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Solana enthusiasts should consider this before buying back at the current level

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Solana enthusiasts should consider this before buying back at the current level

  • Analyzing the good and bad sides of the Solana network in 2022
  • Why investors should consider a different strategy for SOL

Investors’ interest in Solana’s native cryptocurrency, SOL, has slowed down in the last few months. This is not just because of the bearish market conditions, but also due to the network downside incidents and FTX woes. While these factors have eroded interest in cryptocurrency, its current discount is quite attractive.


Read Solana’s (SOL) Price Prediction 2023-24


Although SOL’s discounted price is enticing, there is no getting around the eroded trust. As a result, the cryptocurrency has barely secured enough bullish momentum for a sizable rally since June. This underscores why SOL might not be the ideal cryptocurrency for investors looking for a big price pump during the next bullish wave.

One factor that fueled Solana’s initial hype in 2021 was the hope that it would be an “Ethereum killer.” Fast forward to the present, and the outcome has not matched expectations. However, it is not all doom and gloom.

There is still hope for SOL

Solana has certainly not fared well this year, but there are some aspects that highlight why its community remains hopeful. It has maintained a healthy development activity and continues to focus on long-term development.

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Source: Santiment

The development activity metric confirms that the network developers have been busy building. According to recent updates, some aspects of the network have achieved positive growth since the start of the year. For example, the maximum transaction per second figures has grown on a year-to-date basis.

Source: Dune Analytics

The daily transaction count is another area where Solana achieved growth this year. There was healthy growth in the number of successful vote transactions. This confirms that the Solana community has been more actively involved in governance-related matters.

It also upheld noteworthy levels of vote-related transactions throughout the year, which is a confirmation of healthy network utility.

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Solana’s NFT segment notably took a hit during the year, as seen by the total NFT trades count and total NFT trades volume. Despite that, Solana has maintained a significant amount of NFT trading activity.

Source: Santiment

A change of tactic

The fact that Solana has achieved growth in some aspects of its network is comforting to investors. However, investors still have to consider the negatives and what it means for the network, as well as for SOL’s price action.

Solana’s woes have already dampened the mood, but it is currently trading at a discount. Further, its latest price action has confirmed that there is a return of bullish demand.

Source: TradingView

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While bullish demand is a positive sign for investors, a different strategy might be necessary. Adding it to a diversified portfolio would certainly not hurt, as opposed to aping all in on SOL.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Altcoins

UNI is ripe for buying opportunities after a bullish crossover, but…

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UNI is ripe for buying opportunities after a bullish crossover, but…

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • UNI could reach the 50% Fib level in the next few days or weeks if BTC maintains its uptrend 
  • UNI’s open interest is rising, which is a bullish outlook for derivatives markets

Like the rest of the altcoins, Uniswap [UNI] also rallied after BTC regained the $16,000 level on 22 November. At press time, it was trading at $5.80 and was in an uptrend. The Moving Average Convergence Divergence (MACD) also gave investors a buy signal through its bullish crossover. 

However, the price rally faced significant resistance, which cautious traders should watch out for before going long on UNI.


Read Uniswap’s [UNI] price prediction 2023-2024


We have a buy signal, but can the uptrend last?

Source: TradingView

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In October, UNI  witnessed a major rally that extended into November before the FTX saga put the brakes on it. Subsequent recovery attempts after the market crash established $5.28 as solid support for the bulls.  

At press time, UNI was poised for another rally after BTC attempted to reclaim $17K. A bullish MACD crossover provided buying opportunities for UNI traders. However, the question was: Is the buy signal solid and could the uptrend continue? 

A key technical indicator showed that the uptrend could sustain momentum. The Relative Strength Index (RSI) retreated from the lower part of the selling range with a steep rise. This showed that the selling pressure had eased, and the bulls were able to prop up UNI’s price.  

The On-Balance Volume (OBV) also showed a rise in the upper range despite an almost flat profile since 21 November. This showed that there was a significant trading volume that could increase buying pressure.  

If the bulls maintain the above leverage, they could break the 38.2% level ($5.89) and target the 50% Fib level ($6.25). However, an intraday close below the current support at $5.28 could negate the above inclination.

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UNI sees an increasing Open Interest

Source: Coinglass

According to Coinglass, UNI saw conflicting open interest trends in November. After the market crashed in early November, UNI’s open interest rose steadily, only to drop again starting in mid-November.  

At press time, a rising open interest could be seen towards the end of November. This showed that money was flowing into the derivatives market of UNI.

Furthermore, this also indicated a bullish outlook in the derivatives market, which could soon spill over into the spot market. In this case, the upward momentum of UNI could continue if BTC continues to trend upward.

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Altcoins

PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

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PancakeSwap’s progress may not sit well with investors, is CAKE the culprit

  • CAKE planning to bring a new Syrup Pool/Farm on PancakeSwap
  • However, days ahead might get harder as metrics and indicators were not supportive

PancakeSwap [CAKE] recently revealed that they have been working with Hashflow to bring a new syrup pool and farm to PancakeSwap. Before voting on PancakeSwap, the hashflow must receive more than 60% support for the syrup pool and farm.

Hey community members,

We have been working with Hashflow to bring you a BRAND NEW Syrup Pool/Farm on PancakeSwap. For the Syrup Pool and Farm to happen, the vote needs more than 60% positive votes on Hashflow itself, before it can be voted on PancakeSwap. pic.twitter.com/vReAlutILT

— PancakeSwap 🥞 #BSC (@PancakeSwap) November 29, 2022


Read PancakeSwap’s [CAKE] Price Prediction 2023-2024


Furthermore, CAKE also topped the list of projects that were the most viewed and trending on CoinMarketCap, and a possible reason for this might be the aforementioned update. Apart from CAKE, QUACK and BabyDoge also made their place in the top three.

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🎉 Most Trending & Viewed Projects on @CoinMarketCap 🔥

🥇 $CAKE @PancakeSwap
🥈 $QUACK @RichQuack
🥉 $BABYDOGE @BabyDogeCoin$DOGE @BabyDogeCoin

The Top trending cryptocurrencies that people are searching for on #CoinMarketCap🔥#BNB #BSC #WEB3 🧬 pic.twitter.com/vBoHEbQ3Ou

— BSCDaily (@bsc_daily) November 29, 2022

With all these developments on the chain, CAKE’s price action decided to take the opposite route. As of 30 November, CAKE registered negative daily gains. CoinMarketCap’s data revealed that at the time of writing, CAKE was down by nearly 1% in the last 24 hours.

Furthermore, CAKE was trading at $3.96 with a market capitalization of more than $622 million. Let’s have a look at CAKE’s on-chain metrics to understand what the last weeks of this year might have in store for it.

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Is CAKE’s goodwill dwindling?

Santiment’s data revealed that CAKE’s daily active addresses kept declining over the last month. This indicated a lower number of users present on the network. Moreover, CAKE’s weighted sentiment was also considerably lower, suggesting less popularity for the token in the crypto community.

Source: Santiment

However, the Market Value to Realized Value (MVRV) ratio gave slight hope as it registered upticks. This indicated a price hike in the coming days. Furthermore, CAKE’s burn rate was optimistic, with over 6 million CAKE tokens worth $27 million burned.

Source: Santiment

Can the market indicators give relief?

Most of the market indicators also painted a bearish picture for CAKE, which suggested that investors might have a hard time ahead. For instance, the Chaikin Money Flow (CMF) registered a steep downtick, which was bearish.

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Moreover, the Exponential Moving Average (EMA) Ribbon revealed that the bears had the upper hand in the market as the 55-day EMA was resting above the 20-day EMA. Nonetheless, CAKE’s Relative Strength Index (RSI) provided some much-needed relief by going up during the last few days. This could be a sign of a price surge in the coming days.

Source: TradingView

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Altcoins

Going long on Dogecoin [DOGE]? Here’s what you need to know

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Going long on Dogecoin [DOGE]? Here’s what you need to know

  • DOGE was strongly bullish 
  • It faces a bearish order block around the 100% Fib level ($0.10790)
  • Declining development activity and negative sentiment could undermine further near-term price recovery

Dogecoin’s (DOGE) price rally began on 22 November after BTC reclaimed the $16,000 level, and at the time of writing, it resulted in a price increase of over 40%.

At press time, DOGE was trading at $0.10649, up 3% in the last 24 hours.  

However, it faced an important bearish order block around the 100% Fib level. If the bulls of DOGE maintain upward momentum, a bearish breaker could shatter the current resistance and target $0.11652. 

Double resistance at the 100% Fib level and a bearish order block

Source: TradingView

DOGE faced two closely spaced obstacles in the 4-hour time frame. One was the immediate bearish order block zone, and the other was the 100% Fib level. Can the bulls breakthrough both at the same time? 

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The technical indicators on the 4-hour timeframe suggest that the bulls could break through these obstacles. In particular, the Relative Strength Index (RSI) was at 66 after avoiding the neutral 50-level and continuing to rise. This shows the bulls have too much leverage and could move on with the uptrend momentum. 

At press time, the on-balance volume was also supporting the bulls in their forward momentum. It moved steeply higher despite a slight sideways movement. It showed that trading volumes have increased, which gives the bulls enough buying pressure to overcome the two obstacles.

Thus, if the uptrend continues, DOGE could see a bearish breaker and breach the 100% Fib level ($0.10790). 

However, a break below the current support at the 78.6% Fib level ($0.10010) would invalidate the above bias. In that case, the bulls could find new support at the $61.8% level ($0.09396).

DOGE recorded negative sentiment and a decline in development activity

Source: Santiment

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That said, DOGE recorded a steady increase in development activity from 21 November, which peaked on 28 November. During the said period, the prices of DOGE also increased. However, the decline in development activity at the time of publication also coincided with weighted sentiment sliding deeper into negative territory.  

Although DOGE has risen despite the continued negative sentiment in the past, the decline in development activity could prevent further price appreciation. The BTC’s performance could also affect the price performance of DOGE, so investors should keep an eye on it. 

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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