Solana (SOL) and Ethereum (ETH) have started “Uptober” on a less-than-ideal note, as both cryptocurrencies experienced dips. However, analysts predicted an astronomical price pump for FXGuys ($FXG) in the coming months.
What is the cause of SOL and ETH’s dip, and how will $FXG reach its predicted height? Stay tuned to find out!
How Could FXGuys Be the Star of This Market Cycle?
FXGuys is a first-of-its-kind Proprietary Finance (PropFi) protocol that brings the reliability of TradFi systems together with the innovation of DeFi. The protocol combines professional trading software, a prop firm, the $FXG token, and decentralized finance, which is a novel and sustainable model that will drive the sector into the digital era.
The trading platform feature focuses on Forex and crypto, giving users access to some of the world's largest and most liquid markets. Traders are also supported with various professional risk management tools.
Because of its prop firm model, FXGuys provides traders with the necessary funding. This Trader Funding Program recognizes trading talent and equips them with between $200,000 and $500,000 to trade. However, traders need to pass a challenge phase to access this funding.
Additionally, the Trade2Earn Program then takes over, rewarding all traders, profitable or not, with $FXG tokens. These tokens can be exchanged for trading perks like lower profit targets and increased drawdown limits.
FXGuys is currently running its public presale, which is in Stage 1. The $FXG token is sold for $0.03 and will rise by 233% to the target launch price of $0.10.
Market analysts also expect the FXGuys platform to resonate with crypto traders, creating demand for $FXG and boosting the price beyond the launch.
Why Did Solana’s SOL Tank at the Start of Uptober?
Solana’s SOL began the historically bullish month of October on a sour note. The Solana token has lost 8.2% since the beginning of the month, which came as a shock for SOL holders who were expecting a price pump.
Experts already have theories as to why the fifth-largest cryptocurrency is in decline. One reason might be the planned release of $360.80 million worth of SOL tokens in the first month of Q4 2024.
Token unlocks are usually bearish events as they increase the supply of the affected token without a proportionate increase in demand.
General market trends might also have contributed, as most major cryptos are experiencing similar dips. Analysts say these factors might cause SOL to fall below $145 again.
ETF Sell-Off Seems to Have Triggered an Ethereum Price Dip
Ethereum has also been hit by the dip, which has affected major cryptocurrencies. ETH has declined by 7.7% since the beginning of October 2024.
One reason for the dump might be the record outflows from the Fidelity Ethereum Fund (FETH). The Fund lost an all-time high of $25 million, while the total outflows from the Ethereum ETFs on October 1 stood at $48.6 million from nine issuers.
This shows investor uncertainty concerning crypto assets like Ethereum, which is negatively impacting demand and leading to a price drop. Geopolitical tensions in the Middle East could also cause investors to get rid of volatile assets and seek refuge in more stable ones.
Meanwhile, crypto market analysts predict that ETH might remain at $2,500 in the immediate future.
Buy $FXG to Benefit From a Massive Rally and Enjoy Additional Perks!
$FXG is FXGuys’ ERC-20 utility token, with a supply of 835 million. The token is used for rewards, to pay trading fees, and to purchase trading aids.
It is currently sold for $0.03 in Stage 1 of the public presale. Investors who buy $FXG now will enjoy a 33% profit by Stage 2 and a whopping 233% gain by the end of the presale.
Token holders will also enjoy trading discounts and profit shares. They can also stake their tokens to support the ecosystem and earn double-digit APY.
What’s more, you can also participate in FXGuys' free monthly competition to win a $200,000 funded trading account. Amazing, right? Join the presale now!
To find out more about FXGuys follow the links below:
Website | Whitepaper | Socials | Audit
Exclusive FXGuys Promo Code:
Disclaimer: This is a sponsored press release 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.
