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Polygon Price Dips Further: Is Another 10% Drop Imminent?

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Polygon price has been in a freefall for the past few days, dropping below the crucial support level of $0.95. The altcoin has dipped nearly 9% over the past week and 13% in the past four days. The asset is up by 15.20% in the year to date. Polygon’s market cap has crashed to $8 billion over the past few days, while its total volume fell further. The asset currently ranks as the 10th largest cryptocurrency by market cap, after Solana and ahead of Polkadot.

Fundamentals

Polygon price has been under immense pressure for the past few weeks, dipping more than 43% from its highest level this year in February. At press time, the asset was trading 2.91% lower at $0.8750. The asset’s selloff has been intricately linked to the recent dip in the global crypto market cap.

Data by Coinmarketcap shows that the global crypto market cap has crashed to $1.14 trillion over the past few days, while the total crypto market volume decreased by 27.86% over the last day. Bitcoin’s recent dip below the crucial support level of $28,000, has also seen the MATIC price plunge. Bitcoin, the largest digital asset by market cap, has been changing hands at $27,500 over the past few days amid congestion on the asset’s network.

Binance, the largest cryptocurrency exchange, recently halted the withdrawals of the BTC token temporarily due to congestion on the blockchain. The congestion also resulted in a surge in transaction fees, the highest since 2017. These events saw the Bitcoin price plummet by more than 8% in the past few days.

Investors will be closely watching the US consumer price index data for April, as well as the producer price index data, to gauge the economic outlook. The US Federal Reserve increased its interest rate by 25 basis points earlier last week, a move that did not largely affect the crypto market as investors had already priced in the interest rate hike. Even so, the Fed announced that it was committed to achieving its 2% goal.

Polygon Price Outlook

Polygon price has been in a correction phase for the past two months, falling more than 40% from this year’s high of $1.57. As highlighted on the daily chart, the asset has remained below the 50-day and 100-day moving averages, as well as the 50-day and 200-day exponential moving averages. It has also moved below the 50-day and 100-day simple moving averages.

Its Relative Strength Index (RSI) has moved lower into the oversold region, suggesting a prolonged selloff in the ensuing sessions. The Moving Average Convergence Divergence (MACD) indicator is also bearish.

Therefore, I expect the Polygon price to fall further as bears eye the next support levels at $0.8338 and $0.7760. However, a move past the important level of $0.95 might create a new opportunity for the bulls.

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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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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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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