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03/21/2024

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Solana (SOL) Jumps Above $190 as Cryptocurrency Market Goes Up

SOL coin has surged past $190 and is eyeing $205 following a robust recovery. Investor confidence is on the rise due to easing Federal Reserve concerns until May. However, market volatility is anticipated to increase with the approaching activity in the US stock market.

Solana (SOL) Jumps Above $190 as Cryptocurrency Market Goes Up

SOL coin has surged past $190 and is eyeing $205 following a robust recovery. Investor confidence is on the rise due to easing Federal Reserve concerns until May. However, market volatility is anticipated to increase with the approaching activity in the US stock market.

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SOL Coin soared past $190, joining Bitcoin’s recovery, which led to gains in other altcoins. Some cryptocurrencies surged by as much as 20%. The daily increase, surpassing 4%, demonstrates the swift rebound in Bitcoin prices and showcases the volatile nature of cryptocurrencies.



SOL Coin Continues Surge Above $190

The price of SOL Coin has exceeded $190, marking a gain of approximately 13% for the day. Following a dip to the 20-day Exponential Moving Average (EMA) at $158 yesterday, SOL Coin has shown a robust recovery, with its sights now set on reaching $205.

Investor sentiment received a boost as concerns over Federal Reserve actions subsided until the next meeting in May, providing relief for investors over the next 40 days. However, there remains a short-term risk with March inflation data potentially impacting risk markets negatively.

Achieving closes above $205 could pave the way for SOL Coin to target the $260 all-time high (ATH) region once again. However, the performance of Bitcoin prices will play a significant role in influencing SOL Coin and other altcoins over the next 12 hours.

Meanwhile, as US stock markets prepare to open in the next 13-14 hours, heightened volatility is anticipated, particularly during the initial minutes of ETF trading.

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XRP and ADA Coins React to Market Volatility

Following the revelation of the BlackRock ETF hoax, XRP Coin briefly revisited $0.74 before profit-taking reversed the situation. Currently, the price has shifted from the $0.58 support to $0.61, registering modest gains of around 4%, comparatively lower than other altcoins experiencing double-digit increases.

Meanwhile, ADA Coin is positioned at the $0.64 level after starting the day with a notable 10% surge. Finding support at $0.57, ADA Coin could potentially continue its upward trajectory towards $0.68. However, the anticipated increase in general market volatility over the next 12-14 hours, as noted in the SOL Coin assessment, remains pivotal. In the event of a downturn, ADA’s price could face downward pressure, potentially dropping to $0.53 with closes below $0.57.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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