After last week's crypto bloodbath, the price correction for most cryptocurrencies continued during the weekend.
For the past two days Bitcoin as well as some altcoins showed resilience and erasing some of the recent losses
Solana (SOL) in particular is currently trading at $140.57 after a 15% increase since the 4-month bottom of $122.44, registered on the 5th of July.
This recovery follows recent market turbulence triggered by concerns over Mt. Gox Bitcoin reimbursements and large BTC sales by the German government. Increased inflows into BTC ETFs have also boosted sentiment.
Analyst Ali Martinez noted similarities between SOL’s current price pattern and 2021, suggesting potential for a broader market rally.
#Solana seems to be mirroring the same price pattern we saw in 2021! Even the $SOL RSI is at the same level it was back then before the big bullish breakout. pic.twitter.com/5QQKjUlZcx
— Ali (@ali_charts) July 8, 2024
CoinCodex predicts SOL to reach $158.48 by month-end, up 11.2%, while Changelly forecasts a peak of $147.26 by July 2024.
The upcoming Ethereum ETF launch could further stimulate market activity, similar to the BTC ETF earlier this year, potentially driving a market-wide upswing.
As Bitcoin enters a new on-chain trend phase, two altcoins are standing out for their growing correlation with the leading cryptocurrency and their resilience amid market shakeouts, according to new analysis by Joao Wedson, CEO of analytics firm Alphractal.
Digital asset investment products recorded $1.04 billion in inflows last week, pushing total assets under management (AuM) to a record high of $188 billion, according to the latest report from CoinShares.
The U.S. Securities and Exchange Commission (SEC) is reportedly expediting the review process for spot Solana (SOL) exchange-traded funds, pushing issuers to submit amended S-1 filings by the end of July.
Bonk (BONK) has gone up by 9% in the past 24 hours and currently sits at $0.00002330 after Binance.US shared a cryptic X post that mentioned the token. On Sunday afternoon, the exchange shared a picture of its logo hitting its head with a bat – a clear reference to the viral meme that inspired […]