Altcoins
Unilend Price Prediction as UFT Token Goes Bonkers
Unilend Price went parabolic on Saturday as investors focused on the growth of its ecosystem during the World Cup tournament. The UFT token surged to a high of $0.4460, which was slightly below its all-time high. This made it one of the best-performing cryptocurrencies during the weekend.
What is Unilend and why is it rising?
Unilend is a small but fast-growing platform in the Decentralized Finance (DeFi) industry that solves a major problem. Most platforms provide only a limited number of tokens to traders and investors. Unilend, on the other hand, solves this challenge by providing thousands of tokens.
It allows both trading and DeFi capabilities to co-exist within the same protocol. By so doing, it hopes to solve the liquidity and liquidation issue that limits the growth of DeFi. It does this by letting users create their own lending and risk management strategies for lending, borrowing, and spot trading.
Unilend’s developers have been working hard to grow its network. They are currently working to launch the second version of the network. Unilend V2 offers thousands of tokens that people can buy and sell easily.
Unilend price is rising as investors cheer the growth of its network during the World Cup. The developers introduced team tokens that people can trade on. For example, if a game like Morroco and Portugal is going on, users can buy the token of the team they hope will win. Fans can leverage long positions on their favorite teams and short the other teams.
Unilend is not the only blockchain network taking part in the World Cup. OKX, the fast-growing exchange, has launched an NFT competition where people bet on their favorite teams. In the end, winners will distribute over $3 million worth of rewards.
Still, it is unclear whether this UFT price pump will continue. In the past, we have seen several pumps and dumps during the weekend. For example, we saw OSMO price surge and then collapse.
Unilend price prediction
The four-hour chart shows that the UFT price surged on Saturday. It rose to a high of $0.4718, which was a few points below the highest level on record. As it rose, the token rose above the important resistance level at $0.3754, the highest level on November 20.
Unilend price then declined sharply and moved below the support at $0.3754. It remains above the 25-day and 50-day moving averages. Therefore, the token will likely continue falling as sellers target the support at $0.32.
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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