Recently, some analyzes for Dogecoin (DOGE), Solana (SOL) and Cardano (ADA) attracted attention. In particular, it is worth noting that these analyzes point to an upward trend. Here are the details…
A bull run is on the horizon for Cardano
In the ever-evolving cryptocurrency world, Cardano (ADA) is making waves as technical analyst CryptoBusy suggests a potential bull run is on the horizon. According to CryptoBusy, Cardano has formed a significant falling wedge pattern that extends from the all-time high (ATH) to the current price level. CryptoBusy shared his views on Twitter, using the ADA/USDT daily chart to show Cardano’s current price pattern. The analyst noted that Cardano has landed in a buy zone, making it an attractive possibility for accumulation. Additionally, CryptoBusy claims that prices will rise from this region. It also predicts a HODL phase before reaching the top of the expected bull run.
#Cardano $ADA Massive Chart and Ecosystem Update: 🚨
The chart looks promising, forming a large falling wedge from its all-time high down to its current price.
As you may know, the transaction volume on the #Cardano blockchain has been growing, surging by 1,700% according to… pic.twitter.com/QUAiN16iFE
— CryptoBusy (@CryptoBusy) September 5, 2023
The timeline for this expected fluctuation is estimated to be between mid-24 and 2025. One of the most important factors increasing optimism is Cardano’s increasing transaction volume. Data from Santiment, a market intelligence platform specializing in on-chain and social metrics, reveals a staggering 1,700% increase in transaction volume on the Cardano Blockchain. CryptoBusy also highlights Cardano’s impressive performance compared to other major projects in terms of development activity. Important projects mentioned include Hedera (HBAR), Chainlink (LINK), InternetComputer (ICP), Cosmos (ATOM) and MultiverseX (EGLD).
Solana is gaining momentum
Solana (SOL), on the other hand, is emerging as a formidable Ethereum (ETH) rival, attracting significant institutional interest. An influential crypto strategist with a significant YouTube following highlights key advantages that position Solana for potential price gains. This crypto expert, known for his YouTube channel “InvestAnswers,” explains to his 447,000 subscribers that Solana has distinct advantages over Ethereum and could potentially push its price to new highs. Using a comprehensive chart comparing 19 different categories, Solana outperforms Ethereum in key areas such as block time, average fees, and transactions per second (TPS).
Despite Ethereum’s established reputation and perceived security, institutional money will flow into Solana in 2023, marking a notable trend. The strategist acknowledges Ethereum’s status as a reliable, long-standing platform, but highlights Solana’s current preference among institutional investors. Most importantly, Solana’s market cap, which is significantly smaller than Ethereum, presents a compelling case for potential price appreciation. Solana is the 10th largest crypto asset by market value with $8.2 billion, while Ethereum ranks second with a market value of $196 billion.
A promising future is predicted for DOGE
In the ever-volatile world of cryptocurrencies, Dogecoin (DOGE) finds itself in the spotlight as crypto analyst Crypto Tony shares an optimistic outlook for the meme cryptocurrency. Using a series of tweets, Crypto Tony offers price predictions while highlighting the cyclical nature of financial markets, including their impact on the cryptocurrency space. Crypto Tony’s analysis points to a positive trajectory for DOGE, pointing to a significant upside of around 170 percent with expectations of reaching levels around $0.17 before April 2024. However, he predicts a temporary 33% decline for DOGE in November 2023, followed by a 35% increase in January 2024.
The analyst’s views extend beyond DOGE as he emphasizes the importance of understanding market cycles and their impact on cryptocurrency. He emphasizes that financial markets, including crypto, operate cyclically, which requires a good understanding of their phases. Crypto Tony defines four different phases in these cycles: Accumulation, Up/Bull Market, Distribution and Down/Bear Market. While he expresses optimism about Bitcoin’s potential rise in the coming weeks, he also acknowledges uncertainty regarding the timing of this move. Currently, DOGE is changing hands at $0.063.
