Many cryptocurrencies are seeing a change in fate as October 2024 approaches. Some tokens have a bearish trend, but others appear to have growth potential. Here, we talk about two cryptocurrencies that investors must sell: Cardano (ADA) and, Solana (SOL), and Rexas Finance (RXS), which is a great place to acquire.
Sell: $2 Billion Sell-Off Risk for Cardano (ADA)
Presently, Cardano (ADA) is in a risky situation as short-term investors consider a possible $2 billion sell-off. Because ADA hasn't been able to overcome the crucial $0.39 resistance level, market concern is growing. With a little rise of 0.19% over the past day, ADA is currently trading at $0.3323. Its price has, however, declined 1.65% over the last month and by 2.44% over the past week, which fuels a negative prediction of the near future.
It appears from the consolidation between $0.31 and $0.39 that ADA is having trouble building up enough steam for a breakout. Short-term ADA holders have a higher chance of profiting than long-term holders, according to Market Value Realized Value (MVRV) statistics; the current MVRV long/short difference is -20%. Approximately $1.9 billion worth of 5.7 billion ADA tokens are held by short-term investors, who plan to sell as soon as a profit is indicated. Should this significant amount of ADA supply enter the market, it may cause ADA to plunge precipitously, below its crucial support level of $0.31.
If ADA is unable to recapture its bullish momentum, analysts estimate that it could fall in value by up to 33 percent. The altcoin is now a high-risk investment due to its failure to gain traction and its flat or declining value. Given the gloomy forecast for the market, investors may be able to prevent additional losses by selling ADA at this time.
Sell: Weak On-Chain Metrics Indicate a 9% Decline for Solana (SOL)
Another cryptocurrency that is exhibiting weakness is Solana (SOL). SOL, which is presently trading at $132, is in a declining trend following its rejection from the ascending trendline that was earlier broken at $139.80. A long-to-short ratio below one and a decrease in development activities reinforce the gloomy view. The Awesome Oscillator (AO) and the Relative Strength Index (RSI) both trade below their neutral levels, suggesting that the bears are gaining ground.SOL's critical support level is around $120.91. If Solana's 50-day EMA at $141.43 holds as barrier, the market might see a 9% fall. Since Friday, SOL's long-to-short ratio has dropped below one, according to Coinglass data, indicating that more traders are placing bets on the asset's price falling. The pessimistic outlook is also reflected in Santiment's Development Activity Index, which shows declining faith in Solana's blockchain initiatives.Given the drop in development activity and the negative technical situation, it appears that SOL may have difficulty gaining momentum in the upcoming weeks. This bearish thesis could be refuted by a daily candlestick close above $141.43, but a downward trend seems more plausible based on the market indicators at this time. In light of these considerations, investors who wish to safeguard their cash from future losses may find it advisable to sell SOL at this time.
Buy: Rexas Finance (RXS) Is Expected to Increase Despite Market Uncertainty
Although ADA and SOL are experiencing bearish trend, there is a strong buying opportunity with Rexas Finance (RXS). Focusing on Real-World Asset (RWA) tokenization, RXS lets investors tokenize tangible assets such as artwork, real estate, and commodities. Using innovative asset tokenizing techniques, RXS is positioned as a leader in combining blockchain technology with traditional banking.While in the presale stage, RXS is attractively priced at $0.040, with a $0.050 price increase planned for the next round. An impressive $875,967 has already been raised during the presale, indicating high investor interest. Through its extensive network, RXS provides real-world utility in contrast to speculative assets. Stablecoin investors can generate passive income through fractional ownership of properties, made easier by the Rexas Estate platform and the Rexas Token Builder platform.
Analysts predict that during the next bull market, RXS could see significant growth. With the global tokenization market predicted to reach $50 trillion by 2030, RXS has the potential for exponential growth. The token is anticipated to list for $0.20 on major exchanges. Thanks to its emphasis on real-world assets and favorable tokenomics, RXS is positioned as a good investment choice in view of the present volatility in the market.
Conclusion
Cardano (ADA) and Solana (SOL) deal with changing market dynamics that can cause October 2024 price cuts. Given SOL's inadequate on-chain statistics and ADA's likely $2 billion sell-off, these currencies might not be the ideal near-future bets. Conversely, Rexas Finance (RXS) presents a potentially advantageous acquisition option by utilizing tokenization of real-world assets to generate value and expansion. RXS stands out as a must-buy cryptocurrency for investors wishing to confidently handle the market's volatility because of its continuing presale and cutting-edge ecosystem.
For more information about Rexas Finance (RXS) visit the links below:
Website: https://rexas.com
Whitepaper: https://rexas.com/rexas-whitepaper.pdf
Twitter/X: https://x.com/rexasfinance
Telegram: https://t.me/rexasfinance
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
