Price predictions of Solana and Cardano for August 2024 indicate that both cryptocurrencies could grow. This analysis examines key metrics and provides forecasts for investors and cryptocurrency fans.
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What to Expect in August 2024 for Cardano & Solana
Solana (SOL) Price Outlook
Solana, or SOL, traded for $177.27 in July 2024. Its market value was $2. [placeholder]. The price prediction for August 23rd, 2024 suggests a gain of 14.27% to reach $197.75.
Solana is showing positive technical signs. The Fear & Greed Index stands at 69, showing greed in the market. SOL had 21 positive days in the past 30 with an average price change of 9.29%.
SOL price factors
- The SMA for the next 50 days is $148.76 and that of the next 200 days is $139.42.
- The 14-day RSI stands at 61.49 and indicates neutral movement.
- Support levels of $169.91 $166.37 and $160.96 are the key ones.
- The resistance levels for the three currencies are $178.86 ($184.27), $187.81 ($187.81), and $184.27 ($184.27).
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Cardano (ADA) Price Forecast
Cardano was trading at $0.418788 per unit on the 24th of July 2024. The prediction for August 23 2024 shows an increase to $0.46748, or a 12.19% rise.
Cardano is currently neutral, as opposed to Solana. The Fear & Greed Index remains at 69, but ADA has seen only 15 good days out of 30, with a lower price swing of 6.93%.
ADA Prices Considered
- Cardano is trading at $0.4110548 for its 50-day SMA, and $0.518967 is the higher 200-day SMA.
- The 14 day RSI is 48.29 for ADA, which indicates a neutral situation.
- The support levels for the upcoming year are $0.401793, $392522 and $0.379244.
- The resistance levels at $0.424341 are $0.437619 and $0.446889.
Comparison of SOL Predictions and ADA
Prices of Solana, Cardano and other cryptos are likely to increase by the year 2024. Solana will grow faster (14.27%) then Cardano (12.19%). Signs point towards a more positive outlook for Solana compared to Cardano.
Why might prices change?
- Tech ProgressSolana’s goal is to achieve 100,000 transactions per sec by August 2024. Cardano’s Hydra upgrade, scheduled for Q3 of 2024, will be able to handle up to 1 million transactions every second.
- Growing UseSolana had 2,500 dApps active as of July 20, 2024. Cardano was at 1,800. Demand could be boosted by each new dApp.
- Market moodSOL and ADA gained a combined average of 15% in 2023 when Bitcoin grew by 10%. The trend could continue.
- There are laws and rulesSOL or ADA could suffer from the upcoming EU crypto regulation in September 2024.
- New partnershipsCardano and Solana have a recent agreement with Visa, which may encourage adoption.
- The CompetitionThe surge update for Ethereum, scheduled to be released in late 2024 could threaten both SOL’s and ADA’s positions on the market.
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Risk factors to consider
- Price changes and market swings
- Challenges to regulatory systems in different countries
- Blockchain platforms competing for attention
- The crypto market is affected by economic factors
In August 2024, both Solana (Solana) and Cardano (Cardano) will be showing growth potential. Do your research before investing.
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Source: watcher.guru