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Price Analysis

Where is Solana [SOL] price heading?

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As the new year dawned, major altcoin Solana [SOL] seemingly headed for a slow start as it sank by more than 17% in just 3 days only to recover by 6% at $179 along the same time period. Amidst ambitious predictions by the community, the overall market traded in the green on the first day of 2022 fuelling hope for an exciting beginning after a dull December.

At the time of writing, SOL’s price was changing hands at $176 with a 24-hour trading volume of $1.07 billion. The coin surge by 1.81% in the last 24 hours. However, Solana posted a decline of 11.21% in the weekly index. The 5th ranked asset’s market cap stood at $54 billion as per data on Coinmarketcap. With respect to the price technicals, the overall outlook does not look too grim.

Solana [SOL] price technicals analysis

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Where is Solana [SOL] price heading? 2

From the four-hour chart above, in the trading aspect, the Relative Strength Index [RSI] indicator hovering below the 50-median is indicating the dominance of the sellers and the weakening position of the buyers in the coin market. However, the Chaikin Money Flow, [CMF] cruising above the equilibrium layer is indicating an increase in the capital inflow. Riding along a similar trajectory, the green price bars of the Awesome Oscillator [AO] too reiterated the bullish narrative in the near term for the asset’s price action.

Solana which is regarded for its speed and security has another reason to cheer. One of its fastest-growing wallets built for decentralized finance [DeFi] and nonfungible tokens [NFT] known as Phantom has seen incredible growth in 2021 with 1.8 million monthly active users in a span of 9 months. Apart from that in 2021, its users have staked over $16 billion worth of SOL, swapped over $1.3bliion of tokens, and made over 55 million transactions on their favorite dApps or centralized applications.

Avalanche [AVAX] slumps by 34% in 2 weeks amidst surge in network activity

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Avalanche [AVAX] price has been currently embroiled in a downtrend as it kept hitting lower lows since the beginning of December 2021. AVAX took the lead in registering one of the biggest losses among the altcoin troupe in a span of just 2 weeks. The native token declined by 34% since December 1st, 2021, and has been unable to cross the $100 mark for more than a week.

At the time of writing, the asset is trading at $79.46 with a 24-hour trading volume of $1.08 billion. AVAX is down by 6.45% in the last 24 hours. The 12th ranked asset’s market cap stood at $19.31 billion.

Avalanche [AVAX] technical analysis

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In the 1 day chart, the emerging red bars of the Awsome Oscillator [AO] is depicting a bearish momentum in the coin market. Next to that the Chaikin Money Flow [CMF] slow rise under the zero-line is projecting an increase in the capital inflow which is a positive signal for price recovery. With respect to the trading activity, the sellers are currently holding their fort as evident from the RSI indicator hovering below the 50 mark.

Avalanche’s optimistic fundamentals in contrast to its price slump

Despite the overall dull outlook on the price front, its network activity is relatively unfazed. As a matter of fact, the AVAX network is taking the lead on a high-profile initiative with one of its top developer’s ambitious proposals to absorb SushiSwap under their project’s umbrella. Notably, the AVAX coin has seen a nearly 1,000% surge since the beginning of August this year, making it one of the fastest-growing platforms in the decentralized application [dApps] sector.

In addition to that, one of the developers of the network is Daniele Sestagalli who is the brain behind two of Avalanche’s largest dApps, Wonderland and Abracadabra whose combined market capitalization of their respective tokens stood at a staggering $6 billion. Continuing its rapid strides- in the Daily Active Address count, Avalanche charted a new milestone on 14th December, this year.

Polygon [MATIC] is on the verge of a major breakout; Nears the $3 mark

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Polygon [MATIC] was seen inching close to its previous all-time high [ATH] at $2.43 around mid-day on 7th December 2021. It started off with an explosive week, rising by almost 37%, as the native token outperformed several top-ranking cryptocurrencies in the weekly index. As the crypto market began recovering from last Saturday’s brutal crash, MATIC bounced back significantly, rising by more than 48% in a span of just 72 hours. This, in turn, fuelled hope for a rally in the coin’s price movement.

Amidst increasing volatility in the broader market, the MATIC token has managed to maintain a steady uptrend especially after the digital asset product issuer, 21Shares announced the listing of a product based on the performance of the cryptocurrency on Euronext exchanges across Paris and Amsterdam. The above developments seemed to have aided in the coin’s price action.

At the time of writing, the asset’s value is changing hands at $2.3, with an intraday trading volume of $5.14 billion. MATIC climbed by an impressive 32% in the last 24 hours. The 15th ranked token has a current market cap of a whopping $16.40 billion.

Polygon [MATIC] – A brief technical analysis

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As indicated from the above daily chart, the Parabolic SAR indicator was cushioning the price candles from a further market downturn. In a similar manner, the MACD indicator was also signaling a bullish movement in MATIC’s price. In terms of trading activity, the Relative Strength Index [RSI] indicator was climbing above the half-line depicting the domination of the buyers in the market. In brief, the asset is poised for upward price momentum.

Coming to its on-chain activity, as per a report by blockchain development platform Alchemy, more than 3,000 apps are currently deployed on the Polygon ecosystem. Earlier in July this year, the layer two protocol had launched a $100 million fund for projects aimed at incorporating blockchain technology into the gaming sector. Alexandre Lores, an analyst at Quantum Economics said,

“This made Polygon a step ahead of the rest of crypto in gaming.”

Polygon [MATIC] rise by 54% in less than a week; More details

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Polygon [MATIC] has risen by 54% in a span of just five days and is only 6% short of its previously established peak at $2.45 in April, this year. As per data on the coinmarketcap, the native token had recorded a low of $1.04 on September 22, and over the past few months, the price has been in a steady upswing, driving MATIC above the $2 mark as December dawned. 

At the time of writing, the asset’s value had since retraced back from its recent high of $2.38, trading at $1.97 with a 24-hour trading volume of $5.32 billion. MATIC was down by 13.11% in the last 24 hours. The 16th ranked coin has a current market cap of $13.5 billion.

Polygon [MATIC] – A brief technical and on-chain analysis

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As indicated from the above daily chart, the Relative Strength Index [RSI] has bounced back from the overbought zone but managed to hold above the 50-median line, which depicts the buyers are in control. The Chaikin Money Flow [CMF] hovering above the zero line is signaling a rise in the capital inflow of the coin market. Riding along a similar trajectory, the green candles of the Awesome Oscillator [AO] are leaning towards the bullish thesis.

The layer 2 solution has seen tremendous on-chain and network traction of late amidst a meltdown in the broader cryptocurrency market. One of the key drivers behind its price surge has been the addition of new protocols to Polygon’s ecosystem, project launches, and a host of cross-chain migrations.

Earlier on 1st December, IDEX announced that it would be launching v3 of its exchange, making it the first hybrid liquidity DEX on the Polygon network. Apart from that, the altcoin has seen many high-profile launches ranging from NFT projects such as the OpenBiSea NFT marketplace to gaming/DeFi platforms like Rainmaker Games, Harvest Finance, and Jarvis Network.

Tezos [XTZ] price up by 32% after a recent low; Can this be a trend reversal?

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While major cryptocurrencies are staging a recovery after the market dip last week, altcoins such as Tezos [XTZ] are posting impressive gains after bouncing back from the recent price correction in the broader market. This is evident from the fact that the smart contract platform surge by 32.5% in a span of just 2 days.

The 42nd ranked asset has shown a steady comeback as the value reached $5.7 in the wee hours of 30th November and marked a 24% increase over the course of the day. Echoing a similar observation, prominent analytics platform Santiment noted,

“Tezos’s market price is up an impressive +24% in the past 24 hours, and the crowd appears to remain more bullish than normal toward the 41st largest asset by market cap. After a -48% retracement, this could be a mark of a turnaround.”

At the time of writing, the asset is changing hands at $5.37 rising by more than 14% in the last 24 hours. Its market cap was found to be at $4.61 billion. The native token’s 24 hour trading volume stood at $774 million. Could this be a hint of an upcoming rally? Let’s delve deeper into the price technicals.

Tezos [XTZ] Daily Chart analysis

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From the above daily chart, the Parabolic SAR hovering below the price candles is cushioning from further market downturn which is indicative of an upswing price trajectory. The closing candles in the green of the Awesome Oscillator [AO] is depicting a much-needed switch to bullish price movement in the coin market. However, in the trading activity, the Relative Strength Index [RSI] is projecting the domination of the sellers and at the same time signaling buyers’ effort to gain a foothold.

In a nutshell, if the ongoing bullishness of Tezos in the market continues then this might be a trend reversal on the upside.

DOT prices sliced by 12%, trading volumes surge as investors buy the dip

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Polkadot (DOT) prices dropped by more than 12% as the daily candle for Friday opened at $39.48, reaching a high of $39.62. What seemed like an uptrend turned into a bearish fall as the candle closed at $34.56 after touching a daily low of $33.67.

As per data from CoinMarketCap, DOT’s trading volume rose by 81.65% and currently stands at 2.24 billion USD. On the other hand, the asset’s market capitalization dropped by more than nearly 9% and was noted at $43.8 billion.

The trend is bearish as we have witnessed three consecutive weekly candles on the weekly chart. After making the all-time high at $55, the prices are down by 35.93%.

DOT price analysis on the daily chart

The 50-day and 100-day Moving Averages continue to progress below the price action, indicating a long-term bearish momentum. These price levels act as important support.

The prices broke out from the lower end of the Bollinger Bands, leading to a drastic 12% drop in prices. Currently, the prices remain in the lower end of the Bands, waiting for the bulls to over.

DOT price chart
DOT price chart by TradingView

The MACD indicator shows that the MACD line (the blue one) has broken below the signal line (the orange line), leading to a bearish divergence. This caused a drop in the price and a bearish histogram filled with red bars.

The RSI indicator is clearly in the bearish zone, i.e., below the 50-level. The selling is pressure is very high as traders are capitalizing on the gains made in the past few weeks. Furthermore, the RSI gradient is positive, and we might see higher prices today

DOT price chart
DOT price chart by TradingView

Conclusion

The DOT price action is bearish for today, and it is a good time to buy the altcoin before higher prices set in. The Parachain Auctions that installed a bullish notion might continue to drive the coin higher.

Cardano [ADA] Plummets on Wednesday As Price Correction Takes Over Crypto Market

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After a fun run-up of the charts, the cryptocurrency market seems to have hit a correction this week. Several major coins witnessed their supports break with the rest of the price peripherals left hanging haphazardly. Cardano [ADA], which had climbed to rank 3 during the bull run, plummetted on Wednesday as the bear took control of the ecosystem.

The current price correction was predicted right as Bitcoin was skirting its all-time high of $65k. At press time, Cardano was trading for $1.98 with a total market cap of $64.895 billion. After a drop of 10 percent on the day, ADA’s trading volume had fallen to $4.2 billion. The current bear run also caused Cardano to slip to number five on the cryptocurrency charts.

Cardano 1 hour chart:

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Cardano [ADA] Plummets on Wednesday As Price Correction Takes Over Crypto Market 11

The past 24-hours were hectic for Cardano as the cryptocurrency crashed to monthly lows. The immediate support had not settled but the last recording was clocked at $1.96. Consecutive red candles populated the current price action as the investors backed out of a receding market.

Relative Strength Index: The graph crashed below the oversold threshold. This indicated massive sell-offs by holders who did not want to see their portfolios crash.

Chaikin Money Flow: According to CMF, the capital inflow had taken a hit during the current price atmosphere. A look at the past week revealed that CMF was pulsing sinusoidally, awaiting a crash.

Parabolic SAR: All the markers stayed above the price candles as the momentum shifted drastically. Only a price stabilization would result in a positive markup.

Cardano 1 day chart:

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Cardano [ADA] Plummets on Wednesday As Price Correction Takes Over Crypto Market 12

Even in the long run, Cardano’s price action had been hit. The daily support shifted to $1.02 as the cryptocurrency registered one of the strongest candles since the beginning of September.

Chaikin Money Flow: After staying on the zero line, the graph dipped below it on Wednesday. This was a sign that the capital leaving the market was more than the money coming in.

Parabolic SAR: The PSAR markers in the long term have not moved from the top of the price candles since mid-October.

Relative Strength Index: The RSI faced a vertical fall right as the market woke up. As more users continue to sell their ADA assets, the graph is expected to fall deeper into the oversold zone.

Solana [SOL] Remains Strong in Face of Adversity as Crypto Market Flinches

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The new week started with the market displaying a mix of bearish and bullish signals. This price flux came when Bitcoin [BTC] was taking a breather after setting new all-time high levels. Over the same time period, altcoins led their own charge which saw several tokens climb higher than ever before on the charts.

One altcoin that was making inroads was Solana [SOL], currently sitting at number 6 in terms of market cap. Solana’s upward turn has been the talk of the town since the cryptocurrency persevered even during the bear runs. At press time, Solana was trading for $208 with a market cap of $4.51 billion. The cryptocurrency’s price charge was in part owing to the number of updates and developments occurring on the network.

Solana 1 hour:

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Solana [SOL] Remains Strong in Face of Adversity as Crypto Market Flinches 15

Since the 20th of this month, there has been a significant uptick in the Solana ecosystem. This was evidenced by the formation of consecutive green candles and new immediate support at $180.2. A majority of the indicators in the time period between October 20-25 displayed a sinusoidal pattern.

Relative Strength Index: Even though the indicator was still in the overbought zone, there was a slight decrease in the periphery. This was a sign that there was a Solana sell-off occurring during a bearish period in the crypto market.

Chaikin Money Flow: The CMF was opposite to that of the RSI with a healthy climb above the zero line. As more users enter the Solana market, the capital influx is only slated to increase.

Parabolic SAR: Almost all of the nearer markers stayed below the price candles. The user sentiment sided with the bull during the day end of a purple patch.

Solana 1 day:

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Solana [SOL] Remains Strong in Face of Adversity as Crypto Market Flinches 16

In the long run, the cryptocurrency was trying to keep it steady on the road to ATH. The daily support was near the $120 market as the level seemed to be safe for the time being.

Chaikin Money Flow: The CMF hovered above the zero line as the market tried to settle on a pattern. Repeated appearances by the bear and the bull allowed the graph to roam freely.

Parabolic SAR: Just like in the hourly spectrum the markers stayed below the candles here too. Bullish momentum set in right after the last price support was threatened.

Relative Strength Index: Solana’s daily RSI broke the overbought threshold as more and more users bought into the market. This was a strong indicator of the longevity of the cryptocurrency and its user interest.

Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club

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On Tuesday, the cryptocurrency market decided to swerve into the bull’s path taking the price along with it. Altcoins ruled the roost after a much-needed break from the bear that affected the entire ecosystem’s market cap. Charlie Lee founded-Litecoin [LTC] became one of the biggest gainers of the week after a new round of investments from users.

At the time of writing, the Bitcoin Silver aka LTC was growing by 4.2 percent on the back of a strong week. LTC was trading for $188.4 on Tuesday while holding a market cap of $13.004 billion. The daily trading volume spiked to $2.8 billion as other altcoins tried to emulate its performance. When LTC hit its all-time high this May, the community was confident of upcoming developments.

Litecoin 1 hour:

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Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 19

As Litecoin’s immediate support remained near the $160 mark, the green candles continued their strong push. The graph showed signs of recovery after a low bearing September.

Relative Strength Index: Litecoin’s RSI climbed closer to the overbought zone, showing an increase in the number of HODLers.

Chaikin Money Flow: The capital coming into the LTC market shot up as prices settled. Litecoin investors reveled in the latest hike as capitulation was left in the dust.

MACD indicator: Litecoin’s bearish momentum at the start of October caused the signal line to touch the MACD line. The resurgence was enough to push the cryptocurrency over to the bullish side.

Litecoin 1 day:

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Litecoin [LTC] Shows Off its Prowess as Bitcoin Silver becomes Biggest Gainer in Top-20 club 20

Litecoin’s long-term performance was indicative of the market’s fluctuations, showing multiple crests and troughs. The long-term support has fallen to $106.4, a far cry from its earlier holds.

Relative Strength Index: Just like in the hourly timeframe, LTC’s graph sporadically moved in the upward direction.

Chaikin Money Flow: Getting capital intensive was a struggle for LTC but the latest marker was a step in the right direction.

MACD: The signal line and the MACD line moved upwards after converging during the past week. Even the MACD histogram ticked green for a sustained period of time.

Dogecoin [DOGE] Skips over Bear Attack as Daily Gains Propel it On Charts

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The cryptocurrency market’s latest ascension has been the talk of the town after coin prices hit new highs. Altcoins followed the bullish path set by Bitcoin with some enjoying the path more than others. Ninth-ranked Dogecoin rallied on Monday despite the slowdown shown by its peers.

At the time of writing, Dogecoin was trading for $0.25 with a total market cap of $33.63 billion. Monday’s 8.2 percent growth was enough to set it off on a bullish tear. The daily trading volume increased to $33.63 billion, clocking more than bigwigs such as XRP and Cardano.

Dogecoin 1 hour:

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Dogecoin [DOGE] Skips over Bear Attack as Daily Gains Propel it On Charts 23

The bull’s impact was evident on the chart after the green candles grabbed headlines. Dogecoin’s revival from the stagnant price movement was helped along by positive sentiment from it’s user base. The immediate support was at $0.21 after a lackluster two weeks.

Relative Strength Index: Dogecoin’s RSI fell back within range although the buying pressure remained high. With the latest price hike, the number of users HODLing the cryptocurrency overtook the number of sellers.

Chaikin Money Flow: The graph fell sharply below the zero line after spiking the previous night. This meant that the capital leaving the market was more than the influx.

Parabolic SAR: Recent markers remained below the candles as the bullish momentum increased. The markers further meant that user sentiment leaned towards the positive zone.

Dogecoin 1 day:

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Dogecoin [DOGE] Skips over Bear Attack as Daily Gains Propel it On Charts 24

In the long term, Dogecoin’s price was showing signs of recovery. The immediate support was still near $0.17 as consecutive green candles crowded the graph.

Relative Strength Index: Unlike the hourly graph, the RSI here was steadfastly bullish. The vertical hike also meant that there was a surge of incoming Dogecoin HODLers.

Parabolic SAR: Dogecoin’s strong weekly gains allowed the marker to fall below the price candle. The sustained pressure was important because of the PSAR’s bearish signals.

Chaikin Money Flow: The daily CMF was right on the zero line, signaling an ecosystem vying its options. As of now, the capital influx and outflow are equal to each other.