August 2023 has been significant for numerous cryptocurrencies. Ethereum and Solana are displaying positive trends, while the new project BlockDAG has garnered popularity among investors.
Ethereum on the Verge of New Growth
Ethereum (ETH) continues to be in the spotlight, making a new attempt for growth after a minor pullback, reaching around $4,000. The price of ETH fluctuates between $3,500 and $3,700. Technical indicators suggest ETH maintains a bullish trend, with support around $3,700 potentially opening the pathway to $4,400 and $4,500.
Analysis data indicates that the supply ratio of ETH on exchanges has dropped to 0.13, a multi-year low. This suggests that assets are being accumulated, likely reducing selling pressure.
Solana Aiming for $180
Solana (SOL) is also showing positive results, recovering from the $155 level and breaking past $162. Currently, SOL is trading in the $165-$172 range. A breakthrough at the $180 level will be important both psychologically and technically. With current key indicators and increased activity across DeFi protocols, price forecasts for SOL appear optimistic.
BlockDAG: New Technologies and Startups
Meanwhile, the new project BlockDAG is attracting investor attention with its mobile application and unique technology. To date, the project has raised $364 million and is launching token sales at a reduced price. Over 2.5 million users have actively utilized the viral X1 mining app. BlockDAG features a hybrid blockchain and DAG concept, along with low-code support for smart contract creation. Its development is expected to yield results in the upcoming months.
The increased focus on Ethereum, Solana, and BlockDAG highlights the significance of current trends in the crypto market. While ETH and SOL have established their positions, BlockDAG has the potential to become a notable player due to its innovations and rapidly growing user base.
