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How is Solana (SOL) Price Grappling with Bearish Crypto Market? Right Time to Buy the Dip?

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Solana Price Analysis : SOL Price is Above Crucial Support level ! Where it Heads Next ?

The crypto market cap is down by $150 billion, total liquidations are more than $800 million in 24 hours, as bitcoin dropped below $45,000. Major altcoins like Ethereum, Cardano, Ripple, Solana and more are plunging double-digits.

The most trending altcoin Solana is the most affected crypto-asset among the top 10’s with an 11 % loss.

Solana Price Plunge Heavily! 

Since the beginning of September, Solana has been attracting more investors and entering the top 10 cryptocurrencies by market capitalization. So far this year, crypto has accumulated a rise of 8,600%. Solana has been highly volatile in the last couple of weeks.

Initially, this Ethereum rival exploded to a new all-time high of around $215. With the sudden market crash, Solana price resulted in massive losses testing $140. 

At press time SOL price is trading at $141.13. The immediate support lies at the $140 Level. If the altcoin fails to maintain above this level the price may drop to $128.

Right now, the technicals, Moving Average Convergence Divergence are hinting towards the downtrend. Therefore, another four-hour close below the 38.2% Fibo would trigger more sell orders and perhaps push Solana to the 200 SMA near $120.

on the flip side, When market sentiment would roll over, if Bulls kicks the price action, SOL price might break the 23.6% Fibonacci level at $174. If the buying spree continues at that level SOL bulls gear for a rerun towards $221 within a few weeks.

Also, Read Bloodbath in Crypto Market: Here’s the Next Target Level for Bitcoin (BTC), Ethereum (ETH), And Cardano (ADA)

$26 million liquidation

As per Bybt, nearly $31.22million worth of SOL trades were liquidated in the last 24 hours, out of which nearly$10 million is via ‘shorts’. Binance exchange saw the biggest number of Solana short liquidations, followed by FTX. 

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Top 6 Altcoins Traders Should Bet This Bull Season

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Altcoin
  • The price of ETH has dropped by nearly 2% to $4,112.
  • Bitcoin has lost over $5,000 in a single day.
  • Cardano prices have dropped roughly 3 per cent to $2.16.

Two days after the launch of the first bitcoin futures marketplace fund in the United States. Bitcoin fell from its all-time high, causing cryptocurrency values to collapse, which has continued into today. Bitcoin has lost nearly $5,000 in one day, whilst Solana has gained approximately 10% since the previous trading day.

It is now trading for $4,112 per token, a decrease of approximately 2 percent. Compared to the previous day, Cardano prices have dropped roughly 3 percent to $2.16, while dogecoin values have dropped 3 percent to $0.24.

Although Bitcoin (BTC) has just reached new highs and has experienced other swings. Crypto analyst and trader Michal van de Poppe is optimistic about the future of various alternative currencies (altcoins).

He explains his most recent analysis on Chainlink’s native assets in a new strategy session, which marks the beginning of the new planning session for the prominent trader (LINK).

At this point, I believe that Chain Link will still be in the field of concern if interested in taking a strategy on this one.” The way I see it, everything is perfectly OK; it’s just waiting for the right moment to explode.“

Traders’ attention now turns to the Curve DAO Token (CRV), the asset that drives the automatic market maker protocols of the same name.

The currency, he predicts, will move sideways in the short future before making a significant breakout.

In his opinion, the Curve has been witnessing a nice retest, a lovely structure in which we will most likely see continuing toward opposition here, before some minor comprehensive and multidimensional phases into the area here. Then we will break out at some point later on.

Next, Van de Poppe examines the Skale (SKL) decentralized internet protocol suite (DApp), a decentralized application (DApp) protocol that intendss to aid developers in avoiding Ethereum congestion issues.

The SKL, according to him, will begin to rise by the end of the month next.

In the following section, Van de Poppe examines the charts for The Graph, a decentralized Blockchain Indexing Service (DBIS).

THORchain (RUNE), a decentralized cross-chain liquidity protocol expected to post a higher bottom. Signaling that yet another upwards surge is in the works, according to the cryptocurrency researcher.

Especially in the case of supply network VeChain (VET), van de Poppe says he’s sticking to his prognosis from early October, anticipating that the coin will go below at least 0.00000149 BTC  before a long-term rally can begin.

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CBN Ready to Launch CBDC eNaira Despite its Previous Failure

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CBN Ready to Launch CBDC eNaira Despite its Previous Failure