Crptocurrency
Solana Rallies, Soared Above $54: What Is Next For SOL?

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- Solana price rose to $54 on Friday, its highest level since May 2022.
- SOL has outperformed top altcoins as positive catalysts aid bulls’ push, with price up 40% this past week and 138% over 30 days.
- How far can the price of SOL rise?
Solana continued with its amazing performance on Friday with another massive green candle, rising 24% to $54 highs. The cryptocurrency’s value has increased by more than 40% in the last week and by 138% in the last 30 days. This is good news for Solana holders.
Solana’s price has grown by 220% in the last year, according to Coinstats data, recovering levels it traded at before the bankruptcy of crypto exchange FTX.
The Price of Solana Rises Above $54
Despite recent sell-off pressure, bulls have managed to drive the price of SOL to its highest level since May 2022.
The break to this 17-month high comes after buyers reclaimed control at the crucial $30 level, allowing for further gains to $38. A retest and new motivation enabled this week’s parabolic rise to $50.

According to Santiment, a crypto analytics and market intelligence portal, Solana’s advances are accompanied by a significant increase in audience talks regarding the coin.
While financing rates have risen, they have not yet reached the danger zone. Can SOL make greater progress?
📈 #Solana has now surpassed $54 for the first time since May, 2022. Discussion rates on $SOL have again spiked, indicating the mainstream crowd recognizes the asset’s decoupling from other assets. Funding rates are high, but not in a ‘danger zone’ yet. https://t.co/Tl9jlAsOx5 pic.twitter.com/sG97sCU9Br
— Santiment (@santimentfeed) November 10, 2023
As previously stated, Ethereum, Solana, and other cryptocurrencies skyrocketed today following news that BlackRock had filed for a spot Ethereum ETF.
The statements made this week by Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), also contributed to the price increase. During an interview with CNBC, Gensler stated that efforts to relaunch FTX may work if all involved followed the rules.
Gensler’s remarks came at a time when reports indicated that groups wanting to restart the bankrupt exchange had narrowed their search to three companies. Bullish, a digital asset platform developed by a former New York Exchange executive, is among them.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.
The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.
Understanding Bitcoin’s STH Cost Basis
The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:
- Price Momentum: Indicates the health of recent buyer confidence.
- Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.
At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.
The Role of the URPD Metric
Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:
1. Minimal Volume Below $88K
- Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.
2. Vulnerability to Downside Pressure
- A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.
Why $88K Is Critical for Bitcoin
1. Psychological Benchmark
- Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.
2. Technical Relevance
- The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.
3. Momentum Indicator
- Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.
Potential Scenarios Based on $88K Level
1. Holding Above $88K
- Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
- Positive macroeconomic news or institutional support could bolster price stability.
2. Breaching $88K
- A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
- Traders may target $85,000 or lower as the next critical support zone.
Market Sentiment and Influences
1. Institutional Activity
- Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.
2. Broader Economic Factors
- Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.
3. Short-Term Trader Behavior
- As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.
How Traders Can Respond
1. Monitor Key Levels
- Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.
2. Set Stop Losses and Alerts
- Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.
3. Consider Accumulation Opportunities
- If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.
FAQs
1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.
2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.
3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.
4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.
5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.
Conclusion
The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.
Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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