Market
Solana (SOL) Price Drop: Reversal Soon?
Solana (SOL) price is down 6% in the last 24 hours, catching the attention of investors. Technical indicators like the Relative Strength Index (RSI) suggest the cryptocurrency may be approaching oversold territory, indicating a possible reversal.
Increased activity on Solana’s major application, PumpFun, hints at renewed user engagement that could positively influence SOL’s performance. These developments set the stage for potential changes in SOL’s price trajectory in the near future.
SOL Is Approaching The Oversold Stage
SOL currently exhibits a RSI of approximately 34.82, a notable decrease from around 70 just fifteen days prior. This substantial drop indicates a significant shift in market sentiment, moving from a bullish phase — where buying pressure was dominant — to a more bearish outlook characterized by increased selling activity. The RSI is a technical indicator used to gauge the momentum and speed of price movements.
Oscillating between values of 0 and 100, the RSI helps identify overbought and oversold conditions in the market. Traditionally, an RSI reading above 70 suggests that an asset is overbought and may be due for a price correction, while a reading below 30 indicates it is oversold and could be primed for a rebound.
Read more: Solana vs. Ethereum: An Ultimate Comparison
With SOL’s RSI nearing the oversold threshold of 30, it signals that the coin might be reaching a point where the selling pressure is waning, and buyers could start stepping in.
Such a scenario often precedes a trend reversal, where the asset’s price may begin to climb as market participants perceive it as undervalued. Therefore, according to its RSI metric, Solana price could be gearing up for a rebound, and an emerging uptrend might be on the horizon as investors look to capitalize on the lower price point.
Can New Coins Pump Solana Price?
Solana’s biggest application in the last few months, PumpFun, could serve as a strong proxy for the overall health and activity on the Solana blockchain. Recent trends on PumpFun indicate that the memecoin mania within the SOL ecosystem might be making a comeback, which could positively influence SOL’s price.
On August 13, the number of unique tokens launched on PumpFun reached an all-time high of 20,465 but then experienced a dramatic decline, dropping to just 4,629 by September 14.
Historically, significant surges in the number of tokens launched on PumpFun have been followed by substantial gains in SOL price. Notably, the daily number of new PumpFun tokens began climbing again at the end of September, reaching at least 13,000 per day between September 26 and October 1.
This resurgence could indicate that the Solana chain is attracting users once more, potentially positively impacting SOL’s price, as increased activity often correlates with heightened investor interest and demand.
SOL Price Prediction: Back to $162 Soon?
Solana is exhibiting signs of a potential trend shift. Its short-term Exponential Moving Average (EMA) lines are nearing a crossover below the long-term EMAs. That formation is known as a “death cross.”
This pattern in technical analysis suggests possible bearish momentum and potential price declines in the near future. EMAs are indicators that assign more weight to recent prices, helping traders identify market trends.
If this downtrend materializes, SOL’s price could test support levels at $133 or even $110. However, if the Relative Strength Index (RSI) reaches the oversold stage (below 30) and PumpFun continues to attract new coins, this negative trend could reverse.
Read more: 13 Best Solana (SOL) Wallets To Consider in October 2024
Notably, the number of new PumpFun tokens launched daily has been climbing again since late September. This resurgence indicates renewed user interest, which could positively impact SOL’s price. In this scenario, SOL could retest the resistance level at $162, as it did at the end of August. That would mark a potential 13% gain from current prices.
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.
Monero (XMR) price has dropped nearly 7% following Kraken’s announcement to delist the coin in the European Economic Area due to regulatory changes. As the largest privacy coin by market cap, XMR faces increased challenges in a sector already struggling with low valuations and negative returns for most of its competitors.
Despite its dominance in market capitalization, technical indicators like the Directional Movement Index (DMI) and Exponential Moving Averages (EMA) suggest a strong downtrend. If the current bearish momentum persists, Monero may soon test critical support levels, deepening the ongoing correction.
XRM Is By Far The Biggest Player In The Privacy Coins Market
Monero (XMR) has experienced a nearly 7% price drop after Kraken announced it will delist the coin for users in the European Economic Area (EEA) due to regulatory changes. Kraken, one of the world’s oldest crypto exchanges, informed its EEA clients that trading and deposits for all Monero markets will cease on October 31, with any open orders automatically closed.
Users have until December 31 to withdraw their Monero holdings, after which any remaining balances will be converted to Bitcoin. The exchange stated it had no choice but to delist Monero from the EEA due to regulatory pressures.
Read more: Monero: A Comprehensive Guide to What It Is and How It Works
2024 appears to be a challenging year for privacy coins, with only three out of the top ten showing positive returns. Privacy coins continue to be a more complicated area within the crypto space and often have lower valuations than other sectors. Among the top ten privacy coins, only Monero (XMR) boasts a market capitalization of over $1 billion, specifically $2.6 billion.
The combined market cap of the other nine leading privacy coins is $3.1 billion, which is less than that of PEPE at $4.1 billion, clearly highlighting the sector’s difficulties.
Monero DMI Shows The Current Trend Is Strong
According to its Directional Movement Index (DMI), Monero has seen its ADX climb to 51.3, signaling a strong and well-established trend in the market.
The ADX is a key metric used to gauge the strength of a trend — whether upward or downward — and tells if it’s strong or not. The DMI itself is composed of three lines: the ADX, the +DI, which reflects buying or upward pressure, and the -DI, which measures selling or downward pressure.
Currently, Monero’s +DI sits at a relatively low 12, while the -DI has surged to 36.7, indicating that sellers are firmly in control and that bearish momentum is dominating the market. This significant disparity between the two suggests that the current correction could still be in its early stages, as the downtrend appears to be gaining strength.
With such a high ADX, this bearish movement seems to have solid momentum behind it, implying that further downside could be likely as the selling pressure remains strong and could continue to drive prices lower. This combination of a high ADX and dominant -DI shows that the market is in a powerful downtrend, and a reversal does not seem imminent at this point.
XRM Price Prediction: Is The Correction Over?
On September 24, Monero (XMR) experienced a bearish signal when its EMA lines formed a death cross, after which its price dropped by 22%.
EMA lines, or Exponential Moving Averages, are used to track price trends by giving more weight to recent data. A death cross occurs when the short-term EMA crosses below the long-term EMA, often signaling the start of a downtrend.
This bearish indicator, combined with the current strong ADX reading, suggests that the market is experiencing a strong downtrend that may continue.
Read more: Monero (XMR) Price Prediction 2023/2025/2030
The gap between the EMA lines isn’t significantly wide yet. That indicates that the correction could still be in its early stages. If the downtrend persists, XMR could soon test key support levels at $133 or even as low as $116. This would mark a further potential drop of 16.5%.
However, if the trend somehow reverses, Monero would need to break through resistance at $143. Should it succeed, the next targets would be $165 and $178, signaling potential recovery.
The post Monero (XRM) Price Faces 7% Drop After Kraken’s Delisting in Europe: What’s Next appeared first on BeInCrypto.
On September 28, Toncoin (TON) price retested $6 for the first time in over a month. However, the altcoin could not hold on to the threshold for long as the price dropped to $5.40
Despite recent efforts to recover, TON’s price continues to face challenges. Here are the key levels to watch as this analysis highlights why a further downturn is likely.
Toncoin Chart Forms Death Cross
According to the daily chart, Toncoin’s price is attempting to erase some losses. However, the Exponential Moving Average (EMA) suggests that it could be challenging. The EMA uses current price movement to evaluate bullish or bearish trends.
When the EMA is above the price, the trend is bearish. Conversely, if the price is above the EMA, the trend is bullish. With TON’s price at $5.40, the image below shows that the 20 EMA (blue) and 50 EMA (yellow) are above the Telegram-native coin price.
Particularly, the 50 EMA had crossed above the 20 EMA. This position referred to as a death cross, indicated that the trend around Toncoin is bearish, and the price might fall below $5 soon.
Read more: 6 Best Toncoin (TON) Wallets in 2024
Following the recent decline, on-chain data revealed a surge in Toncoin’s realized losses. Yesterday, holders incurred losses on 788,000 tokens.
When there is a high level of unrealized losses, it suggests that investors are losing confidence in a rebound. As a result, the lack of buying pressure could prevent the token from recovering its lost value. If this trend persists, TON’s price may continue to fall.
TON Price Prediction: Bears Are In Control
On looking at the daily chart, BeInCrypto observed that TON has fallen below the $5.41 support. This decline implies that bulls might no longer be able to defend the token from going below $5.
Furthermore, resistance at $5.68 could make a Toncoin rebound difficult. Therefore, the cryptocurrency’s likely movement will be another decline. Considering the bearish technical setup, TON’s price could drop to $4.89.
Read more: Top 7 Telegram Tap-to-Earn Games to Play in 2024
In a highly bearish scenario, the altcoin could decline to $4.63. However, if bulls can break the $5.68 resistance, this prediction will not come to pass. Instead, Toncoin’s price might hit $6.69 and possibly $7.29 in a highly bullish situation
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
Will Ripple (XRP) get an ETF? Crazy days ahead for Ethereum, Rexas Finance (RXS) could shake up RWAs
The cryptocurrency market is anything but quiet, with constant developments keeping everyone on their toes. Recently, exciting news has emerged for major players like Ripple (XRP), Ethereum (ETH), and a new player, Rexas Finance (RXS). Some experts believe Ripple is on the verge of a potential ETF launch, while Ethereum continues its rollercoaster ride, eyeing the $4,100 mark. Meanwhile, Rexas Finance is stealing the show with its potential to disrupt traditional real estate and real-world asset (RWA) investments. Let’s dive into the opportunities and challenges these three projects face.
Is there a possibility that ripple (XRP) will get an ETF?
And so the whispers begin, and the Ripple community is restless thinking: Will Ripple be next to get an ETF? With the imminent launch of the first US XRP trust by Grayscale, it is looking more and more likely.
An ETF for Ripple would be an important development, providing the opportunity to get exposure to XRP for investors if they don’t want to buy or keep the token in their wallets. This could bring in more liquidity, increased trading activity, and a rise in the price of Ripple. Though as of now an ETF is by no means guaranteed, Grayscale’s step indicates that the time when XRP is seen being launched on traditional exchanges as a part of an ETF might not be very far off.
Crazy days ahead for Ethereum (ETH)?
Ethereum (ETH) has witnessed both the bull and the bears, but the question that still lingers is: Is that moment where ETH breaches the $4,100 price level finally going to happen?
For the third time, investors have tried to breach this level only to be shut down once more making investors question if this crucial resistance barrier is one that ETH has to power through. Presently trading at $2,639, Ethereum has had a turbulent as well as exhilarating trip. Should it clear the $4,100 resistance level, the floodgates may burst wide open for profits; however, every rejection risks turning sentiment bearish instead. At the same time, Ethereum still stands out as one of the most attractive assets in the crypto world and many say that it is just a matter of time before this ETH psychological barrier is overcome.
Rexas Finance (RXS) preparing to revolutionize real estate investments
Finally we come to Rexas Finance (RXS), which has already gained traction even at its presale stage and could be on track to change the way we view investments in RWA. Consider buying a slice of a swanky apartment in Paris or a vacation home on the Caribbean Sea without ever leaving your house. That is what Rexas Finance is providing—a platform to invest in real estate all over the globe, be it complete real estate or only a portion which depends on how much one wishes to invest.
In the presale stage 3, Rexas Finance is currently valued at $0.050 having increased by 66.7% from $0.030, the price in stage 1. As the project goes to the next listing price of $0.20, the earliest investors are already looking at an opportunity to make a 300% growth by the time the project is finally launched.
What makes Rexas Finance unique is the fact that its concept of fractional ownership of real-world assets such as real estate, commodities, and even art, lets investors own and trade slices of these asset classes in the form of the token with the use of blockchain technology. Anyone can use Rexas Finance to invest in high-culture housing activities without quitting his or her job. This democratizes real estate investment since all people who wish to take risks on the economy can do so even when they don’t have enough money to purchase whole buildings.
The expansion of Rexas Finance is not narrative for narrating’s sake; it’s firmly grounded in utility. This project seeks to open up the $280 trillion global real estate market by making this traditionally difficult-to-invest asset class liquid and accessible to the average person.
Conclusion: There is a bright future ahead
Be it Ripple (XRP) making waves with the bullish outlook of an ETF coming, Ethereum (ETH) being quite volatile, or Rexas Finance (RXS) changing the perspective of how we invest in tangible assets – the prospects of crypto are exhilarating. Rexas Finance however presents something completely new – it enables everybody in the world to invest in properties irrespective of their location while the battles of Ripple and Ethereum continue in the high-stakes market.
For more information about Rexas Finance (RXS) visit the links below:
Website: https://rexas.com
Win $1 Million Giveaway: https://bit.ly/Rexas1M
Whitepaper: https://rexas.com/rexas-whitepaper.pdf
Twitter/X: https://x.com/rexasfinance
Telegram: https://t.me/rexasfinance
Monero (XRM) Price Faces 7% Drop After Kraken’s Delisting in Europe: What’s Next
Will Toncoin Price Avoid Falling to $4?
WLD Price At Risk As FTX Plans To Sell 22.3 Million Worldcoin Tokens
Solana (SOL) Price Drop: Reversal Soon?
XMR Price Plummets 7% As Kraken Delists Monero
Will Ripple (XRP) get an ETF? Crazy days ahead for Ethereum, Rexas Finance (RXS) could shake up RWAs
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