Let’s talk about two interesting projects — 1INCH and Solana. How much will these cryptocurrencies be worth in the future, and is it worth investing in them now?
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Cryptocurrency 1INCH — Forecast to Grow by 1000%
After a very long and deep correction, the cryptocurrency 1INCH hit a historical high of $7.6 again. It happened on October 27 during the fall of the whole cryptocurrency market. The prospect of 1INCH cryptocurrency rising is great. But will buyers be able to continue to rise and consolidate above the historical high right now? Where is the best place to buy 1INCH for a safe investment?
The abnormal daily trading volume for October 27 and the +100% rise in 1INCH cryptocurrency from $3.90 to $7.73 has raised investors’ hopes. Surely such growth in a falling market was caused by some news. But we are more interested in the reaction and strength of sellers. The growth of cryptocurrency 1INCH stopped just before the mark of the absolute historical maximum.
If we look globally at the whole trading history of cryptocurrency 1INCH, we can assume that now the formation of “handle” in the “Cup and Handle” pattern may start. It is not that this is how long the formation of the “handle” will last. However, we consider the $3.50-4.00 zone to be a good medium-to-long buy zone.
Holding the $3.5 mark is the key to the upside to the $23-33 range. A strong rally could begin if buyers do not allow the 1inch price to fall below $3.50. The upside targets are $10, to begin with, and globally $23-33. It is important not to miss exchange 1INCH to SOL profitably.
HYIP Cryptocurrency or Real Competitor of Ethereum: What will Be with Solana by the End of 2021
In early January, the altcoin was hovering around $1.6. Until April, Solana rose to $40, and already in May, the price of the coin exceeded $50. After the collapse of the crypto market at the end of spring, altcoin managed to stay at the same level and grow again.
Having accelerated its growth by 50% since May, Solana entered the top ten cryptocurrencies by market capitalization by the end of the summer. In August alone, the altcoin’s price rose more than 200%. In September, the growth of SOL continues on the background of increased sales of NFT. On 09.09.2021, the coin was at $207.85. Reaching a capitalization of $61 billion, Solana overtook XRP Ripple and ranked 6th among cryptocurrencies by this criterion.
You can use Elliott Wave Theory to analyze the movement of SOL. In the chart below, we see three powerful impulse waves and two corrective waves. On September 9, the value of the altcoin was aiming for 2.272 (from $260).
In this case, we can trace the dependence of altcoin on the bitcoin price. On September 10, the Solana exchange rate fell again to $189.4 as of 8:00. The value of the main digital currency on that day dropped to $45,800 at 11:35 Moscow time.
On September 13, the value of Solana dropped to almost $150 amid the collapse of the cryptocurrency market. After the fall, quotes began to recover, reaching $174.2 on September 14, 2021. At the time of writing, the rate was $166, but the 50 percent Fibonacci level limits the potential for growth in the near term.
So far, the forecasts for SOL price movement through the end of 2021 are optimistic. If the bullish trend recovers, there is a chance that the altcoin price will soon rise to $250-300. If investors lose interest in the altcoin, the rate may fall below $100, though given the current market situation, such a collapse in the value of Solana seems unlikely.
The popularity of SOL is due to the increased activity of DeFi. For example, the total blocked value (TVL) on the Solana platform exceeded $7.5 billion. The cryptocurrency’s blockchain attracted more than $6 billion in a month. This points to the attractiveness of the platform for DeFi players. Some experts suggest that the Solana blockchain could compete with Ethereum.
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