In the past 24 hours, Bitcoin’s price surged past $93,000, triggering the liquidation of over $285 million in short positions. This sharp upward movement caught many traders off guard, forcing the automatic closure of their leveraged bets against Bitcoin. The current BTC price stands at $93,642, with an intraday high of $93,723 and a low of $88,027. The massive liquidations highlight the risks of shorting in the volatile crypto market, especially as Bitcoin continues to outperform expectations.
Solana price seems to be gearing up for a recovery after crypto investment firm Galaxy Digital sold Ethereum and purchased $98M worth of SOL. This purchase has sparked optimism that the Solana price can rally past $200, but a bearish formation in the SOL/BTC chart suggests that bearish headwinds are still at play.
Galaxy Digital Swaps ETH With SOL – Can Solana Price Hit $200?
According to a recent X post by Lookonchain, on-chain data shows that Galaxy Digital is selling Ethereum while accumulating Solana, suggesting that a strong price move is on the horizon. In the last two weeks, this entity has sent $105M ETH to Binance and withdrawn $98M SOL from the exchange.
Lookonchain
This activity shows that the crypto investment firm is bearish on Ethereum, while being bullish on the SOL value today despite the altcoin’s recent struggles to bounce past the resistance level of $140. The optimism has investors wondering whether the Solana price may hit $200 soon as more whales accumulate.
Data from Solscan shows that a newly created Solana wallet has withdrawn 44,116 SOL valued at more than $6M and staked the tokens. As SOL staking activity picks up, it reduces the altcoin’s supply, which then bodes well for the price if demand also rises.
Meanwhile, Santiment revealed that the level of positive sentiment towards SOL has increased significantly in the last two days, which is also a sign that many traders are bullish about the altcoin. This coincides with an X post by analyst CryptoCurb who noted that a Solana cycle is looming.
Solana Positive Sentiment
As institutions accumulate when the level of SOL staking is high and the market sentiment is highly positive, it signals a bullish Solana price prediction and that the token might soon surge past $200. However, there are several obstacles that SOL needs to clear before making such an upswing.
Analyst Identifies Bearish Pattern on SOL/BTC Chart
Despite the bullish on-chain data, Solana price seems to be underperforming relative to Bitcoin, which recently surged to a three-week high above $88,000. Bitcoin trader Tuur Demeester has observed that SOL/BTC has lost support at around $0.0020, suggesting that SOL is poised to continue underperforming against BTC.
The analyst also observed that the last time the SOL/BTC trading pair lost critical support, it plunged by 82% within one year. If history rhymes and this trading pair falls by 82% from the current support, it might plunge to a record low of 0.00036.
SOL/BTC
In conclusion, Solana might clear key levels as accumulation by institutions, a spike in positive sentiment, and staking activity indicate that a rally past $200 is looming. Despite these bullish metrics, the SOL/BTC pair is dropping after losing a critical support level, which suggests that Solana price might continue to underperform against Bitcoin.
Gemini Expands:- The leading Winklevoss Bros’ led crypto Exchange Gemini has announced its expansion in Europe.
In the latest update, Mark Jennings, Head of Europe, has announced that the exchange has received regulatory license to offer its crypto derivatives products across the EU.
Gemini has received Markets in Financial Instruments Ditector or MiFID II license. This comes only 24 hours after Coinbase acquired the derivates platform Deribit in $2.9 billion deal – implying the ongoing race in derivates segment.
Gemini Expands in Europe
With the license from the Malta Financial Services Authority (MFSA), Gemini will be offering its perpetual futures and other derivates products in EU.
According to the announcement, the derivates services will be available to both retail and institutional users in the EU.
Interestingly, MiFIDII license, received by Gemini, governs how investment firms and trading venues operate across the EU and EEA.
Coming into force on January 3, 2018, it isn’t a single “license” but a comprehensive EU regulatory framework.
Accorrding to the Eurosif website, once a firm holds a MiFID II license in one member state, it can “passport” its services into other EU/EEA jurisdictions. After this license, the firm doesn’t requires separate local authorizations.
Race Heating Up in Derivates
Competition in the crypto derivatives space is heating up. This year, Coinbase also secured its MiFID II license by acquiring the Cypriot arm of BUX and rebranding it as Coinbase Financial Services Europe Ltd. It enabled the exchange to passport its services across the EEA.
Kraken has similarly pursued a license through a Cypriot acquisition, and others like Crypto.com have entered the CFDs market via regional brokerage purchases.
In the past 24 hours only, total trading volume across major derivatives venues have reached $240.2 billion. According to Coinglass Data, this is up by 4.16 % from the previous day.
From January 1 to March 31, cumulative derivatives volume totaled $21.0 trillion, with an average daily volume of $233 billion.
Pi Network’s native token, PI, has witnessed a 22% price plunge over the past week, extending its downtrend to trade at a seven-day low of $ 0.61 at press time.
The double-digit decline reflects growing bearish sentiment around the token and coincides with a broader contraction in the crypto market.
PI’s Outlook Worsens as Bearish Trend Deepens
The global cryptocurrency market capitalization has dropped by over 5% in the past seven days, shedding over $170 billion. The widespread pullback has shaken investor confidence, triggering fresh PI selloffs over the past few days.
The strengthening sell-side pressure is evident in PI’s BBTrend indicator, which has continued to print red histogram bars, a clear signal of mounting bearish momentum. As of this writing, the indicator sits at -4.52.
The BBTrend measures the strength and direction of a trend based on the expansion and contraction of Bollinger Bands. When BBTrend values are positive, it typically signals a strong uptrend, while negative values indicate increasing bearish momentum.
PI’s persistent negative BBTrend suggests that its price consistently closes near the lower Bollinger Band. This trend indicates sustained selling activity and hints at the potential for a sustained price decline.
Further, PI’s Smart Money Index (SMI) has fallen over the past few days, signaling an exit of “smart money” or institutional-grade investors. This is often considered a leading indicator of deeper price declines, as it suggests reduced confidence from these key investors.
An asset’s SMI tracks the activity of institutional investors by analyzing market behavior during the first and last hours of trading. When it rises, these investors are increasing their buying activity, indicating the likelihood of an extended rally.
Conversely, as with PI, when it falls, it indicates that institutional demand for the asset is weakening, signalling potential for further downside.
PI Teeters Near Key Support—Will Bulls Hold the Line at $0.55?
PI’s climbing selling activity suggests that the token could be vulnerable to further losses in the short term. If selloffs continue, the altcoin risks breaking below the critical support formed at $0.55.
If the bulls fail to defend this support floor, PI could revisit its all-time low of $0.40.
However, a spike in new demand for the token could prevent this from happening. If the PI Network token buying pressure spikes, it could push its price to $0.86.
