Market
Altcoins to Watch This October
Uptober is just around the corner. Crypto traders are eagerly anticipating the market’s usual rally at this time of year.
As the market prepares for a potential surge, BeinCrypto has compiled a list of altcoins you should keep an eye on this October.
Celestia (TIA)
TIA tokens worth $1.1 billion will be unlocked on October 31. These tokens are allocated to the project’s original core contributors, research and development efforts, Series A, Series B, and seed round investors.
Generally, a large influx of tokens into the market could lead to increased selling pressure. If the market is already bearish or experiencing a general downturn, the token unlock could worsen the situation.
Read more: 10 Best Altcoin Exchanges In 2024
Currently, TIA enjoys a significant bullish bias from market participants. It trades at $6.42, noting a 10% surge over the past week. The rally is expected to continue through October toward $12.47, fueled by the excitement around Celestia’s just-concluded $100 million funding round.
However, if the excitement plummets as the token unlock nears, TIA’s price may drop to shed its gains and fall to $3.72.
Uniswap (UNI)
One reason why UNI should be on your watchlist for October is the potential launch of Uniswap V4 in the last quarter of the year. This iteration of decentralized exchange (DEX) introduces several key features, including “hooks” for customizable liquidity pools, singleton contracts for reduced gas fees, flash accounting for efficient transactions, and more.
Read more: How To Buy Uniswap (UNI) and Everything You Need To Know
Sponsored
The anticipation of this upgrade could propel UNI’s price in October. At press time, the altcoin trades at $7.46, noting a 28% uptick in the last month. If the market’s upward trend is maintained, UNI may attempt to breach the critical resistance level of $9.42.
Sei (SEI)
Sei has been in the news lately as its native coin, SEI, continues to record new highs. At a current price of $0.45, SEI ranks as the third fastest-growing altcoin among the top 100 by market cap over the past week. During that period, its price has surged by 32%.
An assessment of its bull/bear power reveals that the bullish sentiment in the market is significant. This is evidenced by its positive Elder-Ray Index, which measures the strength of buyers and sellers in the market. At press time, this is 0.16, indicating that buying pressure is high.
However, for traders looking to profit from the rally, it is key to point out that SEI may witness a price reversal in October. Readings from its Relative Strength Index (RSI), which is 73.36, signal that the altcoin is overbought.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
RSI measures an asset’s overbought or oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that an asset is overbought and due for a correction, while values below 30 signal that the asset is oversold and may soon see a rebound.
A correction in SEI’s price may see it trade at $0.20 in October. However, if demand continues to enter the market, the coin’s price may extend its gains by another 70%, although this is unlikely.
Ripple (XRP)
There is ongoing speculation that the US Securities and Exchange Commission (SEC) will appeal against Judge Analisa Torres’ July 13 decision in the Ripple case. The deadline for filing such an appeal is October 7. If the regulator goes ahead with the same, XRP may lose some of its recent gains.
An SEC appeal will likely increase XRP’s selling pressure. Market sentiment toward the altcoin may shift from bullish or neutral to negative as a result.
Read more: Everything You Need To Know About Ripple vs SEC
If this happens, XRP’s price may drop by 21% to trade at support floor formed at $0.46. However, if no such appeal is filed, the token may continue its uptrend and rally by another 26% to exchange hands at $0.74.
Fantom’s upcoming Sonic upgrade has driven FTM’s rally throughout this month, with momentum expected to carry into October. Set to launch on the mainnet in November, the upgrade will significantly boost the network’s performance by introducing the new Fantom Virtual Machine (FVM), an optimized Lachesis consensus mechanism, and the Carmen database storage system.
Read more: 9 Best Fantom (FTM) Wallets in 2024
As excitement builds for the mainnet launch, FTM’s price could climb to $1.02, potentially paving the way for it to reach a five-month high of $1.23.
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.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
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.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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