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Are Ethereum (ETH) and Solana (SOL) Poised to Dominate the Crypto Market?

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Are Ethereum (ETH) and Solana (SOL) Poised to Dominate the Crypto Market?

The crypto market has seen a strong upward price trend over the past day, resulting in BTC Price surpassing the $65,000 mark. Additionally, altcoin leader ETH price managed to reclaim the $3,000 mark, indicating an increase in bullish sentiment in the crypto space.

On the other hand, Solana token managed to breach its important resistance level of $155.25 by adding 14.26% to its portfolio in the last 24 hours. With a new influx of bullish sentiment in the crypto market, will the top layer 1 (L1) tokens outperform the crypto space this month?

Ethereum token on the verge of a major breakthrough:

After recording significant bullish price action by adding 80.80% in February, the ETH Price was rejected at $4,094.75 on March 12. Since then, the price has been trading in a descending channel pattern over the 1D timeframe, indicating strong bearish sentiment in the crypto space.

TradingView: ETH/USDT

However, following the market rebound, the Ethereum Price managed to regain the $3,000 mark. Additionally, the price is on the verge of breaking out from the resistance trendline, highlighting increased buying pressure in the crypto market.

The technical indicator, MACD, shows a consistent stable line on the 1D timeframe, indicating weak price action for the altcoin leader in the market. However, the averages show bullish convergence, suggesting a positive outlook for ETH price in the coming times.

If the market sustains the price above the $3,000 support level, the bulls will prepare to test its $3,250 resistance level in the coming time. However, bearish price action will bring the price back below its crucial support level of $3,000 this week.

Solana price hints at bullish price action:

THE SOL coin price has consistently posted a higher low in its chart, indicating an increase in buying-on-selling pressure in the crypto market. Additionally, the price is on the verge of breaking out of its resistance zone, highlighting the bullish outlook for the altcoin.

TradingView: SOL/USDT

The Moving Average Convergence Divergence (MACD) shows a steady increase in the green histogram, highlighting an increase in buy-on-sell pressure in the crypto industry. Additionally, the averages are showing an upward curve, which suggests that the price will continue to gain value in the coming times.

If the bulls exceed the resistance zone, the Solana Price will experience a breakout rally and attempt to test its upper resistance level of $200. Negatively, if the bears regain momentum, SOL price will plunge this month towards its lower support level of $126.75.

On-chain analysis:

At the time of writing, the total value locked (TVL) on the Ethereum chain was $131.959 billion, a +3.47% change from yesterday’s $127.528 billion. On the other hand, the Solana channel has a TVL of $10.556 billion with an increase of $900 million (+9.32%) over the last day.

Source: DéfiLlama

Additionally, the Ethereum chain added $8.516 billion (6.89%) month-to-date, while the Solana chain added $2.043 billion to its valuation during the same period.

Currently, Ethereum has 386,161 active addresses with 1.2 million TX on its chain. On the other hand, the Solana chain has 841,149 active addresses, which is 117.82% more compared to Ethereum and 27.52 TX on its chain.

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Altcoins

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

CoinFlix Staff

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Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.

The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.

According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.

Altcoins are poised for growth

The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.

Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.

In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.

According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.

He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.

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Altcoins

Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail

CoinFlix Staff

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IntoTheBlock Releases Report on Institutional DeFi Trilemma

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Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.

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Altcoins

Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail

CoinFlix Staff

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IntoTheBlock Releases Report on Institutional DeFi Trilemma

Disclaimer

Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.

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Altcoins

Epic Altcoin Rally Expected for August and September

CoinFlix Staff

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Altcoin bitcoin
  • Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
  • Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.

Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.

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Accumulating and Holding Altcoins: The Path to Potential Profits

He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.

In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.

This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.

Bitcoin’s influence and legislative developments suggest good prospects for the future

Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.

Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.

If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.

In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.

As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.

Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.

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