Blockchain

Analysts have recently focused on Bitcoin’s potential trajectory after its anticipated halving event. Adrian Zduńczyk, a prominent crypto trader, has shared a bullish outlook, suggesting that Bitcoin could soar to new all-time highs post-halving.

Zduńczyk’s projections shared on X, hinge on favorable market conditions and pivotal financial events.

Bitcoin’s Bright Outlook

The beginning of 2024 has already seen a positive trend for Bitcoin, reflecting a growing confidence among investors. Zduńczyk links this optimism to a parallel movement in traditional markets, particularly the S&P 500, expected to deliver a 12.8% return in January.

This positive trend in the stock market is seen as a potential catalyst by analysts for increased capital inflows into Bitcoin, reinforcing the correlation between the cryptocurrency and US stock markets.

3/ With an abnormally strong +12.8% est. S&P return and strong correlation, BTC should get additional reinforcement from bullish stock market outlook.

Besides, #BTC‘s weekly chart shows support @ $30k, with rising 50-week and 200-week trends. Resistance @ $48k-50k.

Also, … pic.twitter.com/Ffh8Mq74OS

— Adrian Zduńczyk, CMT (@crypto_birb) January 1, 2024

The upcoming halving event in April, a significant occurrence in the Bitcoin ecosystem, is another factor fueling Zduńczyk’s bullish predictions. This event, which halves the reward for Bitcoin mining, historically triggers a surge in Bitcoin’s price by limiting the new supply entering circulation.

Analysts like Zduńczyk view this as a key moment that could propel Bitcoin to unprecedented heights. Adding to this optimistic scenario is the mounting speculation surrounding the approval of a spot Bitcoin ETF in the United States.

According to Zduńczyk, this approval could channel trillions of dollars into the crypto market, marking a significant milestone in institutional adoption.

Experts anticipate that the US Securities and Exchange Commission (SEC) may greenlight such an ETF soon, which could have profound implications for Bitcoin’s valuation and market dynamics.

Bitcoin 2024 Trajectory: Analysts Project Sky-High Valuations

Forecasts for Bitcoin’s price in the wake of the upcoming halving and spot Bitcoin ETF approval in the US vary, with some analysts setting ambitious targets. James Butterfill of CoinShares predicts a potential increase to $80,000, while Antoni Trenchev of Nexo foresees a rise to $100,000.

Venture capital firm CoinFund, through managing partner Seth Ginns, sets an even loftier expectation, projecting Bitcoin’s value to range between $250,000 and $500,000 in 2024.

Ginns attributes this to a combination of factors, including the anticipated spot ETF approval in the US and a diminishing correlation with traditional economic indicators like the dollar and real yields.

Bitcoin is experiencing a bullish trend, surpassing a significant threshold by trading above $45,000 for the first time since April 2022. The asset has seen a 6% increase in the past 24 hours and a 6.1% rise over the past week.

Notably, BTC trading volume has witnessed a substantial spike, escalating from $13 billion on Monday to over $33 billion today.

Featured image from Unsplash, Chart from TradingView

In the ever-evolving landscape of cryptocurrencies, where new projects emerge at lightning speed, one name has been buzzing across social media platforms: Eggdog. In a matter of weeks, Eggdog has skyrocketed, capturing the attention of investors and enthusiasts alike, almost mirroring the meteoric rise of Bonk not too long ago.

Within just two weeks, Eggdog made headlines by reaching a staggering $20 million in market capitalization, a feat that left many in awe and sparked comparisons to the early days of Bonk. The similarities in branding, meme-centric approach, and promising potential prompted discussions among crypto enthusiasts, speculating whether Eggdog could indeed be the next game-changer.

Tokenomics lay at the heart of Eggdog’s appeal. Zero tax, a renounced contract, and the allocation of 100% of the supply to Raydium alongside LP burning strategies added an air of transparency and solidity to the project, attracting investors seeking reliability in a volatile market.

At the core of Eggdog’s charm lies its connection to an internet meme – the Eggdog meme. Originating from a peculiar 3D model resembling a dog shaped like an egg, this meme found its first appearance in a video titled “Meet Eggdog” by YouTuber Zamsire on March 2, 2019. Since then, it’s taken the internet by storm. Numerous Eggdog videos, like “Eggdog Diner” by Zamzire on March 12, 2019, and a real-life rendition of Eggdog in a video simply titled “Eggdog” by YouTuber Rapid Liquid on May 3, 2019, have further propelled its popularity.

Eggdogs are often depicted stretching into absurdly high positions or engaging in lively dance routines, adding to the whimsical nature that has captivated internet users. This meme’s unique appeal has translated into the cryptocurrency sphere, leveraging the existing fervor to create a community-driven project that aims to capitalize on the meme’s widespread recognition.

Is Eggdog the Next Bonk?

Comparisons to Bonk, a previous crypto success story, are inevitable. Both projects share a similar trajectory, leveraging engaging memes and community-driven initiatives to propel their rapid rise. However, whether Eggdog will follow Bonk’s footsteps entirely or carve its own path remains to be seen.

The fervent discussions, the growing community, and the early indicators of success have prompted many to ponder: could Eggdog be the next big thing in the crypto world? The allure of finding the next breakout star in a sea of digital currencies certainly adds to the excitement surrounding Eggdog.

Exclusive NFT Release: Rewarding Eggdog Holders

Excitement surrounding Eggdog has reached a fever pitch with recent news from their Twitter handle (@eggdogsolana). The team’s announcement of an impending NFT release exclusively for Eggdog holders has sent ripples of anticipation throughout the community. Speculation abounds that this release might offer a free mint opportunity for those holding Eggdog tokens. This move not only underscores Eggdog’s commitment to rewarding its dedicated community but also hints at the potential for increased engagement and value for its holders through innovative offerings in the NFT space. Such initiatives further solidify Eggdog’s reputation as a project committed to its community’s growth and prosperity.

As with any investment opportunity, there are risks involved. While the initial momentum of Eggdog has been impressive, the crypto space is notoriously volatile and unpredictable. Investors are urged to conduct thorough research, exercise caution, and consider their risk tolerance before delving into any new project, including Eggdog.

In conclusion, the phenomenon surrounding Eggdog is undeniable. Its rapid rise, rooted in a well-executed meme-driven strategy and promising tokenomics, has positioned it as a compelling contender in the crypto sphere. Whether it will mirror the success of Bonk or carve its own unique path, only time will tell. For now, all eyes remain fixated on Eggdog as enthusiasts and investors eagerly await its next move in this ever-evolving crypto narrative.

Dive into the captivating world of Eggdog! Visit the official Eggdog website at https://eggdogsol.com/, and join us as we’re on an exciting journey, attracting inquisitive minds eager to unveil the potential behind our uniquely named project. Join the conversation and be part of our dedicated community on Twitter at https://twitter.com/eggdogsolana and Telegram at https://t.me/eggdogcoin as we soar towards exciting opportunities and rapid growth!

About Eggdog

Eggdog has swiftly emerged as a captivating force in the crypto world, gaining remarkable traction within a brief span. Riding on the wave of an internet meme that embodies a 3D dog resembling an egg, Eggdog’s rapid ascent, propelled by a dedicated community, robust tokenomics featuring zero tax and a renounced contract, mirrors the early success stories of standout crypto projects. This meme-driven endeavor, reminiscent of viral sensations, beckons investors and enthusiasts alike to witness its promising potential and captivating journey in the ever-evolving cryptocurrency landscape.

Website | Twitter | Telegram

Disclaimer:

The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.

Crypto analyst Jaydee has made a bullish case for Dogecoin (DOGE) as he outlined several reasons why a significant price breakout may be on the horizon for the foremost meme coin. DOGE’s price saw a 370x gain the last time the indicators Jaydee highlighted materialized. 

Why Crypto Investors Should Pay Attention To DOGE

In a post on his X (formerly Twitter) platform, Jaydee noted three things that usually happen on the charts prior to DOGE experiencing a price breakout. The first indicator he mentioned was the Moving Average Convergence Divergence (MACD). According to him, There is always a MACD bullish cross before DOGE sees a parabolic move.

If so, then the Dogecoin rally may happen soon enough, as the crypto analyst mentioned that this indicator has been checked, suggesting that the bullish cross already happened. The second indicator he highlighted was the Average Sentiment Oscillator (ASO). There is usually an ASO cross before the meme coin makes a significant move to the upside.

However, unlike the MACD bullish cross, which seems to have already happened, this indicator is yet to materialize, as Jaydee stated that he is still awaiting this. This indicator looks like the only thing that is holding the potential DOGE breakout since the last and third indicator the crypto analyst referenced has already been “checked,” too.

This third indicator is DOGE’s price breaking out of its multi-year trendline. From the accompanying chart, which the analyst shared, DOGE saw parabolic moves in 2017 and 2021 when this happened. 2021 also happened to be the year that the meme coin rose to its all-time high of $0.7.

With a parabolic move on the horizon, Jaydee remarked that he will be paying attention to DOGE for the next months. Everything seems to be pointing to a bullish move for the meme coin, as the crypto analyst also stated that DOGE’s “chart structure is amazing.”

A DOGE Rally Is Long Overdue

DOGE’s price has been pretty tepid for a while as it continues to trade around the $0.09 price range. This shows that the meme coin is long overdue for a massive rally. That could happen soon as some price predictions hinted that 2024 was going to be a massive year for the crypto token. 

Crypto analyst Captain Faibik, in particular, had predicted that DOGE would see an “epic pump” this year that would see it revisit its all-time high. A move of such magnitude means that the crypto token could see a massive gain of 900% 

Meanwhile, Dogecoin is still on course to head to the moon as the ULA’s Vulcan Centaur Rocket, which would be carrying a physical Dogecoin, is scheduled for launch on January 8. Such development could potentially spark a surge in the crypto token’s price upon takeoff. 

At the time of writing, Dogecoin is trading at around $0.09286, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

An analyst has explained that $3,830 and $5,100 could be the next major targets for Ethereum based on an on-chain pricing model.

Ethereum MVRV Pricing Bands Have Next Targets At $3,830 And $5,100

In a new post on X, analyst Ali talked about the next key targets for Ethereum based on the “MVRV Pricing Bands.” The “Market Value to Realized Value” (MVRV) is a popular ratio in on-chain analysis calculated by dividing the Bitcoin market cap by its realized cap.

The “realized cap” here refers to a capitalization model for BTC that assumes that the true value of any coin in circulation is not the current spot price but the value at which the coin was last transacted on the blockchain.

The last transfer price of any coin may be considered as its buying price, so the realized cap considers the cost basis of all the investors. Put another way, the indicator keeps track of the total amount the holders have invested in the cryptocurrency.

Thus, the MVRV ratio tells us how the value that the investors hold right now (the market cap) compares against the total investment they made. Because of this, the MVRV ratio is often used to judge whether the asset is overpriced or underpriced currently.

Now, here is a chart that shows “pricing bands” for Ethereum corresponding to different values of the MVRV ratio:

As displayed in the above graph, Ethereum currently trades above the 0.8 and 1.0 MVRV Pricing Bands. At these lines, the MVRV ratio is 0.8 and 1.0, respectively.

When the price is under these lines, the investors are in a state of loss, and the asset may thus be considered “undervalued.” Historically, this is where bottoms have become more likely to form for the cryptocurrency.

ETH is currently on its way up, with the gap to these lines widening. From the chart, it’s visible that the next important MVRV Pricing Bands are 2.4 and 3.2. At these levels, Ethereum becomes overheated as the investors carry significantly more than they put into the coin.

Profit-taking becomes much more likely when this happens, which can impede any price rise. In the past, the major tops in the cryptocurrency have formed when the price has been above one or both of these levels.

These two MVRV Pricing Bands currently correspond to ETH prices of around $3,830 and $5,100, respectively. Therefore, these ceilings may be ones to watch currently, as the asset hitting the targets could imply that it’s starting to become overvalued.

ETH Price

Ethereum has enjoyed a 4% jump during the past day and has breached the $2,400 level.

The XRP price has been languishing in a protracted consolidation phase recently. Yet, a recently presented technical forecast by chart specialist Egrag Crypto suggests an impending shift in this trend may be on the horizon. The 5-day XRP/USD chart shared by Egrag suggests a potential price breakout, with a long-term price target above $22.

Egrag’s commentary is vivid and emphatic: “XRP: IT IS BREWING: The chart for XRP is tightening up like a pressure cooker ready to blow! An eruption seems inevitable, and the anticipation is rising faster than ever. XRP Army STAY STEADY, The pressure is mounting, and it looks like something massive is about to break loose!”

XRP Price Breakout Is Brewing – Here’s When

The chart features a symmetrical triangle pattern. This pattern in technical analysis often represents a consolidation period preceding a breakout. Since early 2017, the XRP price has been fluctuating within these converging trend lines, suggesting a tightening range that typically precedes significant price movements.

Moreover, Egrag Crypto points to a number of Fibonacci retracement levels. According to the chart, these levels are poised to act as key resistance points. The most immediate level to watch is the 0.5 Fibonacci level at approximately $0.7579, followed by the 0.618 level at around $1.1150. The chart indicates a bullish scenario where the price could break past these levels, aiming for a target at $1.9704, corresponding to the 1 Fibonacci level.

Egrag also presents two possible scenarios for the price breakout from the symmetrical triangle. In the first scenario, he anticipates the XRP price could break out of the pattern around February 10, requiring a breach above the 0.5 Fibonacci retracement level. This move would pave the way for targeting the $1.1150 level, expecting strong resistance there and a subsequent retest of the breakout level, potentially setting up for a parabolic rise into 2025.

Alternatively, Egrag suggests a scenario where the XRP price initially declines towards the lower trend line. If the support holds, the price could ascend towards the upper trend line, with a breakout expected around July 4, 2024, at the 0.5 Fibonacci level. Following this, the 0.702 Fibonacci level at $1.1150 would act as a local high before a retest of the breakout from the symmetrical triangle occurs, potentially establishing the conditions for a massive bull run.

In both scenarios, the medium-term target would be the 2021 high at $1.9704, followed by the $3.7148 level, corresponding to the all-time high of XRP. In price discovery mode, the 1.618 and 2.272 Fibonacci extension levels are identified by Egrag as long-term goals, standing at $6.41 and $22.39, respectively.

At press time, XRP traded at $0.6335. On the daily chart, the 0.382 Fib retracement level at $0.6379 is currently the most important resistance to overcome in order to build up new momentum.

The crypto industry is now set for a strong bullish run in 2024, with most analysts predicting assets to reach new all-time highs. As a result, investors are always on the lookout hoping to jump on cryptocurrencies that offer the potential for substantial returns.

A recent social media post by a crypto analyst known pseudonymously as Emperor Osmo listed the best cryptocurrencies to get on in 2024 across various trends and market niches.

Expert Shares Ultimate Crypto Portfolio Guide

The analyst’s crypto recommendations for the year were based on an analysis by CryptoKoryo Research on the Dune Analytics platform. Each recommendation was placed into an investing risk curve depending on the sentiment of the general population of market participants. 

Building the ultimate crypto portfolio for 2024 necessitates the selection of a mix of assets across the risk curves. Some more established blue chip cryptos provide stability and steady gains, while higher-risk assets have the potential for huge gains.

Recommendations on the left curve predominantly consisted of attention-grabbing cryptocurrencies. The cryptos included BONK, the first dog-themed coin on Solana, COQ, the first meme coin on Avalanche, CTXC, and PYR, the native token for Vulcan Forged, a blockchain game studio, and NFT marketplace. 

These cryptos went on astounding price surges in the last quarter of the year and mostly thrived on hype among investors. According to CryptoKoryo, the five cryptocurrencies made an increase of 1,571% in the past three months. If the hype continues in 2024, we could see them reach new highs, particularly in the first quarter.

Here’s your portfolio guide to make it in 2024.

** Left Curve**
– $BONK
– $COQ
– $CTXC
– $PYR

** Mid Curve**
– $AVAX
– $BCB
– $STEAK
– $GNX
– $ILV
– $KUJI
– $METIS
– $MPL
– $ORAI
– $PYR
– $SOL

** Right Curve**
– $INST
– $JOE
– $LINK
– $METIS
– $ORAI
– $SKL
– $SOL… pic.twitter.com/6ZsyjT4EuE

— Emperor Osmo (@Flowslikeosmo) January 1, 2024

On the other hand, the mid-curve portfolio assets included less volatile layer-1 tokens, AI tokens, DeFi tokens, and layer-2 tokens. The 11 cryptocurrencies highlighted were AVAX, BCB, STEAK, GNX, ILV, KUJI, METIS, MPL, ORAI, PYR, and SOL, each going through a moderate price surge throughout 2023. According to CryptoKoryo, the five cryptocurrencies made an increase of 260% in the past three months.

Lastly, the right curve consisted of very stable assets with a higher potential for stable price growth in 2024. The cryptocurrencies highlighted were INST, JOE, LINK, METIS, ORAI, SKL, and SOL with a combined 253% performance in the past three months. 

While the recommendations on the left and middle curves are very volatile and have a higher chance of dumping, the right curve cryptocurrencies have created a proven track record over the years, and many analysts project continued price growth throughout 2024. 

On the other hand, cryptocurrencies on the middle curve are a bit more volatile but still relatively safe as far as cryptos go, while those on the left curve have the highest volatility risk but could lead to massive returns if they take off.

2024 saw a sharp increase in the price of Sei tokens due to a surge in demand. It reached a record high of $0.80, more than 700% higher than its 2023 low, and now has a market value of more than $1.7 billion. It now ranks among the most popular cryptocurrencies worldwide.

Upon its launch in August of that same year, the cryptocurrency in the futures market saw open interest surpassing $160 million. This significant achievement came after the platform declared its intention to achieve carbon neutrality.

The Sei price has seen gains, rising 20% in the last day to trade at $0.76 at the time of writing. This occurs as the token experienced an 80% weekly rise, according to Coingecko data.

Launched through the Binance Launchpool program a few months ago, Sei is a prominent blockchain network. By market capitalization, it is now the largest cryptocurrency in the Binance Launchpool. Pendle, Klaytn, Beam, Sui, and others are the other participants in the ecosystem.

The key DeFi applications of Sei network, including as Astroport, Levana Perps, Fuzio, and White Whale Dex, are driving the network’s steady expansion, even though it is still a young ecosystem in comparison to its more established counterparts.

SEI TVL Hits $5 Million

The total locked value of these dApps is approximately $6.39 million, which translates to a very high DeFi TVL to market cap ratio of 266. With Ethereum at 9.6, Tron at 1.3, and BNB at 13.77, these ratios pale in comparison to Sei’s, which underscores the platform’s potential for even greater growth and value capture in the DeFi space.

SEI Price Analysis

The chart (below) shows the price of the Sei cryptocurrency over time. The price has been increasing steadily since the beginning of 2024, and it is currently trading at around $0.76.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are both in the green zone, which suggests that there is still buying pressure on Sei and that the price is likely to continue to rise in the short term.

Here are some of the key takeaways from the chart:

 Sei has been on a tear since the beginning of 2024, with its price more than doubling in just a few weeks
 The RSI and MACD indicators are both in the green zone, which suggests that there is still buying pressure on Sei and that the price is likely to continue to rise in the short term
However, the RSI is also in the overbought region, which means that the price could be due for a correction in the near future

Overall, the chart suggests that Sei is a bullish cryptocurrency with a lot of potential. However, it is important to remember that the cryptocurrency market is volatile, and the price of Sei could change rapidly.

In the meantime, Sei’s price is increasing in anticipation of the launch of V2, which aims to make it the first blockchain with parallelized EVMs. This implies that Sei’s improved speed and throughput may be utilized by any Ethereum or Ethereum Layer 2 application.

Featured image from Shutterstock

The Bitcoin price has risen to over $45,900 in the last few hours, an increase of 7.5% in the last 24 hours. These are the three main reasons:

#1 Massive Bid From CME

The recent surge in Bitcoin’s price was predominantly led by activities on the Chicago Mercantile Exchange (CME). At a point, the Bitcoin price on CME was approximately $1,400 higher than on Coinbase, indicating significant buying pressure on this platform.

The CME Group, a renowned exchange for cash settled Bitcoin futures contracts, attracts a substantial institutional investor base, making its price movements particularly noteworthy. Analyst Will Clemente highlighted the unusual trading activity, stating via X, “CME trading at fresh 52-week highs on an illiquid Monday night like someone knows something.”

Supporting this observation, analyst @MacnBTC remarked, “Something obviously leaking as CME is up +8.5% on the day.” Bluntz Capital echoed similar sentiments, noting, “CME tradfi apes are aping, huge premium.”

CME tradfi apes are aping, huge premium pic.twitter.com/dwfW0shLB7

— Bluntz (@Bluntz_Capital) January 2, 2024

#2 Spot Bitcoin ETF Approval Rumors

The approach of the January 10 deadline for the United States Securities and Exchange Commission’s (SEC) decision on the approval of a spot Bitcoin exchange-traded fund (ETF) has stirred significant market anticipation. As Bitcoinist reported today, the SEC is reportedly doing the last paperwork.

Moreover, rumors intensified yesterday that the SEC could approve a batch of spot Bitcoin ETF already today, on January 2. A report from Reuters indicated that the SEC could potentially inform issuers as soon as today, Tuesday or Wednesday, about their authorization to introduce spot Bitcoin ETFs in the subsequent week. This speculation may have sparked a sense of FOMO (Fear of Missing Out) among investors.

However, this is by no means a done deal. Eleanor Terrett of FOX Business shared insights on X, commenting on the SEC’s unpredictability. Terrett pointed out, “While the SEC is surely unpredictable, it would surprise me if approvals were to happen [today]. […] The SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on them.”

#3 Strong Technicals On Multiple Time Frames

On the technical front, Bitcoin displayed strong bullish signals across various time frames. Renowned crypto analyst Skew focused on the 30-minute chart of BTC/USDT. In a post on X , Skew shared an attached chart and analyzed:

BTC 30min: Systematically this has been super clean. Price tested both 4H 200MA & 200EMA then grinded with 4H 200MA before reclaiming 1H 200MA & 200EMA (momentum ignition). Technical flip of previous resistance into running towards the highs. Now we see how much momentum is brewing behind this.

On the daily chart, BTC bounced off the lower end of the ascending trend channel and is now trying to overcome the upper resistance. Once again, BTC has respected the trend which started in mid-October and is now starting another breakout attempt. A daily close above $45,500 could be decisive. Then, the 0.618 Fibonacci retracement level at $48,700 could be the next target. At press time, BTC stood at $45,693.

The hard fork token from Bitcoin, known as Bitcoin SV, continues to rise and has crossed $100 for the first time since February 2022.

The price spike, which is noteworthy for having increased by almost 110% in just one week, is mostly attributable to increased trading activity and interest in the South Korean market.

Upbit Spurs Bitcoin SV Surge: Insights

Upbit, the biggest cryptocurrency exchange in South Korea, has been the center of this increased interest in BSV. On New Year’s Day, Upbit registered a significant $275 million in BSV trading activity.

With a total trading volume of $753.5 million, this trading frenzy has driven Bitcoin SV’s market cap to $1.7 billion.

The trend is not exclusive to Upbit, as the trading volume of the token on OKX has also significantly increased, surpassing $47.5 million. In the past 24 hours, BSV’s trading activity has surged by more than 300%.

By trading volume, Bithumb, a significant regional exchange, ranks among the top three as well. Notably, throughout the past 24 hours, Upbit and Bithumb have accounted for around 70% of BSV’s total trading volume.

As of this writing, Coingecko statistics indicates that BSV was trading at $102.87, up 7.3% and 109.1% over the previous day and week, respectively.

Positive indicators including a bullish Relative Strength Index and a Moving Average Convergence Divergence, together with a trading volume rise of more than 40%, back the surge.

The RSI is moving north while in the overbought area, suggesting a bullish future trajectory for the price of BSV. While the price of Bitcoin SV appears to be accelerating, the MACD is likewise in the green zone, indicating purchasing pressure on the cryptocurrency.

The Bitcoin fork stands out as one of the top cryptocurrency gainers, and although encountering resistance around the $115 level, BSV’s performance follows a wider pattern of erratic moves in the crypto market.

Bitcoin SV’s Rise Amid Regulatory Moves

In an effort to transform Bitcoin SV into an enterprise-level blockchain and peer-to-peer payment system, proponents highlight the platform’s scalability, reliability, and security. The recent surge in Bitcoin and the likelihood of the SEC approving a spot ETF are driving interest in BSV.

Meanwhile, to counteract illicit behavior, South Korea recently established a regulatory framework for cryptocurrencies. In a significant move toward regulation, the nation mandated on December 28 that public servants register their cryptocurrency holdings. Controlled domains offer security, which may have drawn investors to these developments.

Although there remains resistance in the vicinity of $115, BSV has outperformed the overall market and is now a top gainer. Depending on how investors respond to its distinct value proposition and how the larger crypto scene develops, the market’s trend may continue or slow down. Watch BSV closely as it forges ahead in the dynamic digital asset market.

Featured image from Shutterstock

Solana is up over 10% and gaining pace above $105. SOL price seems to be setting up for an upside break above the $125 resistance zone.

SOL price started a fresh rally above the $100 resistance against the US Dollar.
The price is now trading above $105 and the 100 simple moving average (4 hours).
There was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could continue to rally if there is a clear move above the $118 resistance.

Solana Price Starts Fresh Rally

After a downside correction, Solana found support near the $93.50 level. SOL formed a base and recently started a fresh increase above the $100 resistance.

It is up over 10% today, outperforming Bitcoin and Ethereum. There was a move above the 50% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low. Besides, there was a break above a key contracting triangle with resistance near $104 on the 4-hour chart of the SOL/USD pair.

SOL is now trading above $105 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $114 level. The first major resistance is near the $118 level or the 76.4% Fib retracement level of the downward move from the $126.13 swing high to the $93.50 low.

Source: SOLUSD on TradingView.com

The main resistance is now near $125. A successful close above the $125 resistance could set the pace for another major rally. The next key resistance is near $138. Any more gains might send the price toward the $145 level.

Another Drop in SOL?

If SOL fails to rally above the $118 resistance, it could start a downside correction. Initial support on the downside is near the $108 level.

The first major support is near the $100 level or the 100 simple moving average (4 hours), below which the price could test $94. If there is a close below the $94 support, the price could decline toward the $80 support in the near term.

Technical Indicators

4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $108, and $100.

Major Resistance Levels – $118, $125, and $138.