Connect with us

Market

Solana (SOL) Needs to Hold $200 for Next Rally: Will It Succeed?

Published

on


Solana started a fresh increase above the $200 support zone. SOL price is correcting gains and must stay above $200 for a fresh increase.

  • SOL price started a fresh increase after it settled above the $188 level against the US Dollar.
  • The price is now trading below $212 and the 100-hourly simple moving average.
  • There was a break below a key bullish trend line with support at $210 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls defend the $200 support zone.

Solana Price Starts Downside Correction

Solana price formed a support base and started a fresh increase above the $185 level like Bitcoin and Ethereum. There was a strong move above the $195 and $200 resistance levels.

The price even cleared the $212 level. A high was formed at $225 and the price is now correcting gains. There was a move below the $220 and $212 levels. The price dipped below the 50% Fib retracement level of the upward move from the $195 swing low to the $225 high.

There was a break below a key bullish trend line with support at $210 on the hourly chart of the SOL/USD pair. Solana is now trading below $212 and the 100-hourly simple moving average.

The price is now approaching the key support at $200 and the 76.4% Fib retracement level of the upward move from the $195 swing low to the $225 high. On the upside, the price is facing resistance near the $208 level. The next major resistance is near the $212 level.

Solana Price

The main resistance could be $225. A successful close above the $225 resistance level could set the pace for another steady increase. The next key resistance is $242. Any more gains might send the price toward the $250 level.

More Losses in SOL?

If SOL fails to rise above the $212 resistance, it could continue to move down. Initial support on the downside is near the $202 level. The first major support is near the $200 level.

A break below the $200 level might send the price toward the $195 zone. If there is a close below the $195 support, the price could decline toward the $185 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $200 and $195.

Major Resistance Levels – $208 and $212.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Market

Tether Injects $7 Billion into the Market in Six Days

Published

on


Tether has minted an additional 2 billion USDT today, bringing the total to 7 billion USDT over the past six days. 

This substantial increase in USDT supply injects significant liquidity into the cryptocurrency market, potentially influencing trading dynamics and asset valuations.

Increased USDT Minting Suggests Surging Liquidity Demand

Historically, large-scale USDT minting by Tether has correlated with notable market movements. For instance, in May 2024, Tether minted 1 billion USDT, which was linked to subsequent Bitcoin price increases.

Also, the initial $3 billion mint on November 12 coincided with Bitcoin breaking $85,000 and subsequently crossing the $90,000 threshold. 

The recent surge in USDT supply may signal increased demand for stablecoins, often used by traders to hedge positions or facilitate transactions without converting to fiat currencies. 

This influx of liquidity can enhance market depth, potentially reducing volatility and improving price stability across various digital assets.

tether USDT minting
Tether’s USDT minting throughout Bitcoin’s price surge in November. Source: Lookonchain

Earlier this month, Tether published its quarterly earnings and reported record revenue. In the third quarter of 2024, the stablecoin issuer reported a record-breaking profit of $2.5 billion, bringing its total assets to $134.4 billion. 

Tether’s CEO Paolo Ardoino also disclosed that the company’s reserves include 2,454 BTC and 42.3 tons of gold. 

New Avenues for Business Expansion

With this year’s increased revenue, Tether is actively exploring new developments and avenues for expansion. The company is considering lending to international commodities traders, particularly in developing markets. 

Also, Tether completed its first crude oil transaction in the Middle East earlier this month. The $45 million deal, executed in October, involved 670,000 barrels of oil transacted using USDT. 

This marked a significant milestone in the adoption of stablecoins for large-scale commodity trades.

Despite these advancements, the USDT issuer continues to face regulatory scrutiny. A recent Wall Street Journal report alleged Tether’s potential involvement in illegal transactions

In response, CEO Paolo Ardoino stated that Tether had not observed any indications of a federal probe, reaffirming the company’s commitment to compliance and transparency.

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

XRP Token Price Hits $0.75 – Can the Rally Continue?

Published

on


Ripple’s XRP has witnessed a significant price surge following its Wednesday listing on the popular trading platform Robinhood. 

This has propelled the XRP token price to a new year-to-date high of $0.75, and it now appears poised to hit new highs before the end of the year. Here is why.

Ripple Rallies, Thanks To Robinhood

Robinhood’s crypto division expanded its offerings on Wednesday, adding support for XRP and several other altcoins. For example, the platform also relisted Solana (SOL) and Cardano (ADA) for US customers, reversing last year’s regulatory-driven delistings.

This listing fueled buyer demand for XRP, pushing its price to a new year-to-date high of $0.75 during the intraday trading session. Although it has since corrected by 7%, the bullish bias toward the altcoin remains significant. At press time, XRP trades at $0.70.

At its current price, XRP trades above its Ichimoku Cloud. BeInCrypto’s analysis of the XRP/USD one-day chart shows this could be the first sustained rally above the cloud in over a month.

XRP Ichimoku Cloud
XRP Ichimoku Cloud. Source: TradingView

The Cloud is an indicator that tracks the momentum of an asset’s trends and identifies potential support/resistance levels.  When an asset’s price stays above the cloud, it signals a strong bullish trend, indicating that buyers dominate and market sentiment is positive. 

Moreover, traders typically confirm the trend by looking at the Conversion Line (blue) and Base Line (red). If both are above the cloud and moving upward, it reinforces the bullish outlook. As of this writing, this is the case with XRP, confirming the market’s uptrend.

Further, XRP’s rising Chaikin Money Flow (CMF) indicates the strengthening demand for the altcoin. At press time, this stands at 0.28.

This indicator measures money flows into and out of an asset. When its value is above zero, buying pressure outweighs selling activity among market participants.

XRP CMF
XRP CMF. Source: TradingView

When this happens during a price rally, as in XRP’s case, it gives credence to the price growth. It indicates that the price surge is backed by actual token demand and not by mere speculation. 

XRP Price Prediction: $0.80 May Be the Next High

XRP is trading at $0.70, slightly below the resistance level of $0.72. If demand strengthens, the token may breach this level and reclaim its new year-to-date high of $0.75. A successful break above this point could propel XRP’s price to $0.80, a high last seen in July 2023.

XRP Price Analysis
XRP Price Analysis. Source: TradingView

However, a resurgence of selling activity could invalidate this bullish outlook, causing the XRP token price to plummet toward $0.66. If this support fails to hold, the price may drop further to $0.59.

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

Tensor’s Vector.fun Tests SocialFi Viability Amid Meme Coin Hype

Published

on


With the ongoing surge in interest in meme coins, a leading Solana NFT marketplace, Tensor, is launching Vector.fun.

In essence, the project can be described as a SocialFi experience that combines trading with social engagement in one mobile app.

The Road to Vector.fun

Tensor’s Gen-Z-focused approach tries to make meme coin trading more accessible to “normies,” as Tensor co-founder Ilja Moisejeves put it on X. According to Tensor’s founders, everything about trading and crypto is “inherently social.” The main way it tries to achieve this is by making it a shareable experience, driving home the essence of community trading.

“It’s a new way to trade. It’s internet finance in every pocket. It’s how your normie friend gets into crypto. It’s the #1 app in appstore in 2025. Or it’s a f**king dud and I’ll be fired. I guess we’ll find out,” said Tensor co-founder Ilja Moisejevs on X.

As co-founder Richard Wu described on X, the project’s idea arose from a need for a solution to NFT fatigue. The project has been in development over the last eight months, a process the founders described as grueling.

“I probably had 1 weekend off since TGE. One of our BD guys retrained as PM to help with the load. People pulled 20hr days. Engineers slept in the office. 100s of feedback calls. 1000s of PRs. If you think Tensor was built fast…. my god, let me tell you, this thing is 10x more feature-full and was built 10x faster. The team was stupid locked in,” said Tensor co-founder Ilja Moisejevs on X.

Earlier this week, they opened up early access to their waitlist. Shortly after, they had to suspend sign-ups due to high demand, an auspicious sign. Those who’ve already signed up will be granted access in the coming weeks. The existing holders of their NFT collection can confirm ownership on Discord.

In 2023, Tensor emerged as a strong player in the Solana NFT space. But as they debut this trading terminal, repeating that success remains to be seen as they enter this highly competitive atmosphere.

Over the last year, meme coin trading has boomed, largely thanks to Pump.fun, which enables users to create tokens easily and cheaply. Some tokens, like Peanut the Squirrel (PNUT) and Goatseus Maximum (GOAT), have even reached impressive market caps, bringing substantial gains to early investors.

Even with impressive examples like these, most meme coins experience quick deaths. History has proven the same for SocialFi.

The Sad Saga of SocialFi

In late 2024, SocialFi platforms like Farcaster, Lens, and Friend.Tech began seeing a steep decline in user activity. Farcaster, a platform focused on user privacy and data control, experienced a substantial drop in daily active users (DAUs), from 67,000 in July to 34,000 in October, despite acquiring $150 million in funding earlier this year.

Friend.Tech also saw a tumble in revenue. Originally yielding over $4 million in fees in September 2023, developers have since renounced control of its smart contract.

Now, they can no longer make changes or claim ownership. As of June, the project no longer generates any revenue.

Friend.Tech Revenue. Source: Dune.

These struggles highlight challenges in maintaining user interest in the SocialFi space despite large investments and early excitement. However, the recent meme coin craze serves as an ideal launchpad for Vector.fun to take off, testing the arena for SocialFi readiness in the community.

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

Trending

Copyright © 2024 coin2049.io