Smart contract platform Solana (SOL) left behind a ‘fluctuating’ week when news of ‘wormhole’ attacks, which caused $322 million in losses last week, circulated in the media. The Cardano (ADA) movement, on the other hand, remained ‘gloomy’ but managed to become a hot topic with news of a proposed change in network block size.
Left (LEFT)
Left (LEFT) It is still insufficient to describe the summary of the week we left behind as ‘upside down’. Solana, the third largest smart contract platform, took the spotlight after ORCA and FIDA became the first SPL (Solana Program Library) tokens to be listed on Coinbase.
This development was followed by a ‘triangle breakout’ that helped SOL test $112 for the first time since its massive crash in January. Solana’s weekly ROI, on the other hand, climbed up to 18% overall over the weekend.
The wormhole attack on the Solana network cost $322 million in losses and was enough to halt SOL’s progress on the chart. A sell-off of 16% occurred shortly after the price slipped back inside an ascending triangle. For the next week, traders will expect a close above the 38.2% Fibonacci level. A breakout could create a short-term profit at $112 or $120.
Any further upside will be limited by a supply zone of $130-138.5. Meanwhile, a correct slide below the 23.6% Fibonacci level could result in a retest of the $82 support.
Cardano (ADA)
Starting the week with a rather lifeless look Cardano (ADA), failed to create a large price volatility as it remained in a symmetrical triangle setup. Weekly ROI was only 3.6% thanks to ‘mini-jumps’ in a broader risk-only market.
The general outlook remained the same as last week. A bounce towards the $1.4 level was predicted by analysts next week, provided Bitcoin remains stable above $37,000. Meanwhile, InTheBlock revealed that 80% of ADA holders are ‘at a loss’ at current price levels. The ADA may hold above the $0.92 level before new long-term trades are launched, as the majority of traders will not want to sell while they are at a loss.
Meanwhile, Cardano has been on the agenda a lot after “Imput-Output” suggested increasing the block size of the network by 11%. The recommendations were launched with the aim of improving the performance of applications built on Cardano and increasing the capacity of the public network.
Ethereum (ETH)
Ethereum’s ascending wedge resulted in a break above $2850 which extended itself just above the $3,000 level. Ethereum (ETH) overall it is pretty close to ending the week with a return of 18% and has managed to stay above Solana at this level. If ETH can catch price action above the 78.6% Fibonacci level, the outlook will remain ‘bullish’ for the next week.
There was no unusual news on the ETH side, apart from the news of a few whale transfers to non-exchange addresses throughout the week.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.