As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the current market dynamics. The Solana price recovery attempt seems to be facing some resistance at its 200-day Exponential moving average, which suggests that the bearish trend may persist. However, this could provide an opportunity for Solana’s rivals to gain traction among investors.
Attempts to rebound Solana’s price encountered resistance from excess supply at the 200-day Exponential Moving Average (EMA), causing it to drop by 1.3% and trade at $137 today. The fact that the price is holding below this key trend indicator implies that the downward trend may persist, potentially giving an edge to Solana’s competitors in attracting investor interest.
Based on historical data from CryptoRank, Solana has typically yielded around a 0.97% average return during the month of September over the last five years. This relatively low increase indicates a potential neutral stance towards Solana, which might offer opportunities for competitors like…
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Toncoin (TON)
Interest in TON, the cryptocurrency associated with messaging app Telegram, is once again piquing investors’ interest due to the growing appeal of its ‘tap-to-earn’ feature. Notably, Binance, one of the top crypto exchanges, has unveiled Launchpool for two Telegram games, Hamster Kombat and Catizen. As these games gain more users, there could be a significant surge in demand for TON.
Furthermore, the total value locked within TON experienced a significant jump from $317 Million to $405 Million – an increase of 27% over a two-week period, as reported by DeFiLlama. This surge in value indicates growing investor trust in the Toncoin system and potentially rising usage of TON’s decentralized finance solutions.
Avalanche (AVAX)
The Avalanche price forecast demonstrated a bullish turnaround, increasing from $20.48 to $25.35 – a 23.7% surge over just two weeks. This upward trend signifies the formation of a new low point in the daily chart, suggesting that the market’s attitude is starting to shift from selling during upward movements to purchasing during downward ones.
Furthermore, the number of AVAX wallets with a balance has experienced a significant increase since August 2021, peaking at 8.85 million, which underscores the expanding user community and adoption.
Kaspa (KAS)
In the group of competitors for the Solana network, the Kaspa coin has experienced a significant increase in momentum following the combined backing of its 200-day Exponential Moving Average and an upward-sloping trendline. This bullish shift propelled the value of the asset from $0.14 to $0.17, representing a rise of approximately 22.7%.
In addition, it’s worth noting that the open interest for KAS futures has been on an upward trajectory from October 2023, settling at approximately $71.8 million as per Coinglass statistics. This growing trend indicates a heightened level of investor interest and anticipation for significant price fluctuations in the market.
Hedera (HBAR)
The price of Hedera is seeing a steady correction around the $0.45 level, marking a stabilization point. Unlike its competitors such as Solana, Hedera’s HBAR price demonstrates a well-known bullish reversal pattern known as a double bottom on the daily chart.
If the trend continues as expected, the Hedera coin might increase by approximately 20%. This growth could potentially push it towards testing the resistance at $0.062. Interestingly, the HBAR OI-weighted funding has spiked to 0.01%, suggesting that investors are keen on buying this asset and maintaining a long position, even at a premium.
SUI
After the introduction of the Grayscale SUI Trust, there’s been a noticeable increase in bullish sentiment towards SUI, the base-level cryptocurrency. This innovative trust allows accredited investors to gain access to SUI without having to purchase or safeguard the tokens directly.
In the midst of these advancements, the price of SUI climbed up to $1.02, marking a 15% increase over the past week. Furthermore, the Total Value Locked (TVL) in SUI soared to an impressive $700 Million, indicating growing confidence and involvement within the Sui community.
For detailed prediction, check out our top layer 1 crypto article.
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2024-09-14 20:29