Here is why Maker, Pendle, Jupiter, and Solana have been on the rise

Hello,

It's always intriguing to see which cryptos are leading the pack.

This is doubly true in a bull market where it's not just interesting but essential to spot the front-runners.

That's why we're zoning in on Maker, Pendle, Jupiter, and Solana - and how they have been lighting up the charts.

In the green pastures of a bull market, the winners tend to keep winning. By analyzing them thoroughly, we will be able to recognize the factors that propel these coins forward.

Let's decode the success stories of our chosen coins.

Maker (MKR)

First up, we have Maker’s MKR. Since December 25, 2022, when it hit $550, it has jumped almost 7X, hitting ~$3,800. The all-time is at $6,292, giving MKR significant room for growth.

MKR Technical Analysis

MKR price chart looks pretty promising as it looks to cross the $4,000 psychological level. On the downside, we observe two significant support walls at $3,700 and $3,300, with the former serving as the linchpin in this financial architecture. 

Insights from IntoTheBlock illuminate a compelling narrative: 829 entities have collectively anchored their faith (and finances) in 37,700 MKR tokens at this pivotal $3,700 mark.

The relative strength index (RSI) tells us that the price is tantalizingly close to the overbought threshold, hinting that a bit of a cooldown might just be around the corner.

MKR is still a good 35% shy of its all-time high. With the 20-day and 50-day SMAs providing a trusty safety net, things are looking rosy. 

Factors determining growth

Maker is currently going through one of its most important updates, namely the Endgame proposal. 

MakerDAO's "Endgame" plan involves a major rebranding, scaling its Dai stablecoin, and introducing new tokens and yield farming opportunities through SubDAOs. The plan starts with rebranding in mid-2024, followed by new token launches, including "NewStable" and "NewGovTokens." Key features include the "Lockstake Engine" for token yield farming and "NewBridge" for low-cost layer-2 farming, leading to a new layer-1 blockchain, "NewChain." The aim is to enhance user growth and platform resilience.

Pendle (PENDLE)

• TVL: $3.745b

• Fully Diluted Valuation: $1.295b

• Fees (Annualized): $18.8m

• Revenue (Annualized): $18.8m

Since January 1, 2023, PENDLE has pretty much 100X’d. The coin reached its all-time high of $5.76 on April 1, 2024.

PENDLE Technical analysis

After riding the high of three bullish sessions, PENDLE's chart took a dip during the next two, slipping beneath the crucial $5.22 marker. 

Currently, the RSI still loiters in the overbought territory, hinting at potential turbulence ahead.

Should the bearish momentum persist, we might see PENDLE descending towards the $4.50 support level. 

IntoTheBlock's data reveals a fortress at this price point, with 700 addresses holding a collective ~303,000 PENDLE tokens, standing ready to defend. 

For PENDLE to reverse its course and climb back up, it's imperative for the bulls to recapture the $5.22 threshold, steering clear of the bearish undertow.

Factors determining growth

Pendle's remarkable growth can be attributed to the rise of liquid staking derivatives (LSD), a sector that has rapidly gained prominence within DeFi. Following Ethereum's Shanghai upgrade, LSDs started attracting significant liquidity, outpacing traditional stalwarts like decentralized exchanges and lending platforms. 

Along with this surge in LSD popularity, Pendle also benefited from its unique interest rate swap protocol that capitalizes on future yield-bearing assets. This innovative approach allows users to tailor their investment strategies according to their risk preferences, with a level of precision and flexibility previously unseen. 

Pendle’s TVL is on the verge of touching $3.60 billion, making it the 9th largest DeFi app in the world.

Jupiter (JUP)

• TVL: $386.48m

• Fully Diluted Valuation: $16.77b

Jupiter’s JUP token had one of the largest airdrops ever on January 31, when $700 million worth of JUP tokens were distributed to nearly a million wallets. Since then, there has been plenty of hype surrounding the token, as evidenced by its price action.

JUP Technical analysis

JUP hit a wall at $1.734, hinting it was too pricey. Two signs confirmed this: First, it broke above the Bollinger Band's top limit, a classic overbuy signal. Second, its RSI also screamed "overbought."

After a bit of a pullback, things look more balanced. The price is back in a normal range. Now, if the bulls ramp up, expect a push toward that $1.73 mark once more.

Factors determining growth

Jupiter is a Solana-based decentralized trading aggregator that has quickly become one of the most popular DeFi apps in Solana. With liquidity flooding in, demand for the token grew. 

One of the major catalysts propelling Jupiter's price surge is the relentless dedication of its team to evolve and enrich the Jupiter ecosystem. A standout move has been the rollout of the LFG Launchpad, a game-changer that has significantly contributed to the successful debut of popular memecoins like WEN.

The LFG Launchpad stands out due to its groundbreaking dynamic liquidity management mechanism (DLMM). For a technical deep dive on how DLMM works, read this.

Solana (SOL)

• TVL: $4.787b

• Bridged TVL: $24.138b

• Fully Diluted Valuation: $108.985b

Following its post-FTX dip, the Solana ecosystem has shown tremendous growth and activity. On March 17, 2024, SOL crossed $200 for the first time since December 27, 2021. Even though the price has since corrected to $186.44, there is still plenty of upward potential.

SOL Technical analysis

SOL's upward momentum hit a snag at the $205 resistance, causing a retreat to $186. This pullback saw SOL dip beneath the 20-day SMA support. 

Without a swift bullish comeback, SOL could be eyeing a further slide to the $170 support zone.

The $205 level remains a formidable ceiling, historically tough for bulls to crack, as evident in the wider chart view.

If the bulls do break through this resistance, SOL could potentially reach $220.

Factors determining growth

The Solana ecosystem has grown a lot, thanks in part to memecoins, which are fun digital currencies based on memes. These coins are popular on social media and have a big following. Solana's ability to handle lots of transactions quickly and at a low cost makes it a good place for hosting these memecoins.

Some popular memecoins on Solana are - Bonk (BONK), Dogwifhat (WIF), and Book of Meme (BOME). Solana memecoins currently account for an $8.2 billion marketcap! 

To put it in perspective, Solana's memecoins outvalue Litecoin, the world's 22nd largest cryptocurrency.

How about you start doing some chart reading and analysis of your own? Let’s introduce you to some handy tools.

Learning To Fish

So first thing is first with so many options out there, where does one turn?! There’s a deluge of tools and sites all beckoning you to pay that subscription fee, promising you the most user-friendly experience. 

Don’t get us wrong, many of these products are great, but what are the core products one needs when venturing into the world of crypto? Well again, we’ve got you covered anon!

CoinMarketCap

CoinMarketCap provides a one-stop platform for crypto enthusiasts to delve into the world of digital assets. On its homepage, users can easily explore rankings of various cryptos along with essential data like market capitalization and current prices. 

Users can delve deeper into individual coins to uncover key insights and explore available trading pairs, and discover emerging trends across categories such as derivatives, DeFi, and yield farming, offering valuable opportunities for investors. With user-friendly filters, narrowing down your search to find the perfect crypto gems becomes effortless. 

Moreover, check out exchange rankings to identify the best platforms for your trading needs. Finally, personalize your experience by creating a watchlist to effortlessly track your favorite cryptocurrencies over time.

But wait, there's more! Beyond price rankings, CMC also provides the latest news and project updates through the Headlines section, while expanding your crypto knowledge with the comprehensive encyclopedia available in the Academy. 

Earn rewards for learning about new crypto assets through the Earn feature, and discover ongoing promotions and giveaways on various platforms with the Events section. Best of all, CoinMarketCap is completely free to use, making it accessible to seasoned traders and crypto newbies alike. 

Coingecko

Similar to CoinMarketCap, CoinGecko is another popular site offering a wide range of services for traders of all levels. As an independent data aggregator, it tracks over 9,000 cryptos across hundreds of exchanges worldwide, providing valuable insights to inform your trading decisions.

With CoinGecko, you can explore market trends, compare exchanges, discover new NFTs, and monitor your portfolio with ease. The platform's user-friendly interface and customizable filters make navigating the crypto world simple and intuitive.

One of CoinGecko's standout features is its comprehensive market analysis, offering real-time data on trading volumes, market capitalization, and social network activities for each crypto asset. Whether you're a scalper, day trader, or long-term investor, CoinGecko will provide value.

CoinGecko offers various account levels to suit traders of all levels, from a free account with essential data services to premium and premium plus accounts with added perks like ad-free content, exclusive NFTs, and direct access to research analysts.

Overall, CoinGecko is a trusted name in the industry, known for its unbiased, live market data and reliable insights. 

TradingView

TradingView is probably the most popular platform for traders, it delivers high-quality information for crypto, stocks, bonds and much more. You name it and TradingView has you covered! 

But unfortunately there’s a fee to access this Aladdin's Cave of financial information. 

Now TradingView has multiple registration categories depending on your experience and financial situation. Users who are keen to get involved with TradingView can try out the platform with a free account, but unfortunately, most of the cool goodies will all be restricted. We highly recommend getting the basic Essential Plan and sussing out the platform, even if it's just for a short time. 

Dex Screener

Moving on, so where do most of the degens hangout in crypto? Well, Dex Screener, of course!

Dex Screener is the ultimate theme park for degens. Many spend countless precious hours of their lives watching the new launches page, checking metrics such as liquidity, token pairs and price action in the hopes of entering the next 40 gazillion X, and many actually do! 

Though be warned reading charts can assist in timing your entry and exit positions, but when shitcoining on Dex Screener you’re entering the realm of crypto Las Vegas. 

Some killer features of Dex Screener include: 

• Tracks data from approximately 100 DEXs across 80+ blockchain networks, keeping you in the loop with all the crypto action!

• Accessible for free without registration via web browsers and mobile apps, because who needs more passwords to remember, right?

• Supports technical analysis with TradingView charts and various technical indicators, giving you the power to decode the crypto mysteries!

• Supports thousands of token pairs, over 70 blockchain networks, and dozens of DEXs, making it the ultimate playground for crypto enthusiasts!

These are just some of the features offered by Dex Screener, and best of all its totally free! 

Before we sign off, make sure to check out our guide on profit-taking strategies. In the article, we delve into essential strategies that can help you navigate the crypto markets more effectively. These methods are designed not only to protect your investments but also to optimize your profit potential.

That’s all for today anon! 

We may have introduced you to some tools today. In the next email, we will show you how to combine them all to do your own analysis. As they say, never put all your eggs in one basket! The more analytical tools you have, the better your research.

Stay tuned!