Analysts Think Solana Could Go Nuts As SOL Price Retests $160 Resistance

Solana (SOL) broke above a key resistance level on Friday, fueling the bullish sentiment that reignited over a week ago. As a result, some analysts think the fifth-largest cryptocurrency by market capitalization could be about to see a massive bull run as Uptober approaches. Related Reading: Ethereum: Analyst Sets $2,820 As ETHs Next Key Level to Watch, Heres Why Solana Retests $160 Resistance Solanas rally started last week following the market surge driven by the US Federal Reserves rate cuts. The jump pushed the cryptocurrencys price above the $140 resistance level, successfully turning it into support. SOL had failed to break above this key level throughout the past month, consolidating between the $130-$139 price range. This performance alarmed many investors and market watchers, who considered the cryptocurrency was in danger of facing a massive correction. Since the bullish catalyst, Solana has seen a 23% surge, breaking above the $150 barrier this week. Some analysts asserted that reclaiming this mark would propel the price toward the next key resistance level. On Friday, Solana broke above the crucial resistance level for the first time in a month, hitting $160 for the first time since late August. As of this writing, SOL reached a daily high of $160.68, momentarily holding the above the key level. This performance was seemingly fueled by the bullish vibes surrounding the early release from prison of Binances founder Changpeng Zhao (CZ). The expectation of his release further inspired a bullish market sentiment among investors, driving SOLs 4% jump in an hour and Bitcoins price to $66,000. Is SOL Price About To “Go Insane”? Analyst Crypto Horn Harris noted Solanas price action on the weekly chart, claiming it looks nothing short of insane right now. He underscored that SOL retested the Relative Strength Index (RSI) properly while doing a perfect reset of the 50-day Moving Average (MA). To the analyst, this performance hints that the cryptocurrency will challenge the cycles high above $200 and move to higher targets soon. WiseAnalyze claimed that SOLs price is still very low, suggesting that investors still can jump on that trend. The trader set his target for the cycles final breakout at $400, but it might grow higher. However, he didnt rule out the possibility of another rejection, with a pullback to the $108-$120 support zones. Similarly, Matthew Dixon also forecasted a retrace for Solana. The analyst believes a pullback is due, as multiple indicators suggest the correction. However, the jury is out on the scope of the decline. Dixon stated that SOLs price targets will depend on whether the price action from the low is in the form ABC Or 123. But either way, the retrace is likely. Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Crypto analyst Byzantine General considers SOLs chart to look pretty crazy. The trader highlighted that Solana appears to be printing an Adam and Eve (A&E) double-bottom pattern, with the confirmation line around the $160 price range. Based on this, Solanas price could go really nuts, as it has the potential for a breakout toward the $200 resistance level if it successfully reclaims the key support level. Featured Image from Unsplash.com, Chart from TradingView.com

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Ethereum: Analyst Sets $2,820 As ETHs Next Key Level to Watch, Heres Why

Following the markets recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level. Despite the bullish sentiment, some crypto investors remain cautious about ETHs performance as the second-largest cryptocurrency faces the next crucial resistance level. Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Ethereum Consolidates Above $2,600 Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETHs price to ranges not seen in a month, triggering a positive sentiment among many investors. Over the weekend, the King of Altcoins surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon. Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been running into critical resistance on the Daily chart, as it had been unable to break successfully above the $2,650 mark since Tuesday. This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrencys run and send the price toward the previous support zones. However, Ethereums price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes. ETH To Reach New Highs In October? Crypto Trader Daan highlighted that Ethereums price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency. This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it an important level to watch. A breakout above this mark could further propel ETHs price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereums chart is looking a lot like a 2023 redux. Related Reading: Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets Per the Chart, the cryptocurrencys current market structure resembles its 2023 movements very closely. A repeat of ETHs previous bullish trajectory suggests that ETHs price is about to break out and hit a new all-time high (ATH) mid to late October. Additionally, the chart shows that if it follows the same bullish trend, Ethereums price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH. Featured Image from Unsplash.com, Chart from TradingView.com

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South Korean foundation to recover funds from defunct crypto exchanges

The Digital Asset User Protection Foundation will be set up by the DAXA self-regulatory organization and receive support from financial authorities.

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Been scammed? Crypto crimestoppers claim to help get crypto back

Private investigation firm Lionsgate claims it can help recover stolen crypto when going straight to the police fails.

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Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets

Cardano (ADA) has seen a remarkable performance over the week, surging over 10% and reentering the top ten cryptocurrencies by market capitalization list. Its recent price action has fueled a bullish sentiment among investors and market watchers, who believe the token might be near a rally toward $1. Related Reading: BNB Falters At $600, Paving The Way For A Deeper Pullback Cardano Breaks Out To Reclaim Top 10 Spot Cardanos price has steadily declined after the March highs, registering a 42% drop in the last six months. During the Q1 rally, the token hit its highest price since 2022, reaching the $0.774 price range. Since then, ADA has nosedived to pre-rally levels, disappointing some investors and market watchers. The crypto community has repeatedly slammed the project for a lack of appeal to the broader public. Additionally, many have criticized ADAs underwhelming price action. However, the tokens recent rally has sparked a bullish sentiment among some community members. Despite the early September market shakeouts, the cryptocurrency has registered a 10% surge from its monthly opening, seeing green numbers in the weekly and biweekly timeframes. Technical analyst Crypto Yapper noted Cardanos recent performance. The analyst highlighted that ADA displayed a multi-month descending broadening wedge structure on its chart with multiple touch points on the top side and on the lower side. Inside this structure, the cryptocurrency displayed a smaller falling wedge pattern with its upper trendline being tested again on Monday. The analyst stated that the $0.35 was the first crucial resistance level for the token. Claiming this key zone and breaking out of the falling wedge pattern could create more bullish action and move the price toward the upper line of the bigger bullish structure. On Monday, Cardanos token reclaimed the $0.36 range, a level not seen in nearly a month. The surge sent ADAs price toward the $0.37 resistance level, turning the $0.375 price range into a support zone on Tuesday morning. The recent performance also pushed Cardano back to the top ten cryptocurrencies list after ADAs market capitalization surged 6%, surpassing Tron (TRX) in the last 24 hours. Analysts See New Price Targets For ADA Today, Crypto Yapper noted that ADA broke above resistance as the cryptocurrency was creating a higher high on the daily chart. This performance indicates a huge trend reversal for Cardano. However, he pointed out that to break above the descending broadening wedge, the token must reclaim its second key resistance level at $0.39. If successful, the breakout could target the structures higher price range of $0.52. Related Reading: Bitcoin (BTC) On Track For Strongest September Performance, Is $90,000 Next? Other analysts also highlighted ADAs performance and breakout, suggesting that the cryptocurrency has the potential for a 170% surge. Dan Gambardello pointed out, “Cardano just went through a phenomenal throwback to a colossal triangle pattern. To the analyst, If crypto is about to enter a green October, I anticipate ADA will reclaim $1 with haste. ADA is trading at $0.378, a 6.2% and 12.2% surge in the daily and weekly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com

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Celsius token surges 300% a month after $2.5B payment to creditors

The Celsius token skyrocketed 300% a month after the firm paid $2.5 billion to creditors, marking a strong rebound in the aftermath of its bankruptcy settlement. 

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Indian Supreme Court recovers YouTube account from XRP scammers

XRP scammers hacked the Supreme Court of Indias YouTube account, and although it was recovered, it lost its subscriber base.

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Crypto lender Shezmu recovers hacked funds through negotiation

Shezmu recovered nearly $5 million in stolen crypto through negotiations with a hacker and agreed to a higher bounty.

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City of Santa Monica launches Bitcoin Office, plans October festival

The Silicon Beach wants to make sure Bitcoin has a place there, with help from a blue-collar-oriented nonprofit.

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Bitcoins V-shaped recovery could put BTC on path to new all-time high Analysts

Bullish traders bought Bitcoins recent dip, possibly setting BTC on the way to a new all-time high.

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Binance recovers $73M in stolen funds, surpassing 2023 security efforts

Binances proactive security measures and industry collaborations lead to the recovery of $73 million in stolen funds by mid-2024.

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Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target

Market watchers have praised the Solana (SOL) price action throughout the month. The fifth-largest cryptocurrency by market capitalization has displayed a strong performance despite the market shakeouts, recently reclaiming the $160 support level. Analysts suggest that SOL might repeat history and kickstart a rally toward a new all-time high (ATH) soon. Solana Breaks Out Of [...]

The post Solana (SOL) Ripe For Price Discovery, Analyst Eyes $600 Target appeared first on Crypto Breaking News.

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WazirX slams external forces for delaying restructuring efforts

This restructuring plan is expected to provide greater clarity on the steps WazirX will take to stabilize its operations and protect its users interests.

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Nearly 80% of hacked cryptocurrencies never recover in price Immunefi

Crypto protocols usually sustain real damage after the exploit occurs, but some tokens are more resilient.

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Dogecoin Soars 6.5% Following Elon Musks Post, Is A Breakout Imminent?

Dogecoin (DOGE), the largest memecoin by market capitalization, recently received acknowledgment from Teslas CEO on X. Elon Musks post sparked a frenzy among crypto investors and the DOGE community, reflecting on the tokens price. Following the recent surge, some analysts believe its only a matter of time before a major breakout. Elon Musk Excites The [...]

The post Dogecoin Soars 6.5% Following Elon Musks Post, Is A Breakout Imminent? appeared first on Crypto Breaking News.

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Bitcoin Recovers To $61,000, Here Are The Possible Reasons

Bitcoin has made a recovery back towards the $61,000 level during the past day. Here are the factors that could be behind this surge. Bitcoin Has Made Some Recovery During The Last 24 Hours After showing lackluster price action under $60,000 during the past few days, Bitcoin has finally shown some momentum in the last 24 hours, with its price surging by more than 4%. Related Reading: Bitcoin Holders Now Doing Loss-Taking: Sign That A Turnaround Is Near? The chart below shows how the cryptocurrency’s recent trajectory has looked like. At the peak of this rally, BTC had broken above $61,400, but the asset has since seen a pullback. Nonetheless, even after the drawdown, BTC is still trading around $60,800, which is a notable improvement over yesterday. As for what could be behind this surge, perhaps on-chain data can provide some hints. BTC Has Seen Multiple Positive On-Chain Developments Recently There are a couple of developments that have occurred in the cryptocurrency space recently that could be positive for Bitcoin. First, according to data from the on-chain analytics firm Santiment, BTC investors carrying between 100 and 1,000 BTC have made a considerable buying push during the last six weeks. At the time Santiment had shared the chart (which was yesterday), the Bitcoin investors with 100 to 1,000 BTC had held a combined 3.97 million tokens. Out of this, 94,700 coins were bought by them within the past six weeks. The cohort with wallets in this range is popularly known as the “sharks.” Along with the whales, the sharks are considered the key investors in the market, due to the considerable scale of coins that they hold. Thus, the fact that these large investors were accumulating while BTC had been struggling earlier shows that big money was confident that the cryptocurrency would turn itself around. The other positive development has been the uptrend that the supply of Tether (USDT) has been showing recently, as analyst Ali Martinez has pointed out in an X post. Investors generally use stablecoins like Tether whenever they want to escape the volatility associated with assets like Bitcoin. Such investors who store their capital like this, however, eventually plan to venture back into the volatile coins, so the supply of the stablecoins may act as a store of dry powder available for deploying into BTC and others. Related Reading: Bitcoin Still In A Bull Market, Quant SaysHeres Why Naturally, when investors do swap their stables for these assets, their prices observe a bullish boost. With Tether’s supply having seen a sharp jump recently, the investors’ potential purchasing power could be considered to have gone up. This could have happened through two processes: a rotation of capital from Bitcoin and other cryptocurrencies, and fresh capital inflows. The former would imply investors have sold their volatile coins for now, but as mentioned before, these investors may buy back into the market in the future. The latter would be entirely bullish, as it would mean there is fresh interest entering into the space. In reality, both of these likely occurred to some degree and as Bitcoin has managed to find a rebound, it’s possible new capital inflows have made up for more of the increase. Featured image from Dall-E, Glassnode.com, Santiment.net, chart from TradingView.com

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Bitcoin Makes Sharp Recovery, But Watch Out For Resistance At $64,000

On-chain data shows that the Bitcoin short-term holder whales have a cost base above $64,000, which could be a potential resistance point for BTC. Bitcoin Is Not Far From Realized Price Of Short-Term Holder Whales After Rally As pointed out by an analyst in a CryptoQuant Quicktake post, the BTC price had slipped below the Realized Price of the short-term holder whales earlier. The “Realized Price” here refers to an indicator that keeps track of the average cost basis that the investors of a particular group currently share. Related Reading: Bitcoin NVT Golden Cross Gives Bottom Signal: What Happened Last 2 Times When the asset’s spot price is under this metric, the holders belonging to the cohort are in a state of net unrealized loss. Similarly, it being above the indicator implies the group is enjoying profits. In the context of the current topic, there are two market segments of interest: the short-term holder and long-term holder whales. The short-term and long-term holders are the two main divisions of the Bitcoin sector based on holding time. The short-term holders (STHs) are the investors who bought their coins within the past 155 days, while the long-term holders (LTHs) include the hands who have kept their coins dormant for longer than this period. The “whales” generally refer to the entities that carry at least 1,000 BTC in their wallets, so the STH and LTH whales would naturally correspond to the large members of the respective cohorts. Now, here is a chart that shows the trend in the Realized Price for these two Bitcoin groups over the past few years: As displayed in the above graph, the Bitcoin spot price had slipped considerably below the Realized Price of the STH whales during the recent market downturn. However, with the price observing recovery, it has now neared back to that level. The average cost basis of the STH whales is between $64,000 and $65,000, so a retest of it could be coming soon. However, Such a retest could prove difficult for the cryptocurrency. The STHs represent the weak hands of the market, which can be sensitive to changes in the market. The cost basis is naturally an important level for any investor, but this cohort especially can be likely to react when such a retest happens. Since most STH whales have been at a loss recently, some may be desperately looking forward to a retest taking place so they can exit from the market at their break-even level. It remains to be seen whether Bitcoin will overcome this obstacle if the current recovery rally continues that far. Related Reading: XRP Sharks & Whales Push Bags To ATH As Price Rockets 19% While the STH whales suffer losses, the LTH whales continue to be in high profits as their Realized Price is at just $22,000, implying that their patience has paid off. BTC Price Bitcoin had briefly broken above $62,000 during the past day, but the coin’s price has since seen a retrace to $60,500. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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NY authorities announce charges related to sham crypto recovery firm

The New York County District Attorney seized roughly $14,000 that Coin Dispute Network operators allegedly stole from users.

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Bitcoin potentially reached local bottom, Bitfinex says

Bitfinex analysts pointed out several reasons suggesting that Bitcoins bloodbath should be over soon.

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Hashrate recovery reduces Bitcoin miners selling pressure in July

Miner revenues soar 50%, pushing Bitcoin hashrate higher and reducing selling pressure from miners reserves.

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