Solana Back in Favor?
Voice of Crypto
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Bearish corrections in bullish markets are making it nearly impossible to stay patient. Bitcoin fell below $60k and Ethereum struggled near the price of $3k. Several altcoins have also shown severe corrections. Worsening macroeconomic conditions, withdrawals from the Bitcoin ETFs, and several other reasons have kept the markets on their toes.
Capturing the Crypto Market Pulse
The general trend in the crypto markets has turned slightly bullish after severe selling pressure shrunk the market cap to $2.21 trillion. Top cryptocurrencies have shed at least 20% since their March highs. The general micro trend for the last week of April and the first few days of May had turned severely bearish, with Bitcoin shedding 9% in a single day.
Global Market Overview
The Crypto Market Fear and Greed Index has turned slightly negative (48). However, there has been a little improvement over yesterday, when the index had slid to 43.
?With several analysts expecting a bottom soon, current prices
might represent the lowest point for the near future. The overall market cap, now at $2.21 trillion, has corrected thrice in 2024 (from $2.65 trillion to $2.21 trillion), each time by at least 20%.?
The market cap seems to have encountered some resistance at $2.45 trillion to $2.5 trillion. Despite all this, there appears to be a slight increase in the market cap over the last 24 hours, which has contributed to the market's recovery
Market Watch
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Dogecoin’s recent breakout from a descending triangle pattern has prompted bullish sentiments. The top memecoin is poised for an imminent rally, which could potentially increase its prices by 250%. Dogecoin, currently at $0.13, could soon head towards $0.5. Analyst Ali Martinez believes that Dogecoin might be poised to repeat its 2017 bull rally.
A report by Glassnode suggests that the recent spike in volatility had spooked Bitcoin investors, which has caused them to sell their holdings. Consequently, this led to a severe fall in Bitcoin’s price. The selloff seems to have been led by new investors who purchased Bitcoin for short-term gains. According to the report, we might see an upswing in the markets soon.
A crypto trader has warned about an impending market crash that might prove catastrophic. The trader believes the recent surge in BRC20, Ordinals, and most recently, the Runes. However, several analysts have concluded that the ongoing correction is healthy and the prices might rally soon.
Top Crypto News
A fake Solana memecoin called “Bonk Killer” has reportedly trapped investors. The memecoin boasted a $328 trillion market cap, while the market cap of the entire crypto market stands at $2.21 trillion. To date, such Solana-based “honeypot scams” have looted $26 million from unsuspecting investors.
A report by Coinshares indicates that there has been a rise in Solana holdings by institutions. The Solana network has the third most promising outlook in terms of growth after Bitcoin and Ethereum. The price of SOL is currently in a symmetric triangle, presenting a potential buying opportunity between $133 and $138.
A Santiment report has hinted that an alt season might start soon. The report indicates that historically low fees in Ethereum have preceded bull markets. Crypto analyst Moustache has hinted towards a rally similar to that of 2017. Several Layer 2 chains have greatly benefited from the drop in Ethereum fees