Altcoins
Could Q4 be the time for TRON (TRX) to shine finally?
Regarding developments, we can all agree that TRON (TRX) is by far one of the most outstanding cryptocurrencies in the market. In fact, this year only the coin has seen some of the most significant updates such as the launch of its main net, the migration of their tokens, the creation of the Super Representative Elections, the long-desired purchase of BitTorrent, the launch of the TRON virtual Machine, the recent project Atlas, and so many others.
And that all without even keeping to account the numerous partnerships that the company established with several organizations from all around the world.
In this sense, what we all were waiting was that the coin had a skyrocket at any point and would land in a fresh and renovated position in the charts.
However, the reality has been entirely the opposite as the token passed from being a top-ten coin to now being placed in the 13th position of the lists, a situation that has had many of us feeling anxious and concerned.
So we‘ve been all wondering when the token price will reflect all of the hard work that is being put into the blockchain, or in other words, is it really going to happen that the coin matches the efforts of the company? Well, we have reasons to believe that the fourth quarter may be the time for the cryptocurrency, let’s see the main details.
Q4 and Tron (TRX)
At the time of writing TRON (TRX) has a value of 0.02263 dollars, and has decreased 3.70 percent in the last 24 hours according to coinmarketcap.
Nonetheless, as it seems, things are about to change in the coming quarter as Justin Sun is working tirelessly to increase the awareness and adoption of the coin, a move that logically, will have a repercussion as well in the price of the TRX token. The panorama appears to be good looking in the fourth quarter, and the main reasons for that are the following:
- Social media sentiment: When it comes to interacting with its community TRON has shown the best strategies to keep its followers really close. In this sense, every day the CEO of the company shares each and every one of the steps the company is about to make, and this has created a generalized positive sentiment among its enthusiasts.
- Blockchain features: Ever since TRON’s blockchain was launched the platform has been increasing its functionalities with the most exceptional features in the sector. In fact, every day the network grows concerning particular characteristics, a fact that at large, will help the token to gain mass adoption.
- Partnerships: TRON has never stopped building relationships with the market, and this has been a crucial piece of the puzzle that is on the making for the company. Several organizations from all around the globe support TRON right now, including famous exchanges and wallets that have helped the platform to migrate their tokens.
- Justin Sun’s commitment: Even though it’s only a matter of promises, we all know Justin Sun is a committed businessman that is willing to work hard in order to succeed in the industry, and he has said recently he’s committed to giving more recognition and value to the TRX token, so we can all wait for that.
- Dapp approach: Another important fact is that TRON has been gaining more adoption form decentralized applications, and he has even invited Dapps developers today to join Tron network and stop using Ethereum. Seeing the comparisons he made with Ethereum for developers, it looks more Decentralized applications coders might turn to Tron, which indeed might TRX value.
Conclusion
As always, we all need to agree to the fact that TRON has definitely all the tools to become the next big crypto in the market, and even further, TRON has all the necessary weapons to fulfill its mission of decentralizing the internet.
However, would this translate as in the value of the coin? Well, we all wait for that. In the meantime let us all note that the company is making the most significant efforts. So stay tuned, Q4 may be the time for a Tron (TRX) price increase.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Fausto García on Unsplash
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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