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Crypto traders are talking about SOL price falling due to the risk of FTX selling its $1.16 billion Solana stake. Are they over-exaggerating? For a long time, Solana (SOL) has been associated with the founder of now insolvent crypto exchange FTX and hedge fund Alameda Research, Sam Bankman Fried. He was an early investor in the project and invested in numerous Solana ecosystem projects during the 2020-2021 bull mania. So when FTX collapsed toward the end of 2022, Solana and other “Sam coins” plummeted significantly, falling to lows of $9.89 — down 96.3% from the peak of $259.96. Since the start of 2023, Solana’s price staged a recovery to gain 175% to reach a peak of $27.37 as the ecosystem also witnessed growth. However, more recently, SOL came under tremendous selling pressure after the Delaware Bankruptcy Court approved the sale of FTX’s digital assets, which includes 55.75 million SOL worth $1.062 million. However, the unlock schedule of FTX’s holdings and derivative market posit...

More gains for XRP price appear likely due to a classic bullish continuation pattern alongside strong whale accumulation. XRP (XRP) has risen by an impressive 60% in the first quarter of 2023, helped by rising speculation over Ripple’s potential legal win versus the U.S. Securities and Exchange Commission and broader bullish sentiment in the cryptocurrency market. The XRP/USD pair now eyes more gains in the second quarter, primarily due to a classic bullish continuation pattern. XRP price paints bull pennant In late March, XRP broke above its multimonth ascending trendline resistance, averting a potential 35% correction. The rebound reached $0.58 on March 29, its highest level since May 2022. Now, XRP has been consolidating sideways in what appears to be a bull pennant. This bullish continuation pattern forms when the price consolidates inside a symmetrical triangle after undergoing a strong rally. A bull pennant resolves after the price breaks above its upper trendline while accompa...

SOL price rallied to a year-to-date high above $30, but Solana’s struggle with increasing its user stats call the current bullish momentum into question. Solana (SOL) price briefly surged to a new year-to-date peak on June 14 after Ripple’s partial win against the U.S. Securities Exchange and Commission in the case contesting XRP’s position as a security.  The token recorded gains of 48.09%, reaching a peak of $32.40 as news of the court ruling spread, before retracing below the $30.00 level. The positive gains following the verdict not only eliminated the losses from June 2023 when the SEC considered SOL a security in its lawsuit against Binance and Coinbase, but also reclaimed levels not seen since the FTX collapse in November 2022. However, the network's usage and market charts suggest that a long-term bullish price trend is unlikely, with the $30 level forming a crucial resistance level. Solana ecosystem growth stalls The total fees paid on Solana are still ranging below Q3 ...

JPMorgan's analysts consider Bitcoin's declining open interest to be a sign that the current price trend may be weakening. The crypto currency market 's recent downtrend appears to be coming to an end, as JPMorgan's latest research suggests that most long-position liquidations have been completed. According to a Bloomberg report, analysts for the American bank estimate that the liquidations are “largely behind us.” The prediction is based on the open interest in Bitcoin (BTC) futures contracts on the Chicago Mercantile Exchange (CME) indicating that the selling trend might soon decelerate. Open interest, which refers to active futures contracts, serves as an indicator of market sentiment and the strength of price trends. Bitcoin's open interest decline is seen as a sign that the current price trend could be weakening, according to analysts. “As a result, we see limited downside for crypto market s over the near term.” CME BTC Futures Open Interest. Source: Coin...

BTC price upside is likely limited, market participants argue, with Bitcoin pinned below $27,500. Bitcoin (BTC) bounced near multiple support trend lines into June 2 as market indecision remained in force. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView Traders bet on $27,500 BTC price ceiling Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $26,519 on Bitstamp after the daily close. The pair showed little signs of trend change as a stalemate between bulls and bears continued to produce little volatility. The collection of moving averages (MAs), as well as the short-term holder (STH) realized price, near $26,000 thus stayed untested on intraday timeframes. Analyzing the current setup, popular trader Crypto Ed considered the potential for upside topping out at $27,500. “I do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise ,” he said in a YouTube update on the day. To break the curre...

A brisk slowdown in GDP fails to offer any direction for crypto markets, with Bitcoin slowly claws back lost ground below $30,000. Bitcoin (BTC) stuck to $29,000 at the April 27 Wall Street open as United States GDP growth missed expectations. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView U.S. GDP figures reveal surprise slowdown Data from Cointelegraph Markets Pro and TradingView showed BTC/USD once again stagnant after flash volatility the day prior. The largest cryptocurrency had liquidated over $300 million in long and short positions after a snap correction over claims that Mt. Gox and U.S. government bitcoins had left their wallets. A subsequent rebound rescued some of the losses, but $30,000 remained out of reach as macro data failed to offer a suitable catalyst. This came in the form of GDP growth, which at 1.1% fell far short of predictions. US economy is losing steam: The US GDP grew 1.1% in Q1 2023 ann, slower than the expected 1.9% & slower than previous ...

BTC price action heads lower on the day, but strength is still there beyond the short term, says Michaël van de Poppe. Bitcoin (BTC) faced selling pressure at the Feb. 21 Wall Street open as United States' stock markets opened down. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price skids lower with US stocks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to daily lows of $24,324 on Bitstamp. Bearish signals were already in for the pair after it saw swift rejection during its latest attempt to flip $25,000 to support. Amid suspicions over whale movements on exchanges, monitoring resource Material Indicators concluded that the 200-week moving average (MA) at $25,100 needed to become support for Bitcoin to change its long-term trend. "IMO, until we see full candles above the 200 WMA this is still distribution in a bear market rally, and with the bid wall above $24k, shorting from this level has about as much short term risk as long...

This week’s bearish regulatory actions and rumors were not strong enough to suppress investors’ appetite for cryptocurrency. The total crypto market capitalization rejected at $1.13 trillion on Feb. 16, but there was no change in the month-long ascending channel structure. More importantly, this level represents a 43% gain in 2023, which is far from the $3 trillion level achieved in Nov. 2021. Still, the current recovery is notable.  Total crypto market cap in USD, 1-day. Source: TradingView As shown above, the ascending channel initiated in mid-January has left some room for a 10% correction down to $1 trillion without breaking the bullish formation. Investors reacted positively to the 5.6% year-on-year U.S. CPI inflation increase on Feb. 14 and the 3% retail sales monthly growth on Feb. 15. Bitcoin (BTC) had the biggest positive impact on the total crypto capitalization as its price gained 12.5% on the week. One area of concern is a Feb. 16 story on Binance.US financial transaction...

Bitcoin has the ability to tackle the $17,000 mark for the first time in 2023 should stocks start the year right, say traders. Bitcoin (BTC) inched closer to $17,000 on Jan. 3 as the first Wall Street open of the year loomed. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Consensus builds for fresh attack on $17,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $16,766 on Bitstamp — its best performance since Dec. 27. Analysts and traders were keenly awaiting the start of Wall Street trading after European stocks posted gains the day prior and United States futures followed suit. As Cointelegraph reported, both equities and gold had looked considerably more appetizing than Bitcoin since the FTX meltdown in November. “If BTC is finally ready to join the party, I could see it run to 17.3K~ as drawn below,” popular trader Crypto Chase wrote in part of Analysis on Jan. 2. Fellow account Cold Blooded Shiller likewise posted $17,300 as a...

ETH price bulls struggle as futures remain trading below its fair value, signaling excessive demand for shorts. Ether (ETH) has been ranging near $1,200 since Dec. 17, but an ascending trend has been quietly gaining strength after 50 consecutive days. The pattern points to $1,330 or higher by March 2023, making it essential for bulls to defend the current $1,180 support. Ether/USD 1-day candle chart. Source: TradingView The anxiously awaited migration to a Proof of Stake in September 2022 paved the way for additional layer-2 integration and lower transaction costs overall. Layer-2 technologies such as Optimistic Rollups have the potential to improve Ethereum scalability by 100x and provide off-chain network storage. Developers anticipate that the network upgrades scheduled for 2023 introducing large portable data bundles can boost the capacity of rollups by up to 100x. Moreover, in December 2021, Vitalik Buterin shared that the end game was for Ethereum to act as a base layer, with...

Bitcoin’s volatility could soon pick up and that may boost buying interest in ETH, TON, XMR, and OKB. Cryptocurrency Markets lack any signs of volatility going into the year-end holiday season. This suggests that both the bulls and the bears are playing it safe and are not waging large bets due to the uncertainty regarding the next directional move. This indecisive phase is unlikely to continue for long because periods of low volatility are generally followed by an increase in volatility. Willy Woo, creator of on-chain analytics resource Woobull, anticipates that the duration of the current bear market may “be longer than 2018 but shorter than 2015.” Crypto market data daily view. Source: Coin360 The crypto winter has resulted in a loss of more than $116 billion to the personal equity of 17 investors and founders in the cryptocurrency space, according to estimates by Forbes. The carnage has been so severe that the names of 10 investors were removed from the crypto billionaire list. ...

Binance Coin "has nothing but air below it," one analyst warns as BTC price action goes from bad to worse. Bitcoin (BTC) looked set to ditch $17,000 after the Dec. 16 Wall Street open as United States equities continued to fall. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst: $240BNB "has nothing but air below it" Data from Cointelegraph Markets Pro and TradingView tracked new intraday lows of $16,743 for BTC/USD on Bitstamp. The pair had abruptly dived nearly 3% earlier in the day, compounding losses, which immediately followed one-month highs. Ongoing concerns over largest global exchange Binance pervaded the mood, these coming despite the best efforts of CEO, Changpeng Zhao, to dispel what he called “FUD.” As Cointelegraph reported, longtime crypto traders were similarly skeptical of the credibility of the “craziest rumors” about the crypto exchange sector. Nonetheless, markets refused to give them a break, and beyond Bitcoin, warnings inc...