Popular cryptocurrency exchange Kraken has announced it’s introducing Ethereum restaking via EigenLayer, allowing users who have already staked their ETH to leverage it through its smart contracts. The new feature could allow ETH token holders to potentially earn additional staking rewards by using their staked ETH – Ether that’s already being staked to help secure
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Solana Targets $160 Resistance As TVL Hits New Yearly Highs
Solana is testing a crucial supply level around $160 following a strong 15% surge since last Friday. The crypto market is experiencing heightened volatility as optimism grows, increasing token prices. In recent weeks, Solana and other major cryptocurrencies have been on a rollercoaster ride, and the coming weeks promise continued uncertainty as volatility shows no signs of slowing down. Related Reading: On-Chain Metrics Reveal Bitcoin Demand Is Growing – Can BTC Break ATHs In Q4? Key metrics from DefiLlama reveal that Solana’s total value locked (TVL) has reached a new yearly high, now at around $6 billion, its highest level since September 2022. This TVL increase signals confidence in Solana’s ecosystem and decentralized finance (DeFi) offerings. Investors and traders are closely watching the market, with Solana’s performance likely to serve as a key indicator for broader market sentiment. As Solana tests this crucial resistance level, the next few days will determine whether the token continues its upward momentum or faces another round of volatility. Solana Testing Crucial Resistance Solana is flirting with a 5% surge, poised to challenge local highs and potentially confirm a long-term uptrend. As the broader crypto market experiences a shift, investors and traders are eagerly searching for signals that Solana is ready to break into new highs. Key data from DefiLlama shows that Solana’s total value locked (TVL) has reached a new yearly high of $6 billion. TVL measures the total value of assets deposited into a blockchain project and is a key indicator of user confidence and engagement. A rising TVL suggests that more users are locking their funds into Solana’s decentralized applications, a sign of growing trust in its ecosystem. This increase in TVL further supports the bullish outlook that many investors hold for Solana. The platform’s expanding DeFi offerings and solid infrastructure make it a strong contender in the altcoin space. As Solana continues to push toward new highs, such fundamental data reinforces optimism about its future price action. Related Reading: Ethereum Could Target $3,400 Once It Breaks Above Bullish Pattern – Details A confirmed surge above key resistance levels could begin a sustained upward trend for Solana, positioning it as one of the top performers in the market. Investors are watching closely to see if the current price movement can translate into a longer-term rally. Key Levels To Watch Solana is currently trading at $155 after a volatile session yesterday. The price successfully retested and now holds above the 200-day moving average (MA) at $151, signaling strong support for the asset. This level has been a key indicator for traders, and maintaining it is crucial for sustaining the current bullish momentum. For bulls to keep the momentum going, SOL must stay above this 200-day MA and break through the $160 level. Such a move would likely confirm a bullish trend and propel Solana to test its yearly highs around $210. This would mark a significant upward move, reflecting optimism in the market and increasing confidence among traders and investors. However, the bullish momentum could weaken if the price fails to close above $160 and holds above the 200-day MA. In this case, a retracement is likely, with the price potentially dropping to lower demand levels around $140. Related Reading: Active Dogecoin Addresses Reach Highest Level In 8 Months – Is DOGE About To Rally? This correction would serve as a consolidation phase before any further upward moves. Traders are closely watching these key levels as they will dictate Solana’s next major move in the market. Featured image from Dall-E, chart from TradingView CryptoGlobe
Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10
Dogecoin (DOGE), the world’s largest meme coin has recently seen a sharp decline in its holder base, with new data confirming that the number of active long-term holders has fallen to a six-month low. Amidst this bearish development, a crypto analyst remains optimistic about Dogecoin’s price outlook, believing that it can reach new All-Time Highs (ATH) of $10 soon. Dogecoin Holder Base Sees Rapid Decline Santiment, a Market Intelligence platform has unveiled a rather bearish trend involving Dogecoin investors and holders. The platform revealed in an X (formerly Twitter) post on October 15 that the number of active Dogecoin holders is falling at a significantly rapid pace. Related Reading: Bitcoin Stochastic Breakout Puts BTC Price Above $500,000, Here’s When Based on its reports, there has been a net loss of approximately 106,600 non-empty wallets since Tuesday, October 8. A non-empty wallet here refers to a crypto wallet that contains at least some DOGE tokens. Sharing a chart illustrating the decline in the Dogecoin holder base, Santiment revealed that the total number of Dogecoin holders is estimated currently at 6.62 million. This figure marks the lowest the DOGE holder base has ever been since April 25, 2024. The net drop of 160,600 indicates that more people are either selling off or withdrawing the DOGE tokens from their wallets than those buying the meme coin. In light of this, Santiment has noted a shift in investors’ sentiment and interest in Dogecoin. The market intelligence platform has disclosed that many traders who had invested in Dogecoin are expressing frustration about the meme coin’s poor market performance. As a result, traders, especially those looking for short-term gains, are moving away from Dogecoin in search of a cryptocurrency that might offer rapid price increases. As of writing, Dogecoin is trading at $0.12, experiencing slight upticks over the weeks, according to CoinMarketCap. It appears the meme coin’s 10% surge and 17% increase in the past week and month respectively, has not been enough for many investors. As the top meme coin in the market, many expect a dramatic DOGE surge to occur in order to reap immense benefits. However, the cryptocurrency’s recent fluctuating performance and inability to reach the coveted $1 mark has left many investors concerned. Analyst Doubles Down On $10 Price Target For DOGE Amidst the decline in the Dogecoin holder base, a crypto analyst remains highly bullish on the meme coin price outlook. Dima James Potts, an analyst on X has doubled down on his earlier prediction that Dogecoin is headed to $10. Related Reading: Crypto Analyst Identifies Bull Flag That Could Send Solana Price To $1,400 In a previous X post on August 8, Potts predicted that Dogecoin is gearing up for a major price increase in 2025. At the time, the analyst based his forecast on DOGE’s historical patterns and past performance, highlighting that in the two previous market cycles, Dogecoin had surged 9,000% and 18,000% in 2017, and 2021 respectively. Now the analyst is reinforcing his earlier prediction, emphasizing that history cannot be changed, while asserting that a $10 price surge for Dogecoin was seemingly inevitable. Featured image created with Dall.E, chart from Tradingview.com CryptoGlobe