Crypto Market Review, December 23rd

The final week before the new year doesn’t end on a high as the market ends the week losing most of its assets. This shows a lack of optimism among investors and suggests that nothing but pain can be expected by the end of 2022.

Dogecoin Profit Spike

Despite the dismal end of 2022, Dogecoin had a relatively successful year. Because the memetic asset experienced a number of his triple-digit rises, broke a number of resistance levels, and proved far more resilient than some “serious” assets.

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

Unfortunately, DOGE lost most of its profits by the end of the year, but it recently entered a short-term uptrend, earning more than most of the other “substantial assets” such as Ethereum and Bitcoin. bringing to investors.

Solana tests the bottom again

Despite relatively stable performance over the past few weeks, Solana has failed to get help from the market and is still struggling to break out of the bottom zone. I lost what I had and fell again.

As mentioned earlier, Solana’s performance will not stabilize until the cryptocurrency finally gains some credibility among institutional investors. Being the go-to for stopping Bankman Freed’s empire, Solana hit first, dropping to a multi-year low.

After being imposed, millions of SOL were withdrawn from various staking contracts and trading platforms. This means that the market could come under enormous selling pressure at any moment, ruining any kind of recovery rally for Solana.

Until then, Solana’s ecosystem is actively used by NFT and DeFi enthusiasts and may become the network’s only source of funding in the near future.

Huge record of polygons

As previously covered by U.Today, Polygon recently celebrated another milestone with the number of unique entities on its network surpassing 200 million this week, an all-time high.

The dramatic growth of such networks is a strong underlying signal. Despite all the problems in the cryptocurrency market, Polygon is growing. With rapid growth and development, the market value of the underlying token should eventually recover.

At the time of writing, MATIC is trading at $0.8, up slightly by 0.77% over the past 24 hours. The asset is moving in continuous range bounds and he only has one breakout attempt. The lack of action and steady volume suggest that the token is in an accumulation phase, but at the same time it is stuck in a long-term downtrend.

For now, MATIC is trading at the unbroken support level for the past 70 days.