Solana SOL: The Ethereum Of The Last Cycle? Targets New All Time Highs Soon

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14 Mar 2024

TLDR

Solana (SOL) has been capturing the attention of investors and analysts alike as its price continues to rally, recently breaking above the $150 mark.
The cryptocurrency appears poised to initiate a new bullish cycle, mirroring the recent trajectory of Bitcoin and raising the question of whether Solana will soon reach a new all-time high (ATH).

TLDR

Solana (SOL) price is showing bullish momentum, trading above $150 and potentially targeting the $180 level.
SOL is nearing the golden ratio resistance at $170, with a breakthrough potentially leading to a new all-time high (ATH) around $260.
Bullish signals include an upward trend in the MACD histogram on the monthly chart and strong support against BTC at the 0.382 Fibonacci level.
However, bearish indicators such as potential rejection at $170 and a bearish MACD on the daily chart suggest mixed signals.
Renowned analyst Raoul Pal believes that Solana could surge between 235% and 570% in this cycle, comparing it to Ethereum in the previous cycle.

Currently trading at $152, Solana is nearing the golden ratio resistance level at approximately $170, with only a 10.6% gap to bridge. A breakthrough at this crucial level could signal the beginning of a new bullish cycle for Solana, potentially leading it to retest its ATH of around $260, which was recorded on November 6, 2021.
Technical indicators on various timeframes provide a mixed picture of Solana’s price action. On the monthly chart, the Moving Average Convergence Divergence (MACD) histogram indicates an upward trend, with the MACD lines in a bullish cross and the Relative Strength Index (RSI) in overbought territory.
The weekly chart also shows predominantly bullish signals, although the RSI’s presence in overbought territory could potentially signal a bearish divergence.
However, the daily chart displays some bearish signals alongside the bullish ones, with the MACD histogram trending lower despite the MACD lines remaining crossed bullishly. The 4-hour chart presents a similarly mixed picture, with the MACD histogram trending lower and the MACD lines crossed bearishly, while the RSI remains neutral.
Despite these mixed signals, renowned analyst and Real Vision CEO Raoul Pal believes that “Solana is the Ethereum of the last cycle.”
In an interview on the Rug Radio YouTube channel, Pal explained that the current cycle finds itself in the middle of a strong uptrend, which could lead to a 30% pullback in the shorter term.
Regardless, he maintains that 2024 is undeniably a crypto summer year, with Solana having the potential to surge between 235% and 570% from its current level.
Pal’s sentiment is echoed by other experts, such as Zeta Markets Founder Tristan Frizza, who expects Solana to move into the top three blockchains by market cap.
This prediction is supported by Solana’s booming on-chain activities, which have surpassed the likes of Ethereum, Arbitrum, Optimism, BNB Chain, Tron, and Avalanche combined.
Institutional investors are also planning for massive adoption, with Pantera Capital considering an investment of $250 million in SOL from FTX.
Additionally, the Solana meme coin market is nearing a $7 billion valuation, representing 10% of the total market.
As Solana continues to navigate the volatile cryptocurrency market, investors and analysts will be closely monitoring its price action and on-chain activities to determine whether the bullish predictions will come to fruition.
The post Solana SOL: The Ethereum of the Last Cycle? Targets New All Time Highs Soon appeared first on Blockonomi.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Why Ripple (XRP) Turns Bearish After Its Record-Breaking Run

Recently, the cryptocurrency arena witnessed the net inflow into spot Bitcoin ETFs surge to a staggering $1.05 billion, marking the highest single-day net inflow since their inception in the United States. This influx propelled Bitcoin to an impressive new all-time high of $73,000, bouncing back robustly from its slump following hotter CPI inflation data.
Amid this buoyant backdrop, Ripple (XRP) emerged as a standout performer. Earlier this week, XRP saw an astonishing 25% rise to $0.74, its highest valuation since November 2023, bolstered by massive capital transfers from crypto exchanges and a spike in buy volume unseen since the previous summer.
However, it's not just the well-established names making waves. The post-TGE landscape saw a newcomer, ScapesMania (MANIA), making a significant debut. Stepping into PancakeSwap, a leading decentralized exchange on the Binance Smart Chain network known for its massive user base and liquidity, MANIA experienced its trading day debut that was nothing short of impressive.

Ride The Wave Of Innovation With ScapesMania

The introduction of a new crypto project is usually met with very cautious optimism. But when its numerous past sales and token generation event (TGE) are a huge success, it all seems like the first step on a path full of growth potential. ScapesMania, the groundbreaking casual gaming project, has a lot to show for its unstoppable hype.
$MANIA has stepped into PancakeSwap, a decentralized exchange on the Binance Smart Chain network known for its extensive user base and liquidity. The debut trading day proved to be impressive. The token price demonstrated resilience, indicating robust tokenomics and promising prospects for the project. Unlike short-term ICOs, ScapesMania has proven itself to be a serious venture within a thriving market.
Just let the numbers speak for themselves:

Holder count: 18.41K
24-hour trading volume: $2.25M
Over 2,535 buys and 1,651 sells

ScapesMania also topped DEXTools' Hot Pairs list right away after its debut.

This project started out with a presale event that garnered an incredible $6.125 million. The fact that it attracted over 60,000 followers across different social media networks and a vast number of holders is even more remarkable. This strong support and funding demonstrate how appealing and promising the project is to a wide audience. A real breakthrough might be just around the corner, so it would be a waste not to grab $MANIA tokens before they skyrocket.
The launch of liquidity pairings including MANIA/WBNB and MANIA/USDT marked the beginning of active trading. The demand from the community led to USDT becoming the main source of liquidity.
Why get involved with ScapesMania now that it's listed? First, $MANIA tokenomics are balanced, with a cliff and vesting system helping maintain stability. Second, ScapesMania incentivizes community members through its staking program, rewarding commitment with extra tokens. Third, through DAO governance, community members can vote on ecosystem development decisions. Finally, ScapesMania continuously expands token utility, offering more benefits to $MANIA holders.
With a strong plan for promoting the project after listing, its success might keep up the record-breaking pace after its debut. The team's dedication to long-term development and prominence in the cryptocurrency industry is shown by their impressive marketing efforts — 75K+ average monthly traffic is no joke.
Additional upsides that may be the biggest deciding factors when it comes to growth are:

The project's smart contract has been approved by BlockSafu. Holders may rest certain that the project's infrastructure is reliable and up to par thanks to this endorsement.
Enthusiastic support from numerous notable crypto influencers. It lends legitimacy and affirms ScapesMania’s status as one of the promising new projects.
Experienced team. Innovating and executing a project successfully requires a team of seasoned specialists. This project is in a strong position to overcome any obstacles and take advantage of opportunities.
Bright future. The project has come a long way, but it still has a long way to go. There are tentative plans to list on a centralized exchange (CEX), which will provide access to more markets and more liquidity.

Everything about ScapesMania was carefully designed to facilitate major growth potential. From successful, well-publicized sales to its advantageous alliances, seasoned staff, and strategic positioning in the casual gaming niche – it looks poised for big things.
Choosing ScapesMania right now, post-TGE, offers early access, exclusive benefits, diversification, lower competition within a dynamic niche, and, more importantly, a potentially perfectly-timed entry point for maximum growth. The coin's stable post-listing price and strong initial support, coupled with an influx of newcomers, indicate long-term confidence, so it might be the time to make your decision.
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Ripple’s (XRP) Rally Rundown: From Binance Withdrawals To Market Domination

The recent days saw a notable surge in the value of Ripple (XRP), marking a significant upward trajectory from the $0.53 zone. XRP surpassed key resistance levels at $0.58, $0.6, and $0.65, and even outperformed giants like Ethereum and Bitcoin. A peak was established at $0.7442, and currently, XRP is consolidating its gains, hovering below the $0.69 mark.
This rally was partly attributed to a series of high-value transactions noted by Whale Alert, where an anonymous entity withdrew 300 million XRP from Binance. Bithomp, an XRP-focused explorer, suggested that these transactions were internal, likely representing Binance redistributing its Ripple (XRP) holdings among new wallets. Following this, similar large-scale outbound transactions were observed, indicating a preference among XRP’s wealthiest investors to hold their tokens rather than trade them on exchanges.
Data from Messari further revealed a growing number of addresses holding over 1 million XRP and suggested that large-scale crypto investors were significantly contributing to Ripple's (XRP) recent gains. While this trend is often seen as a positive sign for future price movements, XRP also showed a sharp rebound against Bitcoin, with the XRP/BTC pair jumping over 12% – a move that suggests traders are shifting their focus from Bitcoin to altcoins like Ripple (XRP) for potentially higher short-term profits.
As a result, the trading volume of XRP experienced an extraordinary increase, skyrocketing by 298% according to CoinGlass. This surge was evident not just in futures and derivatives, where the trading volume reached $8.75 billion, but also in the spot market, where Ripple's (XRP) trading volume hit $7.66 billion. This placed XRP sixth among the top 100 crypto assets in spot trading volume.
The combined turnover in both spot and futures markets for Ripple (XRP) now stands at an impressive $16.41 billion. This remarkable volume, compared to its capitalization of $38.77 billion, indicates a high level of engagement and enthusiasm in the market for XRP.

Ripple (XRP) Technical Analysis

Ripple (XRP), presently trading between the first support at $0.6533 and the first resistance at $0.7283, mirrors the consolidation phase highlighted in the earlier discussion about its rise in market value.
Source: TradingView
The closely clustered Exponential Moving Averages (EMA) at around $0.69, mirroring the last trading price, indicate a period of equilibrium in the market following its notable surge.
The Relative Strength Index (RSI) at 50.12 and the Stochastic %K at 52.48, align with the earlier narrative of a market that is neither overbought nor oversold, reflecting the balanced yet cautious sentiment among investors.
This is especially relevant given the context of the increased trading activity and the significant interest from large investors, as previously mentioned.
Furthermore, the Average Directional Index (ADX) at 18.98 reinforces the lack of a strong trend, which is crucial to understand in the backdrop of XRP's impressive rebound against Bitcoin and its notable trading volume surge.

Ripple (XRP) Price Prediction

In light of these technical aspects, the future of XRP seems to hinge on key thresholds. The bullish scenario, where Ripple (XRP) would aim for higher resistances at $0.7683 and $0.8433, needs to be considered in the context of its recent market momentum and investor interest.
Conversely, the bearish scenario, risking a fall to lower supports at $0.6183 and $0.5433, presents a cautionary tale for the enthusiastic market sentiment observed.

Final Thoughts

In the bustling cryptocurrency market, Ripple's (XRP) recent performance was a subject of interest. Climbing out of the $0.53 range to a high of $0.74, XRP showed remarkable resilience, even outperforming industry stalwarts like Ethereum and Bitcoin. This surge is linked to significant capital transfers from crypto exchanges and a preference among XRP’s wealthiest investors to retain their tokens.
Ripple's (XRP) remarkable increase in trading volume and its placement as the sixth-largest in spot trading volume further highlight the growing engagement and enthusiasm among market participants. With XRP now consolidating gains and hovering below the $0.69 mark, the market watches eagerly for its next move, anticipating where this momentum might lead.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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