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

Uniswap Could Slide Below Support Zone – No Demand For UNI This Week?

On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors. It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag. Statistics show that there is a moderately high relationship between UNI and Bitcoin. Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action. As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains. As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Uniswap Indicator: Bearish UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum. The momentum indicator is at a bearish low at the moment. Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions. As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile. During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin. Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery. A Retreat, Or Advance? A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto. A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value. However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level. This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout. However, UNI has struggled to surpass the $6.49 level of resistance. A breach of this resistance might initiate a gradual rally toward the $6.7 price level. As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7. Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com Featured image from Brightnode, Chart: TradingView.com

Crypto News

Bitcoin (BTC) Price Ahead Of Monthly Close, Go Big Or Go Home

BTC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.  BTC rally caught short as price continued to range. The price of BTC must close above $21,500 ahead of the monthly close as bulls sweat over price movement.  The price of Bitcoin showed strength as Bitcoin (BTC) bounced from its weekly low of $18,500 after the increase in interest rate affected its price negatively. The price of Bitcoin has since struggled to regain its bullish run. It has to a region of $25,000 with the monthly candle just a few hours away from closing. Many traders and investors hope for a better month ahead as the BTC movement has seen little to no volume for a long time. (Data from Binance) Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Bitcoin (BTC) Price Analysis On The Monthly Chart On the monthly chart, the price of BTC has seen more downside than upside, falling from a region of $69,500 to a current value of $19,450, where the price is struggling to close the month on a positive note. BTC’s price needs to close above $21,500 to begin a small relief rally, as it has continued to trade at its previous all-time high and has tested the region numerous times, with the area acting as support looking weaker with each retest. BTC must break and hold above the $21,500 resistance with good volume in order to restore a relief bounce. If the price of BTC remains in this current structure and refuses to break higher, we could see it retest $17,500 support and possibly a lower support area of $17,000 on the Monthly chart if there is a sell-off. Monthly resistance for the price of BTC – $21,500. Monthly support for the price of BTC – $18,000. Price Analysis Of BTC On The Daily (1D) Chart In the daily timeframe, the price of BTC continues to trade below key resistance as the price remains in a range to break above to higher heights.  The price of BTC on the daily chart showed strength to break out above $20,500 as the price faces rejection in an attempt to break out of its range-bound movement.  The price of BTC trades at $19,460 below the 50 and 200 Exponential Moving Average (EMA). The prices of $20,500 and $28,000 correspond to the prices at 50 and 200 EMA for BTC on the daily timeframe.  BTC needs to break and close above $20,500 for the price to gain momentum as the current price action hasn’t been favorable for BTC’s price.  Daily resistance for the BTC price – $20,500. Daily support for the BTC price – $18,000. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Featured Image From Dictionary, Charts From Tradingview

Altcoins

Here Are Some Top Crypto Projects To Track for the Next Bull Market, According to Bankless

The crypto finance platform Bankless is detailing several digital assets and sectors that traders may want to keep an eye on for the next bull market. In a new update to subscribers, Bankless says even though the digital assets industry feels “rudderless” right now, the future is bright. The outlet says it’s closely watching the […]

The post Here Are Some Top Crypto Projects To Track for the Next Bull Market, According to Bankless appeared first on The Daily Hodl.

Bitcoin Crypto News

Bitcoin Sells-Off Amid Strong Economic Data, Can $18,600 Hold The Line?

Bitcoin has been unable to break above or below its current rage, and price action remains undecided. During yesterday’s trading session, the cryptocurrency saw upside volatility, but gains were surrounded once more today as macroeconomic forces took over BTC. Related Reading: MEV Crypto Bot Gains $1M But Loses Same To Hack Same Day At the time of writing, Bitcoin (BTC) trades at $19,200 with sideways movement in the last 24 hours and 4% profits in the last 7 days. While large cryptocurrencies have been able to preserve some of their gains from the past week, most are following the general sentiment in the market. U.S. Economy Report Tumbles Bitcoin Price As Bitcoin was moving into its upcoming resistance level at around $20,500, the U.S. published its recent economic report on the job sector. The initial jobless claims for September’s last job came in at 193,000, the lowest level since April 2022, according to a report from CNBC. This represents a 16,000 decline from the previous week when the jobless claims stood at 215,000. This data indicates that the U.S. economy has continued to see a spike in its job force, with fewer people reporting unemployment. The Jobless continuing claims also saw a decline of 29,000 for a total of 1.3 million. This data has relevance as the U.S. Federal Reserve (Fed) is set at stopping inflation from rising, as measured by the U.S. Consumer Price Index (CPI). The latter metric is currently at a multi-decade high which forced the financial institution to hike their interest rates. However, the Fed’s monetary policy seems to be having no impact on U.S. economic growth. The report stated: The strong labor numbers come amid Fed efforts to cool the economy and bring down inflation, which is running near its highest levels since the early 1980s. Central bank officials specifically have pointed to the tight labor market and its upward pressure on salaries as a target of the policy tightening. Bitcoin Far From Seeing A Price Bottom? As a result of this data, the legacy financial markets and Bitcoin traded to the downside. Market participants must be pricing in further interest rate hikes and more aggressive measures from the Fed as it attempts to cool down inflation. As the data went public, President of the Cleveland Federal Reserve Lorretta Mester spoke about doing “what we must do to get back to price stability”. Other members of the financial institution are likely to adopt a similar stand. This will translate into more pain for Bitcoin and risk-on assets. Commenting on the data, an analyst for Material Indicators said the following, while sharing the chart below showing the crypto market’s reaction to the jobless report: FireCharts shows how BTC traders responded to the economic news. Strong economic report means FED tightening hasn’t had much if any impact yet. Translation: More aggressive rate hikes through Q4 and into 2023. Macro Analysis: THE BOTTOM is not in. Related Reading: Solana Price Fails To Break $34 Again, What Could This Mean? As NewsBTC reported yesterday, Bitcoin must stay above $18,700 to $18,600 to sustain any potential bullish momentum. If bulls can defend these levels, the cryptocurrency could see a relief that will push its price north of $20,000 ahead of more economic announcements from the Fed.

Crypto News

Solana Price Fails To Break $34 Again, What Could This Mean?

SOL price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength.  SOL rally caught short as BTC price continued to range. The price must hold $30 support or face a drop-down to a weekly low.  The price of Solana (SOL) has recently shown some bullish strength, but it has struggled to break above key daily resistance against tether (USDT). Solana (SOL) prices have continued to fluctuate as bulls and bears play chess with SOL. SOL’s lack of bullish strength has left many traders and investors perplexed as to where it might go next. (Data from Binance) Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally Solana (SOL) Price Analysis On The Weekly Chart  After bouncing from its weekly low of $30 as a price rally to a high of $45 before facing a stip rejection, the price of SOL has recently declined, and the price has continued to struggle to rejuvenate its bullish trend. The price of SOL remains marginally above a key support level of $30; this level of support is acting as a good demand zone for buy orders. For SOL to have a chance to trend higher, the price must break through its weekly resistance of $35. To restore a relief bounce, the price of SOL must break and hold above the $35 resistance with good volume. This area of resistance has kept the price of SOL from rising. If the price of SOL continues to reject $35, we could see a retest of $30 support and possibly a lower support area of $24 on the weekly chart if there is a sell-off. If the price of SOL breaks and holds above $35, it could spark a major rally to a region of $45-$58, which has historically been a difficult area for SOL price to break out of. Weekly resistance for the price of SOL – $35. Weekly support for the price of SOL – $30. Price Analysis Of SOL On The Daily (1D) Chart In the daily timeframe, the price of SOL remains below key resistance as it attempts to break above higher levels. After forming a downtrend line that acts as a resistance for SOL price, the price of SOL has shown strength as it faced rejection in an attempt to break out of its downtrend range. SOL’s price is $33 below the 50 and 200 Exponential Moving Averages (EMA). On the daily timeframe, the prices of $35 and $55 correspond to the prices at the 50 and 200 EMA for SOL. A break and close above $35 could see the price of SOL rally high to a high of $45 and higher. Daily resistance for the SOL price – $35-$45. Daily support for the SO price – $30. Related Reading: Bitcoin Price Climbs Upward With Trading Volume At A 3-Month High Featured Image From NewsBTC, Charts From Tradingview