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Solana Price Analysis: SOL Targets $200 Retest after 25% Weekend Gains

Mark Brennan
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Solana Price Analysis: SOL Targets $200 Retest after 25% Weekend Gains

Solana price surged above the $150 resistance on Monday July 13, reflecting gains in excess of 25% over the weekend, trading volume trends suggest aggressive buying activity, which could propel SOL prices higher in the days ahead.

Solana Price Breaks $150 Barrier Amid Weekend Demand Surge

After a turbulent start to the month, the overall sentiment surrounding the broader crypto market appears to have flipped bullish in the last 72 hours. Resurgent bull traders swooped in Solana over the weekend after back-to-back dovish macroeconomic indices published in the latest US Non-Farm Jobs and Consumer Price Index (CPI) data.

The weekend buying frenzy has sparked a major rebound in SOL price, confirming the bullish speculations that Ethereum ETF launch could open the doors to approval of Solana spot ETF filed by VanEck in late June.

Solana Price Action SOL USD TradingView 15 7 24
Solana Price Action (SOL/USD) | TradingView

On Friday July 5, Solana price bottomed out at $121.40, as traders anticipated another hawkish CPI data could dampen the prospects of a US Fed rate cut. However, as the CPI for June 2024 came in dovish, it triggered a rapid demand surge across the crypto markets.

Fuelled by positive headwinds from its own ETF speculations, Solana has emerged one of the biggest gainers amid the current bullish market phase. At the time of writing on July 13, Solana price had surged 27% from Friday’s lows, breaching the $150 resistance and rising as high as $154 around 10 am CET on Monday.

Solana’s $1.9B Trading Volume Hits At More Gains Ahead

While the majority of the top 20 ranked crypto assets have registered substantial gains in the last 3 days, a critical market data point suggests that Solana bulls are trading more aggressively. This move could possibly trigger a major breakout towards the $200 in the weeks ahead.

The Coinglass chart below tracks the daily volume of Solana transactions executed across various exchanges. By comparing trading volume trends to price swings, investors can gain insights into short-term market momentum.

Solana Price vs SOL Trading Volume SOL USD 15 july 24
Solana Price vs. SOL Trading Volume (SOL/USD) | TradingView

At close of Friday, July 5, Solana trading volume reached $1.85 billion while price fell to weekly-low of $121. But after the buying frenzy that ensued over the weekend, Solana price has now surged 27% to hit $154, meanwhile the trading volume only increased by 6.4% to reach $.1.97 billion at the time of publication on Monday, July 15.

This shows that while SOL price has increased by more than 27% in the last 3 days, Solana trading volume has only increased by 6.4%. Whenever an asset’s price increases at a faster pace than trading volume, strategic traders consider it a bullish signal for two key reasons.

When an asset’s price increases at a faster pace than its trading volume, strategic traders often consider it a bullish signal for several reasons. Firstly, this scenario suggests that the demand for the asset is strong, and buyers are willing to pay higher prices, even in the absence of a proportionate increase in the number of transactions. This can indicate investor confidence and positive market sentiment, as seen in the recent surge of Solana’s price despite only a modest rise in trading volume.

Secondly, a rapid price increase relative to trading volume can reflect the actions of large investors, or “whales,” who accumulate the asset strategically without significantly affecting the trading volume. These large purchases can drive up prices quickly, signaling that big players expect further price appreciation.

In the case of Solana, the 27% price increase over the weekend, coupled with only a 6.4% rise in volume, might indicate that whale investors are betting on Solana’s future growth in reaction to VanEck’s recent application for Solana spot ETFs.

Solana Price Forecast: $200 Target Now Viable

As of July 15, Solana (SOL) has shown impressive price action, currently trading at $153.90. The recent surge has resulted in a 27.38% increase over the last 10 days, with the price moving from $121.55 to $154.10. This bullish momentum is bolstered by technical indicators suggesting a potential continuation towards the $200 target, although some caution is warranted.

The Parabolic SAR (Stop and Reverse) indicator shows a bullish trend, with dots appearing below the price, indicating upward momentum. The Relative Strength Index (RSI) is at 42.19, which is below the overbought threshold, suggesting there is room for further upside before the price becomes overextended. Additionally, the Fibonacci retracement levels indicate potential resistance at $160, $172, and $176, aligning with previous highs and psychological barriers.

Solana Price Forecast SOL USD 15 7 24 Q
Solana Price Forecast (SOL/USD) | TradingView

Despite the bullish outlook, the recent increase in price has not been accompanied by a significant rise in trading volume, which only increased by 6.4% to reach $1.97 billion. This discrepancy between price and volume might suggest caution among investors, as sustainable rallies typically require strong volume support.

However, the current market sentiment remains positive, fueled by broader bullish trends in the cryptocurrency market and recent favorable macroeconomic data.

In conclusion, while Solana’s technical indicators and recent price action suggest a viable path to $200, traders should closely monitor key support and resistance levels. Sustained upward movement above $160, backed by increased trading volume, will be essential to confirm the bullish trend and achieve higher targets.

Ripple Reportedly Exits Investment in XRP Cross-Border Payment Partner Tranglo

Abdulkarim Abdulwahab
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0
Ripple Reportedly Exits Investment in XRP Cross-Border Payment Partner Tranglo

Ripple has reportedly divested its stake in Tranglo, a partner company that utilizes XRP to facilitate international payment transactions.

Crypto Eri, a reputable figure in the XRP community, first called attention to this development in a post on X today. She cited information from Crunchbase, a trusted platform for business information.

According to Crunchbase’s recent update, Ripple’s list of investment exits now includes two notable partners: Bitstamp exchange and Malaysian payment firm Tranglo. Crypto Eri suggested that Ripple likely exited Bitstamp due to the impending acquisition by prominent American investment platform Robinhood.

However, the reported exit of Tranglo caught the XRP community off guard. Crypto Eri pointed out that Ripple previously held a substantial 40% stake in the cross-border payment firm, which leveraged XRP for transactions. 

This created confusion over the reasons behind Ripple’s exit. As a result, Eri emphasized the need for further verification from credible sources.

XRP Army In Disbelief

Interestingly, some members of the XRP community have dismissed Eri’s revelation as FUD aimed at discrediting XRP and Ripple.

Meanwhile, an X user highlighted that Crunchbase “exits” refer explicitly to instances where a company that received investment goes public. The user emphasized that the information on Ripple’s Crunchbase profile is likely inaccurate since Tranglo is a private company—a detail explicitly mentioned on Tranglo’s own Crunchbase profile.

Crypto Eri responded by clarifying that Seamless Group Inc actually owns Tranglo. This company has been attempting to go public through a Special Purpose Acquisition Corporation, INFINT Corp, since 2022 with multiple starts and stops. 

Three months ago, Infint updated its S-4 filing with the SEC, mentioning Tranglo 712 times and Ripple 256 times. However, Eri found no confirmation the deal was finalized. Meanwhile, Eri uncovered that Cowen, a strategic partner to Polysign, sold its 10% stake in Infint Corp. 

This further aggravates the uncertainty, leaving the community with more questions than answers about whether Ripple has similarly sold its stake. As of now, no representative of Ripple has commented on Eri’s discovery.

Ripple and Tranglo Partnership

Significantly, Ripple acquired a 40% stake in Tranglo in 2021 to expand RippleNet and its On-Demand Liquidity (ODL) service, now rebranded as Ripple Payments. 

By March 2022, Tranglo had successfully integrated Ripple’s ODL across all its payment routes. It enabled fast and efficient cross-border payments without the need for pre-funding.

Notably, the partnership between Ripple and Tranglo yielded significant results. In 2022, SMEs processed $970 million through Ripple’s service, a 1,729% increase from the $53 million processed in the previous period.

GCR Wallet Moves $8M+ in TRUMP Coin to BTSE Amid Trump’s Assassination Attempt

Albert Brown
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GCR Wallet Moves $8M+ in TRUMP Coin to BTSE Amid Trump’s Assassination Attempt

A wallet linked to crypto trader GCR transferred 1.068M TRUMP tokens ($8.82M) to BTSE, earning over 15x profit in a series of strategic moves on the back of reports on Donald Trump’s assassination attempt.

A wallet suspected to belong to the renowned crypto trader “Gigantic-Cassocked-Rebirth” (GCR) has made headlines with a series of significant transactions involving TRUMP tokens.

The transfers, totaling 1.068 million TRUMP tokens valued at$8.82 million, were executed between 18:47 yesterday and 02:44 today UTC+8. According to Colin Wu, the Chinese reporter, these actions have resulted in an impressive profit of over 15 times the initial investment.

Diving Into GCR’s Activity

GCR, known for its elite trading performance and successful predictions, is a prominent figure in the crypto community. The address in question, suspected to be linked to GCR, transferred TRUMP tokens to the BTSE Exchange Deposit in three separate transactions. 

The first transfer involved 683,298 TRUMP tokens worth $5.40 million. The second transfer moved 287,100 TRUMP tokens valued at $2.45 million. The third transfer, 20 hours ago, included 98,010 TRUMP tokens worth $913,450. These transactions collectively amount to 1.068 million TRUMP tokens, demonstrating a rather strategic move by the suspected GCR address.

Deposits Into MAGA-related Address

Additionally, this wallet transferred smaller amounts of TRUMP tokens to a MAGA-related address. These transfers included 6,902 TRUMP tokens worth $54,530, 2,900 TRUMP tokens valued at $24,770, and 990 TRUMP tokens worth $9,230. 

According to other reports by Spot On Chain, another wallet, tagged as “GCR: Address 1” (0x321), holds 936,279 TRUMP tokens, currently valued at $7.05 million. 

It is important to note that TRUMP is a meme coin inspired by Donald Trump, the 45th president of the United States. Despite not being officially affiliated with or endorsed by Trump, the token has garnered attention due to its association with his persona and political activities. The token’s value fluctuates based on market sentiment and events related to Trump.

As It Stands

The large-scale transactions and substantial gains demonstrate the high-stakes strategies employed by elite traders in the volatile crypto market. However, questions arise regarding the potential reasons behind these transfers. 

The price of MAGA (TRUMP) has experienced significant fluctuations. Currently, the token is priced at $7.69, with a 24-hour trading volume of $33,297,720, marking a -2.98% decline in the last 24 hours. 

Screenshot 1
Trump Price

The highest price recorded for MAGA (TRUMP) was $17.51 on June 1, 2024, making the current price 55.83% lower than the all-time high. This volatility reflects the token’s sensitivity to events related to Trump’s political activities. Specifically, Donald Trump recently escaped an assassination attempt, leading to increased volatility among Trump-themed meme coins.

Render Token Price Analysis: What Next for RNDR after 13% Gains in 3-Days? 

Mark Brennan
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Render Token Price Analysis: What Next for RNDR after 13% Gains in 3-Days? 

Render Token (RNDR) price grazed the $6.50 mark on Monday, July 15, having mirrored the global crypto market uptrend to deliver 13% gains over the weekend; however, on-chain data shows that retail traders are not convinced of further upside.

RNDR Rally Stalls at $6 Resistance 

RNDR, the native token of computing power (GPU) rendering protocol, Render Network, has faced intense market volatility over the past month. After mild-rally in June triggered by bullish headwinds from AI giant NVIDIA’s record-breaking stock market performance, major crypto AI tokens like RNDR have been on a downward trajectory. 

However, following bullish macroeconomic indices releases by US authorities over the past week, RNDR price has received a significant boost over the last 72 hours of trading. 

RNDR PRICE ACTION 15 7 24
RNDR Price Action (Render Network) |  TradingView

RNDR’s price fell as low as $5.68 amid intense market volatility on July 12. But following the dovish US Consumer Price Index (CPI) data published on Friday, it sparked higher demand across risk assets markets, including the crypto AI tokens sector.  

As illustrated above, the Render token price has now increased 13% from the lows recorded on Friday to reclaim the $6.48 level at the time of writing on Monday, July 15. While the short-term price performance has been positive, on-chain metrics suggest that bears could make audacious attempts to trigger a pull-back as the week unfolds.

Short-Term Traders Move to Sell-off RNDR Tokens Worth $42M 

However, despite scoring double-digit gains over the weekend, a crucial on-chain data trend suggests that the majority of RNDR short-term traders remain unconvinced of a prolonged price breakout. 

IntoTheBlock’s Exchange Order Books data tracks the number of buy-sell limit orders placed for a specific asset across recognized crypto trading platforms. This provides insights into the present dominant sentiment among traders while also hinting at the direction of potential price swings for the coming days.

Render Network Active Buy Sell Orders RNDRUSD intoTheBlock
Render Network Active Buy/Sell Orders (RNDR/USD) | IntoTheBlock

The “Ask” side on the right of the chart above illustrates that existing investors have put 6.5 million RNDR tokens up for sale at an average price of $6.48. Meanwhile, the “Bid” side on the left shows buyers have only placed orders to purchase 5.3 million RNDR tokens at the current prices.

With a market oversupply of about 1.2 million RNDR tokens worth approximately $42 million, strategic traders can anticipate some downward volatility in Render token price swings at the start of the week. Unless RNDR can attract fresh demand, sellers may have lower prices marginally to get their orders filled quickly. 

RNDR Token Price Forecast: $6.0 Support at Risk

The RNDR token is currently trading at approximately $6.43, showing a modest increase of 3.94% over the past 24 hours. Despite this short-term bullish momentum, the technical indicators suggest potential challenges ahead that could put the $6.0 support level at risk.

The Relative Strength Index (RSI) is currently at 42.19, which is below the neutral 50 level and indicates that the token is still in bearish territory. This suggests that the selling pressure has not yet fully subsided, and there might be further downside risk.

Render Price Forcast Q 15 7 24
Render Token Price Forecast (RNDR/USD) | TradingView

The key support level to watch is $6.0, as indicated by the price action over the past few days. A breach below this level could trigger further selling pressure, potentially driving the price down to the next significant support around the $5.50 mark. Conversely, if RNDR manages to hold above $6.0 and build upward momentum, it could provide a foundation for a bullish reversal in the coming weeks.

The Fibonacci retracement levels on the chart provide critical insights into the potential resistance and support zones. The immediate resistance lies around the 0.618 Fibonacci level at $7.30. Breaking above this level could pave the way for RNDR to test higher resistance levels around $8.0 and beyond. However, failure to break through could cause RNDR to retreat to test the lower support levels.

Shiba Inu: Binance Cryptic Tweet Stirs Speculations of Upcoming Support For SHIB

Lele Jima
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Shiba Inu: Binance Cryptic Tweet Stirs Speculations of Upcoming Support For SHIB

Binance, the world’s largest crypto exchange by 24-hour trading volume, shares a cryptic message that got members of the Shiba Inu community anticipating Shibarium support.

The image, captioned “pawsitively prepped for the next chapter!” featured a dog staring at two oranges placed on a traveling luggage. The Binance tweet triggered speculations among Shiba Inu community members, who attempted to decode its meaning.

Possible Shibarium Support

According to some SHIB enthusiasts, the cryptic message suggests that Binance could be planning to support Shiba Inu’s Layer-2 scaling solution, Shibarium. Binance potentially supports Shibarium and would enable users to deposit and withdraw assets via the L2 blockchain. 

Notably, popular community member ‘Sand’ was among those making this speculation. The X user also hinted at the possibility of Binance offering incentives relating to Shiba Inu ecosystem tokens, BONE, and LEASH.

Also, Japanese-based Shiba Inu community figure Kuro suggested that they understand the message conveyed by Binance. In an X post today, Kuro redesigned the image accompanying the Binance tweet to include Shibarium, BONE, and LEASH logos.

Besides Shiba Inu, fans of other dog-themed tokens claimed that the exchange could be planning to support their favorite tokens, including Pawswap (PAW).

Is Binance Planning to Support SHIB Burn?

The development comes as Shiba Inu enthusiasts continue to urge Binance to support SHIB burns. It is no longer news that the community has hinted at plans to burn SHIB from leading crypto exchanges, including Binance and Coinbase.

On July 9, popular community figure Lola specifically asked Binance CEO Richard Teng to extend the exchange’s ongoing LUNC burn support to SHIB. Lola suggested that the exchange should burn SHIB using a portion of the token’s spot and margin trading fees.

The exchange has not responded to this request. Moreover, it is unclear whether the recent cryptic message relates to its plans to burn SHIB using a fraction of its trading fees.

However, Binance’s support for the SHIB burn could bolster the number of tokens permanently removed from circulation.

Data from Shibburn shows that 410,727,570,872,968 (410.72 trillion) SHIB have been destroyed via burns, leaving Shiba Inu with a total supply of 589.27 trillion tokens. The burn rate is up 30.4% over the past 24 hours to 844,269 SHIB.

XRP Prophecy Predicts Stunning Surge to $10,000

Abdulkarim Abdulwahab
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0
XRP Prophecy Predicts Stunning Surge to $10,000

Brandon Biggs, a Christian prophet who accurately predicted Donald Trump’s assassination attempt, said “God” showed him XRP would soar to $10,000 someday.

Recently, members of the XRP community unearthed a prediction video of Biggs in which he claimed God ministered to him about the future outlook of XRP. The video resurfaced in the crypto community after Biggs’s earlier prediction about an attempted assassination of Donald Trump came to pass on Saturday.

On July 13, Trump was targeted by a shooter, Thomas Matthew Crooks, while addressing a rally in Butler, Pennsylvania. Although the bullet narrowly missed Trump, it did injure his right ear. 

Interestingly, Biggs’ prediction, posted three months earlier, accurately captured these details about the attempt. Given the uncanny accuracy of his forecast, members of the XRP community have taken notice of his earlier statement about XRP, which was posted two months ago, and are now drawing attention to it.

“God Said XRP Will Hit $10,000”

In the video, Biggs said he repeatedly asked God to direct him to major investments that would be significant in the end times, akin to Apple, Microsoft, and Amazon when they first started.

He stated that God finally answered his persistent prayers and directed him to XRP, telling him it would increase in value like Apple stock. Specifically, the pastor claimed God told him XRP would soar from its current price to over $10,000 per XRP. Robert Doyle, founder of Cryptonair, had previously supported the XRP to $10,000 prediction.

Notably, XRP trades at $0.53 at the reporting time. From this level, a growth of over 1,886,692% is necessary to attain $10K.

According to Biggs, when he received this revelation, he didn’t even know what XRP was until he Googled it and discovered it was a cryptocurrency, which excited him. He mentioned that this inspiration came to him back in 2017.

Biggs disclosed informing friends and family who later invested in XRP. However, he did not invest as well, as he claimed to have no extra cash. Those who invested made substantial returns as XRP experienced its greatest bull run yet between 2017 and early 2018. XRP delivered an ROI of up to 750 times the initial investments then.

Meanwhile, the pastor claimed God warned him about a potential setback in XRP, and indeed, the SEC lawsuit emerged. It impacted XRP’s market value and restricted access to the investment as many exchanges delisted the crypto asset. 

It is worth noting that before the SEC lawsuit in December 2020, XRP had already lost most of the gains from the 2017 ATH sensation.

XRP Would Rise to $5 Quickly After Lawsuit

Biggs expressed regret for not investing in XRP before the major price crash but said the $10,000 outlook God supposedly showed him kept him convinced that there would be a turnaround.

He also mentioned that in a more recent vision, God told XRP that hitting a low of $0.45 would mark another sign of a potential comeback. He predicted that XRP would quickly rise to $5 after the lawsuit ends but refrained from providing a specific timeline.

In the video, Biggs also discussed other crypto assets, including Ethereum, Cardano, Stellar (XLM), and Shiba Inu.

Meanwhile, the pastor emphasized that his statements do not constitute financial advice and urged no one to invest in anything. Moreover, Biggs disclosed that he only owns $20 in cryptocurrency, which he bought in 2017 when he first set up a crypto account with U.S. exchange Coinbase.

XRP Season Begins with a 35% Rise, Here’s Why It’s Rising

Lele Jima
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XRP Season Begins with a 35% Rise, Here’s Why It’s Rising

This article analyzes the potential factors that fueled XRP’s price by 35% in less than two weeks.

XRP has attracted the attention of the broader crypto market due to its latest price performance. The crypto asset, which plunged to $0.3911 on July 5, is trading above $0.52 in the hours leading up to press time. With XRP currently priced at $0.5294, the seventh-biggest cryptocurrency by market cap is up 35.36% from its July 5 low.

Also, the cryptocurrency has witnessed a weekly gain of 26.4% and a 24-hour surge of 2.12%.

3 Reasons Why XRP Is Up

Following its remarkable performance, we’ve highlighted three major reasons why XRP’s price has surged massively in the past few days.

XRP Freedom Day 

Topping the list is the first anniversary of Judge Analisa Torres’ summary judgment decision in the legal tussle between the SEC and Ripple. On July 13, 2023, XRP became the first altcoin with legal clarity in the United States after Judge Torres declared that the token in itself is not a security. At the time, XRP reacted positively to the ruling, surging to a yearly high of $0.9380.

Interestingly, XRP recorded another major price increase on the first anniversary of Judge Torres’ decision, a day many celebrate as “XRP Freedom Day.”

Upcoming SEC Meeting

Another factor potentially driving XRP price is speculation surrounding the SEC’s upcoming closed-door meeting. The SEC recently scheduled a closed-door meeting for July 18 at 2:00 PM (ET), with top commissioners expected to be in attendance.

According to the official website, the meeting will focus on settling injunctive actions and administrative proceedings. Another major agenda item is resolving litigation claims. With the meeting agenda focused on settlement and resolving litigation claims, many speculated that the regulator might consider settling its multi-year legal tussle with Ripple.

It bears mentioning that the SEC has had a similar meeting without the Ripple lawsuit ending in a settlement. In the meantime, the SEC and Ripple are awaiting the court’s final judgment, which is expected to come before the end of the year.

Fed Rate

The broader crypto market is enjoying a relief rally fueled by speculation about a potential Fed rate reduction by September 2024.

At the time of writing, the global crypto market cap is up 4.05% to $2.3 trillion. This is reflected in the performance of the top 10 cryptocurrencies, including BTC, ETH, SOL, XRP, and ADA. These digital assets are up between 2% and 5% over the past 24 hours.

Analyst Predicts XRP to $150 As XRP Flashes Strong Buy Signal on Bollinger Bands

Sam Wisdom Raphael
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Analyst Predicts XRP to $150 As XRP Flashes Strong Buy Signal on Bollinger Bands

XRP flashes buy signal on the daily Bollinger Bands indicator, with a market analyst predicting a rally similar to the 2017 uptrend in a push toward $150.

Tony “The Bull” Severino, chartered market technician and founder of CoinChartist, identified this buy signal in a recent analysis. An accompanying chart details how XRP collapsed toward the lower daily Bollinger Band amid the latest market correction.

XRP Rebounds as Bullish Sentiments Return

The German government’s Bitcoin (BTC) sales exacerbated the pressure on the market, leading to steep declines between July 4 and 8. These declines led to XRP retesting the lower Bollinger Band and even dropping below it on multiple occasions.

However, after the German government emptied their BTC stash, bullish sentiments returned. Remarkably, XRP spiked 40% from the $0.4032 low on July 8 to a three-month high of $0.5661 on July 13. This coincided with the anniversary of the ruling in the Ripple v SEC case, which declared XRP a non-security.

A Buy Signal on the Bollinger Bands

After hitting $0.5661, XRP witnessed a mild correction, but has maintained its hold above $0.52. Meanwhile, amid the latest uptrend, Severino emphasized that XRP had flashed a buy signal with the Bollinger Bands. A decisive close above the upper Bollinger Band ($0.5293) could supply the bullish momentum necessary for another leg up.

However, for XRP to maintain this uptrend, several bullish factors must align. For one, a high trading volume is essential to support the price movement. This ensures that the surge receives sufficient backing from significant investor interest. 

Nonetheless, XRP has witnessed a 46% drop in volume over the past 24 hours, currently sitting at $1.47 billion. This indicates reduced buyer interest as the rally faces a roadblock. Interestingly, despite the drop in trade volume, XRP is observing spikes in daily active addresses, Santiment data confirms. 

XRP 24H Active Addresses Santiment
XRP 24H Active Addresses | Santiment

Analyst Sets a $150 XRP Price Target

While Severino expects another push up, he fails to make any price projections. However, Javon Marks, another analyst has set an audacious target for XRP. In a recent analysis, he called attention to a coil pattern taking the form of a symmetrical triangle. This pattern, identified on the 18-day chart, has prevailed since 2018. 

According to Marks, XRP is on the verge of breaking above this symmetrical triangle after six years. He believes XRP has the potential to repeat its historic 2017 upsurge. According to the analyst, such a repetition could push XRP by 300x to an ambitious $150 price target.

Meanwhile, XRP has surged 26% over the past 7 days, with the RSI at 65 and stabilizing, indicating it is not yet overbought. The rally has paused, and XRP is in a consolidation phase. With its trading volume down 46%, XRP is currently witnessing a decrease in buying momentum. 

XRP Daily Chart
XRP Daily Chart

Despite this, the MACD line remains above the Signal line, suggesting that it has maintained the bullish potential. Nonetheless, for the uptrend to resume, XRP must see a renewal of buying interest and an increase in buying volume. 

How Much Crypto Do You Need to Be a Millionaire, Expert Weighs In

Abdulkarim Abdulwahab
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0
How Much Crypto Do You Need to Be a Millionaire, Expert Weighs In

The widely followed channel Altcoin Daily analyst recently shared insights into the volume of crypto assets one needs to hold to become a millionaire in this bull cycle.

Specifically, the analysis provided a breakdown of Bitcoin (BTC), Solana (SOL), Ethereum (ETH), Cardano (ADA), and Uniswap (UNI) tokens that one may need to leverage to attain wealth by 2025 when this bull market is expected to end.

How Much Bitcoin to Hold

The analyst began by sharing his optimistic outlook, predicting that Bitcoin’s price will surge to at least $120,000 by 2025. This estimate draws from Bitcoin’s historical performance, typically 12 to 18 months after halving events. He believes this price point is a conservative target, assuming consistent demand for BTC.

Presently, Bitcoin trades at around $58,500, having dropped 13% over the past week. Despite this short-term decline, the Altcoin Daily presenter stressed that the lower price presents a buying opportunity. He advised viewers to look beyond the current market fluctuations and focus on the long-term potential.

Based on the $120K outlook, the Altcoin Daily analyst calculated that investors would need to hold only approximately 8.33 BTC tokens to become millionaires by next year.

However, achieving this goal comes with a hefty upfront cost. Specifically, the required 8.33 BTC tokens necessitate an initial investment of approximately $487,500 at the current price. This substantial outlay can be a significant barrier for the average investor. 

As a result, the analyst suggests that alternative cryptocurrencies offer a more accessible route for average investors to achieve millionaire status during this bull run.

Becoming a Millionaire with Ethereum

As an alternative, the analyst turned to Ethereum, the leading altcoin. He shared his conservative estimate of ETH reaching $9,000 by 2025. 

Given Bitcoin’s potential to double from its current price, he believes Ethereum could triple or quadruple in the same period, making $9,000 a reasonable low-end estimate.

Notably, the upcoming launch of an Ethereum spot ETF is expected to bring traditional finance institutional money. As a result, Altcoin Daily noted that Ethereum still has a strong chance of reaching $9,000 even if it attracts meager investment.

To become a millionaire through Ethereum, an individual must hold approximately 111 ETH tokens. At the current market price of $3,156, this would require an initial investment of around $350,666.

Becoming a Millionaire Solana and Uniswap 

Meanwhile, investing in Solana (SOL) requires even less capital. The Altcoin Daily analyst referenced Raoul Pal’s bullish projections, who believes that a 100% increase in Solana’s value this quarter would be unusual and a 300% gain would be more standard.

Pal’s ambitious target for Solana is for the asset to attain between $1,000 and $2,000 this cycle. However, the Altcoin Daily analyst settled on $1,100, praising Solana as the narrative gem of this cycle.

Based on this projected price, an individual must hold approximately 909 SOL tokens to become a millionaire by 2025. With Solana’s current floor price of $140, this would require an initial investment of around $127,260.

For the next altcoin worth investing in, the analyst recommended Uniswap’s token, UNI. He highlighted the project’s real annualized revenues of over $350 million earned by liquidity providers, significantly outpacing its nearest competitor.

Accordingly, he stressed that revenue is a crucial indicator of a project’s sustainability, suggesting that Uniswap will likely remain viable for at least another 5 to 10 years.

Altcoin Daily’s projection for UNI is a price target of $220 by 2025. Based on this outlook, an individual must hold approximately 4,545 UNI tokens to reach $1 million in this cycle. This would require an initial investment of around $37,087.2 at the current price.

Cardano to Reach This Price if it Hits Tesla Market Cap

Lele Jima
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0
Cardano to Reach This Price if it Hits Tesla Market Cap

This article highlights the price Cardano (ADA) could trade at if its market cap rises to the same level as that of American electric car company Tesla. 

Cardano (ADA) is having a fantastic weekend, with its price skyrocketing 7.14% over the past 24 hours, according to data from CoinMarketCap. At press time, Cardano ranks as the second-best performing token among the top 10 cryptocurrencies by market cap, trailing XRP, which boasts a daily gain of 15.4%. 

At the current price of $0.4253, Cardano is up 20.03% over the past seven days. Cardano’s market cap has witnessed a similar increase in the same timeframe. The token, which is ranked as the 10th-biggest, boasts a market cap of $15.25 billion. 

Cardano’s Price if it Reaches Tesla Market Cap 

Following Cardano’s impressive surge, investors have set ambitious targets for it. Speculations revolve around the token’s potential price if it reaches Tesla’s market cap. 

Tesla is currently one of the top electric car companies in the United States, with a market capitalization of $772.82 billion. This suggests that Cardano must surge by 4,965.24% or 49.65x from its current market cap of $15.25 billion in order to hit Tesla’s $772.82 billion valuation. 

It bears mentioning that a rise in the market cap also translates to an equal spike in the asset’s price. Therefore, with Cardano currently trading at $0.4253, a 49.65x increase would push its price to $21.54, assuming the coin’s circulating supply remains stable. 

Data from CoinMarketCap shows that Cardano’s circulating supply is 35,881,047,082 (35.88 billion), representing 79.74% of the asset’s total supply of 45 billion ADA. 

Potential Timeline for ADA’s Surge to $21.54 

Although $21.54 is an ambitious target, several experts still think Cardano could reach this level in its lifetime. Changelly market analysts forecast that Cardano could hit the $21.54 price level between 2033 and 2040. 

Similarly, top prediction platform Telegaon marked 2040 as the year Cardano would hit the ambitious target of $21.54. Telegaon sets Cardano’s 2040 minimum and maximum price targets at $19.23 and $24.31, respectively. According to Telegaon, Cardano would have an average price of $21.05 by 2040. 

Telegaon Cardano price prediction
Telegaon Cardano price prediction
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