Magic Eden Tops OpenSea in Daily Trading Volume as Solana NFTs Heat Up
The Solana-based marketplace has seen far more transactions than its Ethereum counterpart in the last 24 hours.
Solana, Cardano Tokens Slide Over 9% as Cryptos See Weakness Amid Poor US Consumer Data
Bitcoin lost support at $30,000 as Chinese technology stocks sold off on Thursday amid earnings worries a day after hawkish comments from the U.S. Federal Reserve.
Top Analyst Forecasts What’s Ahead for Ethereum, Solana (SOL) and One More ETH Rival As Crypto Markets Bounce
A closely tracked crypto strategist is outlining what’s in store for leading smart contract platform Ethereum and two ETH challengers, including Solana (SOL).
In a new strategy session, pseudonymous analyst Cred says Ethereum might have printed a tradeable range provided that the bottom at $2,000 holds.
“This might be our range for some time. Support on the weekly at around $2,000. Maybe at this point, resistance will become relevant here at $2,500. Then the top of the range at $3,000. So if this is some sort of interim bottom, we’re dealing with the range we have to trade is between $2,000 [and] $3,000, and $2,500 is the range midpoint…
If stuff continues to bounce, if equities do well etc., the basic target for that would be from support to resistance.”
At time of writing, Ethereum is trading at $2,094.
The next coin on the trader’s radar is Solana, which he says is also trading in a big range that provides solid opportunities for market participants.
“If the markets bounce and we see strength and again a usual proviso of equity not shitting the bed, your short-term range in SOL is probably between mid-$40s and closer to $80. This is a pretty big range… My amazing math degree tells me that’s a 2x and 100% gain sort of.”
At time of writing, Solana is changing hands for $57.24.
The last coin on Cred’s list is fellow smart contract platform Avalanche (AVAX). According to the crypto strategist, AVAX is also trading in a wide range but warns market participants that Avalanche can potentially deviate from the range and briefly trade above resistance or below support.
“The range high coming in at $40, and the range low coming in at $24… Similar to Solana, decent chart, good areas to trade. Buy support, sell resistance and not do a whole lot else. I do expect a bit of deviation, wickery type of stuff. If it goes above resistance, for example, I’d expect a slight push higher than the exact level itself.
The same for support: if it goes to support, I’d expect it to push a little bit below.”
Avalanche is trading for $34.87 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Top Analyst Forecasts What’s Ahead for Ethereum, Solana (SOL) and One More ETH Rival As Crypto Markets Bounce appeared first on The Daily Hodl.
Top Crypto Analyst Predicts Massive Price Dive for Cardano, Says One Solana-Based Altcoin Will ‘Go Down to the Basement’
The Elliott Wave theory is a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, an asset goes through a five-wave cycle before a major market reversal.
Capo says that ADA is about to complete its fourth wave, suggesting the coin is ready for a final flush. Cardano is trading at $0.55 at time of writing, which is 45% above the analyst’s downside target of $0.30.
Capo is also keeping a close watch on the move-to-earn protocol STEPN (GMT) which is built on the Solana (SOL) blockchain. According to the crypto strategist, he sees GMT trading as low as $0.60.
“GMT has come home, but now it has to go down to the basement.”
GMT is trading at $1.52 at time of writing.
Looking at Bitcoin (BTC), Capo says he expects BTC to continue correcting after breaching the key psychological support of $30,000.
“After the fifth touch of the $30,000 support, it broke it. Previous two-day candle closed below it, and now it’s testing that zone as support. In my opinion, this is not a good spot to buy. It hasn’t even reclaimed that level on a high timeframe close. $21,-$23,000 still in play.”
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Solana, Avalanche Struggle as Investors Lose Confidence
Solana and Avalanche seem to have reached a crucial demand wall after seeing their market value drop by more than 50% over the past few weeks. Still, the lack of…
Here’s Why Solana (SOL) Is Still the Number One Ethereum (ETH) Competitor, According to InvestAnswers
tells his 436,000 YouTube subscribers that his “Day One Thesis” was that SOL was his Ethereum hedge as he considers Solana the only potential “ETH killer.”
He notes that SOL has less than 1/12th the market cap of ETH but “it’s doing a lot of stuff.”
The analyst also outlines Solana’s potential advantages over Ethereum.
“The strength of Solana, and the reason why I still like it, is that they have the most breadth of DApps [decentralized applications] of any chain out there. They have exponential adoption. Fast, inexpensive, scalable. Despite the outage…
It also has Rust, the most preferred developing language that’s driving the most development activity on any chain. 65,000 [transactions per second]. No need for layer-2s, and SOL DApps have more daily active users than Ethereum DApps, which is kind of staggering, because Ethereum has about 3,000 DApps and SOL has about 750.”
The analyst does note that Solana’s outages are a potential issue. Solana suffered a network outage in late April when the project’s mainnet beta cluster “ceased producing blocks as a result of stalled consensus,” according to Solana Labs.
The outage came after Solana already dealt with publicized network and performance problems in December and January, as well as a previous outage last September.
The InvestAnswers host also notes that Solana has higher inflation than Ethereum.
He notes Ethereum’s advantages include its larger size, earlier launch date and higher adoption rate. He adds that Ethereum also has the most validators, and it is more decentralized and deals with less regulatory risk.
Solana’s native asset, SOL, is trading at $65.51 at time of writing. The seventh-ranked crypto asset by market cap is down more than 14% in the past 24 hours.
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The post Here’s Why Solana (SOL) Is Still the Number One Ethereum (ETH) Competitor, According to InvestAnswers appeared first on The Daily Hodl.