Connect with us

Market

Why Solana Volume Could Be Key In Driving SOL Price Higher

Published

on


Solana (SOL) volume has risen to a three-month high of $8.33 billion following reports that Donald Trump is set to be announced the winner of the November 5 US presidential elections. This development also comes with a notable 11% price increase for the altcoin within the last 24 hours.

Will this significant increase have a greater effect on SOL’s price? This on-chain analysis checks whether the cryptocurrency’s value may continue to increase.

Interest in Solana Spike During US Elections

According to Santiment data, on November 5, before the elections began, Solana’s on-chain volume was less than $3 billion. However, as of this writing, the metric has risen by over 150%, indicating a notable increase in interest in the cryptocurrency

This rise also coincides with BeInCrypto’s forecast that the US elections could positively impact the price. At press time, Solana’s price has hit $183.84. From a trading perspective, when a cryptocurrency’s price rises alongside the volume,  it means there is enough strength to buck the trend.

On the other hand, falling volume during an upswing suggests that the trend is weak and that the price can retrace. Thus, if Solana’s volume continues to rise alongside the price, then SOL could climb well above the current value.

Read more: How to Buy Solana (SOL) and Everything You Need to Know

Solana volume rises
Solana Volume. Source: Santiment

Besides trading volume, Solana’s Open Interest (OI) has also seen a significant uptick. Currently, the OI stands at $2.51 billion, marking its highest level since October 30. High OI is often a signal of strong momentum behind the current market trend, whether bullish or bearish. 

On the other hand, a low OI indicates that fewer traders are actively involved in the market. Therefore, this increased OI reinforces the underlying price direction and makes it likely that the current trend will continue.

Solana open interest rises
Solana Open Interest. Source: Santiment

SOL Price Performance: Rally to Move Closer to $260

On the daily chart, Solana has formed a bullish flag pattern, a continuation setup that typically signals further upward movement after a brief consolidation. This pattern emerges when a strong upward price movement, or “flagpole,” is followed by a period of sideways or slightly downward action, forming a “flag” shape.

Following the bullish flag formation, SOL experienced a breakout above the flag’s upper trendline, which led to a notable rally. Should this trend remain the same, SOL’s price might break above the overhead resistance at $193.90.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Solana price analysis
Solana Daily Analysis. Source: TradingView

If that happens, the altcoin’s value could move much closer to the all-time high of $260. On the contrary,  a decline below the $161.81 support and Solana’s volume might invalidate this thesis. In that scenario, SOL’s value could drop to $141.98.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Celestia and GOAT investors turn to Poodlana to try and recoup losses

Published

on

By


Celestia and GOAT investors turn to Poodlana to try and recoup losses
  • Goatseus Maximus (GOAT) and Celestia (TIA) are facing significant price declines.
  • Poodlana (POODL) offers a low entry price of $0.003221, attracting new investors.
  • Poodlana raised $8 million in presale, indicating strong demand and growth potential.

In the volatile world of cryptocurrency, investors are constantly searching for opportunities to recover from losses and capitalize on emerging trends.

Recently, many have been looking toward Poodlana (POODL), a Solana-based meme coin that is gaining traction as established cryptocurrencies like Celestia (TIA) and Goatseus Maximus (GOAT) face challenges.

As these established coins face challenges, Poodlana offers an attractive alternative for investors hoping to regain their footing in the market.

GOAT and Celestia face challenges

Goatseus Maximus (GOAT), currently ranked at position 146 by market cap, has recently experienced a significant downturn.

Currently priced at $0.5368, GOAT has seen a decline of approximately 4.4% over the past 24 hours, exacerbating its losses, which now stand at nearly 30% over the past month. Following the price decline, investor confidence has waned, leaving many seeking alternative investments that might offer better potential returns.

Goatseus Maximus (GOAT)

On the other hand, Celestia (TIA) has also faced its share of difficulties. Priced at $4.63, TIA has seen a notable decrease of around 7.4% in the last day, following the unlock of 176 million TIA tokens, which raised concerns among investors.

Celestia (TIA)

The token unlock event not only triggered fear, uncertainty, and doubt (FUD) in the market but also led to a price drop of about 9%. Analysts suggest that the failure to maintain the critical support level of $4.506 could trigger further declines, with potential selling pressure looming due to the significant token supply now in circulation.

Taran Sabharwal, CEO of the Stix trading platform, has attempted to reassure investors by clarifying that not all unlocked tokens will be available for immediate sale, as there is a 21-day unstaking period. However, the sentiment remains cautious, with many investors anticipating further declines in the short term.

Both GOAT and TIA have thus left their investors on edge, leading many to explore new opportunities.

Poodlana emerges as a promising alternative

Amidst the uncertainty surrounding GOAT and Celestia, Poodlana (POODL) emerges as a beacon of hope for investors looking to recoup their losses.

As a Solana-based meme coin, Poodlana has captured the interest of many due to its low entry price of $0.003221, offering significant growth potential compared to the more established cryptocurrencies. Poodlana has already demonstrated promise by raising $8 million during its presale, indicating strong demand and interest among investors.

The allure of Poodlana lies not only in its price but also in the favourable macroeconomic conditions projected for 2024.

Analysts anticipate a lower interest rate environment in the coming months, which could enhance liquidity in the market, thus favouring altcoins like Poodlana. Historically, meme coins have thrived in similar conditions, and with its strong foundation, Poodlana is well-positioned to benefit from these trends.

Additionally, the upcoming US presidential elections may catalyze the cryptocurrency market. Both major candidates have expressed favourable attitudes toward cryptocurrencies, potentially leading to a more supportive regulatory environment.

This political backdrop, combined with Poodlana’s already solid standing as a project built on the fast and cost-effective Solana network, adds another layer of appeal.

Moreover, Poodlana has gained visibility by being listed on three major exchanges: MEXC, Raydium, and BingX. This accessibility provides a broader audience with the opportunity to invest and increases its growth potential, particularly for those who may have missed the early gains of other meme coins like Dogecoin and Shiba Inu.

Conclusion

As investors from GOAT and Celestia grapple with the recent market challenges, Poodlana stands out as a promising alternative.

With its low entry price, strong presale success, and favourable market conditions on the horizon, Poodlana (POODL) presents an attractive opportunity for those looking to recoup losses and capitalize on future growth.

If interested in POODL, you can visit the official Poodlana website for more information about the project.



Source link

Continue Reading

Market

Bitcoin Price Back On The Rise as Trump Leads the Pack: Rally to Continue?

Published

on

By



Este artículo también está disponible en español.

Bitcoin price is surging again above $70,000. BTC is showing signs of strength and might even clear the $73,500 resistance zone amid Trump’s lead.

  • Bitcoin started a fresh surge above the $70,000 zone.
  • The price is trading above $71,000 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $68,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could struggle to rise above the $73,000 resistance zone.

Bitcoin Price Surges Over 5%

Bitcoin price remained stable the $65,500 support zone. A base was formed and BTC price started a fresh surge above the $68,500 resistance.

Trump is clearing leading and sparking a fresh rally in BTC. The price gained over 5% and cleared the $70,000 barrier. It surpassed the 50% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.

There was a break above a key bearish trend line with resistance at $68,450 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $72,000 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $73,574 swing high to the $66,836 low.

On the upside, the price could face resistance near the $72,800 level. The first key resistance is near the $73,200 level. A clear move above the $73,200 resistance might send the price higher. The next key resistance could be $74,500.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $74,500 resistance might initiate more gains. In the stated case, the price could rise and test the $75,000 resistance level. Any more gains might send the price toward the $78,000 resistance level.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $73,200 resistance zone, it could start another decline. Immediate support on the downside is near the $72,000 level.

The first major support is near the $71,200 level. The next support is now near the $70,500 zone. Any more losses might send the price toward the $70,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $72,000, followed by $71,200.

Major Resistance Levels – $72,800, and $73,200.



Source link

Continue Reading

Market

Traders dump Cardano and IOTA as they move to Vantard

Published

on

By


Cardano and IOTA, two of the best-known players in the crypto industry, have underperformed the market over time as they evolved into ghost chains. A ghost chain is a blockchain whose coin is popular, but one that lacks a supportive ecosystem. 

Cardano and IOTA are ghost chains

Cardano is a layer-1 blockchain that became popular in 2021 as a good alternative to Ethereum, which was a proof-of-work network at the time. Its popularity was partly because it was promoted as a peer-reviewed chain that would become a disruptive force in the industry.

Years later, Cardano has no major developers working in its blockchain. For example, there are no popular decentralized exchanges (DEXes) and lending protocols. It has a total value locked (TVL) of less than $350 million. In contrast, newer blockchain networks like Base and Sui have attracted over $1 billion in assets. 

IOTA, on the other hand, became popular for its insistence that it was not a blockchain network. Instead, it is a distributed ledger technology that uses a technology known as tangle. 

IOTA launched Shimmer, its EVM-enabled blockchain network in 2023 with a lot of hype. Many months later, it has also not attracted major developers. 

Therefore, many investors have abandoned ADA and IOTA as their prices have continued to underperform the market. Cardano price has crashed by 60% from its highest level this year, while IOTA has plunged by 75%.

IOTA vs cardano
IOTA vs cardano

Traders flock to Vantard

At the same time, traders are flocking to Vantard, an upcoming meme coin fund token that is in its presale stage.

Data on its website shows that the developers have now raised $808,240 tokens in less than three weeks. This trend makes it one of the best performing token sales this year. 

The idea of a meme coin index fund is inspired by Vanguard’s success. For over three decades, Vanguard has become a financial juggernaut with over $8 trillion in assets. Most of these funds are made up of mutual funds and exchange-traded funds that track either stocks or bonds.

Vantard hopes to create a fund made up of the top-performing meme coins in the industry. It is based on the view that meme coins do better than other traditional cryptocurrencies, especially during bull markets.

Some of the most notable performers were cryptocurrencies like Popcat, MICHI, Fwog, Gigachad, and Moo Deng. 

Vantard’s performance will also be influenced by the ongoing interest rate cuts by the Federal Reserve. Analysts expect the Fed to slash interest rates by 0.25% on Wednesday this week. It will also hint that it will deliver more cuts in the coming meetingss.

Bitcoin and meme coins like Vantard thrive when the Fed is cutting rates. You can learn more about Vantard and buy the VTARD token here.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io