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Solana Price to Jump 33%? Here’s How

Published

1 month ago

October 10, 2024

Coin2049 Newsletter

Solana (SOL) has been showing signs of macro bullishness, which could potentially help the altcoin break out of its current ascending triangle pattern. A breakout would open the door for a significant price surge, with institutional investors playing a key role in driving this momentum.

The largest holders of SOL have continued to back the asset, signaling growing optimism despite broader market uncertainty.

Key Solana Investors Show Support

Institutional investors have remained consistently optimistic about Solana, even as other major cryptocurrencies like Bitcoin and Ethereum have faced outflows. According to a recent report from CoinShares, for the week ending October 4, SOL saw inflows totaling $5.3 million. This figure stands out as Bitcoin and Ethereum experienced significant outflows during the same period, highlighting SOL’s strong appeal.

The fact that Solana is attracting institutional interest, even in a bearish market, suggests big players are confident in its long-term potential. As institutional inflows continue, this could provide the fuel needed to push Solana’s price higher, making it a standout asset in an otherwise uncertain market.

Solana Institutional Inflows. Source: CoinShares

On a macro level, Solana’s momentum is supported by bullish technical indicators. The Relative Strength Index (RSI) is one such indicator that has been showing signs of macro bullish momentum.

Although the RSI is currently below the neutral line at 50.0, it has the potential to break above this level, entering the bullish zone. This shift would provide further validation for SOL’s upward movement and help it break out of its current pattern.

The combination of institutional support and improving technical indicators positions Solana for a potential breakout. If the RSI breaches the 50.0 level and turns bullish, it would reinforce the likelihood of SOL gaining upward momentum, possibly triggering a significant rally.

SOL Price Prediction: Aiming High

At the time of writing, Solana is trading at $140, holding above the key support level of $139. The cryptocurrency is currently moving within an ascending triangle pattern, which typically precedes a breakout. If Solana successfully breaks out of this formation, it could see a 33% rise, pushing the price to $216.

For this breakout to occur, Solana would first need to breach the $161 resistance level. Given the recent institutional inflows and bullish macro indicators, this is possible. A successful breakout would set the stage for further gains.

Solana Price Analysis. Source: TradingView

The rally would be confirmed once Solana flips the $184 resistance level into support. However, if SOL fails to break out of the ascending triangle, the price could retrace back to $139. Losing this support would invalidate the pattern and cast doubt on the bullish outlook.

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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Uniswap (UNI) Price Vulnerable to Further Downside Pressure

Published

29 mins ago

November 15, 2024

Coin2049 Newsletter

Uniswap (UNI) price has struggled recently, dropping almost 5% in the last 24 hours and down 5.24% over the past week, despite Bitcoin’s recent surge. The recent decline highlights the weakness in UNI’s momentum, with technical indicators suggesting a cautious outlook.

Although EMA lines still show a bullish structure, the price slipping below short-term EMAs signals fading buying pressure. A potential reversal could still be on the cards, but caution is warranted as the current trend remains vulnerable to further downside.

UNI RSI Is In The Neutral Zone

On November 7, UNI’s Relative Strength Index (RSI) hit 85, driven by a rapid 50% surge in its price within just 24 hours. Since reaching that high, the RSI has gradually declined and currently sits at 43.32. The RSI is an indicator used to assess momentum by measuring the speed and change of price movements, helping identify whether an asset is overbought or oversold.

Typically, an RSI above 70 signals that an asset might be overbought, while an RSI below 30 indicates potentially oversold conditions.

With UNI’s RSI now at 43.32, the indicator suggests that the recent momentum has cooled down considerably. This level falls in the middle range, reflecting neither an overbought nor an oversold condition but rather a balanced market sentiment.

It implies that UNI price could stabilize after the sharp rally, with the potential for either consolidation or a new move depending on shifts in buying or selling pressure.

Uniswap ADX Shows The Current Trend Is Not Strong

UNI’s ADX is currently at 19, down significantly from over 40 just a week ago. The Average Directional Index (ADX) measures the strength of a trend without indicating its direction.

Typically, an ADX reading above 25 suggests a strong trend, while values below 20 indicate a lack of trend or weak momentum. The sharp drop from over 40 to 19 signals that the strength behind UNI’s recent trend has dissipated considerably.

With Uniswap price presently in a downtrend, an ADX at 19 indicates that the bearish momentum is weak. This suggests that although the price is declining, the downward pressure isn’t particularly strong, potentially hinting at a period of consolidation rather than an aggressive sell-off.

It could also mean that the current trend might reverse soon or that market participants are waiting for a clearer direction before taking action.

UNI Price Prediction: Can UNI Go Below $7 Next?

UNI’s EMA lines currently display a bullish setting, with the short-term lines positioned above the long-term ones. That indicates previously strong upward momentum. However, the price has now fallen below the short-term EMAs, signaling a weakening in buying pressure.

Moreover, the short-term lines are trending downward, and if they cross below the long-term EMAs, this could form a bearish crossover. Such a crossover often suggests the start of new, potentially strong corrections.

If the bearish crossover occurs, UNI price could test support levels around $7.5 and $7.1 and potentially fall to $6.6. However, as indicated by the current ADX reading, the downtrend is not particularly strong. That leaves room for a possible reversal.

If the trend shifts to the upside, UNI price may first challenge resistance at $8.7. If this level is broken, the next target would be $9.6, representing a potential 14% price increase.

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FET Price Underperforms in Competitive AI Crypto Space

Published

2 hours ago

November 15, 2024

Coin2049 Newsletter

FET price has been underperforming compared to its closest competitors over the past week, down more than 8%. Despite being the second-largest AI cryptocurrency by market cap, it has struggled to keep pace with other major players in the sector.

While its competitors have seen impressive gains, FET has lagged behind, raising concerns about its ability to maintain its position. This recent underperformance puts its standing in the market at risk, especially as other AI coins continue to show strong momentum.

Is FET Lagging Behind Other AI Coins?

FET is currently the second-largest Artificial Intelligence coin by market cap, trailing behind TAO. It also ranks second in weekly trading volume, just behind WLD. However, in terms of performance, FET has fallen behind its competitors over the past week, with its price down by 8.16%.

This is significantly lower compared to the impressive gains seen by its peers, such as RNDR, with a 39.14% increase, and WLD, with 17.5%.

Top 4 Biggest Artificial Intelligence Coins. Source: Messari

These recent figures suggest that FET could be losing momentum in the AI cryptocurrency race, putting its status as the second-largest AI coin at risk.

If RNDR continues to rise by just 15% more and FET remains stable, their market caps would be equal, potentially leading to a shift in the rankings.

FET Whales Decreased In The Past Week

The number of addresses holding between 1,000,000 and 10,000,000 FET currently stands at 149, down from 153 on November 3. From that day until November 9, this figure declined consistently, bottoming out at 147.

Tracking the activity of these whale addresses is crucial, as they often significantly influence price movements.

Wallets Holding Between 1,000,000 and 10,000,000 FET. Source: Santiment.

While the number of FET whales has recovered slightly from 147 to 149 over the last five days, it remains below the level seen in early November. This indicates that large holders might still be cautious, and the full confidence seen previously hasn’t yet returned.

Although there has been a modest recovery, the reduced whale activity may suggest lingering uncertainty or hesitation, which could affect FET’s price stability and future performance in the short term.

FET Price Prediction: A Possible 16% Correction

The chart for FET price is showing signs of caution, with its EMA lines suggesting potential bearish pressure. The short-term EMA has dropped significantly over the past few days and is close to crossing below the long-term EMA.

If this happens, it will form a “death cross,” a bearish signal indicating a possible shift toward a downtrend.

If the death cross occurs, FET could test its nearest support at $1.18. If this level fails, the price could drop to $1.08, representing a potential 16% correction.

However, if momentum shifts positively, FET price may challenge resistances at $1.45 and $1.53. Breaking these levels could see it rise to $1.64, offering a potential 35% price increase.

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Bitcoin (BTC) Price Eyes $100,000 After Breaking All-Time Highs

Published

3 hours ago

November 15, 2024

Coin2049 Newsletter

Bitcoin’s (BTC) price has surged by 21.70% over the past seven days, repeatedly reaching new all-time highs. Currently, BTC is roughly 10% below the $100,000 milestone, with the uptrend showing exceptional strength, as indicated by technical markers like the DMI and EMA lines.

With market sentiment shifting into a phase of growing confidence but not yet reaching euphoria, there is still room for growth before potential corrections. However, while momentum remains positive, traders should stay cautious of possible retracements as Bitcoin moves toward this significant milestone.

Bitcoin’s Current Uptrend Is Very Strong

The BTC DMI chart highlights Bitcoin’s strong uptrend. The Average Directional Index (ADX) is currently at 48, signaling significant trend strength. The ADX is a tool that measures how strong a trend is—values above 25 suggest a strong trend and anything above 40 is considered very strong.

A few days ago, the ADX was nearing 60, indicating that the uptrend was even more powerful then.

The Directional Movement Index (+DI and -DI) further clarifies this trend’s direction. With +DI at 30.37, the data indicates a prevailing upward movement, while the -DI at 13.67 suggests weaker selling pressure. This combination shows that buyers currently have a firm upper hand over sellers, reinforcing Bitcoin’s bullish momentum.

The difference between these values supports the overall strength of the current uptrend, suggesting that bullish forces are still dominating the market despite the recent surge.

Bitcoin NUPL Is Still Far From Euphoria

Bitcoin’s NUPL (Net Unrealized Profit/Loss) metric currently sits at 0.62, placing it in the “Belief – Denial” stage. NUPL measures the total unrealized profit or loss of all Bitcoin holders, helping to identify the broader sentiment in the market.

At 0.62, market sentiment has moved from cautious belief to growing confidence but not yet reaching extreme optimism.

Despite being in the “Belief – Denial” stage, the NUPL level is still significantly below 0.7, the threshold for “Euphoria – Greed.” Historically, this next level has marked a period when Bitcoin often faces strong corrections as market sentiment shifts toward unsustainable greed.

With the current NUPL value below this critical threshold, the BTC price can still grow before reaching levels typically associated with overheating.

BTC Price Prediction: Will BTC Reach $100,000 In November?

Bitcoin’s EMA lines are currently showing a very strong bullish setup, with the price sitting above all of them and short-term EMAs positioned above the long-term ones.

This alignment is a classic indicator of a well-supported uptrend, suggesting that momentum is in favor of further gains.

BTC’s price is also just roughly 10% below the historic $100,000 mark, and, given the trend’s current strength and supportive metrics like NUPL, reaching this milestone seems possible in the near future. However, corrections are always possible before a new all-time high is established.

If the trend loses strength, Bitcoin price could face a retracement, potentially testing key support levels at $85,000 and $78,400.

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