Altcoins
Solana Price Prediction: The Remarkable Rise and Fall of SOL
Solana price continued its sell-off as concerns about its exposure to FTX continued. Other tokens associated with the company like Aptos and Near Protocol continued their sell-off as well. SOL was trading at $9.43 on Thursday, which was significantly lower than its November high of $40. At its peak, Solana was trading at $260.
FTX exposure and ecosystem risks
Solana is one of the biggest blockchain networks in the world. It is an Ethereum rival that is known for its faster speeds and low transaction costs. The network has been used to build some of the best-known Web3 projects like Brave Browser, Step’N, and Solend.
Solana is one of the biggest players in the NFT industry. Data published by CryptoSlam shows that the network handled $70 million worth of NFTs in November even as the crypto sell-off continued. It handled NFTs worth about $64 million in December. Still, this is a significantly lower figure than its all-time high of $303 million.
Solana is also well-known in the DeFi industry where it powers platforms like Marinade Finance, Orca, Credix, and Raydium. At its peak, Solana had over $10 billion in total value locked (TVL). Today, this amount has plunged to just $250 million because of the collapse of Serum.
Serum was the biggest DeFi platform in its ecosystem. It collapsed after revelations that its public key was held by FTX, the exchange that collapsed in November. As a result, most people with assets in Serum sold them.
Solana price has also crashed after on-chain data showed that many holders have started to sell the coin. This is important because FTX and Alameda Research were among the biggest holder of the coin. In a report on Thursday, it was revealed that Alameda had sold millions of Ether tokens in for Bitcoin.
Solana price prediction
The daily chart shows that SOL price has been in a strong bearish trend in the past few months. This sell-off accelerated after the collapse of FTX and Alameda Research. Consequently, the coin remains below all moving averages while oscillators continued falling.
Therefore, the outlook of Solana price is bearish, with the next key level to watch being at $5. A move above the resistance point at $20 will invalidate the bearish view.
Ethereum price jumped on Friday, hovering slightly below the important level of $1,900 as the approval of the US debt ceiling bill increased bullish sentiment in markets. At the time of writing, Ethereum was trading 1.48% higher at $1,888.86, surpassing the 50-day exponential moving average at $1,845. The asset’s total market cap, as well as its total volume, has increased over the last day.
Fundamental Analysis
The crypto market was in the green on Friday as investors digested the latest news on the US debt ceiling bill. The global crypto market cap increased by nearly 1% over the past 24 hours to $1.14 trillion. Even so, the total crypto market volume, as well as Bitcoin’s dominance, inched lower over the same period.
Ethereum price jumped to an intraday high of $1,900 on Friday before pulling back slightly amid increased bullish sentiment and a weaker US dollar. The US Senate passed the bill to suspend the US debt ceiling deal to January 1, 2025, on Thursday, a few days before the US government ran out of cash. The US government will now be able to keep borrowing money to pay its bills.
The dollar index, which measures the greenback’s performance against six major currencies, has dropped by nearly 1% this week, its biggest weekly loss since mid-January. The passage of the US debt ceiling deal removed a pillar of support of the US dollar, which…
XRP price has been in a steady uptrend for five consecutive days despite macroeconomic factors weighing on markets. At the time of writing, XRP was trading slightly higher at $0.4853, with its market cap inching higher for the day. The coin’s volume has also moved higher in the past 24 hours, hinting at a bullish outlook.
Fundamental Analysis
XRP price has staged a significant recovery in the past few days, jumping more than 6% in the past week. The coin has managed to secure a place among the best-performing altcoins in the past week. Its market cap has tilted higher to $25 billion, ranking the asset 6th after USD Coin.
The cryptocurrency market was in the green on Monday, with the global crypto market cap jumping more than 1% over the day to $1.15 trillion. The total cryptocurrency market volume increased by nearly 62% over the same period. The recent rally in the crypto market has been on the back of the finalization of the US debt ceiling deal that has been gnawing on markets for the past few days.
The US dollar shied away from its six-month high on Monday after US President Biden and House Speaker Kevin McCarthy finalized a budget agreement, suspending the $31.4 trillion debt ceiling to 2025. This will allow the US government to continue borrowing money and pay its bills on time. Even so, Congress must pass the deal before June…
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,…
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