Kategorie: Crypto Analysis

• Solana blockchain is regarded as an Ethereum killer 

• Solana’s SOL has returned 19% in a week

• The cryptocurrency is about to break past a resistance zone

Solana SOL/USD has returned a massive 19% in the past week. As of the time of writing, the cryptocurrency was up 5% in the last 24 hours. SOL now trades at a resistance level of $42, but bulls look likely to win.

Solana blockchain has often been touted as an Ethereum killer. The name has originated from its similarities to Ethereum. The blockchain offers faster transaction speeds and is less costly than Ethereum. For this reason, investors believed that Solana was a true rival of Ethereum.

However, a series of exploits have raised doubts about the potential for Solana. The exploits, together with the bear crypto sentiment, saw SOL token touch a bottom of below $30. That compares to an all-time of $260 in November 2021 at the height of the crypto boom. SOL is still showing that it can reclaim higher levels as crypto sentiment suddenly improves. We believe this week will be monumental for investors looking to add positions to the Solana token.

SOL trades at resistance with the potential for a breakout 

Source – TradingView

SOL’s established resistance is at $42. That is the same level as the current price, suggesting that a breakout could occur. 

A break above the $42 resistance builds a bull case for SOL. The price could rise to find the next resistance, which is established at $58. Still, we need to watch the crypto sentiment to ascertain the viability of $58. A breakout will, however, make $42 the reference support for SOL. 

If SOL fails to break past $42, it could slide back potentially to $32. Nonetheless, with the crypto sentiment improving suddenly, there is a high chance SOL will break past the resistance. We need to watch how that pans out this week.

Summary

SOL is bullish at $42 resistance. Investors should watch for a potential breakout. The next resistance to watch is $58.

The post Solana is crypto to watch as the price remains bullish at key resistance appeared first on CoinJournal.

MATIC is the best performing cryptocurrency amongst the top 20 cryptocurrencies by market cap. 

The cryptocurrency market has performed positively over the weekend, with the bulls taking full control of the market. 

At press time, the total market cap stands above $1 trillion, up by more than 5% in the last 24 hours. 

Bitcoin remains the leading cryptocurrency by market cap and topped the $22k resistance level over the past 24 hours. Ether is eyeing the $1,500 psychological level after adding more than 10% to its value today.

Meanwhile, MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC has added more than 25% to its value today, outperforming the other major cryptocurrencies in the process.

The rally comes after CoinLedger, a leading tax reporting platform for cryptocurrency, DeFi, and NFT users, announced earlier today that it had officially integrated with the Polygon blockchain (MATIC).

Thanks to this latest development, users who interact with Polygon via dApps and wallets can now import their transaction history directly to CoinLedger, allowing them to automate all of their capital gains, losses, and income tax reporting.

Key levels to watch

The MATIC/USD 4-hour chart is bullish as Polygon has been performing well over the last 24 hours. 

The MACD line is within the positive zone, indicating bullish momentum. The 14-day RSI of 86 shows that MATIC is currently in the overbought territory.

At press time, MATIC is trading at $0.98 per coin. If the rally continues, MATIC could cross the $1 mark over the next few hours. 

In the event of an extended bullish run, MATIC could also surge past the $1.10 resistance level over the next few hours or days. However, it would need the support of the broader market to embark on a bullish run. 

The post Here is why MATIC is up by more than 25% in the last 24 hours appeared first on CoinJournal.

The cryptocurrency market has performed excellently over the weekend as the bulls take control of the broader market.

The cryptocurrency market has performed excellently over the past 24 hours, adding more than 5% to its total market cap. Thanks to this latest development, the total cryptocurrency market cap now stands above $1 trillion for the first time in more than a month. 

Bitcoin, the world’s leading cryptocurrency by market cap, has struggled in recent weeks. However, the cryptocurrency performed excellently over the weekend, adding more than 4% to its value in the last 24 hours.

At press time, Bitcoin is trading above the $22k resistance level and looks to surge higher over the next few hours. Breaking past the $23k psychological level could ensure that Bitcoin rallies higher over the next few days.

There are no major catalysts behind the general market rally, with most of the coins and tokens currently trading in the green zone. 

Key levels to watch

The BTC/USD 4-hour chart is bullish as Bitcoin has been performing excellent over the past few days. The technical indicators show that Bitcoin could rally higher before the end of the day.

The MACD line is above the neutral zone, indicating bullish momentum. The MACD line crossed into the positive zone a few days ago. 

The 14-day relative strength index of 73 shows that Bitcoin could soon enter the overbought region.

If the bulls remain in control, Bitcoin could surge past the $23,200 resistance level before the end of the day. In the event of extended bullish performance, BTC could attempt to reach the $24k resistance level over the coming hours or days.

However, the bear market is still in play, and Bitcoin could retrace some of its gains over the next few hours. If that happens, BTC could drop below the $21,247 support level. 

However, Bitcoin should comfortably defend its position above the $20,895 support level in the short term. 

The post Bitcoin climbs above $22k as total crypto market cap tops $1 trillion appeared first on CoinJournal.

Altcoins have had a difficult time during the ongoing crypto winter. In total, Bitcoin and all altcoins have shed over $2 trillion worth of value in the past few months. While this trend will likely continue, there is a likelihood that most altcoins will rebound together with stocks. Here are some of the top altcoins to never buy.

EOS (EOS)

EOS is a blockchain project that came out of Block.one Initial Coin Offering (ICO) that raised over $4 billion. Today, it it is overseen by EOS Foundation, which is partially independent from Block. It is one of the biggest altcoins that has a total market cap of almost $1 billion. 

EOS has built an operating system known as EOSIO, which is a smart contract platform that seeks to compete with the likes of Ethereum and Solana. It claims to be fast and efficient, highly configurable, and highly secure.

While EOS has been funded well, the reality is that it has not succeeded in the industry. For one, there has been no major or well-known application that has been built using the technology. 

Also, the total volume of those available apps has been in a strong downward trend in the past few months. Most importantly, its association with Block, a company that was fined by the SEC makes it a bad altcoin to buy.

Read our complete KuCoin review.

IOTA (MIOTA)

IOTA is another altcoins to never buy. For starters, IOTA is not a blockchain project. Its developers describe it as a tangle network that connects IOT with secure data and value exchange. It also protects the integrity and verifiability of data. Over the years, the developers have partnered with leading organizations that are implementing its technology.

IOTA also launched a new smart contract platform known as Shimmer. However, its reception has been relatively weak in the past few months. Some of the top projects in the ecosystem are Accumulator, ApeDAO, Camels DAO, and Deposy. However, these products are all relatively small and signal that the coin is struggling.

Axie Infinity (AXS)

Axie Infinity is a leading blockchain project in the gaming industry. The platform enables people to play games and win tokens that they can exchange for cash. Gamers win a cryptocurrency known as the Smooth Love Potion (SLP) that has seen its price crash in the past few months. They can also win the AXS token in several leagues.

Axie Infinity has seen the number of active users drop sharply in the past few months. They have dropped from over 6 million to less than 500k. It also seems like its developers are giving up on the project. Therefore, you should avoid AXS token at all costs.

The post Top 3 altcoins to never buy even when crypto prices rebound appeared first on CoinJournal.

Decentralized Finance (DeFi) has come under fire in the past few months following the collapse of Terra and its ecosystem. The total value locked (TVL) in its ecosystem has crashed from over $250 billion to about $72 billion. Recently, however, blue-chip DeFi tokens have gone on a strong rally as investors buy the dip. Here are the best DeFi tokens to buy.

Aave (AAVE)

Aave is a leading DeFi platform that enables people to invest and borrow money through several steps. It is a popular platform that is available in several chains, including Ethereum, Polygon, Arbitrum, Harmony, and Avalanche. 

Aave has also grown to incorporate other features in its ecosystem. For example, the developers have created a smart contract platform that enable people to build applications on top of it. They are even working towards a stablecoin. Aave has a total value locked (TVL) of over $5.58 billion. 

Aave price has more than doubled from its lowest point in June and is trading at the highest point in more than a month. It is a good investment because of its strong market share and the fact that it has a long track record in the industry.

Learn more about how to invest in crypto.

Uniswap (UNI)

Uniswap is another popular blue-chip DeFi token to invest in for the long term. It is a pioneering Automated Market Maker (AMM) platform that enables people to swap, earn, and build decentralized apps. Uniswap is found in Ethereum, Polygon, Optimism, and Arbitrum. In the past few years, it has handled transactions worth over $1.1 trillion.

Uniswap has been in a strong growth path, which has seen the network launch a platform for building its ecosystem. Some of the most popular apps in its ecosystem are Universe Finance, Brink Trade, Burner Wallet, and Rainbow Wallet.

Uniswap has seen its total value locked (TVL) of over $5 billion, which is lower than its all-time high. The UNI token price has risen by more than 80% in the past few days and there is a likelihood it will continue rising.

Maker (MKR)

Maker is the biggest DeFi platform in the world with a total value locked (TVL) of over $7.7 billion. It is a well-known protocol that helps people access capital. It uses its own stablecoin which is known as Dai, which is an algorithmic coin. Maker is also the second-biggest oracle network in the world after Chainlink. 

The MKR price has jumped by 40% in the past few days and there is a likelihood that it will keep rising in the coming months.

The post Best three blue-chip DeFi crypto tokens to buy and hold appeared first on CoinJournal.