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Updated December 22nd, 2023 at 12:58 IST

Solana gains 17%, Crypto market remains positive

Solana (SOL) has shown exceptional gains in the last 24 hours, gaining more than 17 per cent. With these gains, it has surpassed XRP as the 5th largest crypto.

Anirudh Trivedi
Solana
Solana | Image:Unsplash
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Solana gains 17 per cent: Solana (SOL) has shown exceptional gains in the last 24 hours, gaining more than 17 per cent. With these gains, it has surpassed XRP as the 5th largest crypto by market capitalisation. 

On the other hand, BTC and ETH maintained positive momentum in the last 24 hours, after the release of weekly jobless claims data and US GDP quarterly growth data. The US market also closed in the green, and the decline in the DXY (dollar index) is viewed positively for the crypto market.

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The Crypto Fear and Greed Index also reflects the positive sentiment in the market, surging to 74 points. 

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While talking to the Republic Business, CoinDCX Research Team said, “BTC is currently positioned near the resistance zone at $44,000-$44,500. On the other hand, ETH is trading between two significant levels at $2,130 (support) and $2,450 (resistance). As it's the weekend and Christmas, lower market volume is anticipated, possibly leading to sideways movement for a few days. Notably, top altcoins such as Solana, AVAX, and DOT continue to show strength in the market.”

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Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said “With an uptrend building up again as some losses are reversed, BTC is back to trading above the $44,000 mark. Narratives including the expected Spot BTC ETF approval continue to sustain investor confidence. Given the recent price action, however, the market is expecting low volatility for BTC in the coming days.”

“In the altcoin universe, Solana is grabbing investor attention. Shortly after bypassing XRP to become the 5th largest crypto. Currently trading around $95, SOL started the year at around $9.96 and has grown over 840 per cent in 2023,” added Chaturvedi. 

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Sudeep Saxena, Co-founder, CoinGabbar, said, “Bitcoin has established a stable range, hovering around the crucial $45,000 resistance level, suggesting a bullish sentiment in the market. The SEC is anticipated to make decisions on multiple ETF proposals in early January, potentially leading to a ‘buy the rumour, sell the news’ scenario.”

Edul Patel, CEO, Mudrex, said, “The past 24 hours have witnessed Bitcoin reclaiming the $44,000 level, fueled by discussions on Bitcoin ETFs involving BlackRock, Nasdaq, and the SEC. Demonstrating a significant 16 per cent gain this month and an impressive 165 per cent surge year-to-date, the market is propelled by Argentina officially adopting Bitcoin as its currency.”

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Underlining Salvador’s plan to issue citizenships to Bitcoin investors, Patel said, “El Salvador's recent law offering citizenship to foreign Bitcoin investors also contributes to the positive sentiment. BTC encounters resistance at $44,300 and has support at $43,500. The prevailing optimism suggests the potential for Bitcoin to reach the $48,000 level soon.”

In a positive development for the ecosystem, France continues to support the crypto industry by rolling out licences to Coinbase and Circle.

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Published December 22nd, 2023 at 12:35 IST

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