News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/f6mraHu6zv
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjKWitK https://t.co/JMsJPQlQ3j
  • 🇳🇱 Consumer Confidence (SEP) Actual: -5 Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • A rough start to the week with the cryptocurrency market a sea of red with losses on either side of -10% a common sight.Get your market update from @nickcawley1 here:https://t.co/AUfuM9t7yw https://t.co/lU6HS7fHwr
  • RT @FxWestwater: Gold, Copper Forecast: XAU Eyes FOMC, Evergrande News Sends Copper Flying Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/22/Gold-Copper-Forecast-XAU-Eyes-FOMC-Evergrande-News-Sends-Copper-Flying.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/x2sC…
  • Heads Up:🇳🇱 Consumer Confidence (SEP) due at 04:30 GMT (15min) Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • PBoC liquidity injection + reports that Evergrande will make its next onshore bond payment ($35.88-million on 23 Sept) is bolstering risk appetite here. Yet, there is still no word on the $83.53-million offshore bond payment also due Thursday. Over to you now, Jpow & Co. https://t.co/3an0K2d5T1
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/ewdevfzq9I
  • Bank of Japan: - Outlook highly uncertain amid Covid - Asset purchase outline unchanged - Cuts assessment of production - exports, production impacted by supply side constraints - BBG
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-22
Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Nick Cawley, Strategist

Ethereum (ETH/USD), and Solana (SOL/USD) Price, Chart, and Analysis

  • Solana continues to print fresh record highs.
  • Double-digit percentage gains in popular alt-coins seen.
  • Ethereum’s slow recovery continues in oversold conditions.

The alt-coin market has seemingly brushed off Monday’s heavy sell-off and continues to forge higher with a range of in-vogue coins printing double-digit percentage gains and some fresh all-time highs. While Bitcoin and Ethereum are slowly regaining recent losses, Solana continues to soar into unchartered territory and now trades above $200 after opening the year at under $2.

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Data via Coinmarketcap

Solana’s popularity as an alternative to Ethereum in the DeFi, smart contract, and NFT space continues to attract buyers and has now seen SOL over Ripple to become the 6th largest cryptocurrency by market capitalization. If Solana is a genuine competitor to Ethereum, holders of SOL will be encouraged by news that analysts at Standard and Chartered Bank recently put a value of between $26k and $35k on Ethereum, a valuation that would allow Solana to appreciate even further, if it came to pass. The recent surge in volume in Solana shows the market’s appetite for its story.

Solana (SOL/USD) Daily Price Chart September 9, 2021

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Chart via Trading View

Solana is not the only alt-coin showing large gains today with Twitter favorites including Algorand (ALGO) up 15% on a 24-hour basis and 72% on a weekly basis, FTX Token (FTX) up 17% and 21% respectively, Near Protocol (NEAR) gaining 25% and 98%, while Fantom is showing a 24-hour gain of 34% and a week on week gain in excess of 120%.

Tuesday’s market shake-out saw the alt-coin market capitalization drop sharply, at one stage losing nearly $400 billion, sending the market valuation tumbling out of the bullish trend channel that has held sway over the last months. The market is now pushing back to trend support and if this is broken and the prior channel is respected again, then a new all-time alt-coin market cap looks increasingly likely.

Cryptocurrency Market Minus Bitcoin September 9, 2021

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Chart via Trading View

The second-largest cryptocurrency by market capitalization, Ethereum, touched a multi-week low just above $3k in this week’s sell-off before regaining around half of its losses. ETH needs to continue this consolidation if thoughts of a fresh high are to entertained and the oversold condition of the market (CCI) may give Ethereum a helping hand, or at least underpin it at current levels. The three simple moving averages remain supportive for now but ETH needs further consolidation and underpinning before bulls can take back control with any confidence.

Ethereum Daily Price Chart September 9, 2021

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

What is your view on Solana, Ethereum, and the Alt-Coin market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES