The cryptocurrency market seems to be bouncing back after a dip observed on December 11, with all major coins trading in the green. Bitcoin (BTC) and Ethereum (ETH) both recorded approximately a 4% increase in the last 24 hours. Year-to-date, the leading cryptocurrency has surged by over 150%, and some audacious forecasts predict cosmic gains in the coming year of 2024. However, today's top performers among the top 10 coins by market cap are Cardano (ADA), experiencing a remarkable daily increase of nearly 14%, and Solana (SOL), adding around 8%. These cryptocurrencies are poised for further growth, and this review outlines the potential drivers for their future expansion.
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Solana (SOL) Price Analysis
Solana's (SOL) positive outlook is reinforced by its ability to sustain momentum above the critical support level of $65, indicative of a robust and lasting bullish trend. On-chain metrics further underscore this optimism, revealing a consistent increase in the number of active Solana-based addresses since early November. As of December 13th, this figure has climbed to 579.48K. The growing interest in Solana reflects a broadening usability and reliability of the network.
At the time of writing, SOL is trading between $71 and $72. The majority of technical indicators are pointing towards an uptrend in unison. The neutrality of the RSI indicator at 64 suggests that the coin still has some scope for upside maneuvers before it reaches the overbought zone. This same neutrality is supported by the Stochastic %K at 77. Meanwhile, the Momentum at 1.3779 and the MACD Level at 0.9809 indicate a buying action.
The analysis of moving averages also suggests a bullish tone. The 10-day EMA is at $70.9635, while the 10-day SMA is at $70.8188, indicating a possibility of a short-term bullish run. The longer-term perspective is bullish as well, with the 100-day EMA standing at $69.4810 and the 100-day SMA at $69.8626.
Solana (SOL) Price Prediction
The strong positivity in most technical indicators points to a high possibility of a further increase in SOL. If this holds true and the coin maintains its bullish momentum above $70, it will pave the way higher towards the immediate resistance at $82.0378. A break of this level, in turn, will lead the coin to higher levels near $89.1889.
However, given the neutral stance of some oscillators, including the RSI and Stochastic, one cannot rule out the possibility of a minor correction. In case SOL fails to hold above $70 and starts moving in a downward trajectory, it may encounter immediate support at $63.4331. The next downside target can be found at $51.9795.
Cardano (ADA) Price Analysis
Based on data from IntoTheBlock, Cardano (ADA) shows promising signs for a bullish outlook. The In/Out of the Money ratio stands at 58%, suggesting that the majority of holders, at the current price, are in profit and are unlikely to part ways with their assets anytime soon. Adding to the optimistic picture is the Bid-Ask Volume Imbalance indicator, boasting a solid 7.87%, indicating a prevailing volume at the bid price.
As of the latest update, Cardano (ADA) is dancing between $65 and $66. Mirroring SOL, both the Relative Strength Index at 60 and the Stochastic %K at 47 hover in neutral territory, hinting at some potential upside. Simultaneously, the Momentum indicator at −0.007598 is signaling a buy action.
The moving averages are painting a bullish picture across various time frames. The 10-day EMA at $0.651939 and the 10-day SMA at $0.652151 point towards a rising trend in the short term. Similarly, the longer-term perspective remains bullish, with the 100-day EMA at $0.592368 and the 100-day SMA at $0.587852.
Cardano (ADA) Price Prediction
With the good vibes from the technical indicators, it looks like ADA quotes are gearing up for a ride to the top. The first stop on this upward journey is set at $0.696801, and if things go really well, we might even see the price shooting up to a cool $0.798593.
While the outlook is optimistic, it's essential to remember of the inherent market volatility. The possibility of a temporary pullback should not be overlooked. In the event of a bearish scenario unfolding, Cardano (ADA) quotes could experience a retracement, finding support at the immediate level of $0.545069. A more pronounced decline below this threshold might initiate testing the resilience of the lower support at $0.443277.
Conclusion
The positive mood in the overall crypto market sets the stage for potential growth in major cryptocurrencies. Specifically, Cardano (ADA) and Solana (SOL) seem poised for strong upward movements in the days ahead and the longer term, thanks to favorable technical indicators. While some oscillators are showing neutrality, the position of moving averages for both coins suggests a solid bullish trend. Nonetheless, traders should always remain watchful for potential retracements and keep an eye on the ever-evolving market conditions.
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.
