Tokenomics Insight Solana : The DeFi demise, What went wrong | Mini House on Binance Square

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Tokenomics Insight
Solana : The DeFi demise, What went wrong?
Explore Solana's positive metrics, daily active users, and transactions. Will the upcoming bull run restore

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Market Participants Assess Predictions for SHIB, AVAX, and SOL Coins Analysis of Shiba Coin Shiba Coin investors have encountered significant selling pressure after failing to regain support at the $0.00002084 parallel channel. Contributing to this downturn, the recent pullback in BTC prices led to a 26% loss over six days during the second attempt. Although there was a rise from the $0.00001550 support, sales above $0.00001810 are currently restraining further increases. AVAX Price Forecast Despite reaching higher peaks on August 24 and September 28, AVAX has again lost momentum. Presently, the price needs to reclaim channel support at $31.63, which is above the current level of $26. After a 55% rise from the August low, it is poised for new support tests due to the halt in making higher peaks. Solana (SOL) Insights As a major competitor to Ethereum $2,431, SOL Coin maintains high hopes for rising prices, differentiating itself from many other cryptocurrencies. Bulls have avoided prolonged closes below $125 but are currently encountering resistance around $162. Investors trading between these levels have made substantial gains over the past 178 days, although those holding SOL Coins are frequently returning to their original positions.

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Dogecoin $0.00000012311399 (DOGE) has drawn significant attention. This trend, along with the observed increase in DOGE’s price, may herald a potential rise in the meme coin’s value in the upcoming period. Martinez highlighted the breakout from a multi-year descending triangle, followed by a 200% increase and a subsequent 60% pullback. Historically, Dogecoin (DOGE) has followed this model to rally. After another 65% pullback, Martinez believes the meme coin may be poised for the next significant rise. Currently, DOGE is trading at 0.112 dollars, reflecting a 1.69% increase, with a daily trading volume surge of 103.1%, reaching 700.54 million dollars. Over the last 24 hours, DOGE has seen a high of 0.1152 dollars and a low of 0.1095 dollars. Furthermore, the open interest for DOGE futures has increased by approximately 5%, rising to 554.1 million dollars.

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Technical Analysis and Resistance Levels Bitcoin’s four-hour chart indicates a retest of the daily resistance area, which ranges from $63,987 to $65,044. A rejection at this level may result in a 1.4% correction, bringing BTC closer to support levels of $61,837 and $60,346.Relative Strength Index (RSI) Status The RSI indicator hovers around the 60 level and has not yet reached the overbought zone. This situation indicates that traders might expect a short-term correction, allowing BTC to potentially revert to the stated resistance area. A correction that might occur on October 9 or 10 could lead Bitcoin’s price to drop to the $60,000 support level. Analysts Anticipate an Uptrend Analyst Jay recently shared on X platform that Bitcoin $63,046 could reach $77,700 by the end of October, reflecting a 30% increase. Based on historical data, Jay emphasized that BTC typically follows a strong upward trend after forming a bottom at the beginning of October.

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Bitcoin Price Today at 62 Thousand Dollars On Friday, Bitcoin $62,134 showed a 2.20% increase and is now trading at the 62 thousand dollar level. As weekends often experience low liquidity, BlackRock Highlights Bitcoin’s Value as a Hedge Against USD BlackRock, the world’s largest asset manager, emphasized the importance of Bitcoin at the 2024 Digital Assets Conference in Brazil. The firm noted that the purchasing power of the US dollar has dropped from 1 dollar in 1913 to 0.03 dollars in 2023. BTC Price Outlook: Is More Decline Expected? The three-day BTC price chart indicates a trend shift attempt, with higher lows and peaks formed in September. If Bitcoin surpasses the 65.5 thousand dollar level, a rally towards 70 thousand dollars is anticipated. The daily chart shows that BTC buyers are attempting to revisit the resistance area between 63.9 thousand and 65 thousand dollars. Breaking through this area could increase Bitcoin’s potential to reach new all-time highs. With a market value of 1.3 trillion dollars, Bitcoin is still in early stages compared to gold and US bonds. It is also viewed as an inflation hedge, serving as an alternative to the weakening purchasing power of the US dollar. Although the long-term outlook for BTC is quite favorable, a price drop is likely if it cannot surpass the 65 thousand dollar resistance level in the short term. It is crucial for market participants to monitor price movements closely. Some experts state that Bitcoin is gaining importance as a store of value under current economic conditions and could be a suitable option for portfolio diversification

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DEGEN’s Ascendancy DEGEN aims to reward users within the Farcaster ecosystem who share quality content, bridging online contributions with real-world value. This blockchain protocol facilitates the creation of social networks and promotes interactions among users.Integration with Farcaster Ecosystem Coinbase also added the Solana $140-based io.net (IO) altcoin to its listing plans, which enhances the potential for these altcoins to trade on the leading U.S. cryptocurrency exchange. io.net is a decentralized AI computing network designed to ease the work of machine learning engineers by providing access to distributed cloud clusters at lower costs. However, unlike DEGEN, IO has experienced a 0.6% decline in the last 24 hours, trading at $1.75 with a weekly loss of 17%. The inclusion of DEGEN in Coinbase’s listing roadmap is viewed as a positive signal for memecoins, while io.net holds long-term potential in AI and cloud computing. The performance of altcoins listed on exchanges fluctuates based on the size of the exchange and overall market conditions, suggesting that DEGEN’s short-term gains may increase investor interest.

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