JAKARTA - Crypto markets are currently experiencing considerable turmoil. Some cryptocurrencies show impressive performance, while others have experienced a significant decline. Among several crypto assets competing in the market, there are three that are attracting attention, namely Cardano (ADA), Ethereum (ETH), and Solana (SOL).
Cardano (ADA)
Cardano (ADA) is one of the largest cryptocurrencies by market cap, which reached $64.9 billion (Rp1,017 trillion) on March 3, 2024, according to CoinGecko data. Cardano is also one of the most traded cryptocurrencies, with a daily trading volume of US$3.2 billion (Rp50.3 trillion).
However, recently, Cardano has shown an alarming trend among investors. A significant drop in trading volume shows that the momentum behind the recent ADA price rally may begin to subside, potentially signaling a period of volatility and price corrections.
John Lee Quigley, research director at Altcoin Buzz, a crypto media platform says Cardano is currently at a critical point, where he should show that he has enough demand to penetrate resistance and continue his upward trend. Otherwise, he could experience a sharp decline and return to his previous level, "quoted from U.Today.
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Ethereum (ETH)
Ethereum is the second largest cryptocurrency by market cap, reaching $212.9 billion on March 3, 2024, according to CoinGecko data. Ethereum is also the most widely used cryptocurrency, with more than one million daily transactions, according to Etherscan data.
Ethereum has climbed a wave of bullish momentum, but like the old saying, what goes up will definitely drop - or at least take a moment of breath. This crypto has seen a sharp rally in price, from 730.37 US dollars (Rp11,445) on January 1, 2024 to 1,823.94 US dollars (Rp28,584) on February 20, 2024, setting a new record high.
However, with such a sharp rise, concerns arise about sustainability and potential reversal. The current situation of the Ethereum rally is one to watch out for. Momentum indicators, although still in the bullish region, are starting to show signs that the rally may be too extended. RSI, a momentum oscillator that measures speed and price movement changes, is approaching level 70, which usually shows overbought conditions, which could preempt price corrections.
We see that Ethereum is experiencing a tremendous rise, but we also see that there are some warning signs that suggest that this rally may require pauses or even corrections. We advise investors to be careful and not too euphoric, as the crypto market is highly volatile and unpredictable," said Simon Peters, market analyst at eToro, a social trading platform.
Solana (SOL)
Solana is one of the most exciting cryptocurrencies in the market today, with a market cap of $8.7 billion on March 3, 2024, according to CoinGecko data. Solana is a blockchain platform that offers scalability, speed and low cost, which makes it a potential competitor to Ethereum.
Solana has shown an amazing performance in recent months, at the price of SOL, native tokens from the network, up from USD 1.51 (IDR 23.674) on January 1, 2024 to USD 14.83 (IDR 232.458) on February 24, 2024, setting a new record high. This increase was driven by the growth of Solana's ecosystem, which has spawned various innovative projects, such as NFT, DeFi, games, and others.
Looking at the price graph of SOL, we can see that the current price tests the Fibonacci level of retracement of 23.6%, which is around Rp. 188,000 ($12). If this level manages to survive as support, then the price of SOL can bounce back and continue its upward trend. However, if this level fails to survive as support, then the price of SOL could drop further to the next level of Fibonacci retracement, which is 38.2%, which is around Rp. 158,000 ($10).
"Solana is one of the most promising cryptocurrencies in 2024, with innovative technologies, a growing ecosystem, and strong support. However, like other cryptocurrencies, Solana is also vulnerable to market fluctuations, and could experience significant price corrections. We advise investors to monitor technical indicators, such as MACD and Fibonacci retracement, to find out optimal entry and exit points," said Michael Novogratz, CEO and founder of Galaxy Digital, a crypto investment firm.
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