The Iran attack on Israeli military bases has escalated tensions in the Middle East. These geopolitical tensions have taken the form of a flashpoint for another World War. Amid this situation, analysts and investors are worried about the future of Solana (SOL) and Uniswap (UNI).
The altcoins are surrounded by market pessimism, as both are bleeding profusely and touching lower lows in the current bull run. Painting a contrasting picture emerges the DeFi marvel—DTX Exchange. Despite the ongoing tensions, DTX has been on an ascending trajectory, raising massive amounts in presale stage 3.
Solana (SOL) Price Nears Death Cross
Solana (SOL) kept plunging as the cryptocurrency market was immersed in a sea of red, plummeting for four days in a row. On Thursday, October 3, Solana (SOL), the fifth-largest cryptocurrency, dropped to $135, its lowest level in more than three weeks. Additionally, it entered a local correction, dropping 16% from the peak it reached last week.
The majority of Solana (SOL) meme coins have been retreating at the same time as its sell-off. The market capitalization of all Solana (SOL) meme coins decreased by 7% to $7.8 billion, according to CoinGecko. Additional information reveals that Solana (SOL) has kept increasing its market share in the decentralized exchange sector.
DeFi Llama claims that with a 46% increase in weekly volume handled in its ecosystem, it is now the second-biggest participant after Ethereum, which processed tokens valued at $9.6 billion.
The ecosystem of Solana (SOL) is also thriving; the total value locked reached a record high of $5.06 billion, the greatest level since 2022. TVL of $1 billion has been reached by six of the largest networks, including Jito, Kamino, Jupiter, Marinade, and Raydium.
The main cause of the current sell-off in Solana (SOL) is the increase in geopolitical uncertainties. Israel was reportedly thinking about starting a war with Iran, according to the NYT. Such a conflict will likely stoke inflation, pressuring central banks to ease down on interest rate cuts.
Uniswap (UNI) Price Analysis: Bears Take Hold Of UNI!
Uniswap’s (UNI) surge towards $8 was halted over the weekend as it fell into the red on Saturday after encountering significant volatility as buyers and sellers sought to overwhelm each other. Ultimately, Uniswap (UNI) registered a marginal drop and settled at $7.61.
Bears continued to dominate the session on Sunday, with Uniswap (UNI) registering a drop of 1.98%, slipping below $7.50 and settling at $7.46. The current week began with volatility persisting as buyers attempted a recovery. As a result, Uniswap (UNI) climbed to a day high of $7.74 before sellers pushed the price back down by 0.81% to $7.39.
The current session has seen selling pressure intensify as markets drop again, with Uniswap (UNI) slipping below the $6.50 support level. The price is currently down by almost 4% at $6.42. With sellers continuing to dominate, UNI could drop to $6 or further to the $5.50 support level.
The market performance of Uniswap (UNI) has been concerning, with 14/30 days being green, which means 47% of the days are bullish. These are the reasons investors are shifting from Uniswap (UNI) to better investment options.
DTX Exchange Yields Leading Gains Despite Market Turbulence
DTX Exchange (DTX) is a standout performer in the 2024 cryptocurrency market with its cutting-edge technology and distinctive features. The project is dedicated to developing a state-of-the-art trading platform with end-to-end solutions, and it leads the presale industry. After the record-breaking 10,000 TPS testnet performance, the project is leading among the presales as the biggest exchange ready to start.
The high global demand for DTX Exchange has led it to raise a mind-blowing $3.5 million in batch 3 of the public presale. The platform includes over 120,000 digital assets across stocks, cryptos, forex, and equities, with leverage up to 1000x. This ground-breaking inclusion pushes traders to invest big in DTX Exchange to capitalize big alongside passive income strategies.
DTX Exchange has the greatest blockchain technology stack with a transaction time of just 0.04 seconds, a hybrid architecture, and low gas costs via VulcanX protocols. Traders are drawn to DTX tokens at $0.06 before they soar to $1 following CEX listings by the end of 2024, thanks to trading APIs, real-time market information, and AI-backed automated tactics.
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