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Solana (SOL) slumped recently as the coin reached below the $155 mark. The current session shows Solana (SOL) is trading at $152 level. While Solana (SOL) nosedives, other altcoins surge!
DTX Exchange and Litecoin (LTC) are among the coins that are controlled by a strong bullish sentiment. Though Litecoin (LTC) has been performing well, the DTX token surges unparalleled and gives competition to altcoin. DTX’s $5.1 million presale raise is a testament to its massive success.
Solana’s (SOL) Descending Trajectory
Buyers are trying to keep Solana (SOL) above $150 and try to push it back to $160 in an effort to reverse its recent fall. After failing to get above $160 this week, Solana (SOL) saw a severe fall. The price started to rise on Friday after breaking over the 50-day SMA and closing at $145. Even though momentum slowed over the weekend, SOL stayed positive, rising 0.66% on Saturday and 0.91% on Sunday to surpass the 20-day SMA and close at $147.
As Monday’s markets rebounded, Solana (SOL) saw a notable surge, climbing about 7% to break above the 200-day SMA and $150 to close at $157. Volatility increased on Tuesday as buyers tried to push the price above $160. Nevertheless, sellers gained control as buyers lost steam against fierce resistance, sending Solana (SOL) plunging to a day low of $150 before rising and settling at $154 following an almost 2% drop.
On Wednesday, buyers attempted to push to $160 once more but were unsuccessful as SOL showed a slight decline. Solana (SOL) dropped to a day low of $147 on Thursday as bearish sentiment intensified. However, it rebounded from this level, with the 20-day SMA acting as a dynamic support level and eventually settling at $150.
The current session sees Solana (SOL) up by almost 0.28% and trading at $152 as buyers plot another attempt to push above $160. Bulls have kept SOL above $150, indicating strong support at this level. If SOL can build momentum and make above $160, we could see a move to $180-$190 materialize. However, buyers must keep SOL above $150 for such a scenario to play out.
What’s Driving Litecoin’s (LTC) Price Surge?
After months of quiet, Litecoin (LTC), the third-largest cryptocurrency using the proof-of-work (PoW) consensus, is showing signs of a bullish shift. With a market cap of around $6.2 billion and an average daily trading volume of $523 million, Litecoin has jumped more than 14% in the last two weeks, trading at $73.86 as of Friday, October 18, during the early Asian trading hours.
Several factors are pushing 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). With the possibility of Donald Trump winning the 2024 election, there’s increasing speculation that SEC Chair Gary Gensler could be replaced, raising hopes that the spot LTC ETF might be approved next year.
Institutional support for Litecoin (LTC) has also been strong. Major players like Fidelity Crypto and Grayscale Investments have backed the asset, helping build its reputation and market value. According to market and on-chain research by Santiment, the ongoing Litecoin (LTC) price bullish breakout is majorly attributed to rising demand from both retail and institutional investors.
Specifically, Santiment noted that Litecoin’s on-chain transactions spiked to $3.97 billion on October 17, the highest since June 3, 2023. The Litecoin (LTC) network has continued to grow in the past years to a major crypto project, backed by over 9.2 million holders. As of this writing, the Litecoin network had 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 undisputed security, the Litecoin (LTC) network has been integrated as a form of payment by dozens of web3, and web2 business projects. For instance, PayPal-backed Venmo recently partnered with MoonPay to allow 60 million users in the US to buy Litecoin. Regardless, DTX Exchange is taking a lead in the DeFi space.
DTX Exchange Revolutionizes Industry With Unique Offerings
DTX Exchange (DTX) has received tremendous success because of the advantages it offers to users. With features from CEX and DEX, the DTX platform has evolved into a trading hub for all time. The fundamental expansion and market necessity are driving the DTX Exchange’s (DTX) high demand.
The cutting-edge Layer 1 blockchain technology of DTX Exchange (DTX) makes it unique. It 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 hitting another milestone for $0.08. The DTX team has set a goal of $6 million by the end of October. Whales from various cryptocurrency groups have already reserved their spots in the DTX presale.
Key Takeaways
- Solana (SOL) takes a dip to the $152 mark.
- Litecoin (LTC) surges amid increased demand.
- DTX Exchange becomes DeFi king with a $5.1 million presale raise.
Learn more:
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Visit DTX Website
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Source: https://finbold.com/solanas-bull-run-is-hitting-the-brakes-dtx-exchanges-q4-mainnet-launch-rivals-ltc-demand-after-5-1-million-raised/