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Polkadot Price: Is a 30% Price Pump Imminent?

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Polkadot price has been among the best performers in the crypto market since the beginning of the new year. The DOT price has surged more than 75% in the year to date and 22% in the past week. At the time of writing, the altcoin was trading 1% higher at $7.508. DOT currently ranks as the 12th largest cryptocurrency, with a total market cap of $8.7 billion.

Fundamentals

Polkadot price has been on a strong rally for the past few days, recording a significant upswing in its price. One of the catalysts behind DOT’s rally is the recent bullish trend in the crypto market. According to Coinmarketcap, the total crypto market volume has increased to $1.13 trillion over the past 24 hours. The total crypto market volume has also spiked more than 65% over the last day.

DOT has also been rallying on the back of recent upgrades in its platform. Recently, Sony Network Communications launched a unique Web3 incubation program with Astar Network, designed to help in the development of top-tier web3 projects. Polkadot’s key role in the web3 project explains why the altcoin’s price edged higher after the announcement.

Additionally, Polkadot has improved its native staking protocol for users. The network has introduced on-chain pooling of staked DOT hence promoting native staking over third-party centralized platforms. The update enhances the decentralization of the DOT tokens, making it easier for users to access and control the tokens for staking.

Notably, the total time required to unstack DOT tokens, which are currently clocked at 28 days, has been downsized. In the past, many DOT holders were hesitant to lock their holdings due to the longer timescale. However, with the new upgrade by Kusama, users will be able to unstake within seven days. The upgrade has seen the Polkadot price increase.

Polkadot Price Analysis

Polkadot price has been hovering above the key support level of $6.85 for the past few days, pointing to a potential price pump. The daily chart shows that the DOT price has made significant price increases in the past 24 hours. The altcoin has remained above the 25-day, 50-day, and 100-day moving averages. Its Relative Strength Index (RSI) is inching higher but remains below the overbought zone.

Therefore, for the next few days, the bulls will be working to push the price past the key resistance level of $8.00. A breakout above the aforementioned level will have traders eyeing a 30% surge to $10. On the flip side, a move below the important support at $6.85 will invalidate the bullish thesis.

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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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…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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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…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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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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