Altcoins

Shiba Inu Price Records Staggering 18% Spike in One Week: Possible Dead Cat Bounce?

Published

2 years ago

August 9, 2023

Crispus

Shiba Inu price has been on a rally for the past few days, jumping to its highest level since May 2023 amid positive crypto market sentiment. Shiba Inu, the second-largest meme coin by market capitalization, has jumped by almost 17% in the past week and is up by 22% in the year to date. SHIB has also climbed by more than 27% in the month to date.

Behind SHIB’s Rally

Shiba Inu has been among the best-performing cryptocurrencies over the past week as the entire crypto market takes a positive swing. The asset’s total market cap has soared to $5.83 billion, ranking SHIB as the 14^th largest cryptocurrency. The global crypto market cap has increased by more than 2% over the last day to $1.18 trillion, while the total crypto market volume edged 25.25% over the same period.

Bitcoin, the largest cryptocurrency by market capitalization, has taken off in an upward direction following weeks of stagnation and prolonged inactivity. Bitcoin price is higher and is once again challenging both technical and psychological level of $30,000. Bitcoin’s rally caused a spike in liquidations throughout the cryptocurrency market.

As such, most altcoins, including Solana, Shiba Inu, PEPE, Polygon, and Toncoin, among many others, have charted significant gains over the past 24 hours. As somewhat expected, the crypto market sentiment has improved. Traders and investors will be watching to see if this is just a bounce to key resistance zones or a more sustained rally.

Shiba Inu price has been on a strong bearish trajectory for the better part of this year, with its recent trend marking a shift from its long-term bearish sentiment. SHIB’s growth has also been buoyed by the positive on-chain activity, including its 81% jump in trading activity over the last day.

Notably, the fast-approaching Shibarium mainnet launch has also triggered Shiba Inu’s recent price growth seeing that bulls understand what is at stake. SHIB’s launch of its Layer 2 protocol, Shibarium, is slated for the Blockchain Futurist Conference expected to happen next weekend. With Shibarium enhancing usability through the emergence of decentralized applications (dApps), there is a possibility of high demand for Shiba Inu, increasing its influence in the meme coin ecosystem and pushing its price higher.

Shiba Inu Price Technical Analysis

The daily chart shows that the Shiba Inu price has been on an upward trajectory for the past few days, flipping above the major hurdle at the 200-day EMA at $0.00000930. At the time of writing, SHIB was trading 3.46% higher at $0.00000986. The meme coin has moved above the 50-day and 200-day exponential moving averages, with its Relative Strength Index (RSI) at 66, 4 points close to the overbought zone.

Therefore, I expect the Shiba Inu price to continue moving higher in the coming days as bulls eye the next resistance level at $0.00001075. A move past the aforementioned level will pave the way for further gains to $0.00001190. Conversely, we cannot rule out a move below the 200-day EMA which will invalidate my bullish thesis.

SHIB Price Chart

Altcoins

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

Published

1 year 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

1 year 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

1 year 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,…