Kategorie: Crypto News

Solana (SOL) has struggled to report any gains after trading in losses over the last three sessions in a row. The coin now looks very weak, and unless something drastic happens, it’s headed for further decline. Here are some highlights:

• SOL has fallen sharply in the last 24 hours, dropping by almost 10%.

• The coin still remains above a crucial $100 support zone

• But this is unlikely to hold in the coming days

Data Source: Tradingview 

Solana (SOL) – How far can it fall

After surging at the end of March, SOL slowed sharply in April. The coin has fallen from its $140 highs and is now just above the $100 mark. SOL even managed to push below its lowest price in March of $107. This could suggest that we are on the brink of a trend reversal that could see more losses follow. 

In fact, if bulls lose the crucial psychological support zone of $100, then the only way for SOL will be downwards. The $100 and the $93 support zones have proved very strong in the past. While there may be some resilience in the days ahead, the $100 will be lost, and bulls will try to consolidate at $93. 

But if $93 is also lost, SOL will enter an intense downward spiral that could bottom at $77 before any leg up. This will represent a loss of nearly 30% from its current price and almost a 100% decline from its highest price in March.

Is it good to own Solana?

Solana is a big project, and if you don’t have it yet, this would be a nice time to buy it. However, because there is a significant downside risk, you may want to wait for a week or so. 

Based on current indicators on the chart, SOL is likely to bottom. When that happens, you can buy and hold SOL for the future.

The post Solana (SOL) struggles at a crucial resistance – Here is why it could drop further appeared first on Coin Journal.

The broader crypto market has started the new week the same way it ended last week. Most coins have continued to report losses. But in the middle of all this, Decentralized Social (DESO) appears to be holding steady in fact; the coin is relatively bullish compared to the rest of the market. Here is what you need to know:

• DESO has surged by nearly 10% over the last 24 hours, outperforming the market.

• The coin also remains well above a crucial support zone of $37.5

• But massive whale holdings open DESO to wild volatility

Data Source: Tradingview 

Decentralized Social (DESO) – The price action

As noted above, DESO has managed to outperform the whole market by a mile. As most coins see single-digit drops today, DESO has surged by over 10% over the last 24 hours alone. The coin has now gained nearly 70% from its lowest point in 2022 and looks to keep going. 

Besides, DESO remains above the crucial support zone of $37.50. As long as bulls keep the price action above this, then we could see DESO thrust towards $54 in the near term. The biggest risk factor, however, is massive whale accumulation for this coin.

This makes it prone to wild volatility if big wallets decide to sell. In fact, a scenario where DESO loses the $37.5 support is possible. This could bring massive sell-off pressure and push the price downwards.

Is DESO a profitable asset?

Well, it is and it depends on how you want to play the current setup. DESO may still add at least 20% of its value before it corrects, so there is a short-term play here. This will however depend on whether whales decide to sell or not. 

Also, DESO is fairly decent as a long-term asset. We believe the coin has the potential to touch $100 by the end of 2022, which will be a 100% return.

The post Decentralized Social (DESO) shows bullish signs even as the rest of the market slows appeared first on Coin Journal.

There is no other asset class in the world that can deliver the kind of returns that crypto offers. People have made 100x on capital easily in the market, while some cons like SHIB have simply delivered insane growth. Here is why crypto offers the best opportunity to grow your money fast:

• The market has a history of massive returns over the last two decades.

• The crypto market also has a lot of liquidity which makes it easier to buy and sell.

• Demand for cryptocurrencies is growing each and every day, with new projects coming in.

But what if you just wanted to make 5x your money this year? Well, we have 3 projects below that could offer this possibility.

Waves (WAVES)

The Waves (WAVES) protocol has been one of the top perming crypto assets in the market over the last month. The coin has seen more than 2x growth in less than two or three weeks. 

Data Source: Tradingview 

Although some of these gains have retreated after a small correction, it is likely that WAVES will continue to rise before the end of the year. The potential to deliver 5x or even higher by the turn of 2023 is indeed a huge possibility.

Biconomy (BICO)

In addition to its low market cap, Biconomy (BICO) is also backed by superb underlying fundamentals. The project is designed to act as a multichain relayer protocol that helps improve transaction speeds and reliability for DAPPs. So far, BICO has been getting a lot of positive press, and it’s likely that a 5x jump this year is possible.

Guild of Gordians (GOG)

Play-to-earn games are expected to dominate the crypto industry for years to come. We saw projects like Axie achieve massive success in 2021. Guild of Guardians (GOG) is hoping to also achieve this and it has the potential to really explode. The coin is at around $16 million in market cap.

The post Best cryptocurrencies to 5x your money this year appeared first on Coin Journal.