Altcoins

Polkadot Price is Set to Pullback Further Ahead of Key Inflation Data

Published

9 months ago

July 10, 2023

Crispus

Polkadot price was barely unchanged on Monday amid bearish sentiment in the crypto market. At the time of writing, DOT was trading at $5.08 after falling more than 7% in the past week. The altcoin is down by nearly 20% in the past three months but has remained 17.87% higher in the year to date. Its total market cap has increased by 1.97% over the last day, while the total volume of the asset traded jumped by 20%.

Fundamentals

Polkadot price has been under intense pressure for the past few days as macroeconomic factors continue to weigh on the cryptocurrency market. The global crypto market cap has slipped to $1.18 trillion in the past 24 hours, while the total crypto market volume increased by 30%. Crypto heavyweights, Bitcoin and Ethereum, were also trading slightly lower at press time.

The Crypto Fear and Greed Index, which measures the emotions driving the cryptocurrency market, indicates a decline in confidence among investors. The index has declined from a greed level of 63 to a neutral level of 57 in the past week. The shift in the crypto market sentiment has been due to market uncertainty around the Fed’s monetary policy path.

Markets are pricing in a 92% chance that the US Federal Reserve will hike its interest rates by a 25-basis point in its July meeting. According to the meeting minutes published by the Federal Open Market Committee (FOMC) last week, the central bank is likely to implement two more hikes this year. Earlier in June, Fed Chair, Jerome Powell, signaled his support for multiple rate hikes this year after the central bank paused its hike campaign in June.

Markets are eyeing the US Consumer Price Index (CPI) for June slated for Wednesday, followed by the Producer Price Index (PPI) data on Thursday. Analysts expect the monthly CPI for June to increase by 0.3%, up from 0.1% in the previous month. The annual CPI is expected to decline to 3.1% in June, down from 4.0% in May.

Investors will also be on the lookout for a slew of banking quarterly earnings this week. Finance bigwigs, including JP Morgan, BlackRock, Citigroup, and Wells Fargo, will kick off the second quarter earnings season this week.

Polkadot Price Prediction

The daily chart shows that the Polkadot price has been under intense pressure for the past few days. The digital asset remains slightly below the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has slipped below the neutral zone, while the Moving Average Convergence Divergence (MACD) index remains bearish.

As such, the Polkadot price is likely to continue falling in the medium term, in tandem with the global crypto market. if this happens, the next support level to watch will be $4.85. Conversely, a flip above the major hurdle at $5.55 will invalidate the bearish thesis.

DOT Price Chart

Altcoins

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

Published

4 months ago

December 27, 2023

Crispus

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…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

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 5^th 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…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

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 6^th 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,…