The recent Solana pullback led to a tectonic shift in the crypto market. However, analysts are still bullish on the token, seeing it as a buying opportunity. At the same time, Stellar and a new altcoin, Cutoshi, have seen huge growth.
Solana Dip Provides Great Entry Point
Solana (SOL) has been one of the top performers this cycle. However, a recent correction shook up the token, leading to a drop in its rankings. Solana is down 10% in the last seven days, from $253 to $227.
The big news this week was that Ripple (XRP) surpassed Solana in market cap. After XRP reached $2, it overtook both Solana and Tether (USDT), reaching the third spot among all crypto assets. This came as a shock to Solana traders, as SOL struggled to overtake Tether.
Despite this setback, analysts are bullish on Solana. For instance, Rekt Capital suggests that Solana could reach $300 by 2025 if it confirms support at $250. With a relative strength index (RSI) at a comfortable 51, Solana is in a strong position to grow. However, other indicators are mixed, with an overall neutral outlook.
Stellar Sees Huge Gains
Stellar (XRM) has seen huge growth in recent weeks, being one of the best performers in that period. The token saw a 478.36% increase in the last 30 days, on news that institutions are looking into Stellar.
The catalyst for the growth was, besides the crypto market rally, a recent filing by Grayscale Investments. The filing revealed that the company’s XLM trust recorded a 10% increase in net assets during the financial year. This indicates strong institutional interest in Stellar.
The reaction to the news was strong, with traders bidding up the token to new highs. Jed McCaleb, a founder of Stellar, shared why he thinks the growth came. He pointed out that Stellar does 10x daily transactions compared to Ethereum and called it one of the most underrated projects so far.
Still, this huge growth can’t last forever and analysts now believe that Stellar will go into a retracement period. However, if it breaks the resistance at $0.60, the token could test $0.70 soon. On the other hand, if it falls below $0.40 support, it will likely decline to $0.28 or $0.22.
Cutoshi Showcases Interest In DeFi
Stellar’s huge growth indicates that investors are looking into projects with strong DeFi utility. The recent interest in the memeFi token Cutoshi (CUTO) boosts this case. In under a month since its launch, the token raised more than a million in investments.
By December 2nd, Cutoshi’s presale investments reached $1.221 million, showcasing the interest in DeFi projects. Notably, while Cutoshi has a cat mascot, it focuses on building a DeFi ecosystem run by its users. The project is building a multichain DEX, with the goal of breaking down barriers to trading.
The blend of memes and DeFi aims to make DeFi accessible to more investors than ever. As the crypto market is in a bullish phase, this is an ideal time for traders to start using decentralized platforms like Cutoshi and keep custody over their coins.
Stage 4 of the CUTO presale is now live with tokens available for $0.031. The Cyber Monday 20% Bonus is also live for 48 hours.
For more information on the Cutoshi (CUTO) Presale: https://cutoshi.com/
Join and become a community member:
Twitter: https://twitter.com/CutoshiToken
Telegram: https://t.me/cutoshi
