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Ethereum (ETH) is looking to break higher after breaching the $3,900 barrier, while Solana (SOL) has bounced to key level after Tuesday’s dump across the crypto market.

As most altcoins bid for new upward momentum amid Bitcoin’s rebound, new token KangaMoon (KANG) is experiencing a significant explosion in activity around its presale.

Ethereum saw a fresh injection of buying pressure on March 6, 2024 as the altcoin’s value broke above $3,900 for the first time since late December 2021.

The price of Ethereum bounced from around $3,500, adding more than 8% in gains in 24 hours to hit highs above $3,900 on Coinbase, Binance and other top exchanges. The top altcoin has added more than 63% in value to its token year-to-date, with nearly 35% in the past two weeks.

While the Ethereum price could shift lower as bears battle bulls following Bitcoin’s surge to a new all-time high, analysts are forecasting a breakout for Ethereum.

Key catalysts will include the Dencun upgrade, market anticipation for spot ETH exchange-traded funds (ETFs) approval in the US and a broader bullish trajectory for cryptocurrencies.

Short term upside targets include the all-time highs above $4,800 and the psychological $5,000 area. Meanwhile, the $3,400 zone could be a significant support level for bulls.

Currently, ETH is trading near $3,869 across major exchanges as per data on CoinGecko.

Solana (SOL) price is looking to strengthen above $132 after experiencing a sharp decline to $117 on March 5, 2024. Like Ethereum and other altcoins, SOL dipped as BTC price corrected from its new ATH.

SOL also pared recent gains when top crypto exchange Binance announced a temporary halt to Solana withdrawals.

In its announcement, Binance said it had experienced huge spikes in transaction volumes. The exchange expects normal operations will likely resume by March 9.

Despite this news, Solana’s price is likely poised for another leg up. In the past week, SOL/USD has gained by 18%. Its nearly 40% YTD and over 537% in the past year.

If Solana gets new impetus from the explosion of meme coin activity on the network, the value of SOL could climb. Bull market targets are clear – $150, $200 and the all-time high of $260 reached in November 2021.

On the flipside, Solana could retreat to support around $100.

The explosive meme coins space has the crypto community firmly focused on new token Kangamoon (KANG). Although out to rejuvenate the industry with a new dose of fun and meme culture, this project isn’t the typical “meme coin.”

Investors are aware of its blending of meme culture, with an innovative approach to gaming and rewards. The project is community-driven and will encompass SociaFi and play-to-earn (P2E) to give holders of the native KANG token a chance to interact, compete and win lucrative prizes.

With access to rare NFTs also part of the KangaMoon ecosystem, the interest in KANG is massive. In particular, investors are expressing a bullish projection for the cryptocurrency by flocking to its presale.

Currently, the KangaMoon presale is in stage 3. The ICO price of KANG has climbed from the initial $0.005 in stage 1 to $0.01125. That translates to 125% upside on the presale price for early bird investors.

There’s potential for KangaMoon to become one of the top SociaFi and P2E projects in the industry. If this forecast holds, getting KANG at current levels may be a good bet.

Learn more before you invest and a good place to start would be KangaMoon whitepaper. Access it on their website.

The post Ethereum (ETH) and Solana (SOL) outlook as meme enthusiasts eye KangaMoon (KANG) appeared first on Invezz

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