Altcoins
Tron Price Tumbles as DeFi TVL Holds Above $4B
Tron price crashed to the lowest level since November 24 as the crypto market waited for the upcoming interest rate decision by the Federal Reserve. TRX was trading at $0.051, which was much lower than the weekend high of $0.055.
Tron TVL holding well
Tron price has been in a downward trend as investors watch the performance of its ecosystem. Data compiled by DeFi Llama showed that the platform’s TVL has held quite well compared to other chains like Solana and Optimism.
The network has a TVL of more than $4.8 billion, making it the third-biggest chain in the world after Ethereum and BNB Chain. Most of its DeFi platforms have seen their TVL jump by about 6% in the past 30 days. JustLend TV has risen by 5.28% to $3.29 billion. JustStables and SUN.io have risen to $904 million and $601 million.
Tron price declined as Justin Sun moved to reassure the community about the stability of USDD, the algorithmic stablecoin. In a statement, he referred users to the stablecoin’s website, which shows that it is over-collateralized by 200%.
Data in its website shows that USDD has a total market cap of over $725 million against collateral of over $1.4 billion. In contrast, USD Coin and Tether are all backed by 100%. Therefore, it means that all USDD holders can easily demand their funds without affecting its peg.
Tron price also reacted to the ongoing burn rate in the ecosystem. In a tweet, Justin Sun reiterated that the total TRX burned by a transaction on Sunday was over 22.8 million. This means that at that rate, about 9% of TRX will be burned every year.
Tron price prediction
The 4H chart shows that the TRX price has been in a strong sell-off in the past few days. In this period, it has managed to move below the important support level at $0.052, the lowest level on December 7.
Tron price also moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved lower. Therefore, for now, the outlook for Tron is still bearish, with the next key support for the coin being at $0.050.
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,…
-
Blogs7 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs7 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs7 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs7 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss7 years agoRipple’s five new partnerships are mouthwatering
-
Blogs7 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs7 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs7 years agoIs Litecoin (LTC) Changing Its Game Plan By Going For Mass Adoption?
