Altcoins
Internet Computer Price Prediction as ICP Surges
Internet Computer price has been in a strong bullish trend in 2023 as cryptocurrencies rebound. ICP token surged to a high of $5.47, the highest level since November 6. It has surged by more than 56% from the lowest level in 2022.
Internet Computer token rebounds
Internet Computer is a major blockchain project that was launched in May 2021 during the crypto mania. The network makes it possible for people to build applications in a fully decentralized ecosystem. Its goal is to act as a platform that is similar to Amazon AWS and Google Cloud.
The idea behind Internet Computer is relatively simple. Instead of relying on centralized ecosystems like Amazon and Microsoft Azure, they can instead build apps in an open-source and decentralized platform.
Developers can build all types of applications in Internet Computer. For example, people can build applications that are similar to Whatsapp, Reddit, games and DeFi applications. It ca also be used to create apps in the NFT industry.
However, analysts believe that Internet Computer, which is a well-funded platform, has not lived to its hype. For one, it is hard to point at mainstream applications that are built on the platform. This is in contrast to other blockchains like Ethereum, Solana, and Cardano among others. Ethereum has been used to build quality apps like AAVE, Uniswap, and Curve.
For example, a look at Internet Computer’s Kinic search engine, has only carried out 3 million searches. It has minimal chances of becoming a viable alternative to Google and Bing. Similarly, Catalyze, its decentralized social and community-building platform has minimal activity.
Therefore, the ongoing Internet Computer price recovery is mostly because of its correlation to cryptocurrencies. Historically, most cryptocurrencies tend to have a positive correlation with each other.
ICP price forecast
The daily chart shows that the ICP price has been in a strong bullish trend in the past few days. As it rose, the coin moved above the key resistance point at $4.60, the highest point on December 5. It has formed a 25-day and 50-day moving averages.
The coin also rose above the 23.6% Fibonacci Retracement level. Therefore, the coin will likely continue rising as buyers target the key resistance level at $6. A drop below the key support at $5 will invalidate the bullish view.
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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