Altcoins
Uniswap Price Nears Key Resistance as Daily Users Spike
Uniswap price has crawled back in 2023, helped by the strong performance of digital currencies and increased volume in its ecosystem. UNI token jumped to a high of $7.55 on Friday, the highest point since November 7. It has jumped by more than 44% from the lowest point in 2023.
Uniswap volume and fees rising
Uniswap had a mixed performance in 2022 as cryptocurrency prices plunged. As a decentralized exchange (DEX), the decline meant that more people pulled their money out of the industry. Therefore, daily trading volume slumped, pushing total revenue sharply lower.
According to Token Terminal, Uniswap’s best month ever was in May 2022 when it collected fees worth over $224 million. It was followed by November 2021 when fees rose to $181 million. Since then, fees crashed continually in 2023 and reached a yearly low of $20.6 million.
There are signs that Uniswap’s fees are bouncing back. As shown below, the network’s revenue rose to $37.8 million in January as the volume processed rose.
Other data shows that the situation is encouraging. For example, the number of active users in the ecosystem has bounced back in 2023. It had over 57k users on Thursday, the highest point since November 2021.
The biggest challenge for Uniswap is that the competitive landscape is growing by the day. Popular DEX protocols like dYdX are gradually taking market share. For example, dYdX handled transactions worth over $1.35 billion in the past 24 hours compared to Uniswap’s Ethereum version’s $1.1 billion.
Another challenge is that the highly hyped NFTs in Uniswap did not have a major impact since launch. Data by Dune Analytics shows that the volume of NFTs traded in Uniswap has been in a strong downward trend. The number of unique sellers and buyers in Uniswap were just 61 and 23, respectively.
Uniswap price prediction
The UNI crypto price has made a slow bullish breakout in the past few weeks. It has jumped above the ascending trendline shown in black. It has moved above the 25-day and 50-day moving averages. The coin is approaching the important resistance point at $7.80, the highest point on November 6.
Therefore, there is a likelihood that the coin will continue rising as buyers target the key resistance point at $9.7, the highest point on July 9. The stop-loss of this trade will be at $6.
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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