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With Ethereum Facing Resistance at $2,500, Will $2,150 Support Hold?

Albert Brown
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With Ethereum Facing Resistance at $2,500, Will $2,150 Support Hold?

With Ethereum facing a surge in supply and growing regulatory troubles, will Ethereum sustain dominance at $2,150 support?  

With a 0.95% drop in the past 24 hours, Ethereum is trading at $2,329, a 2.72% dip in the last seven days. The biggest altcoin in the crypto industry, with a market cap of $280 billion, is struggling to regain bullish momentum.

With growing troubles and its co-founder, Vitalik Buterin, on a selling spree, will Ethereum hold crucial support this week?

Ethereum in a Falling Channel

In the daily chart, the Ethereum price action reveals a bull cycle struggling to sustain after four consecutive green candles as it bounces off the support trend line. Trapped in a falling channel pattern, the Ethereum price dips 2.49% from the opening price of $2,388, making an intraday bearish engulfing candle. 

Ethereum Price Chart
Ethereum Price Chart

After facing rejection at the $2,400 mark, Ethereum has struggled to close above $2,500 for the past nine days. The recent price action, marked by a post-retest reversal of the broken supply zone, suggests the possibility of another dip towards the declining support trend line.

The bearish engulfing candle and failure to achieve a bullish crossover in the MACD indicator signal a potential bearish revival.

In the short term, Ethereum’s price action shows some optimism by breaking through a local resistance trend line and demonstrating lower price rejections near the broken trend line. However, the loss of crucial support at $2,350 undermines bullish momentum, suggesting a potential for further bearish movement.

Vitalik-linked Wallet Sells 190 ETH Amid Growing Troubles For Ethereum

The bearish influence over Ethereum faces a constant surge, with the crypto market facing regulatory pressure against major top exchanges like Coinbase and Binance with the SAB 121. This puts pressure on parties in charge of providing regulated financial crypto custody services. 

Retail investor interest is declining, with network usage of decentralized applications dropping by 19% to 96 million. Adding to the bearish outlook is a recent sell-off from a wallet associated with Ethereum co-founder Vitalik Buterin, which saw 190 ETH tokens sold for $441,971.

This wallet initially received 3,800 ETH from Buterin and has offloaded 950 ETH worth $2.28 million since August 30.

Will Ethereum Surpass $2,500?

Based on the technical analysis, the current pullback suggests a possible retest is underway, but the bearish engulfing candle indicates a potential decline ahead.

At this stage, maintaining support at $2,350 is crucial for preserving the chances of an uptrend. If the price falls below this level, it may risk dropping to $2,150. Conversely, a breakout above $2,500 could shift the bullish focus toward the $2,750 supply zone.

Founder of AlphaHuskyClub Sees XRP at $15 and XLM at $5 if BTC hits $120K

Abdulkarim Abdulwahab
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Founder of AlphaHuskyClub Sees XRP at $15 and XLM at $5 if BTC hits $120K

As the crypto bulls reappear, impacting altcoins like XRP and its closest rival, Stellar (XLM), analysts are setting various targets for these assets.

Yesterday, Bitcoin reentered the $58K price range for the first time after dropping to $52K last week. Bitcoin’s rebound slightly impacted XRP and XLM. While XLM went on to set a fresh weekly high following the rebound, XRP’s move paled in comparison.

Meanwhile, the recovering market has caused ambitious market watchers to revise their outlook for XRP and XLM.

In a recent post on X, “King Karan,” the founder of AlphaHuskyClub, shared an updated list of his price outlooks for various crypto assets, particularly the top-ranking ones. Bitcoin took the top spot, with Karan suggesting up to $120K as his bull prediction for the 2024/2025 cycle.

 

With Bitcoin hovering just around $56,485 at press time, the leading crypto needs a price growth of 112% to attain $120K.

Meanwhile, Karan has suggested the $10,000 price point for Bitcoin’s closest rival, Ethereum (ETH). This projection implies a more promising 331% price growth from Ethereum’s current market value of $2,314.

However, the crypto expert has projected an even better return on investment for current holders of XRP and XLM. 

XRP to $15 and XLM to $5

Specifically, Karan outlined the $15 price level as his bull prediction for XRP in this ongoing cycle. Notably, XRP is trading at $0.5322 today, and reaching $15 demands an aggressive growth of 2,718% this season.

It is worth mentioning that XRP has not experienced such a magnitude of growth over the last six years, making the outlook formidable. Regardless, the crypto community is widely optimistic that XRP will surpass $15 this season.

However, Karan has set a target of up to $5 for XLM, representing a massive 5,308% price appreciation from the current level of $0.09244. 

In the last 2021 bull cycle, XLM’s value expanded explosively from as low as $0.036 in March 2020 to a high above $0.64 by May 2021. This amounted to a growth of over 17X in one year.

XRP’s surge during the time was below 10X, though enthusiasts attribute the lower bull run to the SEC lawsuit. But this lawsuit has ended now, opening the door for XRP’s surge.

Expert Says Shiba Inu is Not Done, as SHIB Transitioned from a Meme to an Ecosystem

Lele Jima
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Expert Says Shiba Inu is Not Done, as SHIB Transitioned from a Meme to an Ecosystem

Prominent market observer Oscar Ramos expresses confidence in Shiba Inu (SHIB), suggesting that the asset is still relevant despite being underestimated. 

Ramos made the assertion recently to encourage investors to continue holding onto the token. For context, the drawdown across the broader market has continued to take a toll on Shiba Inu, leaving investors devastated. Shiba Inu has traded mostly within the $0.000013 price territory over the past 30 days. 

Although this bearish performance has also spread across the broader market, several Shiba Inu investors have expressed frustration with SHIB’s recent price action. Amid this growing frustration, Ramos stated that many investors underestimate Shiba Inu and have left the asset for other tokens with quick gains. 

SHIB Is Not Done 

Furthermore, the expert emphasized that Shiba Inu is not done. This suggests that Shiba Inu still has huge growth potential despite recording one of the biggest rallies in the crypto market three years ago.

Recall that Shiba Inu witnessed a massive surge of over 157 million percent 14 months after its launch. The token hit an all-time high of $0.00008845 from an initial price of $0.000000000056. Comparing this remarkable rally and Shiba Inu’s recent performance, some investors speculate that SHIB might not witness any significant rally in the future. 

Conversely, Ramos believes SHIB is still relevant and has huge growth prospects. He motivated investors by highlighting how Shiba Inu transformed from a memecoin to a complete ecosystem. 

Shiba Inu Transition from Memecoin to an Ecosystem 

Recall that Shiba Inu initially launched as a memecoin in August 2020. Its goal was to end Dogecoin’s reign as the biggest memecoin at the time. 

However, while it has maintained its original meme appeal, the community, led by developer Shytoshi Kusama, has built a robust ecosystem around Shiba Inu, including projects such as Shibarium, Shibaswap, the Shiba Inu Metaverse, Shib Name Service (SNS) and Web3 game Shiba Eternity. 

Currently, Shiba Inu boasts more utilities beyond its meme origin. Aside from trading, people can use SHIB to pay for goods and services at different merchants globally. Moreover, the Shiba Inu ecosystem team has entered into strategic partnerships with top firms to drive SHIB’s exposure and adoption. 

One of these partnerships includes the team’s collaboration with the International Indian Film Academy Awards (IIFA). The team hopes to introduce SHIB to 800 million viewers worldwide through this collaboration. 

Shiba Inu Biggest Breakout Incoming 

Essentially, Shiba Inu’s transition to an ecosystem makes Ramos believe that “SHIB is not done,” as many people suggest. 

Last month, Ramos projected that Shiba Inu would soon witness its biggest breakout. He cited projects like ShibTorch, ShibaSwap, Shib Hub, and key partnerships as potential factors that could propel SHIB’s breakout to unprecedented levels. 

In the meantime, Shiba Inu trades for $0.00001324, representing a 24-hour decline of 1.97%. 

SHIBUSDT 2024 09 11 10 59 13
Shiba Inu 1D Chart

Vitalik Buterin Defends Ethereum “Bullposting” Amid Persistent FUD

Albert Brown
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Vitalik Buterin Defends Ethereum “Bullposting” Amid Persistent FUD

Founder Vitalik Buterin defends optimistic posting about Ethereum amid ongoing market FUD and persistent bearish sentiment toward ETH.

Despite Ethereum’s recent recovery, some analysts continue to issue a bearish outlook for the crypto, warning that another consolidation phase might occur before any significant shift.

However, this sentiment contrasts with a growing trend among Ethereum enthusiasts, including its co-founder, Vitalik Buterin, who has continued to back bullish sentiments surrounding the crypto.

Buterin’s Support for Bullish Sentiment

Recently, Vitalik Buterin reinforced his stance on Ethereum’s potential resurgence. He supported a popular Ethereum investor, Vibin, who has faced backlash for continually sharing positive perspectives on Ethereum. 

Vibin noted a loss of followers due to his consistent optimism about the digital asset. Interestingly, Buterin weighed in, offering support for the Ethereum enthusiast by saying “ETH bullposting is good.”

Buterin’s engagement in these conversations has fueled ongoing discussions about Ethereum’s outlook. He recently posted lighthearted images on social media, humorously reinforcing his support for Ethereum amid recurring requests from community members for him to focus on ETH’s price performance.

Buterin’s continued involvement in these conversations highlights the ongoing divide between those who see potential in Ethereum and those who remain skeptical. This trend of “bullposting” has gained attention but has not been enough to trigger a reversal in Ethereum’s price.

ETH Price Movement 

While Buterin and others remain optimistic about Ethereum, the price has remained relatively stagnant. As of today, Ethereum’s price stands at $2,327.45, representing a 1.03% decline over the past 24 hours and a 2.94% decline over the past week.

The trading volume in the last 24 hours reached $12.5 billion, showing that while activity remains steady, the market sentiment continues to lean bearish. Market participants are waiting to see if any upcoming developments could catalyze a more sustained price recovery.

The bearish sentiment persists even with some recovery attempts in Ethereum’s price. This behavior has left traders cautious about any immediate bullish momentum, with many speculating that consolidation will continue in the short term.

Buterin’s ETH Movements Amid Bull Posts

Elsewhere, Buterin’s recent transfers of ETH have fueled additional speculation within the crypto community, even as bull posting persists. On August 30, Buterin moved 800 ETH, worth around $2.01 million, to a multi-signature wallet.

Earlier in August, he moved 3,000 ETH to the same wallet, raising questions about whether these actions signal charitable donations or internal fund reallocation.

Although Buterin has stated that he has not sold ETH for personal profit since 2018, the absence of clear explanations for these transfers continues to stir speculation.

Indonesian Exchange Indodax Loses 25 BTC, 1,047 ETH and 6.14M USDT Worth $22M to Hackers

Mark Brennan
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Indonesian Exchange Indodax Loses 25 BTC, 1,047 ETH and 6.14M USDT Worth $22M to Hackers

Indodax, an Indonesian exchange, suffers a hack, losing $22 million, with blockchain sleuths tying the attack to North Korea’s Lazarus group.

Crypto hacks have been on the rise recently, with exchanges being the major targets. Another exchange, this time an Indonesian-based crypto firm, suffered a compromise on Wednesday.

Lookonchain reported that Indodax lost approximately $22 million in an attack today. The exploiter gained access to the exchange’s wallets and stole some of its funds in Bitcoin and Ethereum. Other assets include Tron and USDT, among other currencies.

According to reports, the hacker compromised Indodax’s platform, planting bugs that overrode the exchange’s security system and allowed withdrawals from its hot wallet. The exploiter moved and converted most of the stolen funds, Lookonchain revealed.

Specifically, the exchange lost 25 BTC ($1.4 million), 1,047 ETH ($2.48 million), $6.14 million USDT, 2.2 million MATIC ($849,000), and 1.4 million ARB ($749,600). At the time of writing, the hackers have converted the assets to $13 million worth of Ethereum, $2.56 million worth of Tron, $2.55 million worth of POL (formerly MATIC), and $1.41 million of Bitcoin.

Indodax Halts Operation

The Indonesian-based exchange confirmed the exploit in a tweet, stating it has temporarily halted operations for maintenance. The discontinuation affects its website and mobile platform.

Indodax assured users that funds were safe, and operations would resume once they eliminate the security concern. The exchange’s platforms were still dysfunctional at the time of the report.

On-chain data shows that Indodax moved funds from the affected hot wallet to its self-custody cold wallet. This could be a precautionary ploy to avert further incidents of exploitation. Indodax’s cold wallet holds over $400 million worth of cryptocurrencies, which could recuperate users that the $22 million hack affected.

Another Lazarus Hack?

Yosi Hammer, the head of security firm Cyvers, has attributed the Indodax hack to the notorious North Korean-based Lazarus group. He told BSC that the operation of the exploit is similar to that of the group of hackers.

Notable blockchain security firms also accused the notorious hackers of the WazirX $230 million exploit in July. The Lazarus group has been a long-standing antagonist to major exchanges, having been tied to multiple heists in the crypto sector. The Crypto Basic reported a $100 million theft from Horizon Bridge, tied to the North Korean group.

Expert Analyst Compares Current Bitcoin Cycle to 2019 Based on Monetary Policy

Albert Brown
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0
Expert Analyst Compares Current Bitcoin Cycle to 2019 Based on Monetary Policy

Benjamin Cowen, CEO and founder of IntoTheCryptoverse, has again drawn attention to the current Bitcoin cycle’s similarities to the one seen in 2019. 

His analysis focuses on how this year’s economic conditions, particularly the Federal Reserve’s monetary policy, are influencing Bitcoin’s performance.

Unlike previous halving years, 2024 shows signs of slower growth, more controlled upward movement, and the possibility of a downturn. These factors, driven by high interest rates and quantitative tightening (QT), are central to Cowen’s comparison.

Grounded in Monetary Policy

Cowen hinged his comparison between 2024 and 2019 on monetary policy and its effects on Bitcoin’s price movement. He observed that Bitcoin’s price action today reflects the trends of 2019, when the Federal Reserve implemented rate cuts and QT policies.

During both cycles, Bitcoin’s growth appears restrained by the central bank’s tightening measures. However, as in 2019, Cowen suggests that Bitcoin’s price could rise once rate cuts begin, although this may take longer to materialize due to the extended duration of high rates in the current cycle.

The impact of monetary policy has become more evident as Bitcoin’s year-to-date performance shows underperformance compared to previous halving years. Per Cowen, this is a notable difference from earlier halving cycles when lower interest rates and quantitative easing (QE) bolstered Bitcoin’s growth.

As a result, the present cycle reflects 2019’s more gradual movements, with market participants watching closely for potential shifts in the Federal Reserve’s stance.

Bitcoin’s Bull Market and the Role of QT

Cowen distinguished between two types of Bitcoin bull markets: QT and QE bull markets. The ongoing QT bull market, where Bitcoin performs better than altcoins, shows a flight to safety during tighter monetary conditions.

In contrast, QE bull markets allow altcoins to outperform Bitcoin, as liquidity flows more freely. In 2024, Bitcoin has demonstrated its resilience under QT, with its dominance rising as altcoins struggle.

The continued QT environment prolongs Bitcoin’s current phase, much like 2019. This cycle indicates a pattern of increased Bitcoin dominance while altcoins face liquidity challenges. 

Timing of Rate Cuts

Cowen then discussed how Federal Reserve rate cuts could influence Bitcoin’s price. He highlighted the possibility that Bitcoin may require between 165 and 175 basis points of rate cuts to break its lower high structure.

Such cuts could extend into 2025, delaying any major price recovery. This scenario aligns with 2019 when Bitcoin initially fell after the rate cuts but recovered strongly later.

In his previous comparison, Cowen noted that, historically, Bitcoin and the SPX have correlated during key economic events, such as rate cuts. However, Bitcoin’s divergence from the S&P 500 in 2019 could repeat, with Bitcoin following a unique path.

Per Cowen, the upcoming months would reveal whether Bitcoin will replicate its 2019 pattern of underperformance and later recovery, or whether a different trajectory awaits as the Federal Reserve adjusts its policies.

Cardano Faces Stiff Resistance at $0.346: Can Buyers Break the Range?

Albert Brown
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0
Cardano Faces Stiff Resistance at $0.346: Can Buyers Break the Range?

The ongoing recovery of Cardano (ADA) hits resistance at $0.346. Will buyers hold support for a range breakout rally?

With a market cap of $12.19 billion, Cardano struggles to enter the top 10 list of cryptocurrencies. Currently, the ADA token trades at a price of $0.3395 with a 24-hour drop of 1%.

However, the past seven days have resulted in a minor recovery for this layer-1 blockchain project with a new upgrade, accounting for a 5.59% increase. Will this recovery run continue in the week ahead? Let’s find out.

Cardano Recovery Hits Glass Ceiling

In the 4-hour chart, the recovery run in Cardano struggles to surpass a critical resistance level at $0.346. With a double bottom reversal from the $0.313 support level, the bull cycle took a sideways turn near the glass ceiling.  

Cardano Price Chart
Cardano Price Chart

As the 10% recovery run in just two days takes a lateral shift, a consolidation phase is visible with the bottom support at $0.338. With a recently lower price rejection candle, the altcoin avoids closing below this crucial support. However, the 23.60% Fibonacci level at $0.333 is the next crucial support level with the potential to reinstate the bullish trend.

Target Levels Amid Momentum Loss

Overall, the recovery run following the massive pullback phase from $0.399 to $0.313 comes to a halt at $0.346. As the recovery run takes a minor toll, the MACD and DMI indicators switch sides. 

The MACD and signal lines give a bearish crossover, and so does the VI line in the DMI indicator. Furthermore, the ADX line registers a downtick. Hence, the momentum indicators reveal a loss with a shift to bearish gears. 

Based on the Fibonacci retracement levels, the crucial support beyond the consolidation phase is at the 50% level and the baseline at $0.356 and $0.313, respectively. As for the upcoming trend, the range breakout will determine the next course of action. 

Cardano Founder Frustrated by ADA FUD, Says It Has Reached Epic Levels

Abdulkarim Abdulwahab
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0
Cardano Founder Frustrated by ADA FUD, Says It Has Reached Epic Levels

Cardano founder Charles Hoskinson has recently expressed frustration over the sheer volume of misinformation about ADA, noting that it has now reached “epic” levels.

The latest rumor claims that Cardano’s large market cap is due to some investors supposedly being locked in and unable to sell their ADA holdings. This claim surfaced during a recent podcast featuring prominent crypto commentators InvestAnswers, CTO Larsson, MartyParty, and Mando.

InvestAnswers raised a question about why older crypto projects like Cardano are still highly ranked. He claimed that Cardano has a large market share of over $12 billion, “yet no adoption” in his view.

Renowned skeptic MartyParty responded by alleging that ADA holders are locked in staking pools and are unable to sell. He emphasized that the Cardano team supposedly used the staking system to “trick” many individuals into holding ADA tokens at a rate they could not exit.

In his view, this speculative guess explains why ADA continues to have a multibillion-dollar market cap.

Cardano Founder Reacts

This commentary triggered a reaction from Cardano founder Charles Hoskinson, who lamented the spread of misinformation about Cardano. He clarified that ADA staking is not locked and called out those spreading these lies.

He questioned why members of the crypto community continue to regard individuals like MartyParty as credible voices in the space.

 

Clarification on ADA Staking

Also, the crypto community quickly moved to set the record straight and denounce the false claims.

Cardano SPO PRIDE pointed out the irony of the accusation. In a statement, PRIDE highlighted that Cardano is the only top 20 crypto project offering native liquid staking, meaning ADA tokens are never locked in staking.

Unlike other projects, Cardano does not require liquid staking derivatives (LSDs) or liquid staking tokens (LSTs).

PRIDE emphasized the contradiction in the claim, noting that despite Cardano’s flexible staking model, some individuals still believe that the project’s high market capitalization is due to stakers being “tricked” into locked staking positions.

Additionally, PRIDE pointed out that this claim is often paired with the assertion that Cardano lacks adoption, which is another misleading narrative.

The commentary also highlighted the benefits of Cardano’s native liquid staking, noting its alignment with Satoshi Nakamoto’s principles of self-custody.

Moreover, the community has taken steps to correct the misinformation about Cardano’s staking mechanism. A Community Note on X (formerly Twitter) clarified that Cardano has always offered liquid, non-custodial staking and has never had locked staking. This note directly refutes the false claim that Cardano’s staking model is responsible for its high market capitalization.

Gemini Founder Reiterates Support for Deaton, Criticizes Elizabeth Warren for Lying About Her Anti-Crypto Stance 

Lele Jima
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0
Gemini Founder Reiterates Support for Deaton, Criticizes Elizabeth Warren for Lying About Her Anti-Crypto Stance 

Tyler Winklevoss, the co-founder of Gemini crypto exchange, urges Massachusetts voters to support pro-XRP lawyer John Deaton to end Senator Elizabeth Warren’s unlawful war against the industry. 

The Gemini co-founder made this known while reacting to an official statement from Senator Warren’s Senate campaign. In the emailed statement, Warren accused Tyler and his brother, Cameron, of sponsoring a six-figure ads campaign. 

According to Warren, the Gemini founders have been using the ads to spread misinformation about her and to boost her Republican opponent in the upcoming Massachusetts Senate election. 

Furthermore, she suggested that the Winklevoss brothers and other crypto advocacy groups are furious with her for advocating for fair crypto regulations to protect working people in the United States. 

Gemini Co-founder Reacts 

Reacting to this claim, Tyler criticized Warren, accusing her of being dishonest about her anti-crypto stance. He also slammed Senator Warren for claiming to advocate for fair crypto regulation despite waging an unlawful war against the industry, which includes 50 million American crypto users. 

Notably, he urged Massachusetts voters to support Deaton, who is expected to counteract Warren’s anti-crypto stance. 

Tyler’s statement comes days after Deaton won the Massachusetts Republican primary election for the U.S. Senate. The election concluded with Deaton recording 135,557 votes, representing 64.9% of the total tally. 

Crypto Stakeholders Back Deaton Over Warren 

It bears mentioning that the Winklevoss brothers publicly supported Deaton earlier this year. In July, Tyler and Cameron donated $1 million ($500,000 each) to Deaton’s Senate campaign to unseat Senator Warren. 

Other crypto-related entities, including Cardano founder Charles Hoskinson and Ripple, donated significantly to Deaton’s campaign. 

Due to his push for favorable regulations, Deaton has been heavily backed by crypto enthusiasts. However, the same cannot be said for Warren, who has maintained her anti-crypto stance over the past few years. 

A Threat to U.S. Prosperity 

Specifically, Tyler characterized Warren as the major threat to American prosperity and the number one public enemy in the crypto sector. He alleged that Warren recruited several anti-crypto individuals, including SEC Chair Gary Gensler, to wage a war against digital assets. 

According to him, Warren instructed the SEC to launch stringent enforcement actions against good actors in the industry. Per Tyler, Warren’s “reign of terror” extends beyond the crypto market, indicating that she prioritizes power over free markets. 

Explaining the motive behind his support for Deaton, Tyler said the pro-XRP lawyer represents the values of hard work, service, and honesty, unlike Warren, who “built her career through lying about her ancestry.” 

Solana Shatters Daily Active Wallet Record With 5.2M Users

Mark Brennan
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Solana Shatters Daily Active Wallet Record With 5.2M Users

Solana sets a new record for daily active addresses in a network despite the dwindling Pump.Fun users.

The Solana network has recorded the highest daily active address count in blockchain history. Active users surged to a notable high despite the recent market downturn and Solana’s price underperformance.

Data from Artemis shows that daily active users on the Solana network surged to 5.4 million on Monday, the highest active address in history. The user influx also dwarfed that of other chains, with the closest being the NEAR protocol, which recorded 2.9 million active addresses.

Daily Active Address
Daily Active Address

Notably, the data reveals a gradual uptrend in daily active users on the Solana network in the days preceding Monday. The uptick began in late August and escalated gradually to Monday’s levels. However, the 5.4 million active addresses recorded on the network on Monday was almost a 100% increment from the 2.8 million witnessed on September 8.

Upsurge Despite Pump.Fun Wear-Out

Solana’s recent activity growth came despite dwindling activities from Solana’s Pump.Fun. The memecoin launchpad had driven a considerable number of Solana’s active addresses, as users flocked to the platform to deploy new meme tokens on the blockchain.

Pump.Fun became the fastest-growing protocol in history, recording $100 million in revenue in 31 weeks. However, a reduction in traction and widespread criticism saw users of the platform drastically drop off.

The Pump.Fun sluggish traction spilled to the Solana ecosystem at large, which saw underwhelming daily transactions and usage compared to its standards. However, the Solana network rebounded from the slump, shattering a record on Monday.

Consequential Price Surge?

The uptick in active addresses in a network has historically catalyzed a notable price upswing in asset prices. Hence, there are heightened possibilities of an underlying surge in the Solana price.

This increase in active addresses is not the only bullish scenario on the Solana. The September 20 Breakpoint event has historically pushed SOL to an average growth of 62%. As such, analysts are expecting the asset’s price to increase considerably in the coming days.

At the time of writing, SOL consolidates at $132 after growing over 5% in 24 hours on Tuesday. The asset is down 2% on Wednesday, with trading volume of $1.8 billion.

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