Cloud Hosting

Godfrey Benjamin

Solana's upsurge being driven by sentiment of potential ecosystem growth

Read U.TODAY on

Google News

Solana (SOL) is returning to its winning ways with marked bullish growth today as there is a mixed-price action in the digital currency ecosystem. Solana is trading at a spot price of $23.32, up 7.30% over the past 24 hours, and by more than 16% over the past week.

For Solana, trending among the top-performing altcoins can be tagged as a regular feature as the protocol is one of the most robust in terms of ecosystem diversity. With its Decentralized Finance (DeFi) and Non-Fungible Token (NFT) ecosystem growing at a rapid pace, the demand for SOL has been rising, thus contributing to its current growth surge.

Solana has had a lot of troublewith its network stability in recent times and, at the moment, its current bullish outlook can also be attributed to the stability it has enjoyed over the past few weeks.

Solana is branded as one of the most versatile Layer 1 protocols, with the intention of unseating Ethereum (ETH) as the dominant smart contract hub. Though it still lags behind Ethereum onmost metrics, its DeFi growth uptick is a sign that the protocol has a brightfuture.

In a bid to bootstrap the growth of dApps and smart contracts in its ecosystem, Solana launched a now-completed hackathon it dubbed Grizzlython. The Grizzlython was described as the biggest in the history of the protocol, and it witnessed more than 800 projects submitting proposals for consideration.

This impressive growth potential has been tagged asviable positivity to look forward to as it can herald a new era of innovative solutions that can drive increased adoption of the Solana protocol. The launch of some of the projects from the Grizzlython on Solana will create a new demand outlet for SOL, which is bound to be beneficial in the long term.

Here is the original post:
Solana (SOL) up 16% to Join Altcoin Uptrend, Here Are Key Reasons Powering Growth - U.Today

Cronos (CRO) price is holding all the cards here this Friday as it goes against several of its brothers and sisters in the altcoin space. Price action is up over 6% for the week, and with the rally in Bitcoin price this Friday, another tailwind moves in favor of CRO. Should CRO be able to break the 55-day Simple Moving Average (SMA) to the upside, just one more element stands in between bulls and a 90% gain by the summer of this year.

Cronos price is delivering some very bullish signs this Friday before starting the weekend as it is up over 6% for the week. Although it had received a firm rejection earlier in the week, it becomes quite clear that bulls are strongly participating in the price action, and the tailwinds from Bitcoin price only add more fuel to the bullish bonfire. With market tensions settling over the weekend, expect that bulls have a fair opportunity at breaking that 55-day SMA at $0.0765.

CRO would next face the 200-day SMA going into next week at $0.0851, which might prove a bit tricky. Certainly seeing the weekly performance from February, where a false break triggered a near-full decline of all gains from that same week, traders are aware what they are up against. Should Bitcoin price rally further, expect that to be enough for CRO to break above the 200-day SMA and have a wide area open for the coming months with $0.16 as the profit target.

CRO/USD weekly chart

As mentioned in the above paragraph, a repetition of the events of February could happen again. That would mean bulls push through the 200-day SMA and are met with a wave of bears that push price action back below the moving average and might even trigger a full squeeze below the 55-day SMA. This would stop out many bulls and see price action falling back toward $0.0579.

Continued here:
Cronos price is the altcoin to watch this week for a breakout trade that could bear a 90% gain by summer - FXStreet

The crypto market has been exhibiting mixed signals, with the biggest cryptocurrency, Bitcoin, noting a minimal rise while altcoins take the lead. In line with the same, Binance Coin and Fantom stood among the few that pushed to keep the total value of all cryptocurrencies above $1 trillion.

Binance Coin price could be seen inching closer toward the critical resistance at $334.7 after marking another 7.35% rise on Thursday. Trading at $327.6, the cryptocurrency simply needs more bullish support from traders to push the price to mark new 2023 highs.

The Moving Average Convergence Divergence (MACD) indicates a bullish crossover for BNB, which could support the case. But the Relative Strength Index (RSI) is also inching closer to the overbought zone above 70.0. This zone is usually indicative of either a trend reversal or pullback.

BNB/USD 1-day chart

Thus if Binance Coin price corrects and declines below the critical support level at $294.5, it could crash to the year-to-date lows of $264.9. This would invalidate the bullish thesis and result in a 20% crash.

Before marking a 5% increase on Thursday, Fantom price was just recovering the 12.9% decline noted just the day before. However, the green candle came in clutch and managed to keep it above the critical support at $0.386.

Trading at $0.4064, the altcoin is open to further rises, as indicated by theRSI. The indicator is at the neutral line at 50.0, and a flip of the same into support would likely trigger a positive reaction. Although in order to seal the bullishness, the Fantom price would need to breach the critical resistance level above $0.492.

FTM/USD 1-day chart

Failure to breach the same could result in a decline, and this time around, it could push FTM below the critical support at $0.386. This would invalidate the bullish thesis and also mark a 27% crash for the altcoin.

Originally posted here:
Altcoins Of The Day: Binance Coin and Fantom lead the recovering cryptocurrencies in the market - FXStreet