The cryptocurrency market remains unclear on 22 November, as demonstrated by uneven performances in key altcoins. Dogecoin (DOGE) keeps a steady track, backed by the community’s interest; however, it still lacks power. Cardano (ADA) is a cryptocurrency experiencing quite a small growth supported by ecosystem developments. Optimism (OP) is a Layer-2 scaling solution still exhibiting variable behaviour with a growing network.
Solana (SOL) persists in its upward motion after the recent bullish trends due to developers’ strong desire and DeFi’s recovery. Meanwhile, Ripple’s XRP is still in the consolidation phase as the debate on its native token, XRP, continues to rage over its regulatory status. The market moves cautiously as traders look for further macroeconomic signals.
Ripple (XRP)
XRP has become a leader by soaring to a new percentage of $0.74 this week, one of its most significant gains in quite a while. This almost brings the coin to $1.5. XRP nearly hit $2 from the last bull market before the sellers took it down according to their price action rules.
The all-time top price is $3.3; hence, this cryptocurrency’s future may be pretty explosive. Buyers will need to go over $1.6 and $2 to make it possible to aim even higher ($3 or more). Coming next, XRP’s rally will still maintain its strength, and its first real test will be around $2. Still, either way, a big price correction is possible in the future, provided the price has only been rising so far.
Cardano (ADA)
Cardano is making its way up to the $1 level after it closed another great week by adding a 47% price jump. This act has re-started the ADA community, which has been patiently waiting for this rally that began early this year. 22 November Price Analysis: Prices gravitated to the support region at around 80 cents and traded at the 90-cent resistance.
If it is crossed, then ADA will likely be galavant to $1, which could draw in sellers for profit protection purposes. Prospects for buyers to establish supremacy shortly are bright, thanks to the fact that the price touched a new high earlier this week. Presently, the highest data of ADA stood at $3.1; therefore, the market participants should have less trouble trading this coin even at this price.
Optimism (OP)
Optimism surged beyond the critical $2 resistance, one of the highest levels previously recorded. As a result, the token is up 34% compared to last week. This kind of performance is vast for investors waiting for OP to update its historical highs along with the lengthy consolidation period from June 2024.
Being held up at $2, the virtual currency can now move higher, with major targets at $2.5 and $3. If the bullish market remains this powerful, those levels will likely break next week. As for the future, ETH Layer-2 solutions, such as Optimism, are stepping up to the limelight because Ethereum has shown signs of life this week. The condition for OP’s success depends upon Ethereum’s performance.
Solana (SOL)
Solana’s price touched a lifetime high of $264 this week, zooming back to levels last seen in 2021. Moreover, it climbed 22%, implying it is the best performer among the top 10 cryptocurrencies apart from XRP and ADA. 22 November Price Analysis, As of writing this post, the price has pulled back after reaching a new high, possibly due to the sellers taking some of their profits at these levels.
If this remains calm, SOL may follow Bitcoin’s path by entering the price discovery zone. If more selling pressure occurs, Solana will have strong support at $240. Nevertheless, this path is suppose to continue, and the digital currency will set new price records in the coming weeks. The main target at present is $300.
Dogecoin (DOGE)
Dogecoin seems to be planning its next major move and ended the week with a 6% increase in value. This meme coin has been in sp between the levels of 40 cents, which currently serves as the significant level of resistance. When the price action turns it into support, DOGE can pursue a much higher height.
Once the barrier of resistance is broken, the next critical areas shown on the chart will be 48 and 59 cents. People’s behaviour continues to be on the buyers’ side, and a potential breakout could occur at any minute. In the future, DOGE may go for 74 cents, an all-time high. 22 November Price Analysis: It is not far away because the price tripled in a month.
Also Read: November 2024 is The Best Time To Buy Cryptocurrency
FAQs
What is driving Cardano's (ADA) recent growth?
ADA's growth is supported by ecosystem developments and renewed community optimism as it approaches key resistance levels.
How has Optimism (OP) performed recently?
OP surged past $2, showing strong bullish momentum driven by increased attention on Ethereum Layer-2 scaling solutions.
Why is Solana (SOL) gaining traction in the market?
SOL's price recovery is attributed to its strong developer activity, DeFi resurgence, and positive investor sentiment.
What factors influence Ripple's (XRP) consolidation phase?
XRP remains in consolidation as traders await regulatory clarity while its recent rally tests key resistance levels.
