Schlagwort: crypto business

Cardano and Solana price have been in a strong bearish trend in the past few months. SOL is trading at $35.40, which is about 86% from its all-time high. ADA, on the other hand, is trading at $0.4782, which is about 82% below the highest point in 2021. The two have a market cap of over $12 billion and $15 billion, bringing the combined value to $27 billion. This means that the two have lost over $100 billion in value.

Cardano vs Solana

Solana and Solana are Ethereum rivals that make it possible for builders to create quality decentralized applications. Their use-case are projects like those in decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse among others.

The two have better features for building Web3 applications than Ethereum. For example, they are incredibly faster, have a lower carbon footprint, and significantly lower transaction costs. So, which is a better platform between Solana and Cardano?

There are two main reasons why Solana is a better investment compared to Cardano. First, Solana has a bigger ecosystem of applications. Some of the top apps built using Solana’s technology are Basic Attention Token (BAT), StepN, Squads, and Hoglytics. 

Learn more about how to buy Cardano.

Indeed, according to CryptoSlam, Solana is the second-biggest player in NFTs after Ethereum. And according to DeFi Llama, Solana has a total value locked of over $2.57 billion while Cardano has a TVL of less than $200 million. 

Second, Solana is a good investment because of its valuation. While it is hard to determine the ideal valuation of smart contract platforms, there are signs that Cardano is still overvalued. Besides, this is a cryptocurrency that is valued at over $15 billion that has no major application.

Cardano developers have said that thousands of projects are upcoming. Still, there is no evidence that these projects will ultimately be successful.

Solana price prediction

The chart below shows that the Solana price has been in a strong bearish trend in the past few months. As a result, the coin has dropped below the 25-day and 50-day moving averages while the MACD has moved below the neutral level. 

It is also staring at its lowest level this year. Therefore, there is a likelihood that Solana will continue falling in the coming days. If this happens, the next key support level to watch will be at $25. In the long-term, however, there is a likelihood that the price will bounce back.

It is worth noting that Solana and Cardano have a close correlation. Therefore, in this price-discovery phase, the coins will likely track each other.

The post Cardano vs Solana: Here’s Why SOL is a Better Buy than ADA appeared first on CoinJournal.

• Uniswap’s token has almost doubled its price in less than a month.

• The crypto token is trading past a support zone and is retreating.

• Investors should look for a buying opportunity at suitable support, preferably at $4.7.

Uniswap’s UNI/USD has successfully recovered from the oversold bottom of $3.40. The cryptocurrency is trading at $5.19, retracing from a high of above $6.0 reached on June 26. The latest high implies that Uniswap has almost doubled its price in less than a month.

Uniswap is a dApp-based platform on the Ethereum blockchain. The platform enables Ether transfers to a variety of ERC-20 tokens. UNI, Uniswap’s native token, is an ERC-20 token. Uniswap is unique in that it is a fully decentralized network. The decentralization means it is not owned or operated by a single entity. Uniswap uses an automated liquidity protocol as the trading model. The model incentivizes users with a commission to become liquidity providers. The network is also open source. Any user can copy the code and build their decentralized exchanges.

Uniswap has been trying to live up to the idea of decentralization that it advocates. On June 21, the company announced the purchase of Genie. The NFT marketplace aggregator will let users trade digital products on multiple platforms. Uniswap said it would integrate NFTs into its products, starting with its web app. NFTs will then come to the network’s developer APIs and widgets. Since this announcement, UNI has been bullish, breaking past the $4.7 resistance.

UNI is retracing back to support as bullish momentum develop

Source – TradingView

UNI is trading past the $4.7 support. It hit resistance around $5.8 and is now retreating. The cryptocurrency could settle at the nearest support at $4.7. The weakness could continue at the current level. Investors should look for a bullish reversal at key support.

Summary

Investors should look to buy Uniswap at a suitable support. $4.7 is our reference support, and investors should be keen to buy at that level.

The post Uniswap offers short-term buy opportunities at $4.7 appeared first on CoinJournal.

• Polygon’s token has gained 27% in 7 days

• The network achieved carbon neutrality recently

• MATIC, the native token, is trying to find support after hitting resistance

In this bear crypto market, finding a token with double-digit returns in a week is challenging. However, Polygon’s MATIC/USD has gained 27% in that period. The returns do not suggest that the cryptocurrency is now in bullish momentum. However, it does point out that investors, especially those trading in the short term, should take note.

Polygon is a layer-2 Ethereum scaling solution network. It aims to offer cost-effective and faster transactions on the Ethereum network using sidechains. MATIC is the native token on the Polygon network. DeFi applications find Polygon useful as it helps them avoid costly fees on the core Ethereum network. Some of the DeFi applications that support Polygon include Curve Finance and Aave.

The recent gains in MATIC/USD have largely been fueled by fundamentals. About a week ago, the network announced that it had achieved carbon neutrality. Polygon said that it partnered with KlimaDAO as part of its Green Manifesto. The news sparked a bullish move as the environmental impacts of cryptos have been in the limelight. The network invested $400,000 in carbon credits to kick off the goal. 

MATIC/USD slides after hitting a resistance

Source – TradingView

Looking at the shorter time frame, MATIC is bearish after hitting resistance at $0.62. The level coincided with overbought conditions after the latest news. However, the recent gains offer renewed hopes that MATIC’s recovery is well on course. We believe that investors are not yet done with MATIC, and price recovery could occur soon. Investors should monitor lower levels at $0.49 and $0.39 for price action buy signals. The cryptocurrency will find a lasting bullish momentum if it successfully clears $0.62.

Summary

Polygon is a Layer-2 scaling solution on Ethereum. The network achieved carbon neutrality recently, adding bullish moves for MATIC. The token is currently under retracement.

The post Should you buy Polygon’s MATIC after posting 27% in 7 days? appeared first on CoinJournal.