It’s a surprising performance for XRP in the crypto market today, alone spiking over 7% during the weekend rally led by Bitcoin’s attempt to breach the $65,000 mark. XRP made a high of $0.6304 but closed a bit lower at $0.6131. Even the slightest drop in this asset seemed to not deter its upward momentum, which continues to gain much attention. Related Reading: FET Explodes 60% After New Project Announcement – Details Analysts are highly positive about the future of the altcoin, estimating a price increase of 25% in the next three months. The top analyst, Bobby A, believes that the value of XRP could go as high as $33. The reason for this projection by experts includes such technical bullish signs and strong momentum in the market. According to Bobby A, the formation of this breakout pattern on the monthly chart may be what XRP needs to drive a substantial price surge once it finally breaks above current resistance levels. An explosive charge ready to go high order. #XRP ⚒️ pic.twitter.com/93zeWYKgSh — Bobby A (@Bobby_1111888) August 24, 2024 His initial target is $0.8722, which was a 45% increase from its current price of $0.6014. Achieving this target would confirm a transition from a long-term bearish trend into a bullish one, setting the stage for further gains. This far-reaching milestone would not stop Bobby A from surmising that the cryptocurrency will surely aim for higher targets, including $1.34 and $1.72, once it picks up momentum. Short-Term And Medium-Term Outlook Projections for Bobby A go beyond the short term. After the coin has broken above $0.8722, it is projected to gun for targets of $1.34 and $1.72, respectively. These are both key resistance areas that XRP has to break for it to establish a new bullish trend. The path to these targets is not going to be smooth, though. Several resistance levels, all the way up to the previous all-time high above $3, were identified that XRP will have to break before ever reaching those targets. To add to the positive view, another crypto analyst with the alias DustyBC pointed out that XRP was forming a symmetrical triangle in its chart. A consolidation pattern would slope the upper trendline downwards and the lower trendline upwards. According to DustyBC, if XRP manages to break out of this symmetrical triangle above the upper trendline, it could be interpreted to mean that the price is due for a major surge. This breakout might be needed to drive XRP up higher. Related Reading: Dogecoin Rally: Over 70% Of Holders Enjoy Profit As Memecoin Climbs 9% XRP Long-Term Projections Looking forward further, the prospects of XRP are still decent in the long run. In another three months, it could appreciate by 24.97%, as CoinCheckup projects, driven by technical indicators that reflect strong momentum. Its six-month forecast is simply explosive, provided that it stays consistent at 160% growth, reflecting robust bullish sentiment among traders. The one-year projection comes in at almost double, at 99%. These long-term projections set the stage for possible large upward movements of XRP. When considering the long-term gains, it looks like XRP will be one of the most promising investments with large potential growth. The recent performance and analysis by key experts do present promising prospects for XRP. Forecasting bullish and indicating enormous potential gains with technical indicators, XRP is bound to make some notable advances over the coming months. Key resistance levels will be important to monitor, with preparation in place for potential breakouts as XRP makes its strides in the dynamic crypto market. Featured image from Pexels, chart from TradingView
FET has been red-hot of late and is touting a price increase of over 60% this week, which is greater than some of the bigger cryptocurrency players such as Bitcoin, Solana, and TRON. A big chunk of this upward momentum is hailed directly from Fetch.ai’s new announcements, including a brand-new global Innovation Lab being opened in San Francisco, California, which is going to really push at the boundaries of AI technology. Investors’ excitement has been driven by their ability to become a lab innovation driver, so FET is seen to gain by another 14% and most likely hit $1.537 on September 25, 2024. The Innovation Lab is where early-stage startups could emerge with developing AI agent solutions, and Fetch.ai has earmarked $10 million yearly in support of these projects. Related Reading: Dogecoin Rally: Over 70% Of Holders Enjoy Profit As Memecoin Climbs 9% With probably up to $1 million spending on each project, the lab is sure to be one of the most critical drivers for Fetch.ai’s exponential growth. No wonder that this strategy has unquestionably heated up the price surge as investors await the potential for game-changing developments emanating from this initiative. FET Recovery And Market Sentiment After suffering from intense selling pressure, FET was able to see a bounce with incredible strength. In the past 24 hours alone, FET has added an extra 7% to its gain, setting among the top AI cryptocurrencies. The good thing gets to stand out fully when it comes to the nature of this recovery, all things considered. Other focus projects on AI, such as Near Protocol and Internet Computer, have had it in the red in recent times, having shed 14% in the last 30 days. On the other hand, FET showed resilience in this period by being in the green 43% of the days. Market sentiment towards Fetch.ai is cautiously optimistic. Currently, the Fear and Greed index is 55, which is a Greed sentimentᅳnot too overboard. This would indicate interests in Fetch.ai, though many investors are not getting carried away, and that may prove more sustainable. Related Reading: NEAR: Network Upgrade Gives Token 23% Price Boost – Details Whale Activity And Trading Volume Whale activity has also played a role in the performance of FET recently. A crypto whale has proven to regret a past sale of its FET holdings, Lookonchain reports. The price of $FET has surged 70% in the past 7 days! A whale seemed to regret selling before and spent 2.385M $USDT to buy 1.79M $FET back from #Binance at a higher price of $1.33 6 hours ago This whale sold 2.33M $FET for 2.385M $USDT at $1.02 from Aug 11 to Aug 23.… pic.twitter.com/SNIbPrNp0z — Lookonchain (@lookonchain) August 26, 2024 Over the course of the period beginning on August 11 and ending on August 23, the whale in question unloaded 2.30 million FET for a total of 2.38 million USDT at an average price of $1.02. Particularly noteworthy is the fact that the same whale repurchased almost 1.80 million FET at an average price of $1.33, which demonstrates his confidence in the viability of the asset. Technical Indicators And Future Outlook Fetch.ai is currently Neutral technically, according to CoinCodex. However, the current-forecast price gap is promising: By September 25, 2024, FET should rise 14.23%. This projection and market sentiment suggest investors may consider buying Fetch.ai. Featured image from Pexels, chart from TradingView
NEAR has continued to rally despite the market slipping by 2% today. According to CoinGecko, NEAR, the native token of the platform, achieved almost 23% gains since last week. This is largely due to positive on-chain developments, showing that the altcoin has enough muscle to remain in its current position within the market. Related Reading: Dogecoin Rally: Over 70% Of Holders Enjoy Profit As Memecoin Climbs 9% Just recently, NEAR announced that Nightshade 2.0, NEAR’s touted “novel sharding design”, was deployed on the platform’s mainnet, improving the already robust and reliable system users have been enjoying for years. Nightshade 2.0 Brings New Light To The Validators According to a recent blog post, network upgrade have brought in stateless validation, the new sharding architecture for the protocol. This new architecture improved upon the single-shard performance of the network. NEAR already has six shards deployed on the network with a target of ten by the end of the year. It also lowers hardware requirements to become a validator. Nightshade 2.0 improved the validator experience by omitting the need to track all of NEAR’s shards, stimulating the growth of the validator side of the crypto. “In particular, the new sharding implementation paves the way to significantly increase the coin’s already-fast transaction throughput,” said Bowen Wang, Head of Protocol at NEAR One. According to Illia Polosukhin, Co-Founder of NEAR Protocol and the CEO of the NEAR Foundation, the network upgrade fixes “the fundamental bottleneck issue on most L1s of how to scale while preserving both usability and security.” Rejection Candle Forms Marking Start Of NEAR Correction Phase With the market’s slippage on today’s trading activity, NEAR is currently trading on a red candle as the token is rejected by the $5.2 ceiling, flipping the momentum to the bears in the short term. This will make losses inevitable in the short term. Related Reading: Injective (INJ) Skyrockets 21% As Proponents Weigh In On New Developments With the market dip flipping the momentum to the bears, it will continue to affect the crypto’s performance if the bearishness continues. However, NEAR’s recent developments might slow the fear, uncertainty, and doubt as the recent development helps network growth in the long term. Once Nightshade’s effect matures, NEAR will have a solid base for investor confidence to stand on. Right now, NEAR has two possible paths that it may take in the medium term. If the market rebounds after the current dip, it has the potential to break through $5.7 in the coming weeks. However, if the dip continues to worsen by the day, NEAR might return to $3.8 with the worse-case scenario being at $3.0 if the situation worsen. For now, investors should be cautious by monitoring the market’s broader movement as any swing can affect the altcoin’s performance. Featured image from Rebank, chart from TradingView
You don’t have to have had your eyes glued to the markets recently to have noticed that Bitcoin ETFs have been dominating the headlines again this week, in every sphere but that of focus on retail investors. Related Reading: Gold Tops $2500, Steals The Spotlight From Bitcoin – Details In a recent conversation on X, […]
Is the cryptocurrency market stuck in ‘the calm before the storm’? What will happen when Bitcoin reclaims $70k levels? Right now, there’s a lot of bearish sentiment, but remember, we’re consolidating near all-time highs. We’re on the verge of a breakout, and time is ticking. Analysts across the industry are predicting that altcoins will begin …
Story Highlights Waves price might surge as high as $1.44 by the end of 2024. WAVES price, with a potential surge, could go as high as $25.10 by the end of 2030. The current price of Waves is . WAVES is a dynamic blockchain platform to effortlessly create and launch custom tokens and a hub …
The crypto markets have turned bullish due to the speculations of them being at the foothills of the next bull run. Bitcoin has surpassed $64,000, raising bullish momentum within the market; hence, the price of memecoins like dogwifhat (WIF) has just begun to swell. Therefore, the price is poised to mark the interim targets beyond …
Crypto analyst Javon Marks has just highlighted FLOKI as a digital asset that could register an impressive growth. In a post on X, Marks noted that if FLOKI confirms a so-called Hidden Bull Divergence, gains of over 96% can be expected. Related Reading: Bitcoin Floor: CEO Predicts $38,000 Will Be The Lowest BTC Goes This technical pattern implies an upsurge once the FLOKI breaks above $0.000276 resistance. If level breaks up, Marks thinks FLOKI may rise to $0.000546, and with “more room to climb.” That is an overall optimistic view, which aligns with a more comprehensive view given by crypto price prediction platform CoinCodex, projecting its value to increase by 227% by September 22, 2024. Recent Performance And Market Dynamics Despite the recent slump, FLOKI is doing a good job of catching investors’ attention. The token rose 15% in just a week, which could be quite a rally. On the back of this uptick are positive technical indicators, new strategic partnerships, and an anticipated airdrop announcement. Coming off of a recently confirmed Hidden Bull Divergence, sights for $FLOKI (Floki Inu), in response to this divergence is still on an over 96% climb back above the $0.0002761498 target which may only open up even more room for climbing! With a break above this target,… https://t.co/w3iDJDPeZU pic.twitter.com/SSr3iaLB5F — JAVON⚡️MARKS (@JavonTM1) August 22, 2024 These are very positive factors, all brewing a lot of interest around this token, making it one of the more talked-about meme coins of late. FLOKI also experienced turbulence. The crypto market collapse in early August drove the token down 65% from $0.00034 on June 5 to $0.000096. However, its 15% comeback from that level has spurred anticipation of a revival. Airdrop Backed By Binance Boosts Confidence One major development is that Binance will support FLOKI’s upcoming airdrop of the Simon’s Cat token, CAT. Starting August 29, 2024, Binance will snapshot balances for this airdrop eligibility, where approximately 315 billion CAT tokens are given to every wallet with at least 400,000 FLOKI tokens. This airdrop is seen to be strategic in keeping up rewards for the FLOKI community, which faced a bot-ruined presale attempt. This upcoming announcement has fairly been received well. It not only instills confidence in FLOKI but also helps in the process of building trust in the community. The call to avoid the presale and instead go for the free airdrop at least to some level signals adherence to fair play and transparency, which might improve the long-term prospects of FLOKI. Floki: Price Forecast And Investment Outlook Looking further ahead, the price forecast of FLOKI seems quite promising. As per CoinCodex, the price may rise by approximately 227% by September 22, 2024, implying that it can go as high as $0.000489. The current feeling from technical indicators is Neutral, with neither buyers nor sellers in the upper hand driven by this bullish outlook. The fear and greed index reading of 34, which falls under the fear category, suggested that market sentiment remains at bay, probably due to the prevailing volatility. Related Reading: Stacks: New Developments Push STX Price 18% Higher – Details Over the past month, on average, FLOKI has been green 30%, which does not bode well for buyer interest. There have been truly a lot of price swings, given the token’s 17% volatility rate. For investors, this is quite a potential buying opportunity; however, it is not risk-free. It is very important to keep an eye on market conditions and overall sentiment before investment decisions can be made. Featured image from Medium, chart from TradingView
The cryptocurrency market is on the cusp of a major bullish trend, with Bitcoin leading the charge. Several altcoins showing signs of breakouts and among the notable performers are Render, which is gaining momentum, and Chainlink, which has started to break out. The Graph is on the verge of a strong breakout, while Stacks is …
Chainlink (LINK) has surged over 10% in the past few hours, pushing its price to $11.39 at the time of writing. This significant gain comes after two weeks of sideways consolidation, signaling a potential shift in momentum. Related Reading: Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating As LINK rallies, data from Santiment, a leading crypto data intelligence platform, reveals that some daily traders are already taking profits, capitalizing on the recent price increase. This profit-taking activity highlights investors’ cautious optimism as LINK’s price gains momentum and reaches technical resistance in the 4-hour timeframe. LINK’s On-Chain Transaction Volume Showing Profit-Taking LINK’s daily profit-to-loss transaction volume has reached its highest level since July 14, with the ratio at 5.986. This means there are nearly six transactions in profit for every transaction in loss, signaling that short-term holders are actively taking profits following the recent move up. Such a high ratio indicates that investors are capitalizing on a significant price increase or relief rally, locking in gains as the market tests key levels. This profit-taking trend reveals the dynamics prevailing among traders, even as LINK’s price continues to gain momentum in the market. With the token testing local supply around the $11.40 mark, the market sentiment is one of careful anticipation. Traders are keenly aware of the delicate balance between further gains and potential pullbacks. Investors will watch for signs of a sustained breakout or a potential reversal as LINK approaches this threshold. The outcome at this level could set the tone for LINK’s price action in the coming days, making it a critical juncture for traders and investors alike. Technical Details: LINK Price In Critical Level LINK is trading at $11.31 after breaking a local high of $10.83 set on August 8, confirming an uptrend on the daily time frame. The price rally paused at $11.40, right at the 4-hour (4H) 200 exponential moving average (EMA), underscoring the significance of this technical indicator in lower time frames. This indicator acts as a dynamic support or resistance level, often indicating the trend in lower time frames. For LINK, reclaiming this level is crucial to confirm bullish momentum. For LINK Bulls to maintain momentum, the next crucial step is to retake the 4H 200 EMA and aim for $13. Conversely, if LINK fails to consolidate above this indicator, it could lead to a retest of the previous resistance at $10.83 and potentially a dip to the higher low around $9.90. Related Reading: Analyst Says Chainlink Price Could Climb To $19 — Here’s How Despite some day traders locking in profits, this activity should be seen as a sign of healthy profit-taking after a modest rally. The current price action reflects a market in consolidation, with traders closely watching for the next move. As LINK hovers near critical levels, the coming days will be pivotal in determining whether the uptrend continues or if a pullback is on the horizon. Cover image from Dall-E, Charts from Tradingview
Amid ongoing market volatility, the altcoin leader, Ethereum’s price has reclaimed the $2,650 level with a jump of 2.11% in the past day. Following this, ETH-based altcoins have gained significant attention from the market. This has resulted in them breaking out of their important resistance levels. With the increasing price uncertainty in the crypto space, …
As of now, the total cryptocurrency market capitalization, which includes Bitcoin and all altcoins, has not yet surpassed its previous all-time highs when adjusted for inflation. The peak was around $73,000, surpassing the previous high of $69,000 in the last cycle. For altcoins, similar performance patterns are expected. Analyst Jeff Sekinger said that historically, altcoins …
The crypto markets maintain significant strength as the trade is heading towards the end of the month. Although the volatility has not reached the required levels, the majority of the tokens are displaying their preparedness to reclaim the yearly highs. Among them are Aave & Avalanche, which have risen after a pretty long consolidation. Aave …
Investor sentiment took a hit on August 20 as notable crypto analysts, including Raoul Pal and Max Prime, voiced concerns about XRP’s and ADA’s future. The cryptocurrency’s performance is being closely scrutinized amid ongoing legal challenges and broader market movements. Let’s explore what’s happening around XRP, and ADA. On August 20, XRP saw a minor …
After trading under a bearish sentiment for a brief period, the cryptocurrency market has recorded a bullish recovery over the past day. Moreover, the market is currently valued at $2.11 Trillion with a 24-hour jump of 1.48%. Following this, mid-cap and low-cap altcoins have gained attention from the crypto space. This has resulted in them …
After withstanding acute bearish pressure in the first fortnight of the month, the crypto markets are expected to trigger a strong rebound. In the latest drop from levels close to $60,000, the Bitcoin price sticks around the interim target, suggesting the bull’s preparedness in the coming days. In the meantime, the ongoing squeeze over some …
The crypto flash crash happened just over a week ago. Interestingly, retail investors like us were slow to react, while professional traders quickly took advantage of the dip. This raised questions about why retail investors hesitated—was it due to fear, concern, or simply not having a plan in place? On Black Monday, it seems the …
The volatility in the memecoin category is on a constant rise, with top meme tokens recording a significant price action within shorter time frames. Moreover, the category leaders, Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced a neutral trend, suggesting uncertainty. However, low-cap memecoins have picked up the pace and have added massive uptrend in …
The price volatility in the crypto market resumes with top tokens recording a significant price movement in their valuations within a short period. Moreover, the altcoin leader, Ethereum price continues trading around its $2.65K mark over the past week. On the other hand, the AI category has regained momentum and has displayed a constant rise …
The crypto markets are experiencing a roller coaster ride as, after a small upswing, the Bitcoin price has again begun to consolidate as the bulls fall short of strength. In the meantime, the prices of altcoins like Toncoin (TON) and Notcoin (NOT) are not only holding support but are also maintaining a steep ascending trend. …
Over the last year or so, since crypto prices began bouncing strongly from late Q3 2024, interest has spiked, drawing attention to low-fee and scalable alternatives to Ethereum. These blockchains, mainly Solana, allow users to deploy smart contracts cheaply, all while remaining trustless and, to some extent, reliable. Bot Activity Is Not After All Bad–Here’s […]
In this ongoing bearish market sentiment, there are a few best altcoins that have the potential to soar 100% if a bull run begins. However, in the past few days, the overall cryptocurrency market has experienced a significant decline and these altcoins are now trading at a discounted price. Best Altcoins for Next Bull Run …
In a new essay, Arthur Hayes, the co-founder of crypto exchange BitMEX, has outlined a bullish future for Bitcoin and altcoins. His analysis, focused on the interplay between government liquidity operations and asset prices, suggests a looming bull market in the crypto space, driven by strategic fiscal maneuvers by the US Treasury. When Will The Bitcoin Bull Run Return? Hayes compares the quality of water in brewing coffee to the liquidity in financial markets, illustrating that just as the quality of water is crucial for making a good cup of coffee, liquidity is essential for the health and movement of financial markets. Hayes pointed out that many investors underestimate the impact of liquidity and often focus narrowly on more visible factors like technological advancements or regulatory changes. Hayes explains the concept of “fiscal dominance,” a situation where the government’s need to finance itself supersedes all other economic considerations, including the control of inflation. He specifically critiques the current policies under US Treasury Secretary Janet Yellen, whose tactics, according to Hayes, focus on generating nominal economic growth regardless of the inflationary outcomes. Related Reading: BTC’s Next Objective? Analyst Eyes Crucial $70,000 Resistance Zone For Bitcoin “During a period of fiscal dominance, the necessity to fund the state overrides any concerns the central bank may have about inflation,” Hayes explains. He details how this shift impacts liquidity, stating, “That means bank credit and, by extension, nominal GDP growth must be sustained at high levels even if it results in persistently higher than target inflation.” Drawing a direct connection between Treasury actions and crypto market movements, Hayes highlighted the correlation between the issuance of Treasury bills (T-bills) and Bitcoin price movements. He noted that when the Treasury increases T-bill issuance, it effectively shifts liquidity from instruments like the Reverse Repo Program (RRP) into more active uses, which historically corresponds with increases in Bitcoin prices. “As the RRP (white) fell from its high, Bitcoin (gold) pumped off the lows. As you can see, it’s a very tight relationship. As money leaves the Fed’s balance sheet, it adds liquidity, which causes […] Therefore, taking Bad Gurl Yellen’s word, we know that $301bn of T-bills will be net issued between now and year-end. If this relationship holds true, Bitcoin will quickly retrace the dump caused by the yen strengthening. The next stop for Bitcoin is $100,000″ Hayes speculates. When Altcoin Season? Therefore, Hayes advises crypto traders to pay close attention to fiscal and monetary policies, especially the actions of the US Treasury, as these are often precursors to significant market movements. Monitoring T-bill issuance and Treasury maneuvers can provide crypto investors with clues about upcoming shifts in market liquidity and potential price movements, according to Hayes. Related Reading: Bitcoin Investors Again Show Extreme Fear As BTC Slips To $59,000 Shifting focus to the broader crypto market, Hayes also discusses the potential for an ‘alt szn’ or altcoin season, which he predicts will follow a rally in Bitcoin and Ethereum prices. “Shitcoins are higher beta Bitcoin crypto plays. But during this cycle, Bitcoin and now Ether have structural bids in the form of net inflows into US-listed exchange-traded funds (ETF). While Bitcoin and Ether have corrected since April, they escaped the carnage experienced in the shitcoin markets.” Commenting on the potential of a full blown altcoin season like in previous cycles, Hayes assures that the time will come. However, altcoin season will only return after Bitcoin and Ether “decidedly break through $70,000 and $4,000, respectively.” He adds, “the combination of a dollar liquidity-inspired Bitcoin and Ether rally into year-end will create a strong foundation for the return of a sexy shitcoin soiree.” Interestingly, Hayes plans to capitalize on the US elections. He expects that the crypto bull run will exit its “sideways-to-downward trajectory” in September. “The US election occurs in early November. Yellen will be at peak manipulation in October. There will be no better time for liquidity this year. Therefore, I shall sell into strength. I will not liquidate my entire crypto portfolio but take profits in my more speculative momentum trades,” he revealed. Hayes further anticipates a more substantial market adjustment post US election and the US debt ceiling resolutions, “Once the US debt ceiling charade is over, liquidity will gush from the Treasury and possibly the Fed to get markets back on track. Then, the bull market will begin for realz. $1 million Bitcoin is still my base case.” At press time, BTC traded at $58,783. Featured image from YouTube, chart from TradingView.com
Yesterday, Donald Trump rejoined X and made a significant impact. Many reacted negatively to the interview, focusing on technical glitches and a perceived bias in favor of Trump. Despite being an important day for meme coins, analyst Ran of Crypto Banter believes the interview marked a turning point, potentially signaling the decline of the meme …
Following the unmatched success of the Solana (SOL) ecosystem catalyzed by its meme coin sector, Justin Sun’s Tron (TRX) has increased its focus on the same industry. According to an X post from Sun earlier today, the Tron network will welcome a new meme coin season through the SunPump. The SunPump is a meme fair …
Amid ongoing market volatility, the Solana price has recorded a surge of approximately 30% within the past seven days. Following this, top SOL-based altcoins have successfully regained momentum and have displayed a similar price action. On the other hand, Solana chain’s most successful memecoin, the Dogwifhat (WIF) price has surged over 61% during this period, …
With the price of Bitcoin plunging toward its $58,000 mark, the memecoins have lost momentum and recorded significant correction in their respective portfolios. Further, some mid-cap memecoins have experienced a double-digit drop during this period. Amid current market situations, questions like “Is this the right time to invest in memecoins?” and “Is memecoin a good …
The crypto market is not where it should be right now, at least in terms of prices – altcoins specifically – that some investors believe should be up, as always. Altcoins, otherwise known as any digital assets excluding Bitcoin, plummeted to new lows against Bitcoin last week. This decline is steep and has been gaining […]
Although the market dipped today, Solana has found its way to spark investor interest despite falling a few points in the past 24 hours. However, the token is still up nearly 22% in the past month, going against the market’s general bearishness after last week’s slip and slide. Related Reading: XRP Price Reaches Support: Will It Trigger a Turnaround? Solana’s significant traction around the world has garnered some attention in the institutional space, leading to a development that might help SOL weather the bearish storm ahead. But with the coming announcements of several macro indicators, there might be trouble in the coming weeks. Brazil Approves Solana ETF, Coming Ahead Of The USA The Comissão de Valores Mobiliários (CVM), the Brazilian equivalent of the US Securities and Exchange Commission, approved QR Asset’s Solana exchange-traded fund (ETF) proposal on Wednesday becoming the first ever Solana ETF in Latin America. This development surpasses the United States as several Solana ETFs are still up for review by the SEC. According to local sources, the ETF is still subject to approval by B3, the company responsible for the country’s stock exchange. Nonetheless, this is a huge win for Brazilian crypto-enthusiasts as it solidifies the country’s position in the international crypto scene. “This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets,” Theodoro Fleury, Manager and Chief Investment Officer at QR Asset, said in an interview. SOL Consolidation Phase Starts, Price To Stabilize On This Level Regulatory hurdles are the thing that block Solana ETFs from hitting the market. Although the SEC already pulled Solana’s name from its legal action against Binance, Solana ETFs in the US are still a long way ahead. But the market reacted spectacularly well from the Brazilian Solana ETF announcement. Although short term pain is relatively stingy, SOL’s position is quite healthy as the $131-$147 price range remains to be the bulls’ chosen platform for future upward movement. Meanwhile, World of Charts, a well-known cryptocurrency analyst, has identified the presence of a bullish pennant pattern. This pattern typically occurs after a significant upward price movement and is characterized by converging trendlines that resemble a symmetrical triangle. This pattern indicates a temporary halt in the market before continuing the current upward trend. ETF: Boon Or Bane? The ETF announcement has definitely hurt the bears, which further reduced the possibility of further downturn. Moving forward, investors and traders should watch the broader market developments that may or may not affect the token’s price movement. In this case, watching how institutional entities grow in interest on Solana– and crypto as a whole– is a great place to start. Related Reading: SUI Leads Crypto Market With 78% Weekly Uptick: Here’s Why SOL’s potential is in the long term with developments like this that may take place weeks, or even months, after the initial announcement. As of now, SOL is weathering the bearish storm well as the consolidation phase opens the road toward $171 or even $186. However, expect this consolidation phase to be short as the market continues to experience moderate volatility in the short term. Featured image from Marca, chart from TradingView
The crypto market has faced a massive sell-off, largely driven by global factors, macroeconomic events, and technical weaknesses, causing the market cap to drop below $2.05 trillion. Bitcoin and Ethereum each fell over 4%, with major altcoins like BNB, SOL, XRP, TON, and ADA declining by 4-7%. AI and meme coins were hit hardest. Despite …