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Potential coin analysis:
Ethereum (ETH)
Ethereum (ETH) is on the verge of a major change, with the upcoming Dencun upgrade transitioning ETH from its old calldata system to blobspace. By adopting blobspace for layer 2 (L2) transactions, it is expected to reduce gas consumption and thus reduce the burn rate of Ethereum (ETH). Currently, all ETH used to pay for gas base fees is burned.
Ethereum (ETH) traded between $2,069 and $2,470. The 10-day moving average is $2,463 and the 100-day moving average is $2,126. Ethereum (ETH) has established key support at $1,456 and $1,857 with resistance at $2,659 and $3,059. As the Dencun update approaches, a potential drop in gas fees could boost Ethereum (ETH) usage, potentially increasing network activity.
Cosmos(ATOM)
Developers of the Cosmos (ATOM) ecosystem have proposed a major adjustment to the token’s inflation rate – which now fluctuates between 7% and 20% and may drop to as low as 0%. The move aims to modify the economic model of Cosmos (ATOM) to align with other crypto networks and consider redirecting fees from user-operated blockchains to Cosmos (ATOM) stakers rather than increasing the token supply.
Cosmos (ATOM) traded between $8.99 and $12.39. The 10-day moving average is $9.78 and the 100-day moving average is $9.45. Support levels are identified at $3.98 and $7.38, while resistance levels are identified at $14.19 and $17.59.
Lowering the inflation rate of Cosmos (ATOM) could have a significant impact, either increasing its value by making it more scarce, or upsetting current investors who might withdraw their stakes. While reducing the supply could increase the value of the token, there are concerns that this could deter current Cosmos (ATOM) stakers.
Solana (SOL)
Solana (SOL) recently broke through the $89.02 support level, causing significant price movement. Additionally, optimism is growing for the network, especially with pre-orders for the Solana Saga phone hitting 40,000 units - a surge in interest in Solana's (SOL) products could signal a positive shift in market sentiment.
Solana (SOL) is currently trading between $64.84 and $132.36. The 10-day moving average is $92.84 and the 100-day moving average is $68.39. Solana has identified support and resistance levels at $27.97 and $163.01, respectively. Solana (SOL) price may find a turning point following the recent break above support, potentially starting an uptrend. The launch of the second series of Solana Saga phones could contribute to a recovery in Solana (SOL) prices.
Sui (SUI)
Sui (SUI) is making significant progress with its upcoming global conference Sui Basecamp in Paris. It is organized by the Sui Foundation and Mysten Labs to celebrate the innovators of Sui (SUI) and how their work is shaping decentralized technology.
Sui (SUI) is currently trading in a price range of $0.92 to $1.32. Its 10-day moving average is $1.06 and its 100-day moving average is $1.09, indicating strong upward momentum. Support levels are at $0.4 and $0.79, while resistance levels are at $1.58 and $1.97. Sui (SUI) is poised to experience significant growth with the launch of Sui Basecamp, providing even more exposure and networking opportunities.
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