Altcoins
TRON (TRX) in the oversold zone: What’s its expected long-term price growth?
TRON is a digital asset that is created to revolutionize the world. It aims to create a decentralized world, thus, adding a new trend to the world’s global technologies.
TRON’s technology helps content creators to create and publish their contents without the use of intermediaries such as YouTube, Facebook, etc. However, the success of content will solely depend on the audience it has and the number of people that view it.
It is important to know that this year, Tron launched its MainNet protocol – which made TRX independent from Ethereum’s network, capable of performing more transactions than Ethereum’s network.
Also, TRON (TRX) is in the course of upgrading its MainNet and launching its very own Virtual Machine (on 30th this month). An upgrade of Tron’s MainNet protocol will see that it reaches higher speed (4x) than that of Ethereum’s network.
TRX/USD Market Indicator Signals
TRX has been on the bear side for two weeks, which further resulted in a dip in its price from $0.0246 in the supply zone.
TRX price dipped below 2 cents last week (22nd August). On the 25th of August, a bullish movement was seen as it attained a supply area of $0.0226.
At the time of writing, TRX is priced at $0.02512, and it’s on the green today same as other major cryptos in the market. The price of Tron (TRX) is almost at the zone of strong oversold. But if there is a general bear run in the market in the coming weeks or days, it may dip further below its current price and reach a new resistance level.
In the TRX market charts, you will see a buy zone SL area and 2 Targets on the symmetric triangle as its entry signal is breaking the neckline and 200 MA with a confirming volume. The targets are corresponding to the potential resistance at 337, 345, and 355 – although it may be short-termed.
With TRX’s current breakout with confirming volume – currently sitting at the physiological resistance of 330, it seems TRX is consolidating a bit before the next action.
Also, the stochastic oscillator is pointing upwards at 65%, and we may see a bullish movement in the price of TRX very soon. The RSI is also pointing upwards and displaying that there is still a buying pressure left, which will ensure that the upcoming bullish movement is under check until TRX attains the next potential resistance levels.
The price of TRX looks corrected, and bullish sentiment is likely. At the moment, the price of TRX is oscillating between $0.0262 higher support level, and $0.0203 lower support level.
TRON’s Long-term Price Predictions
Tron has done reasonably well even after the Bithumb hack news that affected the performance of many coins. With the current growth trend of TRON (TRX), it is likely it reaches $1-$2 (at least) within three to five years, and this since lots of global FinTech companies and developers are going for it.
The number of global usages is likely to increase in the next five years, and as more people and companies use TRON technology, TRX price will appreciate. As always, no guarantees in crypto-world and TRON as a company needs to keep working as hard as they currently are to keep the trends going in their favor.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Ibrahim Rifath on Unsplash
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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