In this article we are going to see what are the most relevant news of the last few days for the crypto projects Cardano, Avalanche and Solana.
Let’s then take a look at the market trends of the respective crypto ADA, AVAX, and SOL, which have recently been in the spotlight as the top-performing tokens in the industry.
Despite the recent Bitcoin dump that led to the liquidation of many long positions, the 3 cryptocurrencies have shown signs of strength and are now likely ready for another bullish leg up.
Let’s calmly see all the details below.
Summary
All the most important news for the crypto projects Cardano, Avalanche, and Solana
Starting from the most interesting news that the crypto landscape offers today, we can immediately highlight the latest product launched by Cardano, with which the project’s Foundation wants to expand its presence in the web3 sector.
This is an “identity wallet”, which is a universal cryptocurrency wallet (W3C) compatible with the Cardano blockchain and many other decentralized infrastructures.
The advantages of this type of cryptographic support are multiple: from multi-asset and multi-account support to enhanced security against cyber attacks, to maximum interoperability for cross-chain transactions.
With this new innovation, Cardano aims to provide a seamless wallet that can help with onboarding new users to the network’s DeFi, which is not yet at the levels of Ethereum or Solana but is still growing strongly.
As for Avalanche, observing a post published on X last week by the project team, we can infer that the decentralized network is focusing on the gameFi industry for the next bull market year.
While most decentralized networks focus on DeFi, trying to compete with each other with the most diverse applications, Avalanche believes that the future of gaming will be revolutionary for web3, and will bring many new users to discover the potential of blockchain.
On this infrastructure, successful games such as BloodLoop, OG Smol Joes, Rumble Kong League, Shrapnel, Evoverses have already been launched, but many others are about to be launched soon.
The gaming on blockchain could be one of the major trends of the future:
According to a research by market intelligence company Grand View Research, the blockchain gaming market was already worth more than $4.8 billion in 2022, but it could grow at a compound annual growth rate of 68.3% for the next 7 years.
Avalanche seems to want to ride this narrative in a great way.
Finally, as for Solana, we must necessarily highlight the theme of airdrops, which on the “Ethereum Killer” chain are having unprecedented success.
Just 4 days ago the Solana-based Jito protocol, which offers users exposure to liquid SOL staking with a MEV rewards boost, airdropped JTO tokens to its community for a total value of approximately 280 million dollars.
The cryptocurrency has been listed on Binance, Coinbase, Bybit, and many other top exchanges.
In the next few days, the Jupiter airdrop will go live, aggregating on-chain exchanges on Solana, rewarding over 1 million users for their past interactions with the cryptographic network.
It seems that all the DeFi on Solana is exploding thanks to this trend and that new capital is entering to take advantage of the opportunity of incentives offered by the various decentralized applications built on the chain.
Analysis of the prices of crypto ADA, AVAX and SOL: altcoin season in sight
While innovation and news are not lacking in the world of the 3 cryptographic projects, we can also say that something is brewing on the speculative front for the ADA, AVAX, and SOL coins.
Bitcoin, after interrupting yesterday its positive streak of price increase with a retracement of -5.79%, seems to have given the right push to many high-cap altcoins that are outperforming the market king.
In particular Cardano (ADA), which has reached the $0.6 zone, is up 8% against BTC and 9.5% against the US dollar.
Starting from mid-October, the crypto has begun its period of maximum expansion of the year, with bullish pressures intensifying in the last days of trading. Strong trading volumes accompany the bull movement that doesn’t seem to want to end, even with an overextended RSI and with a daily EMA 50 extremely far from the current price.
The next target for ADA is the $0.80 threshold, while the bears aim to break the psychological level of $0.50.
On the Avalanche (AVAX) front; here too we can see a very bullish sentiment for the crypto which today marks the ninth consecutive daily green candle, with prices having increased by about 100% in this tumultuous period.
Currently, AVAX is priced at $40.27, up 4.45% against BTC and 5.76% against the US dollar.
Just like in the ADA chart, AVAX also seems to be in a strongly bullish trend, with strong volumes following the latest pumps and with the bulls maintaining control of the situation.
The 50-day EMA is currently 50% below the current value and the RSI has reached the overbought zone 3 times in a month, which is concerning in the short term and anticipates a possible retracement coming.
In the medium term, the situation is still very positive for Avalanche crypto, which is now aiming for the $50 zone while trying to defend the $30 zone from bull raids.
Finally, regarding Solana (SOL), today’s price action is not as exciting as that of ADA and AVAX and prices are moving in a much less aggressive manner.
The success recorded in November and in the first days of December may have been so strong that now SOL needs a period of consolidation before new strong movements on the chart.
Against BTC, the cryptocurrency shows a -0.08% in today’s candle, while against the US dollar it sees a +1.07%.
For Solana’s currency, it is possible that in the next few days there may be some weakness, which however should not be seen as a reversal but rather as a rest after an extreme rise.
The outlook is still very encouraging and the DeFi ecosystem of the blockchain is expanding rapidly: throughout 2024, a very positive price trend can be expected for this crypto.
In the short term, the hopes of the bulls are interrupted with a break below $60, while they continue in the case of a breakout of the local high at $77.8.
Overbought RSI and distant EMA 50 daily support the bears and motivate the opening of short positions in this area with a stop loss above $80.
With many high-cap altcoins outperforming BTC, we can say that we are approaching the long-awaited altcoin season, where different cryptos from the market king are experiencing stellar price increases.
The BTC DOM is currently at 53% and has experienced a slight decrease from the 55% reached in recent days. In the coming days, we could expect another leg up on this chart, with a target of 60% and beyond before the true decline that will open the doors to the bullish season of altcoins.
The total market capitalization of the sector is slightly down today at 1.53 trillion but maintains a largely positive structure that suggests further increases in the last month of the year and in the first quarter of 2024.
ALTSEASON, WE’RE ALMOST THERE!
