Altcoins
Solana Price Volatility Dies as Community Plots a Comeback
Solana price has been in a consolidation phase in the past few weeks amid lingering challenges in its ecosystem. It was trading at $13.22 on Monday, where it has been in the past few weeks. It has plunged by more than 66% from its highest level in November.
Ecosystem challenges remain
Solana price has been under intense pressure in the past few weeks because of its significant exposure to FTX and Alameda Research.
The main exposure was through Serum, one of the biggest DeFi projects in its ecosystem. Serum was the main liquidity provider in most DeFi projects in Solana. It was built by a consortium of companies, including FTX.
Unlike other DeFi protocols, Serum’s key was not held by the decentralised autonomous organisation (DAO). Instead, it was held by FTX, which has raised a lot of concerns. As a result, after FTX’s collapse, most people dumped their holdings in the network, leading to the sharp decline of SRM.
Now, Serum’s community is working to rebuild its network using lessons learnt. They have cloned Serum’s code and created OpenBook, a platform that has a TVL of about $2 million. It now ranks as the 31st biggest platform on Solana. The challenge will be how to incentivise users who lost money via Serum to take part.
Solana’s ecosystem is still having challenges. Its total value locked has plunged from more than $12 billion to about $460 million. It is led by Marinade Finance, a platform that offers Marinade Finance, Raydium, Orca, and Quary.
According to CryptoSlam, the volume of Solana NFTs has also declined in the past few months. In November, total sales in the ecosystem were $70 million, down from the $311 million that it handled in April.
Solana price forecast
The 4H chart shows that the SOL price has been in a consolidation phase in the past few days. Along the way, it has formed a small triangle pattern that is shown in green. It is also consolidating at the 25-day and 50-day moving averages while the Average True Range (ATR) has dropped sharply in the past few days.
Therefore, while the overall outlook for Solana is bearish, we can’t rule out a situation where it stages a strong comeback after the Fed decision. If this happens, the next key level to watch will be at $19.18. A move below the support at $11 will mean that bears have prevailed.
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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