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By CryptoChamp · Posted
600% Increase: Solana has seen its value skyrocket by 600% in the past year, making it a standout in the crypto market. Investors are closely watching the SOL price targets as it continues to gain momentum. Speed and Cost-Effectiveness: Its rapid and affordable blockchain solutions are attracting developers eager to create new projects and decentralized applications (dApps). Competing with Ethereum Direct Rival: Solana is positioning itself as a strong competitor to Ethereum, especially with its efficiency in executing smart contracts. Developer Favorite: More developers are choosing Solana for its scalability, which is crucial for launching innovative projects. Key Partnerships Collaboration with Travala: This partnership highlights Solana’s growing influence in real-world applications. Support from Coinbase: Coinbase is set to introduce a wrapped Bitcoin asset, cbBTC, to the Solana network. This allows users to use Bitcoin as collateral in decentralized finance while keeping control of their assets. Institutional Interest: Big names like Franklin Templeton and Citigroup are exploring Solana’s potential, with Franklin planning a mutual fund on the platform. Introducing the Seeker Smartphone A Leap in Web3 Technology: Solana recently launched the “Seeker” smartphone, aimed at enhancing mobile Web3 experiences. Affordable and Feature-Rich: Priced at about half of its predecessor, the Seeker offers improved hardware and a better decentralized app store, appealing to a wider audience. Market Trends and Price Analysis Bearish Signals: The SOL/ETH trading pair has shown a downtrend, breaking below key support levels, indicating that sellers are currently in control. Expert Predictions: Analysts forecast an average trading price of around $155 for the rest of 2024, a remarkable increase from its all-time low of $0.50 in May 2020. A Balanced Outlook Volatile Environment: The crypto market is notoriously unpredictable, and Solana is no exception. Currently, the Fear & Greed Index sits at a neutral 50, reflecting a mix of optimism and caution among investors. Solana's journey is impressive, and as it continues to innovate and attract attention, it’s clear that this blockchain platform is one to watch in the coming years. -
By tradinglounge · Posted
Coffee Elliott Wave Analysis Since its peak in September 2011, coffee prices have shown a notable retreat from their mid-September 2024 highs. It appears that the market has completed a corrective technical structure, indicating a potential further decline before resuming a long-term bullish trajectory Long-Term Chart Analysis Historically, coffee prices have fluctuated within a broad range, with key support levels situated between $40 and $55, and resistance levels reaching from $276 to $337. The current bullish cycle commenced in May 2019, initiating a significant upward movement. This cycle's first phase peaked in February 2022, marking a period of notable highs. Following this, a corrective second phase concluded with a bottom in January 2023. From this low, we entered the third and ongoing phase of the bullish cycle, which is developing as part of a larger corrective pattern within the overarching Elliott Wave structure. The third phase of this rally appears to be unfolding as a corrective wave, integrated within the broader impulse that initiated in 2019. Although the current price action hints at the possibility of further gains in the future, a substantial pullback seems imminent before the uptrend can continue. Daily Chart Analysis Examining the daily chart, we see that the third phase of recovery completed its first leg, labeled wave (W), in April 2023. This was followed by a three-wave corrective structure, wave (X), which found support at 143.70 in October 2023. The subsequent rally represents wave (Y) of the primary degree wave W (circled), indicating the completion of this bullish phase. Wave (Y) of W (circled) appears to have formed an ending diagonal structure, suggesting the uptrend is losing momentum. If this structure is indeed complete, a corrective pullback in wave X (circled) is likely. The expected correction could manifest as a double zigzag, a complex pattern that typically leads to additional downside before the primary uptrend resumes. H4 Chart Analysis On the H4 chart, we can further pinpoint the completion of wave (Y) of W (circled) with the identification of an ending diagonal structure. Thus, we anticipate a corrective dip for wave X (circled) to follow. The recent decline since mid-September 2024 suggests that prices are still operating within the wave (W) of X (circled), which supports a bearish outlook in the short to medium term. Nevertheless, the long-term perspective remains bullish, suggesting that after the expected correction, coffee prices are likely to resume their upward trend. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
GOOGL Elliott Wave Analysis Trading Lounge Daily Chart, Alphabet Inc., (GOOGL) Daily Chart GOOGL Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minor wave 1. DIRECTION: Subdivision in wave 1. DETAILS: As volume increases on the move up we can expect to have a bottom in place in wave (2). The next target will be Minor Group2 starting at 165$. GOOGL Elliott Wave Analysis Trading Lounge 1H Chart, Alphabet Inc., (GOOGL) 1H Chart GOOGL Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive. POSITION: Minute wave {i}. DIRECTION: Upside in wave {i}. DETAILS: Looking for what appears to be a clear five wave move off the lows, which would peak where the previous wave B top stands. In this analysis of Alphabet Inc. (GOOGL), we will use Elliott Wave Theory to evaluate the stock's current price movement, highlighting potential trading opportunities. By examining both the daily and 1-hour charts, we aim to provide a clear outlook of GOOGL's market behavior. * GOOGL Elliott Wave Technical Analysis – Daily Chart* On the daily chart, Alphabet is progressing through an impulsive mode in Minor Wave 1 of a larger bullish structure. Recent price action indicates a potential bottom is in place for Wave (2), supported by increasing volume on the upward move, suggesting renewed buying interest. The next key target to watch is MinorGroup2, starting at $165, which may act as a resistance zone or psychological barrier. If the stock continues to build momentum within Wave 1, a break above this level would signal further upside in the overall bullish trend. * GOOGL Elliott Wave Technical Analysis – 1H Chart* On the 1-hour chart, GOOGL is advancing within Minute Wave {i}, which appears to be forming a clear five-wave structure from recent lows. This development confirms the start of an impulsive move from the previous bottom. The target for this wave is likely around the previous Wave B top, which serves as an important resistance level. If the current five-wave move completes as expected, this would confirm the bullish trend continuation, with the potential for higher highs in the upcoming waves. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!
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