Bitcoin price
Solana Struggles to Rise Amid Bitcoin Price Uncertainty
Published
2 days agoon
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Solana price dropped by 0.4% in the last 24 hours to trade around $148 during European business hours on Wednesday. This small regression in price is overshadowed by the 8.3% surge in price Solana experienced in the past week, caused by the prospect of Solana ETF filings. Bitcoin, on the other hand, wiped off some of the gains it made over the weekend and dropped back down to $60,900.
Solana Price Analysis: 16% Gains in Sight If This Trendline Holds
Solana network has a lot going for it currently and its price action echoes the same. SOL price recently broke out from a falling channel and has been in an uptrend. The price action is trending at the 50-day and above the 200-day simple moving averages (SMA), depicting an asset that is slowly turning fully bullish.
Zooming out, the SOL price is currently in a descending channel, which is generally not a bullish chart pattern. However, if the 32% chance of a breakout to the upside happens, it is usually explosive and aggressive.
The SOL 14-day relative strength index (RSI) is trending just above the midpoint around 52 and also above its moving average (MA). This is bullish for the asset since there is a lot of upside room for movement. The journey to the overbought (OB) region will be characterized by increasing volume and bullish momentum. Solana’s 24-hour trading volume is already up by 41% per CoinGecko, revealing an increasing interest among investors.
According to these technical indicators, the Solana price prediction shows that the asset may rise by 16% in the coming days to touch $173 at the downward sloping trend line. Conversely, SOL may find support around $131 (200-day SMA) or $120.
Bitcoin price has been a great influence on Solana’s price, threatening to thwart any progress SOL price makes with its erratic movements. The price of Bitcoin dropped back to $60,900 over the past 2 days after rising to $63,794 in the weekend.
Fundamentally, Bitcoin still remains extremely bullish, but it won’t save the asset if the price breaks below $60,000. A fair value gap (FVG) of around $46,000 is currently the most worrying concern on the Bitcoin price chart. Price action usually corrects to fill these areas of market imbalance.
Solana ETF Filings Boost Investor Morale
Over the past week, the Solana ecosystem has been abuzz with news of VanEck and 21Shares filing for a Solana ETF with the U.S. SEC. This is the first ever Solana ETF and if it gets approval, the SOL price may rise to $1000 easily.
Solana joins Bitcoin and Ethereum in the list of ETFs filed with the SEC. The crypto community speculates whether there could be more ETF filings coming, with Cardano, XRP, Algorand, and Chainlink being at the top of the speculation list.
Bottom Line
Solana’s price prediction against Bitcoin reveals an intriguing dynamic as SOL’s resilience and ability to maintain investor interest amid Bitcoin’s price uncertainty become apparent.
Frequently Asked Questions (FAQs)
The approval of a Solana ETF is currently uncertain and does not have a set timeline. Recent discussions and applications, such as those by VanEck, have raised the possibility, but the U.S. Securities and Exchange Commission (SEC) has not made a definitive decision yet.
As of May, there were more than 455,000 tokens created on the Solana blockchain. This ecosystem includes a variety of token types, such as fungible tokens, non-fungible tokens (NFTs), and other types of digital assets used in various decentralized applications and financial services
According to available there are ovver 9,154,449 SOL holders.
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Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin price
Bitcoin Price Falls as Mt Gox Starts Repayments
Published
5 hours agoon
July 5, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/06/mt-gox.jpg)
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The Bitcoin price plunged this week, sinking below $55,000 for the first time since February as the now-defunct Mt Gox exchange began distributing billions in owed funds.
Mt Gox announced it has started repaying creditors, ending years of waiting stemming from its 2014 collapse. The Japan-based exchange will distribute approximately $9 billion worth of Bitcoin, Bitcoin cash, and fiat currency.
The news added heavy selling pressure on Bitcoin, which fell over 6% on Friday to trade near $54,000. The broader Bitcoin and crypto market shed over $170 billion in 24 hours amid the declines.
On Thursday evening, Mt Gox moved around 47,000 Bitcoin worth nearly $2.7 billion from cold storage wallets to a separate address. While intentions remain uncertain, the transfer fueled concerns creditors may sell portions of recovered coins.
The payouts come after protracted bankruptcy proceedings for Mt Gox, which suffered a massive hack in 2014 that resulted in 850,000 Bitcoin being lost. It was the largest crypto exchange at the time, handling 70% of all Bitcoin transactions.
The repayment of creditors marks a major step toward resolving Mt Gox’s decade-long insolvency case. However, the influx of previously lost coins threatens to shift supply and demand dynamics.
Some analysts estimate selling pressure from payouts could push Bitcoin’s price as low as $50,000 in the near term. Ongoing transfers from the German government have also weighed on the market.
However, others argue the amounts equate to a small fraction of daily Bitcoin trading volumes. They say most creditors are long-term investors unlikely to dump holdings en masse, limiting impacts.
Nonetheless, analysts widely expect significant volatility ahead between Mt Gox distributions and the start of German government sales in July.
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Bitcoin Closes CME Gap, Expert Predicts What Happens Next
Published
21 hours agoon
July 4, 2024By
admin![](https://blocknewsmedia.com/wp-content/uploads/2024/07/Bitcoin-gap.jpeg)
Crypto expert Michael van de Poppe has highlighted an important indicator which suggests that Bitcoin could make a crucial bounce from its current price level. This follows the flagship crypto’s recent decline below $60,000.
BTC’s CME Gap Has Closed
Van de Poppe revealed in an X (formerly Twitter) post that Bitcoin’s CME gap has closed and added that it is time for the crypto token to enjoy a relief bounce from its current price level. From the chart he shared, Bitcoin will reclaim $60,000 as support before moving further to the upside.
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![](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-1.png?w=460&resize=460%2C249)
Crypto analyst Mkybull Crypto also confirmed that the CME gap has been filled. Like Van de Poppe’s prediction, the analyst expects Bitcoin to reclaim the $60,000 range and possibly continue its upward trend. Mikybull Crypto revealed that Bitcoin has completed its inverse head-and-shoulder pattern on the daily chart. He predicted that the flagship crypto could reach a minimum breakout target of $70,000 when it successfully breaks out above $62,000.
![BTC price](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-2.png?w=460&resize=460%2C261)
Mikybull Crypto also mentioned that the Moving Average Convergence/Divergence (MACD) indicator indicates that a bullish cross is imminent for Bitcoin. He noted that this indicates strength for the flagship crypto and that its price is poised to rise. The crypto analyst is also undeterred by Bitcoin’s recent underperformance as he is confident that a parabolic rally will soon enough.
![Bitcoin price 3](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-3.png?w=460&resize=460%2C261)
Contrary to what some might think, he claimed that the cycle top isn’t in yet and that this is simply a “final shakeout” before the market top is in. Based on the chart he shared, he predicts that Bitcoin will still climb above $100,000 and possibly reach $130,000. The analyst had previously mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.”
![BTC price](https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin-price-4.png?w=460&resize=460%2C261)
What Next For Bitcoin?
With Bitcoin failing to hold above $60,000, the bearish calls are becoming louder in the crypto community. Some predict that the flagship crypto could drop to the $40,000 range soon enough. Crypto analyst CrediBULL Crypto claimed that “there is still a lot that must be done” for Bitcoin to drop that range, suggesting that it is unlikely to happen anytime soon.
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He also provided insights into what will likely happen to Bitcoin at its current price level. According to CrediBULL Crypto, there is a chance that Bitcoin will wick the $58,000 low, hold a higher low above the $56,000 low, and then reverse from there. He further raised the possibility of Bitcoin dropping into the $53,000 demand area if the $56,000 lows are breached.
Additionally, the crypto analyst mentioned that $40,000 could become possible if Bitcoin fails to hold above $53,000. However, he believes this scenario of Bitcoin dropping to $40,000 is “the least likely to actually play out.” He remarked that this isn’t something anyone should be placing “heavy weight on at this time.”
Featured image created with Dall.E, chart from Tradingview.com
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Bitcoin
Bitcoin Is Up 2X But Speculators Are Underwater: Will The Sell-off Continue?
Published
2 days agoon
July 4, 2024By
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Bitcoin is down at press time, wiping the weekend’s gains and inching closer to $60,000. If bears press on, increasing their shorts, the odds of the coin sliding below the psychological number and $56,800 remain high.
Glassnode: STHs Are In Red
As the world’s most valuable coin finds itself at a critical juncture, fast approaching $60,000, on-chain data points to weakness at spot rates.
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In a post on X, Glassnode, a blockchain analytics firm, highlighted how BTC finds itself in a unique situation.
![Bitcoin short-term holders are in red | Source: @glassnode via X](https://www.newsbtc.com/wp-content/uploads/2024/07/GRjSqFyWMAA_2rO.jpg?resize=1024%2C590)
While Bitcoin is in green, rallying by over 100% over the last year, data shows that many short-term holders (STHs), primarily traders and speculators, are underwater. STHs are entities or addresses that bought their coins in the last 155 days or before the end of 2023.
During this time, not only did prices soar to an all-time high, meaning all coins were in circulation by mid-March 2024, but speculators were raving, expecting prices to continue soaring. However, this didn’t come to pass because no sooner had BTC breached $70,000, rising to $73,800, prices fell sharply.
By mid-May, BTC cratered to $56,800 before briefly bouncing to around $71,500. The failure of bulls to break $72,000, a level closely monitored by traders, means sellers have the upper hand at press time.
Glassnode’s assessment suggests that though STHs are feeling the pressure, only those who bought and HODL over the last year are in the money. With a 2X surge over the previous 12 months, BTC is technically in an uptrend, aligning with gains from the second half of 2023.
HODLers Are In The Money: Why Are BTC Whales Selling?
Other parallel data shows that long-term holders (LTHs), especially those who bought in the last five to seven years, enjoy a realized price of less than $7,300. This means that regardless of the current volatility, these HODLers are in the money and can wait for the current shake-out to end.
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Amid this state of affairs, Lookonchain data shows that Bitcoin whales have been moving coins to Binance. Often, transfers to centralized exchanges are considered bearish. Therefore, the more coins sent, the more bearish the sentiment and the net negative it is on prices.
![BTC whales are unloading | Source: @lookonchain via X](https://www.newsbtc.com/wp-content/uploads/2024/07/GRjOXWRaUAAl3S7.jpg?resize=1024%2C456)
As of July 3, the analytics platform noted that one whale sent 1,023 BTC, worth roughly $62 million, to Binance. Earlier, another whale transferred 1,723 BTC, worth over $106 million, to the world’s largest crypto exchange.
Feature image from DALLE, chart from TradingView
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