The Crypto space witnessed a massive drop in the recent past that resulted in a notable loss for most of the assets. The BTC dropped by $7000 within 2 hours. And major altcoins like ETH, XRP, ADA are losing value in double digits and trying hard to find strong support zones.
Meanwhile, SOL outperformed most of the altcoins. With a slight pullback, SOL is now trying hard to rebound at $200. With SOL, its related coins SBR, SRM, SLIM, and RAY hit new ATH. SOL and its related coins are ruling the crypto market from the past week.
SBR has experienced massive profits in the last few days. The price spiked by 358% from $0.2786 to $1.0049 on September 11th, 2021. SBR attempts to hit $1.5 went in vain as bears overtook the market. Yet the asset appears to propel high despite the rise in the bear market sentiments. SBR formed a strong support zone between $0.542 and $0.723. If the price breaks between that level, then possible SBR would surpass the $2 mark soon.
The Serum responded well to the market crash, recording ATH $12.81 on September 9th, 2021. SRM price appears to be more stable compared to other prominent assets. After an intense rally in the first quarter of 2021, the price dropped by 300% from $11.7 to $3.8 on 23rd May 2021. However, the price recovered soon, and in the recent market crash, it didn’t fall for a pray. The SRM price is now looking for a strong zone around the $10 mark. A notable break from there, post-consolidation, a $20 mark would become imminent.
SLIM is a decentralized platform built on the SOL chain. The network aims to offer decentralized fundraising, time-weighted token staking, and governance voting. The SLIM price gained massive profits in the first week of this month. The price surged by 500% from $0.5767 to hit ATH $4.05 on 7th September 2021. Woefully, the recent market crash stumbled the price to $2.659. Yet the token bounced back perfectly, now it is forming a crucial support zone between $3.5 and $4. Currently, it is important for the price to consolidate to rise further.
RAY price amazed the crypto market with exceptional spikes that faded later. With the study rise, the RAY price hit ATH $15.88 on 5th May 2021. The Mid-May market collapse affected the RAY price to a larger extent until August. With the boost to the SOL price in mid-August, RAY gained massive profits surged by 300% from $4.96 to $15.54 on 9th September. However, at present, the price is retesting at $13 and a bounce could bring a drastic change in price further.
Overall, SOL ecosystem coins are flourishing to new highs. As many other prominent altcoins are recovering their losses. If the same trend continues further, then that day is not distinct where-in the Solana-based assets make their way to the top 20.
The Magic of “Memeseason” Threatens to Outpower DOT and SOL Price!
The latest community-driven pump in the meme world has given rise to a surge in the chief meme tokens such as SHIB, DOGE, Floki Inu, Safemoon, and many others. Besides, fundamentally strong altcoins such as DOT, SOL, ADA, and other prime altcoins stand in awe of being dethroned by Dogecoin-inspired protocols.
On a strange note, the meme space solely holds over $70 billion in its custody among the $1.5 trillion total market cap of altcoins. Consequently, a trend reversal has brought forth the traders to search for Doge-inspired coins rather than looking out for fundamentally strong altcoins.
Meme Mania Versus Altseason!
While professional traders were awaiting Altseason after the bull run of primary coins, yet the outcomes appeared to have come out of the box. Despite cash-flow heading on to altcoins with a larger market cap or fundamentally strong coins, money has moved into meme-based tokens. It appears traders might be looking out for short-term gains, they aspire to become millionaires in the short run.
Interestingly, analytics from the coinmarketcap highlights massive growth in the meme space. Notably, Shiba Inu, Dogecoin Mars, Tiger King, SafeMoon Inu have surged by 59.40%, 287.93%, 221.18%, and 169.48% respectively over the last 7 days.
In contrast, despite parachain auctions scheduled for the next month, DOT price has surged only by 19.5% underperforming the aforementioned meme protocols. On the other hand, with no significant profits, top-tier altcoins such as Cardano, Solana, and XRP have almost remained stable with negative gains of -9.11%, -1.39%, and -0.26 respectively.
Traders crave big profits in the short term, hence they’re directly heading on to meme coins despite paying attention to altcoins with larger market cap. The potential reason for the move has been massive hype, low price, large circulating supply, and volatility associated with such coins.
Collectively, trading meme coins would be more beneficial for advanced traders rather than for newbies. Because of their high volatility, they would dump in a similar fashion where new traders would end up losing everything. For instance, the latest price action of Squid Game token has been the best example, where price rugged pull by almost 99.99% after the phenomenal surge. Hence, it is mandatory to be clear with research to avoid possible loss.
SOL and SHIB Surge 12%, Bitcoin Reclaims $62K (Market Watch)
While bitcoin has reclaimed $62,000 after another nosedive yesterday, Solana and Shiba Inu have jumped by 12%.
After another price dip below $60,000, bitcoin went on the offensive again and surged to $62,000. Some altcoins, such as Polkadot, Solana, and Shiba Inu, have also charted impressive 24-hour gains, and SOL has even neared its ATH.
Bitcoin Reclaims $60K
The past few days didn’t go all that well for the primary cryptocurrency, even though it managed to recover from Thursday’s sudden crash to $58,500 almost immediately.
It jumped above $62,000 at the time and even tried its hand at $63,000 a day later but to no avail. The bulls intercepted the move and pushed it south, which resulted in a drop to $60,000 on Sunday.
Bitcoin even dropped below that coveted line to an intraday low of $59,500 hours ago. However, the bulls stepped up at this moment and drove the cryptocurrency up. BTC added nearly $3,000 of value and touched $62,500 before retracing slightly to its current level of around $62,000.
Bitcoin’s market capitalization has returned above $1.150 trillion, while the dominance over the altcoins stands still at 44%.
SOL and SHIB See Double-Digit Gains
Most of the altcoin space is also in the green today. Ethereum dropped to $4,200 yesterday, but a modest increase on a 24-hour scale has driven it back above $4,300.
Binance Coin is 2% up on the day and trades north of $530. A near 3% pump from Cardano has driven ADA to $2. More gains come from Dogecoin (5%), Terra (2.5%), Avalanche (3%), Chainlink (3.5%), and Litecoin (3%).
Polkadot has spiked by 6% and now stands above $44. Solana and Shiba Inu are the most significant gainers from the larger-cap alts. SOL has surged by nearly 12% to $210, which is close to the token’s ATH.
SHIB is up by a similar percentage and trades above $0.000073. As such, SHIB has reaffirmed its position above Dogecoin as the largest meme coin.
More fluctuations are evident from Qtum (36%), THORChain (24%), Holo (21%), Dogelon Mars (18%), XDC Network (16%), OMG Network (11%), The Graph (11%), and Huobi Token (10%).
The cryptocurrency market capitalization is up by approximately $50 billion in a day to $2.650 trillion.
Solana (SOL) New Prediction Is Out: SOL To Outperform Bitcoin And Ethereum – How High Can It Go?
Amidst the booming crypto market, there are all kinds of bullish predictions and the latest one involves Solana (SOL).
It’s been recently revealed that an important crypto trader and an analyst said that Ethereum competitor Solana is gearing up to surge by more than four times from the current level.
Smart Contracter said the following:
The trader relies on the Elliot Wave theory.
eth/btc looks bullish, sol/btc looks bullish, but sol/eth also looks bullish, so naturally $sol is my largest bag and i believe it outperforms btc and eth. pic.twitter.com/gCSFAICpYk— Bluntz (@SmartContracter) October 20, 2021
It’s essential to note the fact that the Elliot Wave theory is a method of identifying where assets are heading; it does this by using crowd psychology, which tends to manifest itself on charts in a series of waves.
“Monthly reminder $900 Solana (SOL) is not a joke, it’s gonna happen…ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally SOL is my largest bag and I believe it outperforms BTC and ETH.”
More SOL predictions reveal new targets for price
It’s been just revealed that the prestigious analyst Michaël van de Poppe is currently analyzing the potential path ahead for Ethereum and Solana, as well as internet-scale blockchain Elrond.
The analyst is also analyzing Solana (SOL), and he is expecting the digital asset to continue its correction before it could restart its uptrend and print a new all-time high at $240.
“At this stage, jumping into Solana is quite tricky, to be honest. If you’re looking at the price action, you want to look at support levels to jump into.”
He also continued and explained:
“So you’re looking at those ranges ($122, $97 and $78) to potentially build your position towards the next run as the assumption is that we most likely are going to get run over it in the next phase of this bull cycle.”