobi inflows are rising
Huobi is a leading exchange that was recently acquired by a Hong Kong company with ties to Justin Sun, the founder of Tron. It was started in China and then moved its operations to Singapore. Today, the exchange processes millions of dollars worth of cryptocurrencies every day.
HT or Huobi Token is the exchange token for the exchange. Unlike BNB, which serves the Binance Smart Chain, HT is similar to FTX Token and Voyager Digital. Its only utility is that it powers the ecosystem by providing discounts and promotions to users. Following the collapse of FTX, investors have questioned the real worth of these tokens.
Huobi Token price dropped even as data revealed that the exchange was seeing some inflows. While Binance lost $8.1 billion in the past 1 month, Huobi’s inflows have been about $40 million in the same period. Its 7-day inflows were worth over $17 million.
Huobi is one of the few major exchanges that have seen inflows in the past few weeks. For example, Bitfinex has lost $616 million in the past 30 days while KuCoin has lost $96 million. Crypto.com and OKX have added $747 million and $416 million, respectively.
It is unclear how much of Huobi’s inflows came from Justin Sun and Tron. In the past few weeks, Sun has deployed millions of dollars to support USDD, its stablecoin.
Huobi Token price prediction
The 4H chart shows that the HT price has been in a strong bearish trend in the past few days. As it dropped, it moved below the important level at $6, which was the lowest level on December 13. It has moved below the 25-day and 50-day moving averages.
Therefore, with no major utility, there is a possibility that the HT price will have a bearish breakout. If this happens, the next key support level to watch will be at $4.
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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