Altcoins
TRON Price Plummets for the Third Day as Market Jitters Weigh on Risk Appetite
TRON price has been in the red for three consecutive days amid continued volatility in the cryptocurrency’s value. At the time of writing, TRON price was trading 2.36% lower at $0.07804. The asset’s total market cap has crashed by nearly 5% over the last day to $7 billion, while the total volume of the TRX traded over the same period jumped by 49.88%. TRON ranks 10th in the crypto market after Solana.
What is TRON?
TRON is a decentralized blockchain-based operating system developed by the TRON Foundation and launched in 2017. Initially, the project was created to provide full-ownership rights to digital content creators. Its main goal is to help content creators, who earn small incomes, and encourage them with more rewards for their work.
TRON was founded by Justin Sun, the current CEO of the TRON Foundation. The TRON software supports smart contracts, various kinds of blockchain systems, and decentralized applications (dApps). TRON uses a consensus mechanism called delegated proof-of-stake.
The platform uses the same transaction mode as Bitcoin, where transactions take place in a public ledger where users can track the history of operations. Unlike other blockchain projects with opaqueness about their development plans, TRON publicly delivers its intentions for the coming years.
TRON Price Performance
Like major cryptocurrencies, TRON tends to move in tandem with the broader crypto market sentiment. The asset has plunged by more than 6% over the past week but is up by 43.91% in the year to date. Crypto market jitters amidst uncertainty over the global economic outlook and falling risk appetite, the drop in the TRON price aligns with weakness in the cryptocurrency market. Struggles at various crypto firms have also spooked investors.
Despite its recent downfall, TRON has jumped by more than 25% in the past month, outstripping the global crypto market. Prudent developments amidst broader crypto market tailwinds could see TRX chart more upside. Even so, TRON faces stiff competition from faster and more decentralized smart contract platforms like Solana and Avalanche.
TRON Price Prediction
The 4-hour chart shows that the TRON price has been in a steep freefall for the past few days amid increased volatility. The asset has dropped below the 25-day and 50-day exponential moving averages with its Relative Strength Index (RSI) in the oversold region at 19. The Moving Average Convergence Divergence (MACD) indicator, as well as the momentum indicator point to more downside.
Therefore, the TRON price is likely to pull back further in the ensuing sessions as bears eye the net support at $0.07650. However, a flip above the hurdle at the 50-day EMA at $0.0816890 could pave the way for more gains, pushing the price higher to the next resistance level at $0.085790.
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,…
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