As a seasoned researcher with extensive experience in the crypto market, I’ve closely observed the recent surge of Solana (SOL) and its ecosystem altcoins, Jupiter (JUP) and Nosana (NOS). Having closely followed their price movements and fundamentals, I believe that these coins have significant potential to outperform as we move deeper into this bull market.
As a researcher exploring the cryptocurrency market, I’ve noticed Solana (SOL) experiencing significant growth lately. This surge in popularity is also spurring on some of its ecosystem altcoins. Among these coins, Jupiter (JUP) and Nosana (NOS) have caught my attention as they hold the potential to deliver impressive returns during the ongoing crypto bull market.
$SOL upward trend likely to persist
$SOL has been one of the stand-out performers so far in this crypto bull market. From a low of $8, set right at the end of 2022, the $SOL price has since risen spectacularly, setting a local high of $210 in mid-March of this year.
The number of daily transactions and active users on the Solana network is currently surpassing that of Ethereum, excluding layer 2 solutions. This pattern may well continue.
In general, Solana ($SOL) has outperformed most coins in its ecosystem. Yet, some Solana-linked altcoins could potentially challenge this pattern as the late-stage bull market unfolds.
$JUP breaks out and looks to find support
Jupiter has rapidly emerged as one of the leading DeFi aggregators, with its price showing impressive rebounds from the significant 0.618 Fibonacci level multiple times. Notably, it broke through the descending trendline, resulting in a current price above $1.00.
At the end of each trading day, the closing price of JUP will determine if the $1.00 resistance level can be converted into support. The anticipated prices for JUP are $1.40, $1.60, and the record high of $1.85. Should JUP manage to breakthrough, potential targets of $2.60 and $3.80 may become reachable.
$NOS about to power out of the blocks
Nosana (NOS) stands out as the premier AI application on the Solana blockchain. It offers a decentralized, open-grid computing system that makes affordable GPU processing available to all.
The price of $NOS hasn’t taken off just yet, but a foundation is forming with $2.86 as a potential lower limit.
In analyzing the Fibonacci retracements of NOS‘s price chart, we observe that the levels at 0.236 and 0.382 have previously been touched. At present, the cost has returned to the fundamental support area.
Based on my extensive experience in analyzing financial markets and identifying trends, I strongly believe that the current downward trend for $NOS could be interrupted soon. Within the next day or two, we may witness a breach of this trend line. Once this occurs, I anticipate $NOS will reclaim the two Fibonacci levels it has previously lost, which stand at around $3.95 and $4.23 respectively.
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2024-07-22 19:11