Just think that at the beginning of November 2024, before the so-called Trump trade, it was still at 0.1$, since the price of ALGO had never yet managed to recover from the deep crash of 2022/2023.
And so even the Trump trade did not manage to revive its fortunes.
After barely managing to climb back above $0.5 in December, in the new year it has plunged back below $0.2, which is a price in line with that of the end of 2022.
Moreover, the new drop that started in February below $0.4 seems that it might still not be completely over, also because from the current $0.19 to October’s $0.11 there is still ample room for a decrease.
The future prospects for the price of Bitcoin and Solana after today’s performances
At this moment, it seems that the medium-term future prospects of the crypto markets are tied solely to the trend of Bitcoin’s price, with the altcoins merely following.
In fact, the dominance of Bitcoin according to TradingView has risen above 62%, which is the highest level since March 2021, before the first major altseason of 2021 began.
Before Trump’s victory, it was at 57%, and in November it had not managed to get back above 62%.
Furthermore, the altseason index of CMC highlights how the crypto markets are in the midst of a full Bitcoin season, which is the opposite of the altseason, and this implies that at this moment they depend on the price movements of Bitcoin.
The problem is that there is a serious possibility that the decline may resume, even if not necessarily in the short term.
Analysis of the previous performance of ADA (Cardano)
The trend of the prezzo di ADA, the crypto native to Cardano, follows a different path yet again.
Unlike Solana, the memecoins have not influenced ADA, and in fact, there was no burst of a mini-bubble. However, like Bitcoin, the lateralization phase that began in December concluded in the following months.
The bear-market of 2022 for Cardano ended only in November 2024, with the victory of Trump. Since it had already started at the end of 2021, it lasted almost three years.
The all-time high of ADA was reached in September 2021, at $3.1, while at the end of October 2024 the price was still below $0.4.
The bear-market of Cardano has been so long and deep that not even the mini-altseason at the end of November 2024 managed to bring its price back to $3.
In fact, the peak maximum of 2024 was reached at the beginning of December, barely surpassing $1.2, followed by a period of sideways movement, which ended at the beginning of February.
At the end of February, the price of ADA had returned below $0.6, a level slightly higher than that of the end of October. However, it managed at least to climb back above $0.7.
Unlike XRP, the sideways phase of Cardano that began in December has now been over for more than a month and a half. Unlike Solana, ADA is managing to stay above the levels of late October.
However, ADA does not seem to have enough strength for a new rally in the short term.
The impact on the professional trading sector
The agreement between Kraken and NinjaTrader is not just a strategic move for Kraken, but also a signal of evolution in the professional trading sector. By combining advanced analytical tools and high liquidity, the platform resulting from the operation could establish a new standard for institutional and retail traders.
Furthermore, the integration of NinjaTrader will allow Kraken to strengthen itself in a regulated market, a fundamental aspect in a context where regulatory authorities are increasingly attentive to cryptocurrency exchange platforms.
The bankruptcy of FTX and its impact on the price of Solana
To further complicate the picture, there is the role of the bankruptcy of FTX, an event that continues to leave significant repercussions on the entire sector. The collapse of the exchange at the end of 2022 deeply shook investors’ confidence and highlighted the weaknesses of many centralized platforms.
After more than two years of waiting, the first reimbursements to affected users have finally begun, with an unlocking of 11.2 million SOL, worth approximately $2 billion ready to flow into the market. This process, while representing a positive signal, introduces further uncertainties, influencing liquidity and investor behavior.
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