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Solana and XRP dip amid broader downturn momentum as Lunex Network presale heats up.
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XRP’s price slumped by over 10% after a recent breakout attempt. This price slump has sparked discussions on the future value prospects of this altcoin, especially amid the downturn momentum noted in the broader market. Alongside this is Solana’s raging debate regarding its decentralization status.
Meanwhile, Lunex Network (LNEX)’s cross-chain exchange has attracted a significant influx of investors. Here’s why.
Lunex Network gains ground as the altcoin of the year
Lunex Network has witnessed explosive momentum on its presale. The main driver behind this bullish growth is Lunex Network’s unique cross-chain functionalities. Initially, traders required third-party wallets to exchange digital currencies across various blockchains. Lunex Network is changing this status quo by connecting all these isolated networks on its non-custodial platform.
Traders will now enjoy cross-chain trading with more than 50,000 compatible cryptocurrencies. With the Lunex wallet and Portfolio Tracker, users will be able to keep track of their bonds, ETFs, and stocks in one place. What’s more interesting is its staking feature. Users will stake their tokens and ultimately earn higher APY up to 18% as staking rewards.
This staking reward will motivate users to hold their LNEX tokens and get involved in the platform. In just a few days, Lunex Network has raised over $500,000, proving its potential to surpass its rivals. If this bullish momentum continues, Lunex Network, currently selling at $0.0013, could soar, targeting Solana’s gains by 2025.
Solana crypto faces sell-off pressures
Solana, the fifth-largest cryptocurrency by market capitalization, has hit the news following raging debates on its decentralization status. Edward Snowden’s comments about the Solana Network sparked these discussions. He indicated that the Solana blockchain has managed to centralize everything to ensure efficiency but is only full of memecoins and scams.
These remarks raised mixed views on Solana’s decentralization status in the broader market, with some raising concerns regarding Solana’s long-term sustainability of its development approach. Beyond this development, the Solana token has been bearish, facing strong resistance around the $138 and $140 region.
Moreover, Solana’s trading volume is also red, recording a 19% outflow on its intraday charts. This has raised concerns of further downward pressure. Its RSI is at 46, while its MACD signals a bearish sentiment. Analysts have made cautiously bullish Solana price predictions, suggesting that if the price of Solana can breach its critical level, there would be a potential reversal.
XRP price falls 11% after breakout attempt
XRP price has witnessed a sharp decline after a recent breakout attempt. This price slump has sparked speculations regarding the future price value of the altcoin, especially in the current downturn momentum in the broader crypto market. Notably, the reason for this downtrend can be attributed to the appeal of the US SEC.
The regulatory watchdog has filed an appeal attempting to challenge some aspects of Judge Torres’ ruling. Another potential reason is the broader bearish market caused by recent Bitcoin ETF outflows and other macroeconomic factors, including the latest US PMI data. While its price is on a downtrend momentum, XRP trading volume is up by 15%, reflecting increasing investor interest.
Many market pundits have shared a bullish XRP price outlook, suggesting that the altcoin may be gearing up for a potential rally ahead. For example, a well-known analyst indicated that the XRP token is preparing for a rally, potentially soaring to $3 by the end of Q4. But, the current bearish market has dampened this optimistic sentiment.
Which altcoin can give 50x return by the end of Q4?
While Solana and XRP have shown potential for growth, Lunex Network’s unique cross-chain exchange has drawn considerable investor interest amid the broader market downturn. As such, experts forecast a 50x rally post-launch.
To learn more about Lunex Network, visit the website, join the Telegram community, and follow them on X.
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This article first appeared at crypto.news
