Connect with us

Market

Will Solana Drop Below $110?

Published

on


Solana risks devaluation as technical indicators point to a potential downturn. On the 12-hour chart, a developing death cross is emerging.

If confirmed, the death cross may cause SOL’s price to plummet below $110.

Solana and its Forming Death Cross

Solana’s 12-hour chart indicates that its 50-day SMA (blue line) is trending downward toward the 200-day SMA (yellow line), suggesting an impending death cross — a bearish signal indicating potential downside. Traders usually interpret it as a sign to exit long and take short positions.

sol death cross
Solana 12-Hour Analysis. Source: TradingView

An assessment of some key indicators confirms the growing bearish bias toward the altcoin, which makes the death cross likely.

Firstly, the setup of Solana’s Directional Movement Index (DMI) shows significant bearish strength in the market. As of this writing, SOL’s Positive Directional Indicator (+DI) rests below its Negative Directional Indicator (-DI). The +DI measures the strength of upward price movements, while the -DI measures the strength of a price downtrend.

sol dmi
Solana’s Directional Movement Index. Source: TradingView

When set this way, the downtrend is strong. This suggests that sellers are in control, and bearish momentum is dominating the market. Exchanging hands at $142.69 as of this writing, SOL’s price has plunged by 16% in the last month

Also, the dots of SOL’s Parabolic Stop and Reverse (SAR) indicator lie above its price. This indicator tracks an asset’s price direction and identifies potential reversal points.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

sol parabolic SAR
Solana Parabolic Stop and Reverse. Source: TradingView

When its dots rest above the asset’s price, the market trend is downward. It offers confirmation that the asset’s price is declining and that the downtrend may continue. 

SOL Price Prediction: a Drop Below $110

SOL’s negative funding rate on exchanges in the past few weeks lends credence to the above position. This means there is a higher demand for short positions amongst the altcoin’s futures traders. At press time, SOL’s funding rate is -0.0028%.

sol funding rate
Solana Funding Rate. Source: Coinglass

If these short bets hold true, SOL’s value will drop to $133.66. If the bulls fail to defend this support level, its price will plummet further to $109.66, a low it last traded at during the general market downturn on August 5.

Read more: 13 Best Solana (SOL) Wallets To Consider in August 2024

sol price prediction
Solana 12-Hour Analysis. Source: TradingView

However, if SOL witnesses a shift in the market trend from bearish to bullish, its price will reach $148.20.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Notcoin Price’s 25% Rally Is Early Christmas for NOT Traders

Published

on


Notcoin (NOT) has been in a persistent downtrend since June, facing significant price declines. However, recent developments suggest a potential turning point for this Telegram-based cryptocurrency. 

A notable 25% rally has sparked optimism, providing NOT traders with a much-needed boost. This upward momentum could signal a shift as positive sentiment grows within the Notcoin community.

Notcoin Has Considerable Support

Over the past month, Notcoin’s funding rate has remained consistently positive, reflecting a generally optimistic outlook among traders. Despite NOT’s declining price in October, traders held firm, maintaining their positions as funding rates indicated a strong conviction. This resilience in the face of price declines suggests that Notcoin enthusiasts are confident about a potential recovery, indicating stable long-term support from the community.

Such sustained optimism is a promising sign for NOT’s future. The positive funding rate, coupled with recent price action, suggests that investors believe in Notcoin’s potential for a turnaround. If this sentiment continues, it could provide the stability necessary for NOT to build on its recent gains and overcome resistance levels.

Notcoin Funding Rate.
Notcoin Funding Rate. Source: Coinglass

Notcoin’s macro momentum is beginning to show strength, supported by technical indicators such as the Relative Strength Index (RSI). The RSI is currently gaining bullish momentum, suggesting that buying interest is on the rise. However, to sustain this growth, NOT needs to turn the neutral line at 50.0 on the RSI into a support level. 

Achieving this support on the RSI would signal sustained bullish strength, encouraging additional investor interest. For NOT to maintain its recent rally, this level of momentum must be sustained. Without a firm foundation, Notcoin may struggle to hold on to its current gains, emphasizing the importance of consistent growth indicators.

Notcoin RSI
Notcoin RSI. Source: TradingView

NOT Price Prediction: Recovering Losses

Notcoin’s price surged by 25% during today’s intra-day high, rebounding from the recent support level of $0.0057. This uptick reflects growing buying pressure, and the altcoin is now looking to continue this momentum with hopes of reaching higher targets.

The broader market’s bullish sentiment could aid Notcoin’s progress, provided investors resist the urge to book profits too soon. If successful, NOT’s target is to flip the resistance at $0.0094 into a support level, solidifying its position and potentially enabling further gains.

Notcoin Price Analysis.
Notcoin Price Analysis. Source: TradingView

However, Notcoin has previously struggled to close above the $0.0083 resistance level. Another failed breach at this price point could prompt a pullback toward $0.0070. A drop below this level would invalidate the current bullish outlook, potentially pushing NOT back to its recent support of $0.0057, which would signal a return to the downtrend.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

FTX Files Over 20 new Lawsuits as Part of asset Recovery Efforts

Published

on


On November 8, the administrator overseeing FTX’s bankruptcy filed more than 20 new lawsuits, ramping up legal actions against several entities.

These lawsuits indicate a concerted effort by FTX to recover assets from multiple companies and individuals. Since November 2022, the FTX Debtors have filed 51 adversary actions, with 30 of them occurring in recent weeks.

FTX Targets $1 Billion in Losses With New Lawsuits

According to documents from the FTX bankruptcy docket, most of the latest filings address various claims, including political contributions, the defunct exchange philanthropic efforts, investments, and allegations of market fraud and manipulation.

“FTX is going after dozens of left leaning groups for all the donations that were made fraudulently with customer money,” an FTX creditor stated.

Thomas Braziel, founder of 117 Partners, stated that FTX might reclaim some donations under US bankruptcy law. He noted that funds can be recovered if they were donated with fraudulent intent or lacked equivalent value. Also, donations made while the donor was insolvent are particularly at risk of being clawed back.

“Not all donations are immune. Bankruptcy trustees will look closely at the debtor’s intent, timing, and financial condition when deciding if a charitable transfer can be clawed back,” Braziel said.

FTX Lawsuits
FTX New Lawsuits. Source: X/SFTXunil Kavuri

In addition to the non-profits, the failed exchange legal team is pursuing other prominent figures and entities. The estate has filed a lawsuit against former White House Communications Director Anthony Scaramucci and his company, seeking damages of more than $100 million. Another suit targets the team behind Storybook Brawl, a video game that FTX co-founder Sam Bankman-Fried invested in and promoted.

FTX also filed a significant clawback lawsuit against Nawaaz Mohammad Meerun, known as “Humpy the Whale,” who allegedly caused over $1 billion in losses through market manipulation. Earlier this year, Humpy led a governance attack on the DeFi protocol Compound Finance, causing significant losses for the platform.

“Meerun also repeatedly violated FTX’s rules, forcing Alameda to take over Meerun’s risky positions and suffer hundreds of millions of dollars in additional losses. All told, FTX and Alameda suffered approximately $1 billion in losses due to Meerun’s crimes, and Meerun has used the proceeds of his exploits to fund a wide range of other criminal activity,” FTX alleged.

These legal actions reflect FTX’s increasing efforts to recover assets from numerous individuals and companies. Over the past week, the exchange has filed legal actions against major centralized exchanges like Crypto.com and KuCoin over funds belonging to the platform.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Analyst Says Altcoin Season Will Begin Due to This Reason

Published

on


Altcoins have recently surged alongside Bitcoin, which reached a new all-time high this week. Despite Bitcoin’s record-breaking price, the cryptocurrency leader is beginning to lose market dominance. 

This shift has raised interest in an upcoming Altcoin Season, also known as AltSeason, as altcoins gain traction among investors.

AltSeason Is Not Far Away

Crypto analyst MikyBull Crypto highlighted that Bitcoin’s dominance is nearing a bearish MACD crossover. Historically, this has often been seen as a key indicator of an impending Altcoin Season

According to the analyst, the post-election atmosphere is driving this shift, as it historically acts as a catalyst for altcoin rallies. This potential shift in market conditions could lead to a phase where altcoins outperform Bitcoin in terms of growth.

Bitcoin Dominance Set to Decline.
Bitcoin Dominance Set to Decline. Source: Milkybull Crypto

Similarly, analyst IncomeSharks suggested that Bitcoin’s dominance signals a momentum transfer to altcoins. IncomeSharks recommends that investors “buy and hold” altcoins through November, anticipating continued gains as the month progresses. 

This analysis aligns with the view that Altcoin Season may begin by month’s end as investors look to diversify away from Bitcoin. Thus as for investors looking to make the best of altcoins might have to hold their horses until the arrival of a confirmation.

Arrival of the Altcoin Season

The Altcoin Season Index currently reflects that while Bitcoin’s dominance is slipping, it has not fully dissipated. For AltSeason to officially begin, 75% of the top 50 altcoins would need to outperform Bitcoin. This benchmark requires 33 of these altcoins to show stronger growth than BTC, confirming the arrival of this season.

Currently, only 19 altcoins are surpassing Bitcoin in gains, indicating that AltSeason has not yet fully materialized. If this figure rises, it would signal a definitive shift. However, for now, Bitcoin’s influence still holds, delaying the start of a strong altcoin rally.

Altcoin Season Index.
Altcoin Season Index. Source: Blockchain Center

If institutional interest in Bitcoin intensifies, BTC’s dominance could strengthen, potentially postponing the Altcoin Season until 2025. An increase in BTC-focused investments may extend Bitcoin’s lead, keeping altcoin growth in check until broader conditions favor alternative assets.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io