Altcoins
Tron (TRX) is turning around big time
Tron has not exactly had a great 2018 – the project has plummeted in price from 30 cents in January, to hovering at around two cents. Of course, the entire market has been in an overall slump in recent months, so this isn’t too surprising, but many believed that the Justin Sun-led project would be one of the most successful projects of 2018, given the fact that Tron has floated rumors about partnerships with world-renowned companies such as Alibaba and Twitter for some time now.
Although the price action has been disappointing recently, that has been turning around, and the price momentum of Tron (TRX) is growing, as it is up by 9.9% over 48 hours or so.
Of course, this does not mean that there is a sustained price rally underway, or that it will blow past two cents to reach three, four, or five cents. It is evident that since the project has lost so much market capitalization, it will take a lot for long-term investors to feel great about the project in general.
Subsequently, there are key developments that are leading to this price boost. One massive expansion is the fact that the world’s largest cryptocurrency exchange by daily volume, Binance after adding TRX/USD earlier, has decided to create BNB/TRX pairs now.
#Binance Adds TRX/BNB Trading Pairhttps://t.co/jPbxEsw6eJ pic.twitter.com/HV1NLbEKcr
— Binance (@binance) September 19, 2018
That not only means added liquidity for Tron (TRX) but also suggests that the exchange believes that the project will increase in value over time significantly. It certainly helps the overall market sentiment and public perception of Tron in general.
Binance isn’t the only exchange that is taking steps to make sure that Tron experienced more liquidity in the market. Although it is only available in certain parts of the world, Bittrex announced that it would add Tron/USD and Litecoin/USD pairs to the exchange.
The fact that Tron has fallen so much is unfortunate, but given these two recent developments, and the subsequent price action; it is easy to conclude that many buyers have decided that this is a great time to enter for either a long-term hold or a short-term trade.
Of course, there are significant resistance levels, and obvious mental resistance at both the five-cent and ten-cent mark, but if Tron (TRX) continues to have positive developments, perhaps the project can reclaim some of its former glory.
The demand for Tron is undoubtedly here currently, as it already has exceeded $100 million in 24-hour trading volume. Apparently, the future will determine whether this kind of volume will increase and whether the price will continue to rise, or plateau at a certain level.
As of right now, it is clear that there is a demand for Tron (TRX) and a suggestion that prices will increase over a long period. The truth is that these new pairings will undoubtedly lead to more volume for the project, but time will tell whether this volume can be sustained to create a true trend reversal. Keep your eye on Tron – you never know what will happen.
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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. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Kelly Sikkema 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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