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PancakeSwap Price Gains Momentum as Daily Users Jump
Centralized and decentralized exchanges (DEX) have started the year well, helped by the strong comeback of cryptocurrencies. Coinbase shares have soared by over 150% from the lowest point in December. Similarly, Uniswap and PancakeSwap have seen inflows, daily users, and revenue rise. As a result, CAKE price was trading at $4.23, about 35% above the lowest point in December.
PancakeSwap volume rises
PancakeSwap is a major player in decentralized finance (DeFi). It was originally created in the BNB Chain although recently it has expanded to Ethereum and Aptos. According to DeFi Llama, the network has a total value locked (TVL) of more than $3.69 billion in dollar terms.
Its BNB Chain ecosystem has a TVL of over $3.6 billion while Aptos and Ethereum have a TVL of $36 million and $16 million, respectively. In BNB terms, PancakeSwap has seen its TVL plunge to a low of 811 million, the lowest point since April 2021.
PanckaeSwap has struggled in the past few months. Like Uniswap, the network struggled as the overall trading volume plunged in 2022 as cryptocurrencies retreated. At the same time, competition from other fast-growing DEX platforms like dYdX, Kine Protocol, and Curve Finance has risen.
Recently, however, the recent crypto rebound has done well, helped by the strong performance of most digital coins like Bitcoin and Ethereum. This performance is mostly because of the rising expectation of a Federal Reserve pivot.
As a result, data compiled by Token Terminal shows that the number of daily users has been in a strong uptrend since January. On December 24, it had over 96.4k active users. This figure has grown to over 144k, the highest level since December 15.
As a result, total revenue has jumped by 26.5% in the past 30 days albeit from a low base. Indeed, total revenue has crashed by 61% in the past 30 days.
PancakeSwap price forecast
The 4H chart shows that the CAKE crypto price has made a strong comeback in the past few days. As it rose, the token has formed an ascending channel shown in black. It has moved slightly above the important resistance level at $4.11 (November 26 high). The price is nearing the upper side of the ascending channel.
Further, CAKE price is being supported by the 25-day and 50-day moving averages. Therefore, the outlook of the PancakeSwap price is still bullish, with the next key level to watch being at $5.
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
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…
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