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Cardano surpasses $0.7 resistance, sparking investor optimism for a potential breakout in a volatile market.
Cardano (ADA) just broke key resistance levels to cross $0.7. The move has sparked optimism among crypto investors. The new milestone hints at a potential breakout that could further gain strength in a favourable broader market.
With the market still unpredictable, can the ADA price keep up the momentum?
ADA is in a short-term uptrend
Technical indicators give a mixed outlook for the ADA price, with the Relative Strength Index (RSI) currently at 60. It suggests that the asset is closing in on overbought conditions. However, the Cardano price has yet to touch that, leaving room for returns for those who take quick actions.
The Moving Average Convergence Divergence (MACD) shows the MACD line slightly above the signal line. Although it indicates a potential bullish trend, the Average Directional Index (ADX) points to a weak trend strength at 20.
ADA is trading above its 50-day simple moving average (SMA) of $0.725, strengthening the bullish sentiment. However, it is slightly below the 200-day SMA of $0.750. This means bullish confirmation has yet to be established.
ADA appears to be in a consolidation phase with a slight bullish bias. In the large bearish market, it remains to be seen if ADA can defy the broader trends. The positive sentiment around Cardano will grow stronger if the altcoin manages to rise above the 200-day SMA. But if it slips below the 50-day SMA, bearish sentiments will take over.
Cardano ignites interest
It is unlikely that the Cardano price will make a major move until the crypto market recovers. Long-term investors are still confident in the altcoin’s potential. The reason is the ongoing developments within the Cardano ecosystem.
If the network continues to launch upgrades, including the Hydra scaling solution, it could further expand its user base. Improvements to the smart contract functionality are also expected to boost adoption and create sustained demand for ADA. Institutional investments could provide a long-term boost to the project once the market gets back on its feet.
A major challenge ahead for the ADA price is its slow pace of development. Competition from new blockchains poses a threat to its adoption. The fact that Ethereum and Solana are improving doesn’t help either. While Ethereum has long had layer-2 solutions, scalability innovation is also happening on the Solana network.
Solaxy (SOLX) is a layer-2 solution dedicated to Solana. With the network development progressing rapidly, early investors are flocking to the SOLX presale before it hits major exchanges. The token presale just broke the $28 million milestone.
Solaxy is making waves: Next 100X crypto?
Solaxy is designed to tackle network congestion and failed transactions on Solana. It makes this possible by processing transactions off the main chain and finalizing them on the mainnet. The system will improve Solana’s efficiency without compromising security. It is predicted to be a game-changer for the Solana ecosystem, especially during busy markets.
Solaxy is being compared to industry leaders like Arbitrum and Optimism. While these crypto giants cater to the Ethereum ecosystem, Solaxy is the first of its kind dedicated to Solana.
Solaxy is currently under development. The scaling solution is set to go live after the presale and the debut exchange launch of SOLX. Regular updates from the team have strengthened investor confidence.
Solaxy has set aside 30% of its total token supply to build the scaling solution. 15% is allocated for marketing efforts to drive product adoption and token awareness.
According to industry experts like Austin Hilton, Solaxy could be big, judging by its presale momentum and tech backing.
Is it too late to buy SOLX in the presale?
The SOLX presale will be live for a few more days. But the presale price increases with each new phase.
SOLX, the native token of the Solaxy ecosystem, is used for a wide range of purposes.
- For example, it will fuel transaction fees and other payments.
- Investors can stake the token starting from the presale phase to earn passive income.
- In addition, token holders will have governance rights.
The passive income program aims to encourage long-term holding.
For more information, visit the website and join the community on Telegram and X.
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