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Stellar (XLM) Shoots 12%, Analyst Predicts Further Rally
Stellar, a decentralized blockchain platform enabling seamless cross-border payments, has recently sent the crypto space abuzz. The blockchain’s native token, XLM, gained nearly 12% today, garnering optimism across the industry. This price rally comes against the backdrop of a stockpile of bullish market dynamics. So, let’s take a closer look at them.
Stellar’s On-Chain Data Signals Market Uptrend
According to data streamlined by Coinglass, the cryptocurrency Stellar is currently experiencing a significant market uptrend. Notably, the coin’s Futures OI saw a remarkable 47.24% increase to $42.01 million today. This hinted at increased money inflow within the derivatives market, underscoring investor interest in the asset.
Simultaneously, the derivatives volume surged 229.81% to $184.91 million, hinting at increased trading activity. Coupled with today’s price gains, the derivatives market data points toward increased market enthusiasm for the asset, painting an optimistic scenario at press time.
However, today’s data also illustrated comparatively more short liquidations, sparking investor speculations. Coinglass liquidation data showed $224.18K in short and $59.47K long, sparking concerns over future price movements. However, a recent upgrade to the Stellar network has mainly negated the bearish market sentiments.
Earlier this month, the project introduced Soroban, the smart contract platform on the network, prioritizing performance, sustainability, and security across its ecosystem. This development further magnetizes users and developers from across the globe, staging as a potential bullish factor for long-term prospects.
Also Read: Stellar (XLM) Testnet Upgraded To Protocol 21, Will It Impact Price?
XLM Price Rallies
At press time, the XLM price saw an 11.79% increase in value to rest at $0.102. The token’s 24-hour lows and highs were recorded as $0.09054 and $0.1041, respectively.
XLM’s market cap surged 11.82% to $2.98 billion today, whereas its 24-hour trading volume surged 120.04% to $158.85 million.
Meanwhile, Stellar price analysis by CoinGape Media shows that the weekly technical chart is developing a bullish reversal pattern called the rounding bottom. This means that the downtrend is bottoming as investors showcase a renewed buying interest, as also hinted by the derivatives data.
Additionally, the crypto market analyst Crypto Tony has recently taken to X, spotlighting the token’s potential to challenge its resistance of $1. Market participants may see further upside movements if the token maintains a break above this resistance.
Also Read: Stellar (XLM) Eyes New Era With Mega Upgrade, Will Validators Fall in Line?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Top Analyst Says XRP Price Will Flip Ethereum Price, Here’s Why
Crypto analyst Dark Defender has stated that the XRP price will flip the Ethereum price in this market cycle in terms of market cap. He outlined reasons why this is possible and went on to declare that XRP could take over its crown from Bitcoin.
Why The XRP Price Can Flip The Ethereum Price
In an X post, Dark Defender outlined five reasons why the XRP price can flip the Ethereum price. First, he cited Judge Analisa Torres’ ruling that XRP is not a security in itself, which he believes is a huge positive for the coin.
Secondly, he alluded to the numerous developments that Ripple has secured. While he didn’t mention these developments, this could include recent developments such as the crypto firm gaining the DFSA approval to expand its payment services to the UAE.
Dark Defender further alluded to Central Bank Digital Currencies (CBDCs) and upcoming currencies such as the RLUSD stablecoin, which is another reason he is confident that the XRP price can flip the Ethereum price. A recent development also indicates that Ripple is eyeing a potential Dirham-backed stablecoin launch in the UAE.
Lastly, the analyst mentioned that the US is set to become a crypto-friendly environment under pro-crypto President-elect Donald Trump. Despite these reasons, XRP will flipping Ethereum will be a huge task.
Ethereum is currently the second-largest crypto with a market cap of $365 billion, while XRP is the seventh-largest crypto with a market cap of $31 billion. However, it is worth mentioning that XRP was the second-largest crypto ten years ago, just behind Bitcoin.
Time To Also Dominate Bitcoin
Dark Defender also indicated that the XRP price could challenge Bitcoin’s dominance for the reasons he mentioned. He remarked that XRP will take over its crown from BTC by being the only crypto asset with regulatory clarity.
However, Bitcoin’s non-security status has never really been in doubt. The US Securities and Exchange Commission (SEC) Chair Gary Gensler has admitted that the flagship crypto isn’t a security. This is also why the Commission didn’t object to issuers filing S-1 forms for the Bitcoin ETFs before their subsequent approval.
Meanwhile, the analyst also suggested that a bull run is set to soon begin for the XRP price. Specifically, he said this XRP bull run will begin on November 24. He is confident this will happen because he claims that Bitcoin Dominance has had its reversal in the monthly RSI as it did in January 2021. When this happened in 2021, XRP rallied from $0.170 to $1.966.
Crypto analyst Mikybull Crypto also provided a bullish outlook for the XRP price. In an X post, he stated that a huge acceleration is coming. He cited the coin’s performance after the past election cycles, and a massive rally usually follows. The accompanying chart he shared showed that $19 was a possible target.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Anatoly Yakovenko Discusses What Next For Solana & Competition With Ethereum L2s
In a recent interview, Anatoly Yakovenko, Solana’s founder, spoke to the unique position this ecosystem holds in the blockchain landscape, using its implementation against L2 scaling solutions and other Layer 1 blockchain systems.
Previously he raised questions about the vitality of the Ethereum ecosystem without the contributions from Base, a Layer 2 solution. This query comes amidst observing the metrics of growth shown by Base, particularly in user activities and transaction volumes.
Solana’s Anatoly Yakovenko: L1 Scalability Key, Not L2 Solutions
Anatoly Yakovenko, Solana’s founder, highlighted the unique position of the Solana ecosystem within the blockchain landscape. He contrasted its approach with both Layer 2 scaling solutions and other Layer 1 blockchains.
The podcast he was guest at was a sort of a follow up to his last statements where he questioned the resilience of the Ethereum ecosystem without contributions from Base, a Layer 2 solution, particularly in light of Base’s impressive growth metrics in user activity and transaction volumes.
“Its scalability, infrastructural focus, and transaction efficiency, in my opinion, are three things Solana has on its side,” Yakovenko detailed. Of course, he is also aware of Solana’s challenges in a world where blockchain technology would evolve and platforms would develop further.
Anatoly Yakovenko emphasized Solana’s unique architecture, designed to democratize access to transaction validation. Unlike traditional finance, Solana allows anyone to set up a validator and submit transactions directly, bypassing intermediaries. This level of decentralization, Yakovenko noted, is hard for traditional finance to replicate. While this functionality exists, he acknowledged that scaling it effectively remains a challenge.
New validators face significant barriers, including finding suitable peers for transaction ordering. Amassing enough stake to gain influence on the network is also difficult. Yakovenko believes that Solana’s future depends on regular network optimization. He envisions technical improvements that include higher bandwidth, lower latency, and multiple concurrent leaders per transaction slot. These changes, he suggests, could reduce economic barriers and make it easier for new validators to compete.
By reducing bottlenecks, Solana could foster a healthier, more competitive ecosystem. This would ultimately make the network more decentralized. Yakovenko views Solana’s path to decentralization as an engineering problem, requiring iterative optimizations. Through these efforts, Solana aims to achieve fair and efficient transaction processing.
Highlighting Solana’s Edge Over Ethereum and L2s
Anatoly Yakovenko compared Solana to Ethereum and various L2 solutions, emphasizing the trade-offs between Layer 1 and Layer 2. L2 solutions often use centralized sequencers for low-latency transaction ordering. However, Yakovenko noted that these can lead to the same congestion issues seen on Layer 1 chains. While L2s are often seen as short-term fixes for congestion, they face scaling bottlenecks when multiple applications or markets use them.
He highlighted that Solana’s strategy focuses on building a robust Layer 1 chain capable of supporting high throughput without needing L2 solutions. Another key factor for Yakovenko is synchronous composability, where multiple applications can interact in real-time on a single chain. He believes this is essential for DeFi. In his view, monolithic chains or application-specific L2s can’t support this level of composability, limiting their scalability.
According to Anatoly Yakovenko, the last competitive edge for Solana lies precisely in this regard: its total commitment to synchronous composability at scale-what makes it different from Ethereum and L2 chains. Still, some experts, such as Peter Brandt said that Solana is already breaking into new highs while Ethereum is struggling against an overhead resistance.
The overriding message from Yakovenko is that where Solana has the edge is in execution. While Ethereum is expanding via L2s, the development of Solana remains focused on making its L1 perfect. He admits that one day, a blockchain will come up with features similar to those of Solana and offer faster iterations, but for now, the pace at which Solana is improving places it well ahead of the competition.
For Anatoly Yakovenko, this core of Solana’s potential rests on ironing out its infrastructure to support more equitable, open transaction processing for a truly decentralized future. He says this positions Solana as one of the leading blockchains for years to come.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Can The Dogecoin Price Reach $3 As Golden Cross Looms?
The Dogecoin price is currently enjoying a bull run, especially considering its gains over the past few weeks. This has led to discussions on how high the meme coin could rise in this market cycle, with $3 a possibility. However, crypto analyst Kevin Capital has explained why a rally to $3 is very unlikely.
Can The Dogecoin Price Reach $3
In an X post, Kevin Capital opined that it is highly unlikely that the Dogecoin price will reach $3.90 in this market cycle. He explained that the top meme coin has reached the 1.618 macro golden pocket in every Dogecoin cycle.
The analyst further revealed that the current macro golden pocket is $3.90. However, Kevin Capital said that if the Dogecoin price top is measured from the top before Elon Musk’s Saturday Night Live in 2021, then the macro golden pocket is at $1.80. As such, he believes that the $3.90 target is unlikely and added that even $1.80 is a “stretch” but achievable depending on how the Bitcoin price rallies.
Amid this analysis, Kevin Capital also revealed that Dogecoin was on the brink of another weekly Golden Cross. He claimed that the last time this happened was four years ago. Back then, after the Golden Cross happened, DOGE witnessed three weeks of a dip and consolidation before it went on to make a cycle top 119 days after the cross.
According to the analyst, the DOGE price could cool off over the next two to three weeks if its price action mirrors the last cycle’s. Then, a parabolic rally will start, which will span from December to April 2025. Kevin Capital predicts the meme coin will top around the middle or towards the end of the spring of 2025.
A $10 Target May Be Possible
While Kevin Capital has suggested that a Dogecoin price rally to $3 is highly unlikely, crypto analyst Dima James has raised the possibility of the meme coin even rushing to $10 in this market cycle.
The analyst alluded to DOGE’s weekly and historical performance while explaining that this price target was possible. He stated that the weekly chart highlights how DOGE’s performance has historically turned positive after the green and red lines crossed, leading to green weeks. This pattern is again playing out in this cycle, which indicates that it can record a massive price rally.
The analyst added that a parabolic move usually begins for the Dogecoin price when it rises above the yellow line on the weekly timeframe. Dima James stated that DOGE needs to close the week above $0.18 to confirm this parabolic move.
In the 2016 and 2021 bull runs, Dogecoin enjoyed a price gain of over 8,000% and 18,000%, respectively, after it closed the week above the yellow line. If history repeats itself, the analyst believes that the Dogecoin price will record a similar gain or even larger due to factors like adoption and technological advancements.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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