Solana price is witnessing a relief rally ahead of the New Year following Ethereum co-founder Vitalik Buterin’s hint that he could come to the network’s rescue. SOL was hammered the most in November after Sam Bankman-Fried’s FTX exchange collapsed.
The network suffered for its direct financial ties with entities owned by FTX and its sister company Alameda – both have filed for bankruptcy under Chapter 11. Investors quickly gave Solana the sell rating, which resulted in a massive crash, extending SOL’s leg 96% below its all-time high in November 2021.
Solana dropped from the top ten cryptocurrency list and now holds the 19th spot with a market cap of $3.5 billion. The once-promising token exchanges hands at $9.48 after a 2.2% bullish move in 24 hours.
The attention SOL is getting from investors can be attributed to Buterin’s remarks. Trading volume is up 189% to over $1.5 billion across DEXs and CEXs. Solana price must reclaim support above $10 to validate a possible V-Shaped recovery to $14.53.
The Solana Chain Has a Bright Future – Vitalik Buterin
Buterin has chimed in on the state of Solana’s ecosystem, especially its blockchain. He reckons that he has been informed there is an exemplary developer community within Solana, whose fate could be hanging in the balance following the exit of “opportunistic money” seekers. According to the co-founder of the largest smart contracts platform and the second-largest crypto, the Solana blockchain “has a bright future.”
However, he admitted he is currently on the outside, looking in but “hopes the community gets its fair chance to thrive.” Solana may need a dedicated leader to see it achieve its goals as a strong enough chain to compete with established networks like Ethereum and Cardano. Therefore, input from a celebrated developer like Vitalik Buterin could pave the way for the rebirth of the once-thriving ecosystem.
Solana Price Taps Fresh Liquidity Under $10, $14.53 Beckoning?
Solana price dipped below its crucial support for the first time since February 2021. This broke SOL’s last line of defense, opening the door to more losses. However, remarks by Ethereum’s Buterin could not have come at a better time. Hence, SOL is trading at $9.48 at the time of writing, following a reflex rebound from a candlestick wick at $8.
Bulls must throw all their weight behind SOL to reclaim support above $10 and confirm a possible buy signal from the Moving Average Convergence Divergence (MACD) indicator.
Traders will look out for the MACD (line in blue) to cross above the signal line (in red) before triggering their buy orders. The Stochastic already shows that buyers are gaining momentum as it carries on with the uptrend from the oversold area (below 20.00)) into the neutral area (between 20.00 and 80.00).
A V-shaped recovery pattern will likely guide Solana price on a northbound move to $14.53, where most traders would be booking profits. This pattern comes into the picture after an extended downtrend leading to oversold market conditions. If SOL breaks above the falling dotted trend line, it may push to $14.53 (medium-term hurdle) and $18.82, respectively.
Altcoin to Consider as The Crypto Winter Bites
Investors continue to feel the pinch of the crypto winter, made worse by the fall of FTX exchange. Experts have predicted that the bear market may stay through 2023, with recovery likely to start in 2024. However, some altcoins could provide a cushion against losses likely incurred as crypto assets search for the floor price. These tokens are in the presale stage, allowing you to get in early ahead of the first exchange listings.
FightOut (FGHT)
FightOut is a cryptocurrency platform incentivizing the fitness lifestyle with a fitness app and a chain of gyms. Besides earning rewards for completing workout tasks and challenges, users have the opportunity to grow within a vibrant community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. FightOut hopes to revolutionize the fitness economy with Web3 solutions, where users can create accounts and mint their own digital NFT avatars to use in the metaverse.
FightOut presale is currently underway and has raised slightly over $ 2.47 million in the first stage. The price will increase later, which calls for a quick response from interested investors.
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Dash 2 Trade (D2T)
Social trading has, over the years, demystified trading, and Dash 2 Trade is on the path to becoming a frontrunner in this space. Users on this platform will have the opportunity to access world-class crypto analytics, making it easier for investors to make informed decisions.
Dash 2 Trade stands out from its peers for providing trading signals with prompt buy/sell opportunities. Studying on-chain data is now common among investors and traders in the market. Dash 2 Trade’s social sentiment and on-chain analysis will be available to all the users of the platform’s D2T token.
Dash 2 Trade presale has raised $11.49 million and is in the final stage. D2T is selling for $0.0533 ahead of its first exchange listing on January 11.
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C+Charge (C+Charge)
A young cryptocurrency project is here to open the gigantic carbon credit industry to individuals – particularly electric vehicle (EV) drivers. The carbon credit industry is predicted to be worth $2.44 trillion in 2027 but is currently dominated by large corporations like Elon Musk’s Tesla.
C+Charge allows EV drivers to earn carbon credits sent directly to a dedicated application. As the network expands, C+Charge will partner with EV manufacturers to standardize charging requirements.
Drivers will use CCHG, the token powering the ecosystem, to pay for charging services. Charging station owners will also receive payment in the same CCHG token. A presale has been running for a few weeks and raised $44k so far, selling 1 CCHG for 0.0165 USDT.
Visit C+Charge Now.
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