- The largest altcoin Ethereum has built a strong proof-of-work network.
- The second most popular cryptocurrency, Ethereum, surpassed $ 3,000, leaving an important milestone behind.
- The direction remains optimistic as the ETH rally reaches large dimensions.
- Its crypto signals have grown by past 24 hours – analyst of SafeTrading team
↑ Ethereum target price.
Ethereum (ETH), the second most popular cryptocurrency, continued to keep up with the times, accelerating the upward trend. ETH, which has peaked at $ 3,333, is trading in the $ 3,200 price range at the time of this writing. In addition, spot trading, which has slowed after impressive results, may be preparing for a new rally. In this context, investors should keep a close eye on the coming period.
Ethereum has strengthened its upward movement, breaking the price barrier of $ 2,000 to $ 2,500. The largest altcoin currently approaching the $ 4,000 target raised the target.
When put and call contracts are examined on ETH charts, important data is highlighted. Put contracts are quite high in the $ 2,000 to $ 2,500 range, while call contracts dominate in the $ 5,000 range. There are higher contracts in the $ 4,000 to $ 6,000 price range compared to lower ranges, but those ranges are more likely to be seen as the contracts expire.
Most of these contracts are valid until September or December. By then, Ethereum can be expected to hit $ 5,000 by crypto signals. However, a possible target price is not calculated based solely on expiration targets. These goals are taken from the likelihood index.
↑ What is the likelihood index?
- The index analyzes the market and price movement of Ethereum to reveal the predicted expectation of the next possible ranges.
- However, for now, this index has set a 1.26% probability for Ethereum’s expected $ 5,000 in August.
- Furthermore, this expectation can be considered normal in the context of a three-week 76% rally, pushing ETH up by $ 2,000.
On the other hand, the probability of Ethereum falling to the $ 2,000 to $ 2,500 range is 88-96%. While the likelihood is high, these ranges are very low. For the altcoin to return to this price range, it must fall 36%, which seems unlikely. So, in line with the price action, the likelihood of an upcoming correction and the chain data, ETH is projected to end at an average of $ 2,800 to $ 3,000 this month – analyst of SafeTrading team.
Why don’t Chainlink whales store their coins?
According to the latest data from Santiment, Chainlink (LINK) whales do not want to keep coins in their wallets all the time and prefer to redistribute them among smaller investors. The main reason for this trend may be the natural market reaction to price movements and the decentralized nature of the token.
Chainlink’s price has risen steadily since the end of July and is up 112 percent in less than a month. LINK is currently trading at $ 29, up from $ 53 hit in May.
LINK Whales have gradually cut their held supply from 72 percent in September 2019 to 63 percent today. The reason for this has not been disclosed by any LINK whales, but the drop is likely due to the coin’s decentralized nature and its popularity among small investors who have consistently supported its price.
Whale supply drops sharply during periods of high volatility, leading to rapid price increases, likely indicating higher demand from lower-tier investors.
- In addition, Chainlink is a project that provides an advanced smart contract hub.
- It creates an ecosystem of smart contracts that interacts with external flows and allows integration with offline solutions.
- The Chainlink network is made up of an open source community that includes data providers, blockchain developers, analysts and many more.
- The main goal of the company is to decentralize and connect the network.
New record from Solana (SOL).
As long as the market continues to move upward, some altcoins are performing well and making their investors smile. Solana (SOL) was the latest cryptocurrency to make a name for itself with notable growth and even broke a new record.
Solana’s emergence as the preferred destination for various DeFi applications and overcoming some of the milestones was instrumental in the rise of SOL. According to the data obtained, at the time of writing, SOL is trading in the corridor of $ 61, while an increase of 38% has been registered in the last 24 hours. For now, however, it should be noted that SOL has broken a new all-time record, climbing to $ 64.80 in recent hours.
↑ Popularity of Solana.
The Solana blockchain is becoming increasingly preferred by newcomers to the market. Solana also appears to be increasing adoption rates through Wormhole, a bridge that facilitates communication between various blockchains such as:
- Binance Smart Chain.
The developers claim that it is a simpler and faster solution allowing easy transfer of crypto assets such as:
- Price data.
- Governance solutions.
In addition, the SafeTrading team thinks that the Wormhole cross-chain messaging platform will facilitate the transfer of liquidity between chains with the Solana Serum ecosystem.
In addition, Mago Markets, a decentralized exchange (DEX) on the Solana blockchain, raised $ 70 million in token sales last week. Thus, very encouraging prospects have been created for new players to join the Solana ecosystem.
On the other hand, in June 2021, Solana Labs, the leading firm behind the Solana blockchain, raised a total of $ 314 million. In addition, the Solana blockchain enjoys strong support from leading industry players such as Sam Bankman-Fried, CEO of FTX Exchange.