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Altcoins

US Jobs Figures Negatively Impact Altcoin Prices; Solana (SOL) Price Analysis

TokenTalk Staff

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US Jobs Figures Negatively Impact Altcoin Prices; Solana (SOL) Price Analysis

The cryptocurrency market faced significant losses on Friday, with Bitcoin falling below the crucial $55,000 support level, leading to widespread declines across the sector.

Altcoins such as Solana (SOL), Ethena (ENA), and EOS have seen a sharp decline, each dropping more than 10% in 24 hours. As a result, the total market capitalization of all cryptocurrencies has fallen from its year-to-date high of $2.7 trillion to $2 trillion.

The decline in cryptocurrency prices was further compounded by the release of strong U.S. nonfarm payrolls (NFP) data. The Bureau of Labor Statistics reported that the economy added 206,000 jobs in June, beating the 191,000 expected. The figure also beat Wednesday’s ADP report, which showed that the private sector added 150,000 jobs in July.

The report also highlights steady wage growth in June, with average hourly earnings up 3.9% year-over-year. However, not all indicators are positive: the unemployment rate edged up to 4.1% in June, from 4.0% in May. Despite the slight increase in unemployment, the labor market is in robust health, with more than 1.57 million jobs created this year.

SOL, ENA and EOS prices. Source: TradingView

Federal Reserve’s Stance on Interest Rates Amid Steady Inflation

The latest employment figures indicate that the Federal Reserve is unlikely to rush to cut interest rates as inflation remains relatively stable. Recent data showed a slight deceleration in the consumer price index (CPI) to 3.3% in May, while the personal consumption expenditures (PCE) index held steady at 2.5%.

Fed Chairman Jerome Powell recently said that more evidence of declining inflation is needed. Additionally, minutes from the Fed’s last meeting suggest a potential rate cut later this year, perhaps in December.

In this context, the Federal Reserve’s firm stance should put additional pressure on risk assets, particularly cryptocurrencies such as Ethena, Solana, EOS, and Bitcoin. This development coincides with the various challenges these digital currencies are facing. For example, Bitcoin has fallen below the critical support level in its double top pattern, signaling potential further declines.

Adding to market uncertainties, Germany has started liquidating its Bitcoin holdingswhich has led to an increase in balances on cryptocurrency exchanges. Additionally, wallets linked to the infamous Mt. Gox incident have been active, moving their coins, which could influence market dynamics.

Political factors in the United States could also play a role in the trajectory of the cryptocurrency market. Speculation is rife that President Joe Biden may not seek reelection, paving the way for a younger candidate who could have a better chance against Donald Trump in the upcoming election. Trump is generally considered more supportive of the cryptocurrency sector.

In light of these technical and fundamental challenges, the short-term outlook for cryptocurrencies remains bearish, with the potential for further declines in their value.

How is Solana doing? Solana (SOL) Price Analysis

The 9-day exponential moving average (EMA), represented by a blue line and currently positioned at around $141.27, is essential for assessing Solana’s short-term trend. With Solana’s price fluctuating below this EMA, there is an indication of potential bearish sentiment in the market, making the EMA a significant resistance barrier that challenges upward moves.

In terms of momentum, the Relative Strength Index (RSI), shown in light purple, has risen to around 60.11 after rising from lower values. This entry into the “60” territory signals increasing buying momentum, although it remains below the overbought marker of 70, which generally suggests the likelihood of a market pullback.

SolanaSOLUSDT 5-day price chart. Source: TradingView

Recent business trends for Solana The charts show a series of peaks and troughs, with the price on an upward trajectory after a substantial decline. This recovery is characterized by a rise from a low of around $131.24, testing the strength of existing support levels. The price has risen to around $133.30, marking a promising trend, but a decisive break above the EMA is still needed to firmly establish a reversal of the current downtrend.

Main support and resistance areas

The main support for the asset in question is currently identified around $131.24. This level has proven to be an important floor, as evidenced by a recent price drop during which a bounce occurred, suggesting that this area is where buyers typically step in, creating upward pressure. A break below this level could lead to further price declines, making it a crucial point for traders to watch.

If the primary support is compromised, the secondary support near $128.00 becomes relevant. This level, marked by previous instances where the price found stability after declines, could serve as additional protection against downtrends, providing a potential junction for price recovery.

On the resistance side, the immediate hurdle lies at around $141.27, in line with the 9-day exponential moving average (EMA). This EMA currently represents dynamic resistance, with the price often struggling to sustain breaks above this level, indicating persistent selling pressure. Breaking above this barrier could signal a change in the bullish trend, suggesting that the market may be ready to gain upward momentum.

Further up, strong resistance is expected around $144.00. If the asset breaks above the EMA, this subsequent level has historically acted as a significant ceiling, with price highs often followed by pullbacks. A breakout here could denote an escalation in buyer dominance, potentially paving the way for an extended uptrend.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Altcoins

The Best Altcoins That Could Buy You a Brand New Sports Car by 2025

TokenTalk Staff

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The Best Altcoins That Could Buy You a Brand New Sports Car by 2025

The cryptocurrency market seems quiet, holding its breath waiting for the next bull run. Altcoins, in particular, are still at attractive entry points but are showing signs of imminent growth. The potential for significant returns is attracting attention, especially for those looking to make high-stakes investments. Imagine the possibility of turning a smart trade into a brand new sports car by 2025. With the right choices, this dream could become a reality. This article takes a look at the top altcoins that are ready to explode, ready to surge and generate impressive profits. Discover the coins to watch and consider adding to the portfolio for those looking to navigate the dynamic world of cryptocurrencies.

CYBRO Presale Surpasses $1.3M: A One-of-a-Kind Next-Gen DeFi Investment Opportunity

CYBRO Catches the Attention of Crypto Whales as Its Exclusive Token Presale Rapidly Surpasses $1.3 million. This Next-Generation DeFi Platform offers investors unparalleled opportunities to maximize their gains in all market conditions.

Experts predict potential ROI of 1200%with CYBRO tokens available at a pre-sale price of just $0.03 each. This rare and technologically advanced project has already attracted prominent crypto influencers and whales, demonstrating strong trust and interest.

CYBRO token holders will enjoy lucrative yield staking rewards, Exclusive airdropscash back on purchases, reduced trading and lending fees, and a robust insurance program within the platform.

With only 21% of the total tokens available for this presale and around 64 million already sold, this is a golden opportunity for savvy investors to secure a stake in a project that is truly one in a million.

Join CYBRO and aim for future returns of up to 1200%

Solana Eyes Big Gains: Are Bulls Ready to Charge?

Solana (SOL) is confidently trading between $159.43 and $197.36, which shows bullish potential. With its current price rally over the past week and month, the bullish momentum seems strong. The next resistance level at $210.22 could be a key target. If it is broken, Solana could target $248.15, which indicates a solid growth opportunity. The 10-day moving average of $179.92 suggests a short-term uptrend, while the 6-month price rally of over 112% suggests significant long-term potential. If SOL overcomes the resistance, it could see gains of almost 25%. Current indicators like the RSI at 53.33 show room for growth, while a higher MACD level supports this bullish outlook.

Toncoin Aims for Breakout as Market Rebounds

Toncoin price is currently trading between $6.90 and $7.55, showing mixed signals. Despite a recent decline, the bulls could soon gain strength. The closest resistance level is at $7.93, with another hurdle at $8.58. Support is found at $6.62, providing a safety net. Toncoin’s small 0.83% decline over the past month may seem discouraging, but let’s not forget its massive 232.06% rise over the past six months. The Relative Strength Index (RSI) at 32.74 suggests that it is oversold, hinting at a potential rally. If momentum builds, Toncoin could surge by around 15-25%, retesting its next resistance levels in the near term.

Is Polygon (MATIC) Ready for a Bull Run?

Polygon (MATIC) is holding between $0.52 and $0.57. The bulls are showing signs of strength as the current price remains close to the 10-day and 100-day simple moving averages around $0.54. With the RSI at 50.58, it is balanced, neither overbought nor oversold. This signals potential stability before an uptick. If the bulls break the $0.60 resistance, MATIC could target $0.65, a gain of over 10%. The bears appear weak below $0.48, which indicates strong support. If the market sentiment shifts positively, MATIC could see significant growth. Keep an eye on the $0.60 level – breaking it could be a bullish signal.

Avalanche (AVAX) Shows Consistent Gains with Promising Growth Potential

Avalanche (AVAX) is showing strong signs of bullishness. Currently trading between $28.31 and $35.01, its price has increased by over 22% in the past week alone. With the nearest resistance at $37.37 and the next one at $44.08, AVAX could increase by over 25% if it breaks these levels. The support at $23.95 and the next one at $17.24 suggest a solid safety cushion. The RSI of 61.58 indicates moderate buying pressure, while a MACD level above zero reaffirms the bullish momentum. If this trend continues, AVAX could outperform and attract more investors during this altcoin season.

Conclusion

SOL, TON, MATIC, and AVAX show less potential in the short term. The spotlight is on CYBRO, a sophisticated DeFi platform that maximizes gains through AI-powered yield aggregation on the Blast blockchain. CYBRO offers features such as lucrative staking rewards, exclusive airdrops, and cashback on purchases. Its seamless deposit and withdrawal process, coupled with transparency, compliance, and quality, make it a standout option. The strong interest from crypto whales and influencers further solidifies CYBRO as a promising investment opportunity.

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Disclaimer: This press release article is provided by the client. The client is solely responsible for the content, quality, accuracy, products, advertising or other materials on this page. Readers should conduct their own research before taking any action related to the material available on this page. Crypto Basic is not responsible for the accuracy of the information or for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this press release article.

Please note that The Crypto Basic does not endorse or support any content or products on this page. We strongly advise readers to conduct their own research before acting on the information presented here and to take full responsibility for their decisions. This article should not be considered investment advice.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Altcoins

Top Solana-based altcoins saw 2x surge this week

TokenTalk Staff

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As the Solana ecosystem experiences explosive growth amidst the cryptocurrency rally, Solana-based altcoins are quick to jump. As SOL price approaches the $200 level for a potential breakout, these altcoins could find additional momentum for a 2x rally this week.

For a strong and bullish end to July, here are the top Solana-based altcoin picks for a massive run this week. So, let’s take a closer look at their price charts for a deeper understanding.

Solana-Based Altcoins to Watch: Jupiter (JUP)

With a market cap of $1.39 billion, the JUP token price is showing a bullish rally, gaining momentum as the broader market recovers. In the daily logarithmic price chart, the Solana-based altcoin is showing a double-bottom reversal from the $0.68797 support level.

Tradingview

With the breakout of the neckline at $0.88, JUP price action is ending the correction phase with a descending channel pattern. Moreover, the altcoin is up 56% in the last two weeks, but the recent intraday decline of 5.41% is testing the psychological mark of $1.

If the bullish momentum continues with a reversal after the retest, Jupiter token price could reach the 50% Fibonacci level at $1.32. On the upside, $2 and $2.75 are potential upside targets for JUP token.

Raydium (RAY)

Trading at $2.39, the 10.86% intraday decline undermines Sunday’s 10.47% bullish engulfing candle. With a market cap of $630 million, the Solana-based altcoin is testing the 50% Fibonacci level at $2.38.

Tradingview

Over the past two weeks, RAY price recovery is recording a 72% surge for a breakout of the consolidation zone. Despite the 85% reduction from the all-time high of $16.93, the altcoin is preparing for a strong close this month.

As the intraday drop is a retest, the continuation of the RAY price uptrend could reach the $4.11 mark.

Pyth Network (PYTH)

With a market cap of $1.29 billion, PYTH price action is showing a breakout from the descending channel as the rally gains momentum from $0.27. Moreover, the altcoin has surged 35% in two weeks to challenge the 23.60% Fibonacci level at $0.3772.

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Tradingview

Moreover, in the daily price chart, the Solana-based altcoin is showing a channel breakout rally ready to reach $0.54. In optimism, the upside could reach $0.81.

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Altcoins

BTC and ETH rallies, SOL, XRP and DOGE lead strong rise in altcoins

TokenTalk Staff

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BTC and ETH rallies, SOL, XRP and DOGE lead strong rise in altcoins

Cryptocurrency prices have shown mixed movements today. Some coins are currently trading in the green while others are in the red zone. Several news and updates have affected the market trajectory since last weekend, such as Joe Biden’s withdrawal from the US presidential race, the Wazirx exchange hack, and the upcoming batch of Mt. Gox Creditors Repay.

However, major cryptocurrencies have shown resilience after these updates. Bitcoin price, for example, has maintained its position above $67,000 while Ethereum continues to trade above $3,400. Moreover, as investor sentiment continues to improve, the performance of other altcoins has also been remarkable. The Crypto Fear and Greed Index, a metric used to measure investor sentiment, shows that investor sentiment has jumped to “greed,” sitting at 70 points. At the same time, the total market cap has edged up by 0.87% to $2.46 trillion. Let’s take a look at the major cryptocurrency prices in the market over the past 24 hours.

Source: Alternative

Major Cryptocurrencies Price Update

Following the announcement of Joe Biden’s withdrawal from the presidential race, Bitcoin witnessed selling pressure that pushed the price down to $65,000. However, less than 24 hours later, the flagship cryptocurrency surged 1.10% to $67,648. Furthermore, it can be seen from its 24-hour trading volume that the activities surrounding the coin increased significantly by 78.29% to $32.2 billion. Notably, the spot Bitcoin ETF inflows as of July 19 were $383.6 million according to Soso Value DataThe total cumulative net flow amounts to $17.01 billion.

The altcoin market is experiencing mixed movements. Leading the pack, Ethereum (ETH) has added 0.09% to its value at the time of writing to trade at $3,500. Anticipation of the upcoming launch of an Ethereum ETF could be considered the main trigger for the recent surge. While investors wait, the price of ETH has hit lows and highs of $3,430 and $3,560 respectively.

Other Altcoin Prices

Solana (SOL) price has seen a 4.41% increase to reach $180. Moreover, the fifth-largest cryptocurrency has seen lows and highs of $171.23 and $184 respectively. In retrospect, SOL has seen an impressive trajectory as the weekly chart shows a significant 18.61% increase in its value.

Ripple-backed XRP token surged 5.60%, surging above $0.6 to trade at $0.616. Interestingly, XRP traded between $0.5775 and $0.6173 in a day.

Meanwhile, Binance Coin (BNB) climbed 0.77% to $600, maintaining a low and high range of $583.50 and $605 respectively. However, Toncoin (TON) declined 1.51% to $7.03. Its one-day lows and highs were $7.01 to $7.22.

Flagship memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) have been on the rise over the past 24 hours. While DOGE has seen a notable gain of 5.56%, SHIB has seen a marginal increase of 0.32%. As a result, DOGE and SHIB are now trading hands at $0.139 and $0.00001783 respectively.

Cat in a Dogs World (MEW) jumped 42.09% to $0.0082

AMC (AMC) rose 19.25% to $0.0000000668

Celestia (TIA) climbed 15.12% to $7.47

TARS AI (TAI) climbed 10.60% to $0.116

ether.fi (ETHFI) jumped 7.29% to $2.58

Manta Network (MANTA) climbed 4.39% to $1.06

The majority of cryptocurrencies in the market resumed the week of July 22 in the green. While the overall outlook looks positive and impressive, it will be interesting to see how long it will hold and how the week will end.

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Altcoins

News Explorer — Bitcoin’s surge sparks optimism in crypto market, with Solana leading altcoin gains

TokenTalk Staff

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News Explorer — Bitcoin’s surge sparks optimism in crypto market, with Solana leading altcoin gains

July 22, 11:23 a.m.

Decrypt

Bitcoin surge sparks optimism in crypto market, with Solana leading altcoin gains

Bitcoin’s price surge past $68,000 brought renewed optimism to the cryptocurrency market. Solana (SOL) emerged as the favorite among altcoins, with a price increase of 4.2%. Other altcoins like Dogwifhat (WIF), Avalanche (AVAX), and Dogecoin (DOGE) also saw gains. The total market capitalization of altcoins reached $1.34 trillion.

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