Crypto Market Review, December 23rd

image of the article

Arman Shirinyan

The market does not end the year on a high, but there are some exceptions

The final week before the New Year does not end well as the market ends the week with most assets in losses, showing a lack of any positivity among investors, promising only pain for the rest of 2022.

Dogecoin Profits Surge

Despite a dark end to 2022, Dogecoin had a relatively successful year as the meme asset went through numerous triple-digit gains, broke numerous resistance levels, and proved to be far more resilient than some “serious” assets.

DOGE chart
Source: TradingView

In October, Dogecoin gained more than 140% in its value in explosive fashion thanks to Elon Musk’s Twitter drama. The asset price rose after investors speculated that Musk might add support for Dogecoin as the social media platform’s native cryptocurrency. The assumption was based solely on Musk’s continued support of DOGE over the years.

Unfortunately, by the end of the year, DOGE lost most of its gains, but recently entered a short-term uptrend, bringing more profits to investors than most other “serious assets” like Ethereum or Bitcoin.

The salt pan tests the bottom again

Despite a relatively stable performance in the last few weeks, Solana has not received any help from the market and is still struggling to break out of the bottom zone. Recently, Solana fell once again, losing what it gained in December.

As we mentioned earlier, Solana’s performance will not stabilize until the cryptocurrency finally gains some kind of confidence among institutional investors. Having been the main obstacle to the Bankman-Fried empire, Solana was the first to take the hit, falling to multi-year lows.

After the imposition, millions of SOL were withdrawn from various share contracts and trading platforms, meaning that at any moment the market could be hit with a massive selling pressure that would kill any sort of Solana recovery.

Until then, Solana’s ecosystem is still actively used by NFT and DeFi enthusiasts, which could become the only source of funding for the network for the foreseeable future.

Huge Polygon record

As U.Today previously reported, Polygon recently celebrated a new achievement, the number of unique entities online passed the 200 million mark this week, setting a new all-time high.

Such a drastic growth of the network is a strong fundamental signal: Polygon is growing despite all the problems facing the cryptocurrency market. With rapid growth and development, the market value of the underlying token should eventually recover.

At press time, MATIC is trading at $0.8, having gained a modest 0.77% in the last 24 hours. The asset moved in a continuous range, with only one breakout attempt. The lack of action and stable volume suggest that the token is in an accumulation phase, but, at the same time, remains in an extended downtrend.

For now, MATIC is trading at a support level that it hasn’t broken in the last 70 days.

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