Ethereum, Cardano, and Solana on Winning Streak: Weekly Overview
2022.07.19 21:34
Ethereum, Cardano, and Solana on Winning Streak: Weekly Overview
- As US investors accommodated the rising inflation, altcoins Ethereum, Cardano, and Solana witnessed an extended rally.
- The outlook for Ethereum, Cardano, and Solana is bullish amid news of the upcoming merge and the Vasil hard fork.
- Cardano price is poised for a 35% price rally, while Ethereum and Solana are expected to continue their uptrend.
After a choppy week, Ethereum, Cardano, and Solana started an uptrend, posting massive gains overnight. Technical indicators turned bullish as the altcoins recovered from the US CPI data announcement and imminent inflation.
The top 10 cryptocurrencies by market capitalization witnessed a spike in their price after the economic outlook shifted. The Ethereum and Solana prices could witness a breakout in the short term.
The Ethereum Merge scheduled to occur in September 2022 is getting priced in as ETH’s price climbs. The altcoin witnessed a rapid change in narrative, from “buy the dip” to “Triple Halving” and “Flippening.” Speculators are purely focused on Ethereum’s Merge as a catalyst for the ETH price rally.
Tim Beiko, a developer at the Ethereum Foundation, announced that September 19, 2022 is the tentative date for the transition from proof-of-work to proof-of-stake. Notably, the Ethereum price is likely to continue its climb till it hits $1,506 and $1,600.85. If bears fail to take over Ethereum, the altcoin will march higher toward the $2,326 target.
ETH-USDT Perpetual Contract (Source: TradingView)
Magic Eden, a leading NFT marketplace on Solana, announced its expansion in the Web3 space with Magic Driver. The NFT marketplace has acted as a driver for higher trade volume and capital inflow to the Solana blockchain. Coupled with the recovering crypto market and rising capital inflow, Solana’s price started an uptrend, posting nearly 7% gains overnight.
The Solana price is eyeing the $60.39 target; if momentum drops and bears takeover, the altcoin’s uptrend will be capped. If Solana’s price continues its climb, the next target is $70.
SOL-USDT Price Chart (Source: TradingView)
Cardano’s price bounced off support at $0.43, and the altcoin has failed to establish a clear trend since mid-June 2022. With each bounce, Cardano’s price trend lost magnitude, and the altcoin weakened. A liquidity run was followed by a consolidation in Cardano, and the altcoin has started its recovery after being controlled by bears for weeks.
Cardano’s price trend is bullish after flipping the 200-day moving average; ADA is ready for the $0.62 target.
ADA-USDT Price Chart (Source: TradingView)
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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