Solana (SOL) experienced a recent decline as the coin dropped below the $155 threshold. The current trading session shows that Solana (SOL) is currently trading at the $152 level. While Solana (SOL) is facing a downward trend, other alternative coins are experiencing a surge in value.
DTX Exchange and Litecoin (LTC) are among the coins that are benefiting from a strong bullish sentiment. Although Litecoin (LTC) has been performing well, the DTX token is experiencing an unparalleled surge and is giving tough competition to other alternative coins. The fact that DTX raised $5.1 million in its presale is a clear indication of its tremendous success.
Solana (SOL) has been on a descending trajectory, with buyers trying their best to keep its value above $150 and push it back to $160 in order to reverse its recent fall. However, after failing to surpass the $160 mark earlier this week, Solana (SOL) experienced a significant drop in value. The price started to rise on Friday after breaking above the 50-day Simple Moving Average (SMA) and closing at $145. Despite a slower momentum over the weekend, SOL remained positive, with a 0.66% increase on Saturday and a 0.91% increase on Sunday, surpassing the 20-day SMA and closing at $147.
As the markets rebounded on Monday, Solana (SOL) witnessed a notable surge, climbing approximately 7% to break above the 200-day SMA and $150, closing at $157. The volatility increased on Tuesday as buyers attempted to push the price above $160. However, sellers gained control as buyers lost momentum against strong resistance, causing Solana (SOL) to plummet to a daily low of $150 before experiencing a slight recovery and settling at $154 after a drop of almost 2%.
On Wednesday, buyers made another attempt to push the price to $160 but were unsuccessful as SOL showed a slight decline. Solana (SOL) dropped to a daily low of $147 on Thursday as bearish sentiment intensified. However, it bounced back from this level, with the 20-day SMA acting as a dynamic support level, and eventually settled at $150.
In the current trading session, Solana (SOL) has seen an increase of approximately 0.28% and is trading at $152 as buyers are planning another attempt to push it above $160. The fact that SOL has remained above $150 indicates strong support at this level. If SOL can gather momentum and surpass $160, there is a possibility of reaching the $180-$190 range. However, buyers must ensure that SOL remains above $150 for this scenario to unfold.
As for Litecoin (LTC), the third-largest cryptocurrency that utilizes the proof-of-work (PoW) consensus, it has recently shown signs of a bullish shift after a period of relative quietness. With a market capitalization of around $6.2 billion and an average daily trading volume of $523 million, Litecoin has experienced a more than 14% increase in the past two weeks, trading at $73.86 as of Friday, October 18, during the early Asian trading hours.
There are several factors driving Litecoin’s recent growth. Earlier this week, Canary Capital filed the first spot Litecoin (LTC) ETF with the U.S. Securities and Exchange Commission (SEC). Additionally, there is speculation that if Donald Trump wins the 2024 election, SEC Chair Gary Gensler could be replaced, which raises hopes for the approval of the spot LTC ETF next year.
Institutional support for Litecoin (LTC) has also played a significant role in its surge. Major players like Fidelity Crypto and Grayscale Investments have backed the asset, contributing to its reputation and market value. According to market and on-chain research by Santiment, the current bullish breakout of Litecoin (LTC) is primarily driven by rising demand from both retail and institutional investors.
Santiment specifically highlighted that Litecoin’s on-chain transactions reached $3.97 billion on October 17, the highest since June 3, 2023. The Litecoin (LTC) network has grown significantly in recent years, with over 9.2 million holders backing the project. As of now, the Litecoin network has a total hash rate of 1.31 PH/s and a total mining difficulty of 42.19 M.
Due to its high throughput, low transaction fees, and secure nature, the Litecoin (LTC) network has been integrated as a form of payment by numerous web3 and web2 business projects. For example, Venmo, which is backed by PayPal, recently partnered with MoonPay to allow 60 million users in the US to purchase Litecoin. However, DTX Exchange is leading the way in the decentralized finance (DeFi) space.
DTX Exchange (DTX) has experienced tremendous success due to the advantages it offers to users. With features from both centralized exchanges (CEX) and decentralized exchanges (DEX), the DTX platform has become a trading hub for all types of traders. The expansion of its fundamental features and the market demand have contributed to the high demand for DTX Exchange (DTX).
What makes DTX Exchange (DTX) unique is its cutting-edge Layer 1 blockchain technology, which is based on the Ethereum blockchain and allows for 1,000x leverage and high-speed trading. DTX does not require KYC verification and provides non-custodial wallets and distributed liquidity pools.
With $5.1 million raised so far, DTX is on the verge of reaching another milestone at $0.08. The DTX team has set a goal of reaching $6 million by the end of October. Whales from various cryptocurrency groups have already reserved their spots in the DTX presale.
In summary, Solana (SOL) has experienced a decline in value, while Litecoin (LTC) has seen a surge in demand. DTX Exchange (DTX) has revolutionized the DeFi industry with its unique offerings and has raised $5.1 million in its presale.
