Amid projections of a bullish October, the crypto market has witnessed high selling pressure in the past 24 hours, with many altcoins dropping below their key support levels. Ethereum (ETH), which has been under intense selling pressure from whales, has dropped below the $2500 mark and Solana (SOL) battles at key support zones.
However, Lunex Network is a new DeFi crypto exchange, and is about to dominate the market. The new exchange which will provide cross-chain asset transfers with no KYC, is seen as a direct competitor to established exchanges. Now at presale analysts project massive 40x rallies in Q4. Let’s see what triggered such predictions below.
Lunex Network Non-Custodial DeFi Crypto Exchange Attracts Investors
With asset security issues topping the list of problems encountered in DeFi, Lunex Network is developing the next-generation Web3 DeFi crypto exchange that solves the many issues encountered in centralized exchanges. With the Lunex Network non-custodial wallet, users will be able to buy, sell, and swap cryptos all from one application.
Notably, there is no need for KYC checks or connecting wallets such as Trust Wallet. The Lunex Network was designed to allow for easy crypto trading and cross-chain asset swapping, thereby solving issues of slow transactions or high gas fees. Notably, Lunex Network also offers a portfolio tractor, which allows users to track multiple assets such as cryptos, stocks, bonds, etc.
One of the appealing features is the staking model, designed to allow users to stake their tokens and earn up to 18% in APY rewards. Outside that, the ecosystem allows for multicurrency staking. This means users are able to stake cryptos such as Ethereum and Solana and earn rewards. To foster community engagement, the platform is also introducing a profit sharing model to reward LNEX holders.
These and more add to the potential of this token. Having sold out the first presale stage within 72 hours, Lunex Network is now in stage 2 of the presale, with the LNEX token sold for just $0.0013. With its high growth potential, notable analysts back the token to hit 40x before the end of the year. As such, now is the best time to accumulate the token.
Ethereum Price Analysis — Analyst Project Further Drop
The popular Ethereum altcoin could slide further into the bear market with the negative Ethereum news of the past few days. According to Lookonchain, the on-chain market tracker, an Ethereum ICO participant sold another 19,000 ETH ($47.54M) in the past 2 days. This adds to the growing number of whales dumping the altcoin in recent weeks.
Going further, the Ethereum ETF’s performance of the past days has been worrisome, with a negative net inflow of -14,675 (—$36.07) as investors’ confidence in the Ethereum coin diminishes. CoinMarketCap data shows that Ethereum price has dropped below the $2500 support zone and could drop further soon.
The overall Ethereum market sentiment is reflected in the technical analysis. According to the stats from Tradingview, Ethereum is trading below the 50-day EMA, with key market indicators showing negative signs. Crypto analyst The Moon thinks that Ethereum could slide further to $2,150 if the current support is lost. As such, investors are moving to the trending Lunex Network project.
Solana DEX Volume Picks Up As SOL Token Declines
According to data from DeFiLIama, trading volumes on Solanas DEXs have continued to rise even as the markets battle the bearish trend. In the past few days, volumes have increased to around $1.5B, trumping that of Ethereum at one point, while Solana Network is known for its cheap fees and faster transaction processing the token has continued to struggle.
CoinMarketCap data shows that Solana’s price has dropped below the $140 key support zone. More worrisome is the Solana trading volume which has been on a steady decline in the past day. A further look at the technical analysis shows that the moving averages (MA) depict a sell signal with RSI at 47, displaying selling momentum.
However, while Solana market sentiment is bearish, Coincodex remains bullish with a Solana price prediction of $156.54 in the short term. For Solana to achieve that, it will need to hold support at the $140 mark. But with the current outlook holders are exploring other promising projects like LNEX token.
Which Crypto To Buy in the Dip?
Both Solana and Ethereum look promising in the long run. However, with the bearish market sentiment, short-term returns might not be guaranteed. However, with Lunex Network, there are high chances of substantial ROI in the short term before its listing.
You can find more information about Lunex Network (LNEX) here:
Website: https://lunexnetwork.com
Socials: https://linktr.ee/lunexnetwork
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
