Altcoins

Storj Price Meltdown Continues Amid Doubts of Storage Tokens

Published

3 years ago

December 19, 2022

Crispus

Storj price continued its downward trend this week as concerns about file storage continue. The token crashed to a low of $0.2693, which was the lowest level since 2020. It has crashed by more than 92% below its highest level on record, giving it a market cap of $111 million. Other storage tokens like Filecoin and Arweave also slipped.

Storage tokens plunge

Cloud computing is one of the biggest industries in the world. These days, most companies are spending millions of dollars every year on cloud storage. As a result, companies like Amazon, Microsoft, Box, Dropbox, and Google make billions of dollars every year.

Cloud computing works in a relatively simple way. These companies deploy giant data centers around the world. They then use technology to ensure that files stored in them are accessible around the world.

Some computer scientists believe that decentralization can solve some of the biggest challenges in the industry. For example, instead of spending millions of dollars on data centers, they can use individuals who provide their storage and then earn a return. Such a network is believed to be much faster and more efficient. As shown below, Storj is cheaper than its centralized peers.

Storj uses the same model. The firm uses decentralized network providers who provide the storage that can be used by developers and also individuals. Some of the industries that use Storj are in the video sharing and streaming sectors.

Storj price declined as investors started to question its premise. The main concern is whether companies are willing or interested in using these decentralized platforms. Besides, centralized storage platforms like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud work just fine. Similarly, consumer-faced companies like DropBox and Box work well.

Storj price forecast

The four-hour chart shows that the Storj price has been in a strong bearish trend in the past few months. On Monday, it managed to move below the important support level was $0.2734, which was the lowest level on November 24. It has also moved below all moving averages while the Relative Strength Index (RSI) moved to the oversold level.

Therefore, the coin, which has formed a bearish flag pattern, will likely have a bearish breakout as sellers target the next key support at $0.25. A move above the resistance at $0.28 will invalidate the bearish view.

Altcoins

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

Published

2 years 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

2 years 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

2 years 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,…