Category: Cryptocurrency News

In a twist of fate, SOL, the native token of Solana, navigates through a period of volatility after a robust bullish run that spanned from September to December 2023. The once-surging token has encountered a steady decline over the past three weeks, leaving investors on the edge. Solana Meteoric Rise Falters Amid Corrections Initially hailed for its remarkable performance, SOL skyrocketed by an astonishing 500% since October 2023, with December alone contributing a remarkable 105% gain. The surge was largely attributed to the fear of missing out (FOMO) surrounding Solana’s SPL token airdrops, where tokens such as Jito (JTO), BONK, and Dogwifhat (WIF) played a significant role. Related Reading: Binance Coin (BNB) Blasts Off: 10% Gain Sparks $350 Price Predictions However, the currents have turned since the dawn of the new year. Recent weeks have witnessed a correction in SOL’s value, shaking investor confidence. Excessive optimism regarding airdrop expectations and delayed launches have contributed to this correction, as the boost to decentralized applications (dapps) proved short-lived. Solana currently trading at $88.4036 on the daily chart: TradingView.com The decline in SOL’s value has been evident, with the coin rarely surpassing the $107 mark in recent times. On January 19th, SOL faced a 9% decline, plunging to a low of $95. Analysts have observed a consistent rejection from the $100 level, further fueling investor caution. At the time of writing, SOL was trading at $89.72, down 2.4% and 6.7%, respectively, in the last 24 hours and seven days, data from Coingecko shows. Source: Defillama SOL Faces Price Dip Amidst Growth While SOL’s token price experiences a downward trend, there are positive signs of growth in other aspects. Solana’s total value locked (TVL) in SOL tokens reached an all-time high of 15.4 million on December 19th, 2023, indicating a substantial 60% growth compared to the previous month. Furthermore, Solana has demonstrated an increase in network activity, particularly in transactions and volumes. Despite a slight decline in transactions and active dapp users over the past week, Solana’s dapps volume reached an impressive $594 million, with a staggering 72.3 million transactions. Technical analysis paints a mixed picture for SOL’s future. While the token remains above its 50-day and 200-day exponential moving averages, suggesting a bullish sentiment, recent price action raises concerns of a potential reversal. SOL’s relative strength index (RSI), on the other hand, sits at 43.70, indicating a bearish market, while the moving average convergence and divergence (MACD) stands at 55.50, pointing towards an upward trend. Related Reading: Is Tron Toast? Network Activity Crumbles As Crypto Cools Off Initially, analysts were optimistic, predicting a continued bullish run for SOL in 2024, with price projections ranging from $250 to $300. However, the general price dip observed since the beginning of the year, coupled with increased selling pressure, has shifted control towards the bears. $SOL Top is in. Will trade under $60 in 2024. pic.twitter.com/AHH7I8KZug — Toni Ghinea (@ToniGhinea) January 19, 2024 A struggle between bulls and bears has ensnared investors. A lot of people are just going to sit tight and see what happens because of the resistance levels and the cautious market mentality. It is worth mentioning that expert Toni Ghinea has predicted a possible decline to $60 by the end of 2024, which might intensify the negative sentiment around the SOL market. Featured image from Shutterstock

I have 70$ of DyDX rewards that I need to claim. No matter what time during the day/night I try to claim it, the gas fees always cost at least half of the $70. Is this just the current standard of doing anything on Ethereum or am I missing something? I have mostly been using…
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On Saturday, January 20, the Dogecoin price rose by more than 23% within 5 hours. As NewsBTC reported, the creation of the X Payments account was the cause of the sudden price increase, which reignited hopes within the community about the integration of DOGE. However, the speculative surge was short-lived, with only around 4% of the gains remaining at time of publication. When Will Dogecoin Price ‘Moon’? In a new analysis, Skew, a well-known figure in the crypto analysis sphere, has presented a nuanced perspective on the potential drivers for an lasting upswing of the Dogecoin (DOGE) price. Skew’s findings are grounded in both technical and speculative market dynamics. Skew’s examination of the DOGE 4-hour (4H) chart revealed a “Nice pump after the creation of the XPayments account,” suggesting that the market is speculating about ‘X’ possibly integrating Dogecoin as a payment option. Despite the positive momentum, Skew emphasized that for a sustainable uptrend, DOGE needs to “properly reclaim the 1W pivot ($0.08750) & Yearly open there after.” Related Reading: Dogecoin (DOGE) Up By 11% As X Launches Dedicated Payment Account He stressed the importance of the price trend aligning with the 4-hour Exponential Moving Averages (EMAs) and a Relative Strength Index (RSI) consistently above 50. “Systematically, I’m looking for price to trend with 4H EMAs & RSI above 50 to sustain a real uptrend,” he stated. On the DOGE Binance spot market, Skew highlights a new price range formation, noting a significant spot demand zone around $0.07 and a large supply wall at $0.1. He pointed out: “New range being quoted here so far & clear larger range between current spot supply & demand.” Notably, large bids were filed during the recent move above $0.09 Regarding the Open Interest (OI) and Delta on Binance and Bybit for DOGE, Skew observed a “substantial OI increase on this +13% price move & more perp volume seen than spot volume.” He suggested monitoring spot market flows for bullish indicators such as a spot premium leading price, spot limit bids on dips, and neutral funding rates to anticipate further gains. Related Reading: Top Analyst Anticipates Dogecoin Surge To $0.10, But There’s A Catch Skew reflected on the previous DOGE rally linked to ‘X’, noting that “Clean systematic confirmations prior to narrative pump” were evident, but the rally faltered due to “loss of narrative buyers” after the DOGE logo was removed. For a significant DOGE rally, Skew asserted that the market needs four clear signs: A real narrative this time, key price level reclaim, 4H trend sustained, [and] higher spot flows to support perp speculation. Adding to Skew’s analysis, crypto analyst @DaanCrypto provided insights on the 1-day DOGE/USD chart, stating, “DOGE I’m not over complicating things. Nice hold of the Daily 200MA/EMA. Narrative surrounding XPayments picking up.” However, he cautioned that “we have no idea if anything will come from it,” advising a focus on higher timeframes for a margin of safety. At press time, DOGE traded at $0.08276. Featured image from DALL·E, chart from TradingView.com

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In the volatile world of cryptocurrencies, Binance Coin (BNB) has emerged as a strong contender, decoupling from the market’s recent downturn. While other digital assets fell, BNB showcased resilience, demonstrating a price surge towards a critical level that could dictate its future trajectory in the days to come. At the time of writing, BNB was trading at $318, reflecting a solid 10% increase over the past seven days. With a market capitalization exceeding $47 billion, BNB’s performance overshadowed its counterparts, capturing the attention of both investors and analysts alike. Binance Coin On A Strong Ascent Related Reading: Is Tron Toast? Network Activity Crumbles As Crypto Cools Off Prominent crypto analyst Crypto Tony recently underscored BNB’s ascent, emphasizing the coin’s trajectory toward a key resistance zone. If BNB manages to breach the $355 level, there is a high likelihood that it could establish this zone as a new support level, bolstering its prospects for further upward movement. $BNB / $USD – Update Flip into support at $355.00 and i am into a position. Just holding tight for now pic.twitter.com/ZFhhbIZRWK — Crypto Tony (@CryptoTony__) January 20, 2024 However, the path to higher levels is not without its challenges. A closer examination of BNB’s liquidation heat map reveals a substantial increase in liquidations near $320. Moreover, several additional resistance zones loom in the near term, acting as potential hurdles on BNB’s journey to $355. These resistance levels include $320, $325, and $340, necessitating careful monitoring to gauge BNB’s ability to surmount them. To gain further insights into BNB’s potential, a comprehensive analysis of the coin’s daily chart was conducted. The Chaikin Money Flow (CMF), which experienced a slight downtick following a sharp uptick, offers a mixed signal. BNB market cap currently at $47.56 billion. Chart: TradingView.com Simultaneously, BNB’s Bollinger Bands indicate a shift towards a less volatile zone, suggesting a potential slowdown in price growth. However, the MACD presents a more optimistic outlook, with the possibility of a bullish crossover on the horizon. Binance Coin RSI Shows Strength The Relative Strength Index (RSI) for BNB remains high, indicating a continued uptrend in its price. Notably, despite these positive market indicators, bearish sentiment remains dominant in the market, as evidenced by a significant drop in BNB’s weighted sentiment over the past seven days. This dichotomy between market indicators and sentiment highlights the uncertainty and cautiousness surrounding BNB’s future prospects. Source: Santiment Nevertheless, BNB continues to maintain its popularity within the crypto space, boasting a high social volume. This sustained interest further underscores the coin’s potential and the attention it garners from enthusiasts and investors alike. Related Reading: Solana Stablecoin Volume Reaches Record High Of $300 Billion In January As cryptocurrency markets remain highly unpredictable, it is crucial for investors to exercise caution and conduct thorough research before making any investment decisions. While BNB’s recent performance and positive indicators suggest potential upward movements, the presence of resistance zones and prevailing bearish sentiment warrant careful observation in the days ahead. Featured image from Shutterstock

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