Will Ethereum (ETH) & Solana (SOL) Skyrocket in 2024? Experts Weigh In

Will Ethereum (ETH) & Solana (SOL) Skyrocket in 2024? Experts Weigh In

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The cryptocurrency world was recently shaken by a significant security breach involving Ledger, a well-known crypto hardware wallet manufacturer. Multiple Ethereum-based decentralized applications (dApps), including Zapper, SushiSwap, Phantom, Balancer, and, were compromised due to this breach. Ledger has since fixed the malicious code and advised users to utilize the “Clear Sign” feature to ensure secure interactions with their services. The attack, classified as a “supply chain attack” on Ledger’s Connect Kit, has reportedly led to losses upwards of $150,000 in crypto. Sushi Chief Technology Officer Matthew Lilley warned against interacting with any dApps until further notice, highlighting the severity of the situation​​​​​​.

This news comes amidst Bitcoin’s (BTC) fluctuating value, which has hovered above $42,000, following decisions from central banks such as the US Federal Reserve, the European Central Bank, and the Bank of England​​. Recent developments have had a notable impact on major cryptocurrencies like Ethereum (ETH) and Solana (SOL), influencing investor sentiment and market dynamics.

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Ethereum's Leap Forward: Integrating Advanced Crypto Tech into its Core

Ethereum (ETH) is poised for potentially transformative developments that could significantly influence its price trajectory. Recently, Vitalik Buterin, Ethereum's co-founder, proposed "enshrining" zkEVMs (zero-knowledge Ethereum Virtual Machines) into the main Ethereum blockchain. This initiative marks a shift from the previous emphasis on layer-2 networks or "rollups." zkEVMs, blending zero-knowledge cryptography and Ethereum's programming environment, could streamline transaction verification on Ethereum, enhancing both efficiency and security. This move could integrate layer-2 functionalities, like fast pre-confirmations and MEV (Maximum Extractable Value) mitigation strategies, more closely with Ethereum's core protocol.

Buterin's vision suggests a future where Ethereum's light clients, less resource-intensive than full nodes, become increasingly powerful and capable of fully verifying transactions using zero-knowledge proofs. This development could lead to a built-in zkEVM on Ethereum, potentially making these advanced cryptographic functions natively available for rollups. Such advancements in Ethereum's infrastructure are expected to boost its scalability and efficiency, making it a more attractive platform to users and developers. These developments, enhancing both the utility and efficiency of the Ethereum network, could be a major driver for ETH's price performance and its ability to outperform its peers in the digital asset market​​.

Meanwhile, JP Morgan analysts have expressed skepticism about the potential impact of Bitcoin ETFs, instead favoring Ethereum's prospects for 2024. The institution is particularly bullish on Ethereum, highlighting the anticipated Ethereum Improvement Proposal (EIP) 4844, known as "Proto-dank sharding." However, JP Morgan also cautions about the challenges of centralized staking within the Ethereum network, indicating a balanced view of the cryptocurrency's future potential.

Ethereum (ETH) Technical Analysis

Ethereum (ETH) has been navigating a complex market landscape. The Relative Strength Index (RSI) for ETH currently stands at 36.73, suggesting a bearish sentiment as it is below the neutral 50 mark. The Stochastic %K is at a low 5.47, reinforcing the bearish outlook. Additionally, the Commodity Channel Index (CCI) at -151.86 indicates an oversold condition, which could potentially lead to a price rebound. The Average Directional Index (ADI) at 17.37 points to a weaker trend strength, suggesting that the current downward trend might not be strongly established. Ethereum's Moving Average Convergence Divergence (MACD) Level at -4.67 also shows a lack of bullish momentum.

Regarding moving averages, ETH is currently trading below its 10-day Simple Moving Average (SMA) of $2,266.00 and its 200-day SMA of $2,286.01. This positioning could be interpreted as a bearish signal, indicating potential for further price declines. However, the Ethereum market is known for its volatility, and rapid changes in investor sentiment or market conditions could alter this trend.

Ethereum (ETH) Price Prediction

Despite the current bearish technical indicators, Ethereum's fundamental background, including the integration of zkEVMs into its main blockchain, sets a strong foundation for future growth.The increased efficiency and scalability could attract more users and developers, which would lead to an increase in ETH demand. In a bullish scenario, Ethereum could rebound from its immediate support level at around $2,227.54 and target the next resistance level at approximately $2,527.57. If the market sentiment shifts positively, ETH could potentially aim for a higher resistance level near $2,740.35.

Moreover, if the market aligns with JP Morgan's outlook and the EIP-4844 upgrade delivers on its promises, Ethereum could experience significant growth, possibly outperforming Bitcoin in 2024. This would potentially see ETH rebounding from its current levels, surpassing immediate resistance, and possibly achieving new highs. 

On the other hand, if Ethereum fails to capitalize on its fundamental strengths and market sentiment remains bearish, it could break below its immediate support level and head towards the next support level around $2,114.18. Continued negative market trends and a failure to hold key support levels could see ETH testing lower supports, potentially reaching down to the 1-month low of $1,909.86. 

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Solana's Strategic Move: Airdrop-Driven Sales Surge

Solana (SOL) has experienced a remarkable surge in its ecosystem, particularly with the rapid growth in sales of its crypto phone, the Saga. This surge is largely attributed to the enticing arbitrage opportunity presented by the recent airdrop of the Solana memecoin Bonk (BONK), which has seen an exceptional rise of over 1,100% in the past month. 

The 30 million BONK airdrop significantly surpasses the Saga phone's current price. This unique situation has led to a more than tenfold increase in phone sales, with co-founder Raj Gokal confirming that the phone is on track to sell out before the new year.

The substantial gain in BONK's value and the subsequent increase in Saga phone sales have had a positive impact on Solana’s market presence. This strategic move and its successful outcome could positively influence Solana's price, as it reflects the innovative approaches being adopted within the Solana ecosystem to boost market traction and user involvement. 

Solana (SOL) Technical Analysis

Solana (SOL) presents a mixed technical landscape. The Relative Strength Index (RSI) at 53.41 indicates a neutral market sentiment, leaning neither strongly bullish nor bearish. The Stochastic %K, at 40.42, suggests that SOL is neither overbought nor oversold. However, the Commodity Channel Index (CCI) at 3.27 and the Average Directional Index (ADI) at 27.36 do not show strong directional momentum, indicating potential sideways movement. The Awesome Oscillator at 3.23 and MACD Level at 1.26 also point towards a lack of strong momentum in either direction. Notably, SOL is trading around its 10-day Simple Moving Average (SMA) of $76.85 and its 200-day SMA of $71.16, indicating a potential equilibrium in the market.

Solana (SOL) Price Prediction

Solana’s recent strategic success, particularly the surge in sales of its Saga phone due to the BONK airdrop, could positively impact its market sentiment. In a bullish case, if SOL can maintain momentum and break above its immediate resistance level at around $75.64, it could target the next resistance level near $89.19. The innovative approaches adopted within the Solana ecosystem, like integrating crypto airdrops with hardware products, could further bolster investor confidence and push SOL towards the 52-week high of $79.21.

Conversely, if the market fails to respond positively to Solana's recent developments and sentiment turns bearish, SOL could fall below its immediate support level of approximately $70.11. A break below this level might lead to a test of the next support level around $51.84, the 1-month low. 

It's also crucial to consider various price predictions to gain a well-rounded view of its potential market performance. Some experts predict Solana prices will increase by up to +85% in 2024, reaching $127.82. You can delve deeper into this forecast by visiting StealthEX's blog on Solana (SOL) price prediction. While the recent developments in the Solana ecosystem are promising, market dynamics and external factors could still significantly influence the price of SOL.

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Final Words

From the evolving landscape of Bitcoin to the promising advancements of Ethereum and Solana, the crypto world continues to captivate. The StealthEX holiday event adds an extra layer of excitement, blending the thrill of crypto trading with festive giveaways. Ethereum balances innovation with market dynamics, while Solana maneuvers through its unique challenges and opportunities. These stories highlight the dynamic nature of cryptocurrencies – a sector where technology, market sentiment, and regulatory frameworks intersect to forge the future of digital finance. Stay engaged, stay informed, and who knows, your journey in crypto might just be the next headline!

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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