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May 22, 2024
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Here’s Where Ethereum Competitors SOL, ADA, And ETC Price Are Heading Next

The post Here’s Where Ethereum Competitors SOL, ADA, And ETC Price Are Heading Next appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Finally, the ethereum

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network has completed its most anticipated merge which has helped the network to transform from a proof-of-work to a proof-of-stake consensus mechanism.

The merge has pushed the Ethereum Classic (ETC) hash rate to spike at 222.50 hashes per second which is a more than 200% rise from September 13. This is because Ethereum miners are now moving towards ETC.

Sustainability has remained one of the main aspects due to which many chose Layer 1 solutions like solana

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(SOL) and polygon

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(MATIC) against Ethereum (ETH). However, now with Ethereum getting into proof-of-stake (PoS), the electricity usage will be reduced by 99.95% and this will be the main attraction over its competitors.

Now, let’s dive in to understand the status of these competitors after the merge.

Solana (SOL)

After Solana (SOL), a public blockchain.com

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 was pulled down to its lowest on June 13, has been increasing within its ascending wedge pattern. On August 13, SOL reached $48.38 before plunging and moving away from the wedge.

On Sept 13, the currency was yet again rejected at $39.25 which created the bearish candlestick. This is where the 0.5 Fib retracement level hit along with forming a horizontal resistance area. Hence, it can be said that the day Solana re-enters this area it will start its bullish run.

Cardano (ADA)

Another Ethereum competitor, Cardano (ADA) hit an all-time high of $3.09 in August 2021 and now the currency seems to be in wave four. If the prediction is accurate, ADA will see a fall around its immediate support area of $0.32 or $0.22.

If Cardano surpasses $0.594 or falls below $0.427, either way it will decide the future price movement.

Ethereum Classic (ETC)

The present price action of Ethereum Classic suggests that ETC has completed its five-wave bull run and also the A-B-C corrective structure. To Know Ethereum Classic’s future price action, the currency should either move above $45.71 or plunge below $30.34

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