Market
Crypto price prediction: Solana, Poodlana, Bitcoin
- SOL is among the well-recovered assets, but it’s not out of the woods yet.
- 10 days ahead of the end of its presale, POODL has raised over $5 million.
- Bitcoin seems set for a dead cat bounce.
As the markets stabilize, Solana has emerged as one of the top crypto gainers in Tuesday’s session. Meanwhile, one of the meme coins under the Solana network, Poodlana, has already raised over $5 million – 10 days ahead of its presale end. With its viral traction, it gives a one-of-a-kind opportunity for lovers of meme coins to earn heftily from modest investments.
SOL not out of the woods yet
Solana, the fifth largest cryptocurrency, extended its gains on Tuesday after the huge bearish wave that swept across markets at the beginning of the week. After dropping to a five-month low at $110.47 on Sunday, it rose back above the $150 mark on Tuesday.
As at the time of writing, it was trading at $152.12; equating to a 9.15% increase over a span of 24 hours. At the same time, its market cap and volume was at $70.9 billion and $ 5.5 billion respectively.
The close to 40% gain recorded over the past two days comes amid the heightened discussions regarding SOL ETF(exchange-traded fund). Granted, the natural recovery phenomenon across markets has also contributed to the rally.
With regards to the SOL ETF, there is heightened optimism that it will likely be the 3rd spot token availed to investors after BTC and ETH.
A look at the chart below shows SOL is not out of the woods yet. On the one hand, it formed a bullish hammer candlestick on Sunday. However, it is still trading below the 20 and 50-day EMAs.
As the markets stabilizes, the region of 140 will likely be a steady support level in the ensuing sessions. However, it will likely face substantial resistance around 159.47. As such, the crypto may remain within the aforementioned range in the short term. Success in breaking that barrier will then have the bulls eyeing the next resistance level of 170.05.
Poodlana already past the $5 million mark with 10 more days to go
Increased interest in the SOL blockchain has seen meme coins within the network record substantial gains.In the past 24 hours, HahaYes, Ginnan The Cat, and YAWN have risen by 225.4%, 117.9%, and 170.2% respectively.
There are these meme coins, and then there is Poodlana, the “Hermes of Crypto”. POODL has captured the attention of the fashion-savvy populace and the constantly growing number of crypto enthusiasts. Seeing that the two industries are enormous sectors expected to continue growing, the poodle-themed meme coin might just be the biggest Solana listing yet.
At the moment, Shiba Inu and Dogecoin and the dominating dogs in the crypto market. However, the love for crypto and the fashion-centric poodle places POODL on the right path for dominance.
Since launching its presale on 17th July, this largely talked-about coin has raised $5.50 million. So heightened is the hype that in just 10 days after the launch of its presale, it raised over $3 million. The one-month presale is set to end on 16th August.
As indicated on the project’s website, the current price is $0.0458 and is expected to rise to $0.0499 in its next stage. At the set listing price of $0.060, there is a huge opportunity for investors to make big bucks before and once it goes live on the trading market.
Indeed, the meme coin market has a huge return potential despite the associated risks. Based on its viral traction, a modest investment on POODL can yield immense returns.
Bitcoin likely in a dead cat bounce situation
BTC dropped below the psychological level of $50,000 on 5th August for the first time since 14th February. While it has since recouped some of those losses, it lacks enough momentum to break the previously steady support zone of $57,500.
A look at the technicals shows the possibility of a dead cat bounce. With an RSI of 33, it will likely make temporary gains before embarking on a downtrend.
As the markets stabilize, it may gather enough momentum to push past the $60,000 mark. However, to reverse the current downtrend, it will need to move past the 50-day EMA at $62,880.
On Friday, Solana (SOL) soared to a new all-time high (ATH), now trading at approximately $261. This breakthrough surpasses its previous peak set in November 2021.
Solana’s rise to a new ATH marks an increase of over 32 times from its lows recorded in December 2022.
Solana Hits All-Time High as Gary Gensler Plans Resignation
Solana’s path to this new high has been anything but smooth. After reaching its previous high in 2021, the platform faced a downturn in 2022 amid a broader crypto bear market, further exacerbated by technical issues and network downtimes.
The collapse of FTX in November 2022 pushed Solana’s price down to around $8.
However, Solana has since made a remarkable recovery, increasing more than 32-fold from its low. Now, Solana enthusiasts believe that SOL could eventually outpace Ethereum (ETH) in market capitalization.
“Solana has been at an all-time high by market cap for a while actually. Now, we’re finally in price discovery. The flippening is coming,” Birch, the founder of PathCrypto, said.
The surge in Solana’s market value coincides with the news of SEC Chairman Gary Gensler’s planned resignation, slated for January 20, 2025, as Donald Trump assumes office.
Known for his strict regulatory stance on cryptocurrencies, Gensler’s departure signals a potential shift toward a more crypto-friendly administration. Consequently, this political change is stoking speculations about the approval of a Solana exchange-traded fund (ETF). According to Fox Business journalist Eleanor Terrett, the SEC has begun engaging with issuers to explore the possibility of a Solana ETF.
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Previous efforts to launch a Solana ETF were stalled by regulatory roadblocks, often stopping early in the process. However, the changing political environment and the SEC’s increased openness have reignited hopes within the crypto community. Recent filings for a Solana ETF by Canary Capital and BitWise reflect a growing interest and anticipation for regulatory approval.
Despite these encouraging developments, the odds of a Solana ETF approval in 2024 remain low, with Polymarket estimates placing it at around 4%.
Meanwhile, the crypto community is also closely watching Bitcoin as it approaches the highly anticipated $100,000 mark. On Friday, Bitcoin recorded a new high of about $99,300. This milestone is viewed as a pivotal moment for Bitcoin and could impact other cryptocurrencies, including Solana.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
XRP price rallied above the $1.15 and $1.20 resistance levels. The price is up over 25% and might rise further above the $1.420 resistance.
- XRP price started a fresh surge above the $1.20 resistance level.
- The price is now trading above $1.250 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is up over 25% and it seems like the bulls are not done yet.
XRP Price Eyes Steady Increase
XRP price formed a base above $1.050 and started a fresh increase. There was a move above the $1.150 and $1.20 resistance levels. It even pumped above the $1.25 level, beating Ethereum and Bitcoin in the past two sessions.
There was also a break above a key bearish trend line with resistance at $1.1400 on the hourly chart of the XRP/USD pair. A high was formed at $1.4161 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high.
The price is now trading above $1.30 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.400 level. The first major resistance is near the $1.420 level. The next key resistance could be $1.450.
A clear move above the $1.450 resistance might send the price toward the $1.50 resistance. Any more gains might send the price toward the $1.550 resistance or even $1.620 in the near term. The next major hurdle for the bulls might be $1.750 or $1.80.
Are Dips Supported?
If XRP fails to clear the $1.420 resistance zone, it could start a downside correction. Initial support on the downside is near the $1.3350 level. The next major support is near the $1.2850 level.
If there is a downside break and a close below the $1.2850 level, the price might continue to decline toward the $1.240 support or the 50% Fib retracement level of the upward move from the $1.0649 swing low to the $1.4161 high in the near term. The next major support sits near the $1.20 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $1.3350 and $1.2850.
Major Resistance Levels – $1.4000 and $1.4200.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
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