Solana (SOL) experienced a significant surge in the market on Monday, as the cryptocurrency surpassed the $35.00 level.
After reaching a low of $32.29 on Sunday, SOL/USD climbed to an intraday high of $35.17 at the beginning of the week.
This marks the highest point that the cryptocurrency has reached since November 6 of the previous year, when its price was trading above $37.00.
Solana faced a decline following the FTX fraud scandal, but it has been steadily recovering since then.
The surge in price coincides with the relative strength index (RSI) surpassing a ceiling at 74.00 and currently sitting at 77.33.
As of now, SOL remains above $35.00, but it is possible that bulls may begin taking profits in the coming days.
Avalanche (AVAX) also experienced substantial gains at the start of the week, with its price increasing by as much as 6% during the day.
AVAX/USD reached a peak of $11.60 on Monday, less than 24 hours after hitting a bottom at $10.92.
This surge brings Avalanche to its highest point since October 7, when its price last surpassed the $11.70 ceiling.
Although earlier gains have slightly faded, with AVAX currently at $11.57, the RSI reached a ceiling at 70.00.
The price strength is currently hovering at 69.40, but bulls are likely to aim for breaking this mark and pushing it above 70.00 in the upcoming days.
Do you think Avalanche could reach $12.00 in November? Share your thoughts in the comments.
Frequently Asked Questions
Which precious metal is best to invest in?
This depends on what risk you are willing take and what kind of return you desire. Gold is a traditional haven investment. However, it is not always the most profitable. Gold may not be right for you if you want quick profits. If you have time and patience, you should consider investing in silver instead.
If you're not looking to make quick money, gold is probably your best choice. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
What is the Performance of Gold as an Investment?
The supply and the demand for gold determine how much gold is worth. Interest rates can also affect the gold price.
Gold prices are volatile due to their limited supply. You must also store physical gold somewhere to avoid the risk of it becoming stale.
How much gold should your portfolio contain?
The amount of capital that you require will determine how much money you can make. Start small with $5k-10k. As you grow, it is possible to rent desks or office space. Renting out desks and other equipment is a great way to save money on rent. Only one month's rent is required.
Consider what type of business your company will be running. My website design company charges clients $1000-2000 per month depending on the order. So if you do this kind of thing, you need to consider how much income you expect from each client.
If you are doing freelance work, you probably won't have a monthly salary like I do because the project pays freelancers. You might get paid only once every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k-$2k of gold and growing from there.
Is physical gold allowed in an IRA.
Gold is money, not just paper currency or coinage. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. While owning gold doesn't guarantee you'll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
Gold is one of the few assets that has virtually no counterparty risks. Your stock portfolio can fall, but you will still own your shares. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. You can buy gold in small amounts because it is so liquid. This allows you to profit from short-term fluctuations on the gold market.
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement accounts
3 Ways to Invest Gold for Retirement
It's crucial to understand where gold fits in your retirement strategy. There are many ways to invest in gold if you have a 401k account at work. You might also be interested to invest in gold outside the workplace. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, put cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. Physical gold coins can be sold much faster than paper certificates. You don't have to store physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. This is how you spread your wealth. You can invest in different assets. This will reduce your risk and give you more flexibility in times of market volatility.
By: Eliman Dambell
Title: Solana and Avalanche Surge to One-Year Highs as Crypto Market Rallies
Sourced From: news.bitcoin.com/biggest-movers-sol-hits-near-1-year-high-gaining-9-on-monday/
Published Date: Mon, 30 Oct 2023 16:00:06 +0000