Altcoins
Stellar Lumens Price Rally in Full Swing: Riding the Ripple Effect
Stellar Lumens price has been trading around its highest level since March 2022 for the past few weeks, catapulting itself into the forefront of the crypto market frenzy. At the time of writing, the asset was trading 4.24% higher at $0.1623 but nearly 20% below its highest level this year.
The XLM price has jumped by more than 14% over the last day with its total market cap and total volume traded increasing by 15% and 96%, respectively over the last day. The asset has a total market cap of $4.4 billion, positioning it as the 20th largest cryptocurrency after Dai and ahead of Chainlink.
What’s Driving XLM?
Stellar Lumens price has staged a significant recovery this month, propelling its value to new heights. The asset’s remarkable performance has seen its price climb by more than 73% in the month to date, outperforming the top 100 rosters of cryptocurrencies. Notably, XLM price has soared by more than 125% in the year to date and 51.75% in the past year.
XLM’s outstanding surge is primarily attributed to Ripple Lab’s landmark court win against the US Securities and Exchange Commission and the significant performance by XRP which is up by 111% in the year to date.
US District Judge Analisa Torres ruled that roughly half of Ripple’s sale of its XRP token did not violate federal-investor protection laws. Judge Torres agreed with the argument made by Ripple Labs that XRP is not a security. However, the judge ruled that XRP was a security when sold exclusively to institutional investors. The verdict by the federal court saw the XRP price skyrocket, propelling other altcoins, including XLM and Cardano to climb in value.
The rally following the federal court’s verdict in favor of Ripple failed to hold the XLM price above the crucial $0.20. However, it seems like the bulls are still in charge, characterized by the relatively high XLM trade volumes. The period of XLM’s price increase has occurred alongside the token’s growing positive correlation with XRP. As of July 27, two assets had a coefficient correlation of 0.9, suggesting they are moving in a near-perfect tandem.
Stellar Lumens Price Prediction
The 4-hour chart shows that the Stellar Lumens price has been on a strong bullish uptrend over the past few days. The XLM price broke above the descending trendline shown in yellow, boosting investors’ confidence. The digital asset has managed to break above the 25-day and 50-day exponential moving averages, pointing to renewed bullish momentum. Its Relative Strength Index (RSI) is currently at 61, 9 points below the overbought zone.
Therefore, the XLM price is likely to continue rising in the medium term amid improved sentiment and growing bullish momentum. As such, the next resistance levels to watch will be $0.1815 and $0.1980. However, a move below the bullish support at $0.1515 will invalidate the bullish thesis.
XLM Price Chart
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…
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…
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,…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
