Crypto

Polkadot Price Soars in the Wake of Cardano Synergy

Published

5 months ago

November 15, 2023

Crispus

Polkadot price has recorded a considerable rise over the past few weeks, breaking above the important level of $5.00. The digital asset has added more than 44% to its value over the past 30 days and has climbed by nearly 9% in the past week.

At the time of writing, the DOT price was trading slightly higher at $5.41, shedding some of the losses incurred from its previous trading session. Polkadot’s total market cap has declined by 2% over the past day to $6.8 billion, ranking it 14^th after Chainlink and Toncoin. The total volume of the DOT token traded in the same period has also declined by 8%.

DOT’s Outlook

Polkadot price has recorded a significant upward trajectory over the past four weeks on the back of its announcement of a formal partnership with Cardano and broader market cues. On November 6, Polkadot announced a partnership with Cardano, a significant development in the cryptocurrency sector. Cardano (ADA) announced that it would use Substrate, the foundation of the Polkadot Software Development Kit (SDK), to build its partner chain.

The collaboration aimed to enhance interoperability among Layer 1 blockchains. The collaboration has not only buoyed market sentiment but has also led to a bullish breakout in the Polkadot price. Charles Hoskinson, the founder of Cardano, has previously been complimentary about Polkadot and a possible partnership, suggesting that that is “What Ethereum 2.0 should have been.”

The altcoin has equally benefited from the crypto market resurgence that started earlier in October on the back of hopes that the US Securities and Exchange Commission (SEC) would approve the trading of a spot bitcoin ETF. The speculations have sparked a rally in the crypto market over the past month, seeing the global crypto market cap climb to $1.4 trillion.

The crypto market sentiment has bolstered the demand for crypto assets among investors. The Crypto Fear and Greed Index, which measures investors’ sentiment toward the market, has increased to a greed level of 75 over the past four weeks, suggesting an increase in risk appetite.

The DOT price has shown remarkable resilience in the past few weeks, pumping optimism among investors. Polkadot balances its interoperability with a stable market performance, indicating potential for future growth. Even so, market fluctuations, regulatory barriers, and setbacks could impede its prospects.

Polkadot Price Analysis

The daily chart shows that the Polkadot price has been on a consistent bullish trajectory in recent weeks, reclaiming the important $5.00 level for the first time since August 2023. During this time, the digital asset has managed to move above the 50-day and 200-day exponential moving averages, as well as the 50-day and 200-day simple moving averages. Its Relative Strength Index (RSI) has increased to 68, 2 points below the overbought zone, highlighting an increase in demand and buying pressure.

Consequently, with the bullish divergence in the daily RSI and the partnership with Cardano, the Polkadot price is likely to continue moving higher in the ensuing sessions. A breakout above the immediate resistance level of $6.00 could push the price higher to the next resistance level at $7.00. On the other hand, a dip below the $5.00 level could push the price lower to $4.40, invalidating the bullish view.

DOT Price Chart

Crypto

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

Published

4 months ago

December 29, 2023

Crispus

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…

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…