Altcoins
Solana Price Jumps 135% in the YTD Outperforming Bitcoin
Solana price has been on an upside correction for the past few days, jumping more than 4% in the past week. At the time of writing, the altcoin was trading 3.40% higher at $23.10. Solana’s market cap has jumped 4.15% to $9 billion over the last day, while the total volume of SOL traded dipped 36%. Solana currently ranks as the 10th most valued cryptocurrency after Polygon and ahead of Polkadot.
SOL is Outperforming
Solana price has been moving higher for the past few days despite the minor pullback in the crypto market on Friday that saw crypto heavyweights Bitcoin and Ethereum slip. Most altcoins tend to move in tandem with the assets’ performance. However, Solana was in the green on Friday, building on Thursday’s gains.
The SOL token has more than doubled this year, outperforming Bitcoin and Ethereum, as the Solana Blockchain tries to move past its association with Sam Bankman-Fried’s FTX platform. Solana price has jumped 132.50% in the year to date, surpassing Bitcoin’s 76% as well as gains in major altcoins.
The collapse of FTX which was among the biggest crypto exchanges, saw the SOL token lose more than 90% of its value. The altcoin has been suffering from the FTX overhung and has only started regaining interest in January following the launch of BONK on the network. The SOL price has erased most of its losses from the collapse of FTX, jumping 170% from its lowest point in December.
According to research firm Messari, Solana’s recovery has been helped by its NFT ecosystem growth and a record where developers raised more than $600 million in seed funding over the past two years. Notably, the recent banking fiasco, as well as recession fears, have pumped liquidity in the crypto market, pushing crypto prices higher.
Even so, investors are questioning Solana’s long-term prospects. Despite the recent surge in SOL’s price to the current $23 per token, the altcoin is yet to reach $260, achieved in 2021 amid the covid-19 pandemic era.
Solana Price Prediction
Solana price has been on an uptrend since the start of the year, wiping nearly 50% of its losses from the FTX fall. On the daily chart, the SOL price has moved above the 50-day and 100-day exponential moving averages (EMAs), as well as the 50-day and 100-day moving averages. Its Relative Strength Index (RSI) has ticked higher into the neutral zone.
I expect the Solana price to continue its uptrend as long as it continues moving above the trendline highlighted in yellow. The next resistance target for the Solana price will be $26. On the flip side, a flip below the trendline could pull SOL lower to find support at $18.90 invalidating the bullish thesis.
SOL Price Chart
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
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