The crypto market has seen some wild swings this month due to fear, uncertainty, and doubt caused by geopolitical tensions. In these unpredictable times, it is wise to look for new opportunities to re-enter the market.
This is precisely what some Solana (SOL) and Cardano (ADA) crypto whales are doing as they sell their holdings and track the progress of a new and rising project, Cutoshi (CUTO), in hopes of outperforming the current market.
Solana (SOL): Frequent Swings Trapping Traders In Weak Positions
Solana (SOL) made a significant 4.6% recovery yesterday after facing bearish pressure for the week. After an intraday surge of 2.6%, the current market price for Solana (SOL) is $146.36. Over the past 24 hours, Solana (SOL) has decreased, indicated by a decline of over 12% in daily trading volume.
Solana (SOL) trades above the 50-day Simple Moving Average (SMA) and below its 100-day SMA. The MACD (Moving Average Convergence and Divergence) indicator has just turned positive, indicating bullish momentum. However, the RSI (Relative Strength Index) currently has a value of 53, showing a neutral stance between bears and bulls.
A resistance level at the $152.34 price mark threatens Solana’s (SOL) short-term bullish movement. If Solana’s (SOL) price moves past this, $159.64 could be another significant resistance level. A support level for Solana (SOL) lies at $135.90, with stronger support at $127.08.
Cardano (ADA): Traders Losing Hope For Recovery
Cardano (ADA) is down 88% from its All-time High (ATH) of $3.1 made in September 2021. After giving some hope for recovery this year, Cardano (ADA) has seen a significant downtrend since March and is 56% below its 52-week high.
Cardano (ADA) currently trades at $0.3546 with a market cap of over $12 billion. Cardano’s (ADA) daily volume dropped over 16%, but the price increased by 2.3% in the last 24 hours.
The Cardano (ADA) price has just crossed the 50-day SMA to trade above it, but it is below the short-term 20-day SMA.
The $0.3323 price level immediately supports Cardano (ADA), with another significant support at $0.3206. Cardano (ADA) has resistance levels at $0.3675, where bearish pressure could prevent the price from increasing, as the next significant resistance is much higher at $0.4071.
Cutoshi (CUTO): New Utility Token Challenging Solana Memecoins
Cutoshi is inspired by The Chinese Lucky Cat, Maneki-Neko, which brings luck and good fortune to its owners. The project has brought the lucky cat’s power to the blockchain to bring prosperity to your digital assets.
However, Cutoshi is not just a meme coin but a utility token with a serious mission of bringing DeFi to the masses. Cutoshi spreads the idea of adopting decentralization, privacy, and monetary freedom.
The Cutoshi DEX is a multi-chain exchange that will allow trading and cross-chain asset swapping with minimal fees and saves users time. Twenty percent of the 0.25% transaction fee will be used to accelerate the platform’s growth, and the rest will go to liquidity providers.
The presale is in stage two after raising over $500,000 in stage one within a couple of days. CUTO’s price is $0.022 at the moment and is projected to increase to $1 by the time of listing. This enormous growth potential of over 4000% has led to investors rushing to join its presale.
For more information on the Cutoshi (CUTO) Presale:
https://cutoshi.com
Join and become a community member:
https://t.me/cutoshi
Source: https://blockchainreporter.net/crypto-whales-have-sold-off-huge-amounts-of-solana-and-cardano-holdings-to-buy-cutoshi/