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Solana Price Could Reach $1,000, Analyst Explains Why
3 months ago
CryptoPotato
CryptoPotato
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Bitcoin (BTC) broke the $46,000 barrier after several weeks of consolidation, marking a multi-week high. This price increase hasn’t been seen since January 12, the day spot bitcoin exchange-traded funds (ETF) became a reality. The increase was attributed to heightened accumulation of BTC by large holders and new all-time highs in U.S. equity indices. Following the price surge, analysts are gauging Bitcoin’s next potential moves, and one of them suggests that abrupt change is near the corner. Bitcoin to $100k is Feasible Jacob Canfield, a popular trader in Crypto Twitter, believes Bitcoin could top $100K in his latest analysis on his YouTube channel. The periods of consolidation paved the way for the altseason, which the analyst suggested was driven by rotations within Layer-1 projects, AI crypto pumps, and increased activity in the GameFi sector. Canfield, however, is convinced Bitcoin will suck the liquidity out of the market and will continue to impose its dominance against other coins. If you lack conviction and your hands are made of paper, set up a system that makes it hard to sell. Put it in a cold storage wallet. Go into a medically induced coma We got a tiny taste of an alt season so far while Bitcoin consolidated in the $36k-$39k range. L1 rotations, AI pumps, gaming pumps… but that’s just the start. Bitcoin will suck the liquidity out of the market for a while. Find the high beta levers that move with #bitcoin… pic.twitter.com/ccC2U4zDIX — Jacob Canfield (@JacobCanfield) December 5, 2023 The Not So Good News Meanwhile, another analyst has raised concerns over Bitcoin’s volatility. Popular trader HornHairs flagged a rare signal involving the Bollinger Bands volatility indicator, suggesting that BTC could either reach new highs or lows within the next ten days. Bollinger bands are a popular technical analysis used to assess market volatility and potential price movements. Composed of three main lines, Bollinger Bands adjust to market volatility —wider bands indicate higher volatility while narrower bands suggest lower volatility, providing traders with valuable insights into market conditions. In BTC’s case, the Bollinger Band width has reached historically low levels, something that rarely happens and precedes substantial price swings. While the direction of the impending move remains uncertain, the analyst warned traders to have a plan in case “things launch upwards or nuke lower”. Similarly, another analyst, CryptoCon, talked about how Bitcoin will likely revisit the $31,300 level based on a metric considered a reliable indicator of market behavior. The post Huge Bitcoin (BTC) Price Prediction By Popular Trader, But There’s a Catch appeared first on CryptoPotato.

13 days ago
TopCryptoNews
TopCryptoNews
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Recently, cryptocurrency analytics platform Lookonchain reported activities of Bitcoin (BTC) and Ethereum (ETH) whales amid the ongoing market downturn. These whales appear to have been capitalizing on the recent decline in the crypto prices to bolster their holdings. According to Lookonchain, amid the market dip, a newly established wallet withdrew 700 BTC, valued at roughly $29.36 million, from the Binance exchange. These BTCs were purchased at an average price of $41,948 each.It is worth noting that, according to the analyst, such a move during a market downturn demonstrates a bullish sentiment on the future of BTC. It seems that a whale is buying $BTC !In the recent market drop, a new wallet withdrew 700 $BTC ($29.36M) from #Binance at an average price of $41,948.https://t.co/5kE1l0mJlo pic.twitter.com/Fj1thu4C6x— Lookonchain (@lookonchain) January 19, 2024 Ethereum Whales Joining The Fray The narrative of strategic accumulation isn’t limited to Bitcoin. Lookonchain’s subsequent tweet highlighted similar activities in the Ethereum market. A whale took advantage of the decreased Ethereum prices, buying 3,600 ETH, worth around $8.9 million. Lookonchain highlighted that this investor’s history of buying ETH at lower prices and selling at higher valuations has resulted in substantial profits, estimated at around $25.8 million. After the price of ETH dropped today, this smart whale bought 3,600 $ETH ($8.9M) back at a lower price 5 hours ago.This whale is very good at buying ETH prices and selling ETHThe profit is ~$25.8M currently!https://t.co/UzXbheftr1 pic.twitter.com/DannZzsQVk— Lookonchain (@lookonchain) January 19, 2024 These whale movements are worth noting, especially considering the increasing bearish sentiment in the cryptocurrency markets. Ethereum, for instance, has seen a 1.9% decline in the past 24 hours and a 7.8% drop over the past week. The asset is currently trading at around $2,475. Bitcoin is experiencing a similar trend, with a nearly 3% decrease in the past 24 hours and a 10% fall over the past week, bringing its price to $40,819 at the time of writing. This market downturn is also reflected in the asset’s trading volume. Bitcoin’s daily trading volume fell from over $40 billion last Friday to about $26 billion. Bitcoin Market Analysis And Future Predictions In light of these developments, renowned crypto analyst Jacob Canfield has cautioned that Bitcoin might face further corrections in the short term. Canfield notes that the upcoming Bitcoin halving could play a crucial role in rebalancing the market dynamics, potentially tipping the scale towards demand over supply. However, his analysis of Bitcoin’s 4-hour chart indicates the formation of a trend that has historically been an indicator of negative short to mid-term price movements. For Bitcoin, critical levels include $48,700, marked by the 61.8% Fibonacci retracement, weekly resistance, and a significant support level to watch at $38,700. Earlier this month, Bitcoin traded at the $48,700 zone before retracing. Canfield warns that following a tap of the 61.8% level, Bitcoin often experiences an 18-22% sell-off, potentially bringing it back to the $38,700 support level. #Bitcoin update – If you’ve been following me for a while, you’ll know my local top on BTC was $48.7k (as per my playbook posts)The question that everyone is asking now is ‘where do we go from here?’The current narrative is that the ETF approval unlocked the GBTC investors… pic.twitter.com/MayIZp5vEY— Jacob Canfield (@JacobCanfield) January 18, 2024 $ETH $BTC #BTC #ETH

about 1 month ago
Crypto Web3 Today
Crypto Web3 Today
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Ethereum (ETH) $3,600 Target Indicated by Top Trader. Renowned cryptocurrency trader and analyst Jacob Canfield indicates the next price target for an explosive Ethereum (ETH) rally. Should it come true, Ethereum (ETH) could soar by 50% in near future. Ethereum (ETH) price's next target indicated by analyst. The Ethereum (ETH) price smashed through the crucial "weekly support retest" over $2,100. As such, another 50% upsurge might be on the menu, trader Jacob Canfield opined on X today, Dec. 28, 2023. The next target for Ethereum (ETH) price can be found at $3,600. As such, the trader asks his audience whether it is ready for "teleport" to such impressive price levels and admits that the time to accelerate has come. Today, in the early morning hours, the Ethereum (ETH) price set new 2023 high over $2,440. By press time, it retraced to $2,400. The last time Ethereum (ETH) was trading over $3,600 was in April 2021, right before the collapse of the Terra (LUNA) ecosystem and the 2021-2022 Crypto Winter. This year, the Ethereum (ETH) price more than doubled; in late December 2022, the second-largest cryptocurrency was changing hands around $1,200. Solana (SOL) "takes a breath," loses 17% from 2023 peak. Canfield is also bullish on the midterm future of Solana (SOL), a key Ethereum (ETH) competitor. As covered by U.Today previously, he indicated a crucial catalyst for Solana (SOL) demand. According to his theory, the Solana (SOL) community needs more tokens to take part in potential retroactive airdrop campaigns. This frenzy was triggered by massive JTO token distribution organized by Jito Finance, a Lido copycat on Solana (SOL). Meanwhile, the price of Solana (SOL) retraced after the 900% rally of last 12 months. It reached a local high over $123, but now it is changing hands at $100.

about 2 months ago
Dopamine BuerTrades
Dopamine BuerTrades
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Solana's market cap surged to nearly $34 billion, propelling SOL to the fifth position among cryptocurrencies. In a nutshell, SOL experienced a 5% increase in 24 hours and an 18% rise in a week, surpassing XRP. Analysts foresee potential future gains for SOL, ranging from $90 to $300, with an optimistic projection reaching $1,000. Jacob Canfield, a crypto analyst, advises diversifying investments between Ethereum and Solana, drawing parallels to investing in both Microsoft and Google, or Tesla and Ford.

2 months ago
Dopamine BuerTrades
Dopamine BuerTrades
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Solana's SOL token has experienced a remarkable 15% surge in the last 24 hours, reaching an impressive 20-month peak at over $88. This surge has propelled solana to become the fifth-largest cryptocurrency, boasting a market capitalization exceeding $37 billion and surpassing Ripple's XRP. The surge is attributed to the thriving Solana ecosystem, marked by high trading volumes, a growing number of daily active users, and substantial NFT sales. Notably, Solana has outpaced Ethereum in NFT sales volume over the past week. Despite this growth, caution is advised against succumbing to FOMO (Fear of Missing Out) among investors. However, analysts such as Crypto King and Jacob Canfield maintain a bullish outlook, suggesting potential future values of $300 and $1000, respectively.

2 months ago
CryptoPotato
CryptoPotato
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TL;DR SOL’s Price Increase: Solana’s SOL rose 5% in 24 hours and 18% in a week, becoming the fifth largest cryptocurrency by market cap, overtaking XRP. Future Price Predictions: Analysts predict further increases for SOL, with targets ranging from $90 to $300, and an optimistic forecast up to $1,000. Investment Diversification Advice: Crypto analyst Jacob Canfield recommends diversifying investments between Ethereum and Solana, likening it to investing in both Microsoft and Google, or Tesla and Ford. SOL Climbs the Ladder Solana’s native token – SOL – has once again positioned itself as a top performer in the cryptocurrency market. It has risen over 8% in the past 24 hours and 18% in the last week (per CoinGecko’s data). Its latest surge switched the positions in the cryptocurrency sector, with the coin becoming the fifth largest in the realm. SOL’s market capitalization recently touching almost $34 billion, thus surpassing XRP. The latter has also recorded some gains lately, albeit not as substantial as its rival’s. SOL Market Cap, Source: CoinGecko SOL’s Possible Next Stop Solana’s impressive price performance this year has given analysts the opportunity to envision a further rally for the asset.  The popular X (Twitter) users Ali and Deftsue were among those presenting somewhat realistic predictions. The former suggested that a sustained close above $68.2 could push SOL toward $90, whereas the latter believes that the token could soon surpass the $100 mark. Crypto King was more bullish, claiming the coin could jump to $300 in the long run.  The most optimistic bet came from the crypto analyst Jacob Canfield, who thinks a price explosion toward $1,000 may be in the cards. He also advised individuals to diversify and invest in both Ethereum and Solana: “No reason not to have allocations to both. It’s like trying to bet on Microsoft or Google. Tesla or Ford. Just buy both.” The post Solana’s Bull Run: SOL Surpasses XRP to Become the Fifth Largest Crypto Asset appeared first on CryptoPotato.

2 months ago
CryptoPotato
CryptoPotato
followers

TL;DR Solana’s SOL token has surged by 15% in the past 24 hours, reaching a 20-month high of over $88 and becoming the fifth-largest cryptocurrency with a market capitalization exceeding $37 billion, surpassing Ripple’s XRP. The rally may be attributed to the thriving Solana ecosystem, including high trading volumes, rising daily active users, and significant NFT sales, with Solana outperforming Ethereum in NFT sales volume over the past week. Despite SOL’s growth, there is a caution against FOMO among investors. On the other hand, analysts like Crypto King and Jacob Canfield remain bullish, suggesting potential values of $300 and $1,000, respectively. SOL Hits a New Yearly High The revival of the cryptocurrency market continues, with some digital assets launching real bull runs. One example is Solana’s native token – SOL – which has soared by 15% in the past 24 hours, tapping a 20-month high of $88 (per CoinGecko’s data). SOL Price, Source: CoinGecko In addition, the coin’s market capitalization exceeded the $37 billion mark. Thus, SOL became the fifth-largest cryptocurrency in the entire realm, surpassing Ripple’s token – XRP. What Stands Behind SOL’s Rally? One factor behind the latest uptrend of the asset could be the thriving Solana ecosystem. As observed on DefiLlama, trading volume on the blockchain protocol has been going through the roof in the past few weeks. It has surpassed $1.5 billion in the last 24 hours and the $9 billion mark on a weekly basis.  Source: DefiLlama Solana DeFi daily active users (DAU) have also been on the rise lately, exceeding the 200,000 level from December 14 onwards.  Last but not least, NFT sales have also been booming on Solana. As revealed by CryptoSlam, Solana NFT sales volume in the past seven days has spiked to almost $105 million. Ethereum, on the other hand, has fallen behind with approximately $80 million registered for the same period. Watch Out for FOMO It is worth noting that SOL’s rapid price increase as of late might create the so-called FOMO (“Fear of Mission Out”) effect. In other words, some investors may get captured by the valuation surge and hop on the bandwagon without conducting proper due diligence.  According to Santiment, the asset sits at the top in terms of social volume, meaning people find the topic quite intriguing at the moment. “In each case, when there is mainstream talk at this level, FOMO will create price tops. If holding any, take a cautious approach,” the behavior analytics entity warned. Will the Show Go On? Numerous experts believe SOL is poised for a further spike in the near future and is currently in the foothills of an astronomical surge. The X (Twitter) user Crypto King and Jacob Canfield laid out the most bullish predictions. The former thinks the asset could spike to $300, whereas the latter envisioned an outrageous target of $1,000. The post Why is the Solana (SOL) Price Up Today? appeared first on CryptoPotato.

2 months ago
CoinEdition
CoinEdition
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SOL’s YTD performance is an 809.50% increase after starting the year below $10. Solana’s TVL has been recovering, but Ethereum stays on top of other chains. SOL may hit $100 before the year ends if the accumulation of the token increases. Solana (SOL), one of the top 10 cryptocurrencies in the market, is showing gains. At press time, the cryptocurrency was $91.25, after it gained 17.34% in the last seven days. SOL’s rise this year has been tremendous considering that it was one of the casualties affected by the FTX collapse. With its recent run, many analysts believe that SOL could be a three-digit token before the year ends. Both Projects Can Co-Exist When the year started, SOL traded a little below $10. But an 809.50% increase, according to CoinMarketCap, on a Year-To-Date (YTD) basis brought back the notion that Solana could be the “Ethereum (ETH) killer.” ETH has also had a good year, but it is nothing compared to SOL. This is because ETH has gained 94.03% since January 1. Recently, Coin Edition reported how Solana DEX volume surpassed that of Ethereum, implying a surge in network activity over the second-ranked blockchain per market value. In November, crypto trader Jacob Canfield explained that Solana would dominate Ethereum like it did in 2019 and 2020. In defense of his opinion, Canfield said that there were exceptional projects built on the Solana blockchain that could propel its dominance.  However, on December 2, Solana’s co-founder posted that Solana would not “kill” Ethereum, as was predicted in some corners. In his post, he pleaded with the Solana community not to bring up the narrative but to focus on building.  Don’t bring back last cycle “eth killer” bs. It’s lame. Pareto efficient technologies can have overlapping features and will compete, but that’s all ok. I don’t see a future where solana thrives and somehow eth dies. I am such a techno optimist that I am certain that… — toly 🇺🇸 (@aeyakovenko) December 2, 2023 Solana TVL Rises and Token Target $100 There is one area where Solana has found it hard to surpass Ethereum, and it’s in terms of its Total Value Locked (TVL). According to DeFiLlama, Ethereum’s TVL was $28.55 billion. Solana, on the other hand, had a TVL of $1.31 billion. Solana Total Value Locked (Source: DeFiLlama) However, Solana’s TVL has experienced 166% growth in the last 30 days. This increase implies that market players’ trust in the protocol has increased. It is also a sign that Solana is getting more liquidity from these players, who are anticipating a good yield from the project. Concerning the price action, the SOL/USD 4-hour chart showed that the token was overbought. This was confirmed by the Relative Strength Index (RSI), which was 84.56 on December 22. As a result, SOL dropped from $97.66 to $92.37. SOL/USD 4-Hour Chart (Source: TradingView) Also, there is a chance that SOL may drop from the $90 mark if market participants decide to take profits. Additionally, the Bollinger Bands (BB) showed that SOL’s volatility had become extreme. So, if accumulation picks up soon, SOL may finally reach $100.  The post Solana Soars, Sparking Speculation: Can the ‘Ethereum Killer’ Live Up to the Hype? appeared first on Coin Edition.

2 months ago
Crypto Web3 Today
Crypto Web3 Today
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Solana (SOL) Price to Go Higher: Analyst Reveals One Simple Reason. The euphoria around potential retroactive airdrops by projects on top of Solana (SOL) will push the SOL price higher and higher, top trader and analyst Jacob Canfield foresees. Solana (SOL) price to expand rally, airdrop hunters to blame. The price of SOL, the core native asset of the Solana blockchain, has a very simple bullish thesis that will likely push its price higher. The interest of retroactive airdrop hunters seeking lucrative bonuses is the top catalyst of potential SOL price growth, Canfield opined on X today, Dec. 9, 2023. More and more traders are having FOMO after the whopping success of the Jito (JTO) airdrop, which brought five- and even six-digit bonuses to SOL holders who performed standardized tasks on the Jito staking protocol. As they are running toward other protocols with potential crypto token distributions, they will need more and more SOL assets to authorize transactions, join conversion and staking mechanisms: The network effect of seeing all these people getting 5-6 figure air drops will result in a significant number of people buying $SOL and bringing assets over to farm the airdrops. As such, Canfield attributed the bullish prospects of Solana (SOL) to simple laws of supply and demand. previously, BitMEX founder Arthur Hayes also came up with an uber-bullish prediction on the Solana (SOL) price. Solana (SOL) is changing hands at $76.94, being 5.5% up in the last 24 hours. Jito (JTO) price rocketing. The new frenzy of Solana-based cryptocurrencies was triggered on Thursday, Dec. 7, 2023. Jito (JTO), a Lido Finance competitor on Solana (SOL), organized a massive airdrop of its token JTO. The project distributed over $225 million in JTO equivalent to the attendees of online activities on the platform. After the airdrop, the price of JTO did not drop. In the last 24 hours, it added over 32% as it inches closer to $4. The trading volume in JTO pairs on major exchanges exceeded $1.1 billion. #BinanceTournament

2 months ago
Voice Of Crypto
Voice Of Crypto
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Trader Jacob Canfield has pinpointed a target of $1000 for SOL based on specific indicators.His analysis factors in weekly breakouts coupled with a robust ecosystem supporting Solana.Notably, investment figures like Cathie Wood and VanEck share similarly optimistic sentiments regarding Solana's future, expressing bullish views on its potential. Solana has emerged as a prominent entity within the crypto market, drawing attention due to its impressive price surge. Notably, crypto trader Jacob Canfield took to Twitter to underline several factors contributing to Solana's perceived undervaluation. He highlighted Solana's dominance, alongside breakout patterns in SOLBTC and SOLETH, coupling these observations with a list of anticipated top projects set to bolster Solana's trajectory. Adding weight to Solana's potential, Ark CEO Cathie Wood and VanEck, a major ETF issuer in the USA, projected lofty targets for this cryptocurrency's future performance. Canfield's Analysis Jacob Canfield delved into reasons why Solana appears undervalued, projecting a staggering possibility of SOL reaching $1000 by the end of the current crypto market cycle, typically spanning four years. Drawing parallels with the previous cycle that concluded in late 2022 and early 2023, Canfield referenced Bitcoin's surge from $16,000 to $30,000 within a few months. Weekly Resistance Breakout Canfield's insights revealed SOL-BTC breaking out of a weekly resistance point, indicating potential upward movement in SOL's value concerning Bitcoin. Similarly, SOL-ETH exhibited a similar breakout pattern, suggesting a prospective outpacing of Ethereum's price trajectory by Solana. The Future Trajectory Historically, post-breakout, crypto prices tend to accelerate, and with these breakouts observed on weekly charts, an extended bullish period for SOL appears likely over the coming months. Ecosystem Strength and Predictions Canfield emphasized Solana's robust ecosystem, citing various projects set to bolster its standing within the crypto realm. These include decentralized exchanges like Orca and Raydium, NFT-related projects such as Shadow and Render Token, alongside diverse offerings like Pyth Network and Mango Markets. Cathie Wood and VanEck Projections Cathie Wood anticipated Solana's rapid growth surpassing Ethereum, praising its blockchain efficiency and cost-effective transactions. VanEck echoed this sentiment, projecting SOL to reach $3.2k by the decade's end, applauding Solana's high-speed processing capabilities. A Note of Caution Despite these optimistic projections, it's important to note that realizing such milestones may take several years. Neither Canfield, Cathie Wood, nor VanEck foresee an overnight dramatic rise in SOL's price. Navigating this trend demands thorough understanding and research, areas in which Voice of Crypto aims to assist. Disclaimer: While aiming for accuracy and up-to-date information, Voice of Crypto disclaims responsibility for any inaccuracies or omissions. Cryptocurrencies are highly volatile assets; therefore, due diligence and personal financial decisions are recommended. #solana #SolanaInsights #SOL #crypto2023 $SOL

3 months ago
CryptoPotato
CryptoPotato
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TL;DR The global cryptocurrency market has rebounded strongly in 2023, with a market cap exceeding $1.6 trillion and major assets like Bitcoin and Ether achieving significant gains. Bonk Inu (BONK), a Solana-based memecoin, reached an all-time high on December 4, possibly benefiting from the overall bullish market trend, suggesting potential for further rallies. BONK’s success could be partly attributed to its association with Solana (SOL), which has seen substantial growth recently. Analyst Jacob Canfield predicts SOL could reach $1,000, potentially becoming the second-largest crypto asset after Bitcoin (BTC). BONK Catches the Green Wave in the Market The cryptocurrency sector has risen like a phoenix this year, clearing most of the losses registered during the devastating 2022. The global crypto market cap has recently surged above $1.6 trillion (per CoinGecko’s data), while most of the leading digital assets have charted substantial gains. Bitcoin (BTC) hit $42,000 for the first time in 19 months, Ether (ETH) surpassed $2,200, while Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and others have also been in the green. One token that might have benefited from the highly bullish environment is Bonk Inu (BONK), whose price hit an all-time high on December 4. Currently, it trades quite close to the peak, meaning a new rally might be in the cards. BONK Price, Source: CoinGecko Solana’s Role Another factor playing a role in BONK’s uptrend could be its connection with Solana. The memecoin is described as the first Solana-dog cryptocurrency “for the people, by the people.” SOL has been a top-performing crypto asset in the past few months, with its valuation climbing to almost $70 in mid-November. It currently hovers around the $60 level, with some analysts expecting a bull run in the near future. The X (Twitter) user Jacob Canfield laid out an extremely optimistic forecast in November, suggesting SOL might explode to $1,000 and become the second-largest crypto asset after BTC. At the time of this writing, however, Solana, much like other major altcoins, is falling behind BTC in terms of gains. Analysts are optimistic on an upcoming altseason once the Bitcoin price settles down and begins consolidating. The post BONK Price Soars to an All-Time High as Solana Rally Slows Down: What Stands Behind the Move? appeared first on CryptoPotato.

3 months ago

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