Scottie Pippen – a seven-time NBA All Star – sparked a discussion on Saturday when he asked his 658,000+ followers which cryptocurrency they preferred.
As of Sunday afternoon, the question had prompted more than 4,00 responses. Many commentators suggested that Pippen shouldn’t choose Ethereum.ETH) nor Solana (SOLBitcoin was also suggested (BTCCardanoADA) instead.
Pippen launched his Scottie Pippen NFT Collection in the early 2000s, which drew a renewed level of interest. SP33 NFTThe current price is $42.13. It consists of 1,000 NFTs minted, owned by 491 different owners and with a market capital of $42,130.
Pippen’s newfound enthusiasm for cryptocurrency is a result of the significant growth in adoption and usage within this industry. More celebrities, including Pippen, will be likely to get involved as blockchain technology becomes more popular amongst individuals and companies.
It is still unclear which blockchain platform Pippen eventually supports. However, it’s expected that his involvement will further arouse interest and excitement in the crypto community over the months and the years to come.
Solana: bullish trends
Solana is up 20.8% and by 3.6% daily in the last 7 days.
Technical analysis shows that Solana currently forms an ascending triangular pattern. This is a common indicator of a possible breakout. Relative Strength Index indicates that there is no overbought/oversold sentiment, as the asset does not show either extremes.
Resistance is currently at $193.92, while support is around $141.68. SOL by 2024 could be between $250-300, indicating a robust market and recovery.
SOL closely follows Bitcoin at the moment, consolidating its place amongst top cryptos.
Solana, which is popular for its high transaction rates and low fees, uses an innovative Proof-of-History mechanism to achieve a processing speed of up to 65 000 transactions per second.
Solana is currently trading at $176 and has a market cap of $81 billion. Price has recovered recently to 200-day moving mean, suggesting that a long-term trend is possible.
Ethereum ETF speculation drives price increases
Ethereum’s price has also risen in recent weeks due to ongoing discussion about its use. approval Ethereum ETFs in the United States
Ethereum is currently trading at $3,496.61. Ethereum is up over 42 percent since 2024 began, and has seen a gain of 5% or more in just July. In the last 14 days the price of Ethereum has increased more than 17 percent.
There are currently discussions about Ethereum ETFs. companies VanEck Valkyrie and Grayscale, who filed applications at the U.S. Securities and Exchange Commission, have contributed significantly to this upward trend.
The price of ETFs has increased despite the fact that no ETFs have been approved. Investors are confident and the market is inflated because they expect institutional investments to be made through these funds.
In spite of these recent gains in price, Ethereum is still below its record-breaking high, which was $4,878.26, set back in November 2021. The Ethereum eco-system is continuing to grow and traders are optimistic that the long-term future of the token will remain positive.
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Source: crypto.news
