Cardano (ADA) Price Eyes Recovery As Bulls Try To Gain Control

XRP has experienced significant price movements recently, especially with the massive accumulation by whales. Over the past week, large holders have been quietly stacking up XRP, potentially positioning the altcoin for a significant price boost. 

Their actions, combined with a resilient market, present an optimistic outlook for the altcoin’s future.

XRP Investors Are Betting on Recovery

Whale addresses holding between 100 million and 1 billion XRP have added 1.34 billion XRP worth over $3.26 billion in the past week. While some speculated this accumulation was linked to XRP’s inclusion in the US Crypto Reserve, it appears the whales were primarily buying at low prices. 

This indicates that these large holders anticipate further gains. Despite XRP’s 18% crash on Monday, the whales did not sell, suggesting they are confident in the asset’s long-term potential.

The price DAA Divergence is currently flashing a buy signal for XRP as investors demonstrate resilience amid challenging market conditions. This divergence indicates that, while the broader market has experienced volatility, XRP is showing strength. With more investors holding onto their positions and fewer opting to sell, the sentiment is clearly turning bullish.

As market conditions improve, investors’ buying pressure could continue to push XRP’s price higher. This would support the possibility of a sustained rally backed by both retail and whale participation.

XRP Price is Holding Above Support

XRP is trading at $2.45, holding steady above the critical support level of $2.33. After facing considerable volatility over the weekend, the altcoin managed to stabilize, posting a 37% price increase. This move suggests that XRP could have the momentum needed for further gains if the bullish trend continues.

However, despite the positive signals, XRP still failed to secure $2.70 as support on Sunday, which prevented the altcoin from pushing higher. If XRP can manage to flip $2.70 into support, it could break through the $2.95 resistance, bringing it closer to its previous highs.

If the altcoin fails to breach $2.70, XRP could experience consolidation above $2.33, as seen in previous price action. This could delay the bullish outlook and may prevent any immediate upward movement, resulting in a temporary stagnation until the market provides more clarity.

The post XRP Whales’ $3.2 Billion Accumulation Could Set Price Up For Rally appeared first on BeInCrypto.

Following weeks of hype in the run-up to the airdrop and the associated centralized exchange (CEX)   listings, sentiment indicators for Zora tokens have dropped, suggesting this was a short-term trend.

Zora marked the advent of content coins, a controversial trend that bore the support of Base creator Jesse Powell.

Zora Token Sentiment Drops Post-Airdrop: Was It Just Hype?

According to data on CoinGecko, the ZORA token price is down by 11.5% in the last 24 hours. As of this writing, it was trading for $0.01244.

This drop is unsurprising considering how much sentiment has fizzled out for the token after the Zora airdrop. The Zora airdrop aimed to boost ecosystem participation by distributing 10% of its 10 billion ZORA tokens to early users.

According to data on LunarCrash, engagement and mentions have dwindled since April 23, when the Zora airdrop happened.

Specifically, engagement is down by 98%, from over 12.2 million to around 142,000 as of this writing. Meanwhile, Zora mentions are down 58% since April 23. Further, creators on the Zora app have reduced by 57.6% since April 23, whereas sentiment is down by a modest 6%.

Meanwhile, data on SimilarWeb shows platform traffic on Zora.co has dropped from 500,000 to 300,000 over the past three months. Data on Dune also indicates that users on the Zora Network have decreased by 90% since the peak in early April 2024.

A look at the “Coin It” indicator reveals the same sentiment, showing a sharp decline in the frequency of Jesse Pollak’s phrase “coin this” or “coin it” on social media. After peaking at 15 mentions on April 15, this metric is down to 1 after the Zora airdrop. This suggests a decline in engagement with content coins post-airdrop.

Jesse Pollak admitted in a thread that he had received feedback about being too aggressive in communication earlier, leading to some missteps in messaging. He said he has since adjusted by slowing things down.

“…I got feedback on being too loud, and to be direct I made some mistakes in my messaging, so I’ve taken that feedback and slowed down,” Pollak stated.

Nevertheless, this decision does not mean he stopped believing in content coins and on-chain social platforms like Zora. Pollak is committed to helping builders push boundaries on Base toward realizing on-chain’s full potential.  

Pollak pushed the concept of content coins on the Base platform. It involves tokenizing individual pieces of content on-chain.

In a recent interview with BeInCrypto, Pollak distinguished between meme coins and content coins. He emphasized the latter’s potential to empower creators without reliance on speculative communities.

Pollak also articulated Base’s vision to expand the on-chain creator ecosystem. To do this, they would foster virality and creativity while lowering the barrier for non-crypto users to engage with blockchain technology.

“We’re working to bring a billion people on-chain, and we know we can’t do that alone. I have a lot of respect for the Solana team – they have done a lot to onboard people into crypto, and I’m glad to see that. We’re looking to grow the pie, not just compete for the existing pie. And we see content coins on Base as one way to grow that pie,” Pollack told BeInCrypto.

However, the charts above imply a potential lack of sustained interest, aligning with criticisms questioning the long-term viability of such experiments on platforms like Zora.

The post Zora Engagement Drops 98%: Are Content Coins Losing Their Appeal? appeared first on BeInCrypto.

Solana price has recently made efforts to recover the losses it experienced earlier this month. However, these attempts have been stalled by crucial holders choosing to sell, putting significant pressure on the price. 

Despite this, new investors remain bullish, hoping for further upside in the near term.

Solana Holders Are Selling

Last week, Solana’s long-term holders (LTHs) shifted from selling to accumulation, offering hope for a price recovery. Unfortunately, this shift was short-lived, as the HODLer net position change has since dropped back below the zero line.

This indicates that LTHs are back to selling, which could exert downward pressure on the price.

Given that LTHs control a large portion of the market’s supply, their selling activity significantly influences Solana’s price action.

This selling trend could lead to further declines, especially if the momentum continues in the coming days.

On a more positive note, Solana is experiencing a sharp uptick in new addresses, signaling growing interest in the altcoin. This trend highlights that, despite volatility, new investors are optimistic about Solana’s potential.

The increase in new addresses suggests that Solana is gaining traction, particularly among those looking to capitalize on potential price gains.

The influx of new investors indicates that there is still substantial confidence in Solana’s future. This optimism could play a critical role in helping the cryptocurrency weather its recent volatility. 

SOL Price May Suffer

At the time of writing, Solana is trading at $146, reflecting a 5.6% increase over the last 24 hours. The altcoin is currently facing resistance at $150, a crucial barrier for the price to surpass.

However, unless stronger bullish signals emerge, Solana may struggle to break through $150 before Q3 begins.

The altcoin could hover around the $144 mark or even dip to $136. This could result in a consolidation period as investors await clearer cues from the broader market.

On the other hand, if the broader market turns bullish, Solana’s price could surpass the $150 resistance level.

A break above this price, followed by flipping $152 into support, would invalidate the bearish outlook and signal a strong upward move for the altcoin. 

The post Solana Price’s Rise Past $150 Faces Challenges from Key Holder Selling appeared first on BeInCrypto.