Crypto News

Solana (SOL) Holds Its Gains While Most Coins Bleed

Solana (SOL) has managed to keep most of its gains over the past 48 hours while most coins bled out. The token started yesterday, September 29th, at $33.25, going as high as $34.34 at midday. Solana (SOL) suffered a loss in value on September 28th, when it dropped from $32.85 to $31.74. However, it quickly recovered before the end of the trading day and has been steadily increasing since then. The Price of SOL currently sits at $33.72 at the time of writing. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins SOL Holding On For Dear Life The past few days have seen most coins in the top 100 drop in value by more than 10%. SOL is one of the few tokens that have held its ground during this time. The coin price was off to a rocky start, entering the new week at $32.1. At a point, it seemed like it would rally up to $40 when it reached $35.02 on Tuesday, the 27th. However, the run was short-lived as it fell to $31.77 the next day. Later, the token left investors smiling as it slowly galloped back up to $34.34 the next day, September 29th. So far, it has kept a decent amount of profit for itself and is currently sitting at $33.89. Gains Amidst Troubled Waters SOL’s performance is nothing short of impressive, considering how volatile the market has been for other tokens.  It seems like there are no signs of slowing down anytime soon, either, with the coin still holding strong at above $33. SOL’s price stays modestly above a crucial support level of $30, which serves as a good buying zone for traders. For SOL to trend upward, the price must break over $35, its weekly resistance. If the price of SOL breaks and remains over $35, it might significantly rise to the $45-$58 range. Historically, SOL pricing has found breaking out of this range tough. Based on its performance in the last three months, it’s likely that SOL will likely continue to climb higher. Some people are already predicting the token to go up to $41. An analyst on TradingView noted that a move in the US market could be a catalyst for SOL to reach the $35 mark. Social Engagement And NFTs Might Just Be What SOL Needs The past week has been an eventful one for Solana on social media. According to a recent tweet by PHOENIX, Solana was the best-performing project in terms of social activity. The token had a total of 35,100 mentions and 58.3 million engagements across social media platforms.  Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? But that’s not all. Statistics from Delphi Digital show an increase in Solana’s share of NFT trading volume. According to the tweet, Solana’s NFT volume increased from 7% to 24% in the past six weeks. This gained traction in the NFT sector can help push SOL beyond its resistance and into new heights. Featured image from Pixabay and chart from TradingView.com

Altcoins Ethereum

Analyst Says One Crypto Asset Could Surge in October, With Entire Altcoin Market Loaded Like a Spring

A leading crypto analyst says traders are staring down the barrel of a loaded altcoin market, ready to blow. Crypto trader Justin Bennett tells his 109,600 Twitter followers that the altcoin markets, crypto markets excluding Bitcoin (BTC), are preparing to explode. “The altcoin market cap chart is coiled for something big in October.” Bennett tags the leading […]

The post Analyst Says One Crypto Asset Could Surge in October, With Entire Altcoin Market Loaded Like a Spring appeared first on The Daily Hodl.

Crypto News Ethereum

Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins

For a while now, Ethereum whales have been moving their coins around. This has been a direct result of the bear market that has caused investors to lose a significant amount of their portfolios. Even now, the crypto market is still being ravaged by declining prices. The result of this has been investors seeking refuge in tokens that do not see a lot of volatility, and Ethereum whales have not been left out of this flight to safety. Stablecoins Gain Favor Over the last 24 hours, the trade activity of the top Ethereum whales has shown a big shift towards stablecoins. These whales, who have usually been known to trade across a number of digital assets regardless of their volatility, are taking less risk during this time. The USDT stablecoin has been the number 1 token by trade volume for these top Ethereum whales. The average volume transacted by the whales came out to $267,328, even higher than the volume for ETH, which was the second-highest by trading volume. USDC featured in third place on this list, with an average amount of $89,180 over this time.  Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity In the same vein, the stablecoins were at the top of the most purchased tokens over this time. USDT naturally led the list, while USDC was in second place. Interestedly, ETH did not take 3rd place as expected because Ethereum whales bought more SRM than ETH over this time period.  ETH price settles above $1,300 | Source: ETHUSD on TradingView.com On the topic of sales, the whales continued the trend of moving toward stablecoins. ETH was the most sold token over the last 24 hours, most of which had gone to converting ETH holdings into the more stable USDT and USDC. Ethereum Whales Want Stability Over the course of 2022, Ethereum whales have moved towards more stable options. While ETH continues to top their holdings, the change in their token holdings shows that these whales are getting ready to weather another bear storm. The start of the year had seen tokens such as Shiba Inu and FTX Token topping the holdings of these large investors. However, the tide has shifted so much in this regard that the largest token holdings of these whales are now in stablecoins. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Presently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu still features highly on this list but is a long way from being the largest token held by these large investors. Given that analysts continue to warn investors that the bottom of the crypto bear market is not in, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than already recorded cycle lows, then there is more pain to come. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News Ethereum

TA: Ethereum Price Momentum Above $1,320: Here’s Why Bulls Are Comfortable

Ethereum started a consolidation phase above the $1,300 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350. Ethereum recovered above $1,300 and started a consolidation phase. The price is now trading above $1,310 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone. Ethereum Price Eyes Upside Break Ethereum started a steady recovery wave above the $1,300 resistance zone. The bulls were active above the $1,300 level and ETH settled into a short-term positive zone. There was a clear move above the 50% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. Ether price even spiked above the $1,340 resistance, but upsides were limited. It is now trading above $1,310 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,340 and $1,350 levels. The next major resistance is near $1,364 level. It is near the 76.4% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. A clear break above $1,364 might start a decent increase towards the $1,400 level. Source: ETHUSD on TradingView.com Any more gains may perhaps open the doors for a move towards the $1,450 resistance zone, above which the price could surge to $1,500. Fresh Decline in ETH? If ethereum fails to climb above the $1,340 resistance, it could start a fresh decline. An initial support on the downside is near the $1,310 level. The next major support is near the $1,290 level and the channel lower trend line. A downside break below the $1,290 level might send the price towards the $1,265 support in the near term.  Any more losses could increase selling and the price might drop to $1,250 or even towards $1,220. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now just above the 50 level. Major Support Level – $1,290 Major Resistance Level – $1,350

Bitcoin Crypto News

TA: Bitcoin Price Forms Bullish Pattern, Why BTC Could Rally Above $20K

Bitcoin price is holding gains above the $19,000 level against the US Dollar. BTC could rally if there is a clear move above the $19,660 resistance zone. Bitcoin remained stable and consolidated above the $19,000 support zone. The price is trading above $19,100 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh surge if there is a clear move above the $19,660 resistance zone. Bitcoin Price Consolidates Bitcoin price started a recovery wave from the $18,500 support zone. BTC bulls remained active above the $18,500 level and managed to push the price above the $19,000 resistance zone. There was a clear move above the 50% Fib retracement level of the key decline from the $20,382 swing high to $18,486 low. The price even climbed above the $19,500 resistance zone, but the bears were active near the $19,650 and $19,660 levels. Bitcoin price is now consolidating above $19,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $19,220 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $19,500 level. The next major resistance sits near the $19,660 zone. It is close to the 61.8% Fib retracement level of the key decline from the $20,382 swing high to $18,486 low. Source: BTCUSD on TradingView.com A clear move above the $19,660 resistance might start a fresh increase. In the stated case, the price could even surpass the $20,000 resistance zone. The next major resistance is near the $20,500 zone, above which the price may perhaps revisit the $21,000 zone. Another Drop in BTC? If bitcoin fails to rise above the $19,660 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,350 zone and the 100 hourly SMA. The next major support is near the $19,220 zone and the bullish trend line. The main support is near $19,000. Any more losses might call for a drop towards the $18,500 support zone in the coming sessions. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $19,220, followed by $19,000. Major Resistance Levels – $19,660, $20,000 and $20,500.