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Top 3 in the First Week of August 2024

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8 months ago

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The first week of August 2024 began turbulently for the crypto market, causing widespread concern. 

Despite the ill-fated development, a few tokens saw notable gains, particularly as the week drew to a close. This analysis highlights the biggest altcoin gainers of the last days, including Sui (SUI), Zcash (ZEC), and Helium (HNT).

Sui (SUI) Price Heeds Grayscale’s Call

The price of SUI, the native token of the Move-programmed Layer-1 blockchain, registered one of its biggest one-day jumps on August 8. Rallying to $0.83, it ends the first week of August  2024 with a significant 28.77% increase.

SUI’s jaw-dropping growth is connected to a recent Grayscale announcement. On August 7, the crypto asset management firm disclosed that it had added SUI and Bittensor (TAO) to its list of investment trust products.

Before the announcement, SUI’s price was $0.60. Moments later, it experienced a surge in positive comments online, leading the Weighted Sentiment to reach its highest point year-to-date.

Sui Weighted Sentiment.
Sui Weighted Sentiment. Source: Santiment

The technical perspective shows that SUI experienced a notable 42% price drop before the recent recovery. For instance, on August 5, the price was as low as $0.46. However, the rise above the 20 (blue) and 50 (yellow) EMAs helped validate the bullish trend.

Read more: 10 Best Altcoin Exchanges In 2024

Sui Daily Analysis.
Sui Daily Analysis. Source: TradingView

The Exponential Moving Average (EMA) tracks trend direction over time. If SUI’s price had fallen below the EMAs, the bullish trend would have been uncertain.

Although the price has slightly retraced, the Moving Average Convergence Divergence (MACD) indicates that the uptrend might resume. The MACD measures momentum by analyzing the difference between two moving averages.

If the MACD reading is above the zero line, as it is in SUI’s case, momentum is upward. A negative reading suggests the opposite. If the uptrend continues, SUI could reach $0.90. However, if the token encounters rejection, it might fall to $0.71.

Zcash (ZEC) Capitalizes on the Double-Bottom

Zcash, a decentralized cryptocurrency that allows users to attain a high level of privacy, is second on the list. ZEC joined the list of the biggest altcoin gainers after its price increased by 24.50% in the last seven days.

At press time, ZEC trades at $37.32. According to the daily chart, its price jumped after it appeared to have formed a double bottom. This pattern, which suggests a trend reversal, is characterized by a W-shaped movement where the price rises after hitting two similar lows.

As shown below, ZEC confirmed the bullish reversal by breaking out of the neckline around $32.54. Meanwhile, the Relative Strength Index (RSI), which measures momentum, indicates that the token is overbought, with a reading of 71.28.

Zcash Daily Analysis.
Zcash Daily Analysis. Source: TradingView

Typically, an RSI reading of 30.00 or below indicates an asset is oversold, while readings of 70.00 or above suggest it is overbought. As a result, ZEC’s price could retrace, especially if profit-taking appears.

If this happens, the value could fall to $32.96. However, if buying pressure stays strong, the token’s price might approach $40.

Helium (HNT) Enters the Fold for the Second Consecutive Week

Last week, HNT was one of the biggest altcoin gainers. This week, it is part of the group again, thanks to a 15.60% increase. The token, which is ranked as the 74th most valuable cryptocurrency and trades at $5.88, operates as a Decentralized Physical Infrastructure Network (DePIN) on Solana.

Helium’s upswing last week was followed by a steep decline, but the token quickly recovered, forming a V-shaped pattern that indicates a strong rebound.

Currently, the token trades at $5.90. However, the On Balance Volume (OBV) suggests that the value could be higher. OBV measures whether the volume flowing in and out of a cryptocurrency is positive or negative.

An increase in OBV signals strong buying pressure, while a decrease suggests sellers are in control. For HNT, the rising OBV indicates that buyers are currently driving the market direction.

Read More: Which Are the Best Altcoins To Invest in August 2024?

Helium Daily Analysis.
Helium Daily Analysis. Source: TradingView

If buying pressure continues, HNT may attempt to retest $6.50. However, if selling pressure outweighs buying volume, the token’s price could decrease to $5.73.

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 Conditions, Privacy Policy, and Disclaimers have been updated.



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Ark Invest Gains First Exposure to Solana With 3iQ ETF Bet

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57 minutes ago

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April 21, 2025

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Ark Invest, the asset management firm owned by Cathie Wood, has gained its first exposure to Solana as the broader financial market expands its adoption of cryptocurrencies. The firm has added exposure to two tech investment vehicles via the 3iQ Solana Staking ETF (SOLQ). Market analysts believe this move validates SOL, a front-runner for spot altcoin ETF in the US.

The Ark Invest Solana Exposure

According to the Citywire report, the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) have SOLQ in their respective portfolios. These Cathie Wood’s funds bought 237,500 shares of SOLQ apiece, validating the Solana fundamentals.

Canadian regulators approved the 3iQ SOL ETF for trading earlier this month, alongside other crypto funds from Purpose, Evolve, and CI. These ETF products went live on schedule on April 16, placing them in line for mainstream exposure.

As Ark Invest revealed in its press release, the Solana architecture and its design for speed and efficiency make it ideal for the next generation of the internet. With the bet, the Cathie Wood firm has made history as the first U.S.-based ETF to gain exposure to Solana.

Beyond Ark Invest and Solana: Portfolio Diversification Goes Mainstream

Asset management firms are shifting toward crypto products, a move beyond ARK and SOL. As CoinGape reported earlier, Charles Schwab has revealed plans to launch crypto trading later this year. The firm, with $10 trillion in assets under management, may add more credence to the nascent asset class if it pulls through with its plans.

Under President Donald Trump, the improving crypto regulation landscape has given asset managers like Ark Invest the long-sought leverage to bet on the market. The precedent was set earlier with spot Bitcoin and Ethereum ETF approval in 2024.

With key agencies like the Securities and Exchange Commission (SEC), Commodity Futures and Trading Commission (CFTC), and Federal Deposit Insurance Commission (FDIC) now aligned to crypto, more firms may soon join the diversification move.

Crypto ETFs and Role In TradFi Embrace

Despite the generally positive regulatory environment, many traditional financial firms are still skeptical of direct exposure to crypto. While many, like Ark Invest, do not mind the volatility, custody remains a major challenge.

More relatable products like Spot XRP ETF have been lodged with the SEC to mitigate this. With asset managers going all out in their bid, Solana, Hedera, Litecoin, and Dogecoin, among other assets, are also awaiting potential approvals from the SEC.

While the market regulator was skeptical of these kinds of products in the past, it now takes a different stance. Market experts expect approval before the end of this year.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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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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Analyst Reveals How High XRP Price Can Go If This Happens

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2 hours ago

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April 21, 2025

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XRP price seems to be headed for a dramatic turning point, with various analysts citing bullish chart patterns that indicate a probable price spike over the next few months. The fourth-largest crypto is showing a strong technical setup on the 6-month candle chart, with formerly limiting resistance points now eliminated.

XRP Price Displays Eliminated Resistance And Bullish RSI

Technical analyst Dark Defender has posted a tweet that shows a 6-month candle chart indicating these “Eliminated Resistance” levels and a “Bullish RSI” (Relative Strength Index) indicator. The chart indicates that XRP has broken above significant historical resistance levels that previously capped price action.

Several price targets have emerged from analysts tracking the cryptocurrency. The analysts’ projections range from approximately $3.75 to over $18 in the coming months. Despite these bullish technical signals, sentiment indicators remain cautious, and the Fear & Greed Index shows a reading of 39. This places it in the “Fear” category.

The 6-month candle chart for XRP/USD shared by analyst Dark Defender highlights two key technical factors that could support a potential price surge. First, the chart identifies multiple “Eliminated Resistance” levels that XRP has now cleared. This removes previous price ceilings that constrained upward movement in past cycles.

These eliminated resistance zones appear at different points on the historical chart, with the most recent breakthrough occurring in the latest completed candle. According to Dark Defender, this technical development raises an important question for traders: “Is it Bullish or Bearish in the next 6 months?” The analyst indicates that the present candle will close at the end of June 2025, giving the traders a time frame for possible price action.

The second important technical signal highlighted is a “Bullish RSI” reading. The Relative Strength Index, at the lower part of the chart, is shown to be on the rise, moving into bullish levels above the 70 level. This momentum indicator shows increasing buying pressure behind XRP’s recent price action.

XRP Could Soon Hit $5

CryptoBull analyst provides additional technical analysis, labeling the pattern as a massive bullish falling wedge with an even larger bullish triangle encompassing the wicks. The analyst predicts a breakout from the patterns and a target price that could see XRP go as high as $5 before finally landing at a base of $3.85.

There have been suggestions by analysts about specific price targets for XRP in their outlook. Dark Defender shared short-term to medium-term target prices of $3.75, $5.85, and a wildly high target at $18.22.

CryptoBull offered a more detailed price action prediction and indicated that XRP is going to breakout in the near future with price action that can include a wick up to $5 and close around $3.85.

Amidst these modest predictions, certain analysts even predicted the XRP price to reach $280. Another analyst, Captain Faibik, instructed followers to continue purchasing XRP. He further added that the next increase will be “explosive” to the $5 level in the mid-term. Multiple analysts in agreement at the $5 level indicate it might be a key target for traders and investors.

Though analysts are optimistic, the prevailing mood in the market is cautious. CoinCodex indicates their latest forecast predicts that XRP could drop by 8.35% to $1.95 on May 21, 2025. CoinCodex also predicts that XRP had 13 days of gain in the previous 30 days (43%), and price activity has averaged 7.48% in the last 30 days.

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Vignesh Karunanidhi

Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

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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OM Price Reacts as MANTRA Announces Major 300M Token Burn Update

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3 hours ago

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April 21, 2025

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OM price has reacted negatively to MANTRA’s new token burn announcement. The team announced a token burn plan that will remove 150 million OM tokens from circulation forever. As per the details, they will plan an additional 150 million token burn which can bring the burn amount to 300 million tokens.

OM Price Slumps After Token Burn Announcement

According to the company’s announcement, CEO and Founder John Patrick Mullin will burn his entire 150 million allocation of team tokens. This was a promise he made to the community last week.

Despite the substantial supply reduction plan, the OM token price has reacted negatively to the news. Data shows that the OM price is down approximately 5% in the last 24 hours and trades at $0.5437. This decline adds to a much steeper drop of 91% over the past 30 days. Amidst this drop, CoinGape analysis talks about the possibility of OM rebounding 50% from its lows.

The token burn process has already started with the unstaking of 150 million OM from the Team and Core Contributor allocation. This was initially staked at mainnet genesis in October 2024 to support network security. The company has provided transaction hashes for verification, and the unstaking period will complete on April 29, 2025. Following this, the OM will be sent to a burn address and permanently removed.

MANTRA has started a transparent process for the token burn and has provided specific technical details to allow community verification of each step. The unstaking of 150 million tokens from the Team and Core Contributor allocation has begun and can be tracked through three transaction hashes provided in the announcement.

The tokens were originally staked at mainnet genesis in October 2024 to bootstrap network security. According to the announced timeline, the unstaking period will conclude on April 29, 2025, after which all 150 million tokens will be sent directly to the designated burn address.

MANTRA Plans An Additional 150 Million Token Burn

MANTRA has also mentioned that once the burn transaction is executed, they will give complete verification to the users. The company is also in discussions with key ecosystem partners to implement an additional 150 million OM token burn. This would double the impact of the initial burn to a total of 300 million OM removed from circulation.

The token burn will have major effects on MANTRA’s tokenomics and staking economics. According to the blog details, the 150 million OM burn will reduce the total supply from 1.82 billion OM to 1.67 billion OM. This is regarding an 8.2% reduction in the overall number of tokens present.

The burn will also impact the staking configuration within the network in a particular manner. Removing these tokens from staked supply will reduce the staked tokens to 421.8 million OM.

This adjustment will decrease the bonded ratio of the network from 31.47% to 25.30%. This decrease in the bonded ratio is especially important to stakers who bond their OM. This is because it will lead to a greater staking APR (Annual Percentage Rate).

Mantra’s crash was one of the most notable ones recently. Crypto exchange Binance also broke silence amid the token’s crash.

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Vignesh Karunanidhi

Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

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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