Altcoins
Litecoin Price: LTC Halving Event is 100 Days Away; What to Expect
Litecoin price was trading higher on Monday, wiping some of its losses from its previous trading session. The coin’s market cap has increased by 2.59% over the last day, while the total volume of LTC traded jumped 39.96% higher. The altcoin was trading 1.37% higher at $89.94% at the time of writing. Litecoin is currently the 13th largest cryptocurrency by market capitalization, after Binance USD and ahead of Shiba Inu.
Fundamentals
Litecoin price has been under intense pressure for the past few days, plunging more than 12% in the past week. The altcoin has dropped more than 17% from its highest level this year but remains 34% above its lowest point in 2023.
Most altcoins, including Litecoin, have been in the red for the past few days amid a sharp decline by Bitcoin. Bitcoin, the largest cryptocurrency by market cap, has posted a 9% plunge over the past week, dropping below $27,500. As the largest cryptocurrency, many altcoins tend to move in tandem with its performance. BTC’s total market cap has crashed to $529 billion over the past few days, with its dominance in the crypto market declining.
The recent downtrend in the crypto market has also seen most altcoins decline over the past week with XRP, Cardano, Dogecoin, and Polygon, falling by 9.44%, 12%, 14.52%, and 14.55%, respectively. Concerns over macroeconomic factors have been pushing crypto prices lower. Markets have been in jitters ahead of the Fed’s next monetary policy meeting in May as traders price in a 25-basis point. Hints that the US Central Bank might approve another interest rate hike in June after the one expected in May, may continue weighing on the LTC price.
Even so, Litecoin’s third halving event slated for August 2, 2023, might pump the coin’s price higher. The halving event is a programmed change in the supply rate of new coins in a cryptocurrency’s blockchain. Historically, LTC’s halving events have always seen the Litecoin price skyrocket. In the run-up to its last halving event in 2019, the LTC price soared by 375%. If history repeats itself, LTC price could start gaining with its halving event almost 100 days away. However, macroeconomic factors could come into play and affect the price of the asset.
Litecoin Price Forecast
The daily chart shows that the Litecoin price has been on a steep decline for the past few days, falling 12% in the past week. The altcoin has managed to drop below the 50-day and 100-day moving averages, while moving below and above the 50-day and 200-day exponential moving averages, respectively. The Moving Average Convergence Divergence (MACD) indicator is bearish.
I expect the Litecoin price to tick higher in the medium term as buyers eye the next resistance levels at $93.50 and $100. On the flipside, a move below the crucial support level at $83.30 will invalidate my bullish thesis.
LTC Price Chart
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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