Connect with us

Altcoin

Top Expert Predict SOL Likely to Hit $220

Published

5 months ago

on


Solana price recently had high market activity, trading around the $148 level at the time of writing.

Technically, Solana might be in for a change of direction, with crucial chart patterns and an increasing interest in the derivatives market driving it.

Solana Eyes Breakout: Will SOL Surge to $220?

The Solana price has fallen by 4.83% in the last 24 hours, but SOL is up over the week. According to analysts, SOL has entered into a symmetrical triangle that could lead to a breakout soon, while the trading volume was up 33% in the last day.

This would also mean that if the token were to break above resistance now, then it could head all the way up to $220, which would provide a 53.28% potential rise from present levels.

Traders are, therefore, closely watching the potential of this breakout, awaiting confirmation of an upward rally.

Due to the outbreak of NFT hype and increased demand in the DeFi community, Solana price more than tripled throughout Summer 2021.

That growth came off by the end of 2022, with SOL changing hands for $152.62 on September 30, 2024, roughly at the same valuation as it was at the beginning of 2021. The fall of crypto trader FTX in 2022 seriously dented the token, as FTX and sister company Alameda Research sold a ton of the cryptocurrency to avoid bankruptcy. One wallet affiliated with FTX/Alameda recently redeemed $23.75 million in SOL from the Proof-of-Stake network.

Solana to Explode Higher? Analyst Predicts 40% Surge

In a post published on TradingView, he has pinpointed several key indicators on Solana price weekly chart to form a foundation for his analysis. That shows that its Relative Strength Index (RSI) is well in line with the moving average and that MACD has just crossed above its signal line-high indicators that a strong price increase could be looming.

Solana-USDSolana-USD
Credit: TradingView

Currently, the cryptocurrency is trying to break the important resistance level, and in case a breakthrough takes place, analysts believe the price might go as high as $220, where investors could earn an attractive profit.

SOL presently changes hands at 156.4 USDT, which traders are seeing as a very good opportunity to join in with expectations of the surge higher.

Solana Price Soars, Analysts Eye Massive Gains

While already ambitious, RichRangatang’s forecast is dwarfed by analysts who have gone further. The famous analyst InvestingScope has given Solana price an impressive target of $5,000.

In fact, this came after it posted a 22% recovery from the recent lows, inspiring optimism for sustained upward momentum into the deeper parts of Q3 2024.

SOL recently jumped 3% in price, breaching the $153 level and commanding significant attention in the markets. The move has come at a time when a report by VanEck Research has suggested that SOL is poised to jump as high as $330, underpinning its increasing positioning in the highly competitive crypto ecosystem.

Solana’s Real-World Use Cases Drive Optimism

Besides an increase in Solana price, the token witnesses real-world adoptions, a trend that continues to catalyze the 2024 bull run. This is evidenced by the recent announcements of major financial institutions in showcasing the capability of this network for mainstream use.

An excellent example is PayPal itself, at the start of the year announcing the launch of its dollar-backed stablecoin, PYUSD, on Solana. “The scalability of Solana’s infrastructure and its ability to extend the utility of tokens make it an ideal blockchain for payment processors,” said the head of PayPal’s blockchain unit.

On the asset management side, VanEck and 21Shares are working towards offering a token exchange-traded fund. Filings for the firms were pulled from the Cboe website shortly after being submitted, but the companies insist their plans for a SOL ETF remain in play.

Yet some industry watchers are trying to temper expectations around a near-term Solana ETF. Nate Geraci, co-founder of the ETF Institute, recently said a SOL ETF isn’t likely to pop up “anytime soon,” and SEC Commissioner Hester Pierce has also tempered hopes, saying the regulator would need “pretty compelling reasons” to greenlight any fresh filings.

✓ Share:

Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

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

Altcoin

Cardano (ADA) Price Eyes Breakout as Network Activity Soar

Published

3 hours ago

on

March 4, 2025

By


Cardano (ADA) price is in the spotlight as the prospect of the coin skyrocketing to a high of $10 resurfaces on social platforms. Backed by the positive shift in network activities, Cardano is now one of the most promising altcoins in the top 10 with bullish momentum as of writing. Amid the ongoing rebound, Cardano’s price has pared off some of its losses picked up from the volatility this week.

Cardano Network Activity Sees Uptick

According to data from Santiment, an ADA whale entered the market when its price briefly jumped to $1.13. The crypto analytics platform said this whale activity has been the most significant for three months. These whales represent transactions valued at $100,000 in ADA.

Per the accompanying chart, as of March 4, the Cardano network has recorded 1,132 whale transaction counts. The Mean Dollar Invested Age came in at 529.05. In all, the network recorded 2,671 unique $100,000 transactions as the price jumped above $1.13

Alongside this uptick, Santiment noted that the sudden uptick in transactions worth $100,000 sparked a drop in the average age of Cardano now in wallets. This trend has an upside. It implies a jump in the number of ADA tokens in regular circulation.

Cardano Price and the $10 Prospect

At the time of writing, the ADA price was $0.9369, up 9.82% in the past 24 hours. The coin has traded in a very close range, from a low of $0.7684 to a high of $0.9502.

Compared to an earlier ADA price analysis, in which the coin jumped 80%, the market remains cautious. However, the coin has the right fundamentals that might push it to a high of $10. 

Beyond the retained 35% growth over the past 7 days, Cardano’s open interest has skyrocketed by over 6% in 24 hours. Per Coinglass data, the coin’s futures open interest is 905.62 million ADA, worth over $842.04 million. A sustained boost in this metric might support the quest to breach higher price levels.

ADA Price and ETF Catalyst

The onchain enhancements spearheaded by Charles Hoskinson, like the push for Cardano to track government spending and the prospect of a Cardano ETF product, also boost ADA price sentiment. The United States Securities and Exchange Commission (SEC) has acknowledged Grayscale’s application for an ADA ETF. 

This acknowledgment places the coin on the list of altcoins awaiting official feedback from the SEC for approval or disapproval. Cardano pioneered decentralized governance with the Plomin hard fork and embodies an asset that may lead the next altcoin season.

✓ Share:

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.

Follow him on X, Linkedin

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.





Source link

Continue Reading

Altcoin

Analyst Warns XRP Price Could Drop To $1.5 If This Happens

Published

5 hours ago

on

March 4, 2025

By


Crypto analyst CasiTrades has revealed that the XRP price is still at risk of dropping to as low as $1.5. She further mentioned what needs to happen for XRP to avoid dropping to this price target.

XRP Price Could Drop To $1.5 If This Happens

In an X post, CasiTrades revealed that the XRP price could drop to $1.5 if it fails to break and hold above the $2.42 price level. This came as she noted that XRP is attempting to reclaim the consolidation pattern it broke down from.

ImageImage

The crypto analyst further remarked that XRP needs to break and hold the trendline at $2.42 as support to keep the bullish momentum alive. She added that it is very critical for this to happen or a retest of $2 or $1.54 could be in play.

CasiTrades’ analysis comes just as crypto analyst Egrag Crypto predicted that the XRP price could reach $30 by May this year. The analyst alluded to historical trends to prove why the crypto could reach this price target.

Analysis Of The Current Price Action

CasiTrades also gave an in-depth analysis of the current XRP price action. She noted that the crypto has seen a retracement of the move that followed Donald Trump’s announcement that XRP will be included in the crypto strategic reserve. However, the crypto analyst added that the overall market structure remained valid.

CasiTrades also stated that XRP held above W1 territory and did not make a new low. She remarked that the bigger picture still supports a wave 4 correction playing out, targeting a new high.

Meanwhile, the crypto analyst revealed that bullish divergences across timeframes are still intact and that the Relative Strength Index (RSI) is maintaining its uptrend from the $2 low. In line with this, CasiTrades stated that the next upside targets are $2.70 and $3.05. She noted that these are crucial levels before market participants can consider talking about new all-time highs (ATHs) for the XRP price.

In the meantime, if XRP fails to hold above $2.42, CasiTrades stated that the crypto could see a test of $2.20, which is a key subwave support level. A deeper retracement could take XRP back towards $2 or $1.54 if sellers take control. However, the crypto analyst said that she is still favoring the bullish scenario until there is a clear invalidation.

According to CasiTrades, the market is looking for buyer confirmation and this $2.42 level will decide if the XRP price moves higher from here of if there is need for more correction.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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.





Source link

Continue Reading

Altcoin

Can Ethereum Price Sink To $1,000 After Drop Below $2000

Published

7 hours ago

on

March 4, 2025

By


Ethereum price briefly dipped under $2,000 for the first time in over a year as on-chain data points to a gloomy future. Pundits say Ethereum could be on a death march toward $1,000 in a steep decline that has left speculators scratching their heads.

Ethereum Price Could Be Headed To $1,000

Ethereum (ETH) woes appear to be worsening following a dip in prices below $2,000 since December 2023.  Ethereum price touched $1,996 before staging a valiant climb back to $2,135, triggering concerns over its future direction.

On-chain data is grim for the largest altcoin with several indicators pointing toward a downward trend. Ethereum’s weekly RSI is at its lowest ebb for the first time since 2022 at 35.84. Similar RSI levels in 2022 saw the asset price fall even further by a staggering -60%.

Analysts say that the Ethereum price could fall to $1,000 given similar market conditions in 2022. The slip below $2000 follows an earlier dip below $2,200, leaving its parallel channel which experts say could induce correction to $1,600.

Ethereum’s triple-top pattern in its weekly chart is indicative of a 60% decline as bears have a field day. A 60% decline at current levels will see Ethereum price dip below the $1,000 mark.

Ethereum Is On Course To Record Its Worst Q1

The largest altcoin has endured a wave of negative sentiments since the start of 2025. Ethereum price has fallen by nearly 40% from its high of $3,300 at the start of the year.

A drop to $1,600 will see Ethereum record its worst Q1 performance, dwarfing the lows of the first quarter of 2024. US Ethereum ETFs recorded massive outflows while ETHA share price shed 38.59% since the start of the year.

While institutional interest around ETH sinks, the asset’s proposed inclusion into the US Crypto Strategic Reserve did little to stave off the massive decline. Despite the grim outlook, some pundits say the decline presents a buying opportunity for long-term investors.

“We are going into the undervaluation zone,” said the pseudonymous Venturefounder on X (formerly Twitter).

 

✓ Share:

Aliyu Pokima

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io