He brought Ethereum to its knees The altcoin has risen 21x and is currently at $250, according to experts
The price of Solana (SOL), Ethereum’s (ETH) strongest Layer-1 competitor, recently rose to $120, up more than 21x since the first day of the year. This indicates that the popular altcoin continues its strong trend. Currently, Solana has a weekly gain percentage of 60% and a monthly gain percentage of 100%, and experts expect the altcoin to shine in 2024 as well.
Can Solana's Price Rise Sustain?
After Slana’s inexorable price rise, investors are looking for savings opportunities, eager for a price pullback. According to analysis shared on Tradingview, there appears to be a potential buying opportunity to accumulate more SOL in the short term. While it’s difficult to recommend a large investment in SOL since the start of the year, especially after last quarter’s gains, the $100 level is currently the best buying point for the altcoin.
Looking at SOL from a broader perspective, the fact that it broke through the key $113 level before encountering significant resistance suggests that the rise may be sustained. Additionally, $143 is a significant resistance level in Solana’s 2024 forecast.
The cryptocurrency market may become more attractive to investors with the expected approval of a spot Bitcoin ETF, which is eagerly expected to be approved in the United States next year. This may also trigger an influx of new institutional funds into the market. Predictably, the approval of a spot ETF will not only benefit Bitcoin, but also altcoins, and according to most experts, the price of SOL may exceed $250 by the end of 2024.
SOL trading volume exceeds ETH
Solana, on the other hand, surpassed altcoin king ETH in 24-hour continuous futures trading volume, a very important metric in the cryptocurrency market. According to data from CoinMarketCap, Solana’s trading volume reached 5.56 billion USDT, surpassing Ethereum’s 4.68 billion USDT trading volume. This change in market dynamics coincides with Solana’s price rising by more than 5% in the past 24 hours.
Perpetual futures are derivatives contracts with no expiration date that allow investors to speculate on future prices. These tools play a vital role in liquidity and price discovery in cryptocurrency markets. Solana’s lead on this metric becomes particularly notable given Ethereum’s historical dominance of the market.
In terms of spot trading volume, Solana dominates with 8.43% of trading volume, surpassing Ethereum’s 4.61% of trading volume. Additionally, Solana’s market capitalization has exceeded $50 billion, solidifying its position as a well-known player in the cryptocurrency market. Another notable achievement for the altcoin is that it surpassed Ethereum in decentralized exchange (DEX) trading volume in the past 24 hours.
ATOM Surges, But Things Are Not So Good for Cosmos: Here’s Why
ATOM’s daily active addresses and transaction volume declined last week.
Market indicators for Cosmos are also looking bearish.
Cosmos [ATOM] was recently ranked as the cryptocurrency with the highest network activity. However, upon further digging, AMB Crypto discovered that there is more to this story than meets the eye.
Despite the drop in network activity, investors appear to be enjoying profits as ATOM’s price chart turned green.
Is Cosmos network activity normal?
Cosmos Daily is a popular X (formerly Twitter) handle that publishes updates related to the Cosmos ecosystem and notes that ATOM ranks first on the list of cryptocurrencies in the IBC ecosystem in terms of weekly active users.
At first glance, this indicates an increase in the number of users of ATOM. However, upon further investigation, AMB Cryptocurrency found that this was not the case.
Our observation of Artemis data shows that ATOM’s daily active addresses have dropped sharply over the last week. The same goes for daily transactions on the blockchain, which looks worrying.
Source: Artemis
During the same period, Cosmos' expenses and revenue declined. However, ATOM’s TVL has grown, reflecting its improvements in the DeFi space.
How does ATOM fare in terms of price?
While the blockchain’s network activity declined last week, the same cannot be said for ATOM’s price action. The coin is up 5% in the past seven days, according to CoinMarketCap.
As of this writing, Cosmos is trading at $11.30 and has a market capitalization of over $4.2 billion, making it the 20th largest cryptocurrency.
Due to ATOM’s stellar performance, AMB Cryptocurrency examined the coin’s on-chain metrics to better understand what was going on. Its social volume remained relatively high last week, reflecting its popularity.
Its MVRV ratio also spiked last week, which could cause its price to rise. However, despite the token’s rising price, its development activity has gone sideways.
Source: Santiment
Looking at the ATOM daily chart, MACD shows a bearish market outlook. Its Chaikin Fund Flow (CMF) also showed a sideways trend, increasing the possibility that prices will continue to move sideways.
Nonetheless, the Money Flow Index (MFI) remains bullish, trending northward.
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