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Bitcoin exchange balances have fallen below 2.9 million BTC to set a new 6-year record amid supply shock expectations. As the number of BTC on exchanges falls, bulls are rubbing their hands in glee at the prospect of a rally for the flagship cryptocurrency. Bitcoin Exchange Balances Tumble Below 2.9 million On-chain data from Glassnode
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Solana price today continues its climb. It sits above the important resistance point at $150, and is in the fourth straight week of gains. It has jumped by 61% from its April low, and one analyst predicts that it is on the verge of a strong comeback as Ethereum struggles to hit the psychological point at $2,000.
Technical chart patterns points to a strong Solana price surge. In a recent X post, Ali Martinez noted that it had formed a “textbook perfect cup and handle pattern” on the weekly chart. This is a crucial continuation sign that leads to a strong surge, especially when it moves above the cup’s upper side.
The weekly chart below confirms this claim. It shows that the upper side of the cup was at $260, its highest point in November 2021. It was also the highest swing in November last year. However, it also formed a false breakout that pushed it to the year-to-date high of nearly $300. Solana price is in the process of forming the handle section of this pattern.
One way of measuring the price target of an asset in a C&H pattern is to measure its depth, and then the same distance from the cup’s upper side. In this case, the upper side is at $260, while the lower side is at $8.35 or 96%.
Now, extrapolating this target from $260 brings the SOL price forecast to $510. This means that the coin may surge by 240% from the current level. Such a move would bring the diluted market cap of Solana to $302 billion. This valuation is achievable in a strong bull run.
SOL price has key catalysts that could significantly enhance its long-term performance. The SEC may approve a spot SOL ETF this year, leading to substantial demand from Wall Street investors.
Further, the market cap of all stablecoins in the Solana ecosystem has jumped to $13 billion, a record high. That is a sign that more investors are interacting with its network. Solana may also benefit from the ongoing Solana meme coin surge, which has led to a higher volume in its DEX platforms.
The value of SOL is surging as Ethereum remains below $2,000. Worse, the weekly chart shows that the coin has formed a triple-top pattern at $4,080. It remains below the neckline of this pattern at $2,118, its lowest level in August last year.
The Solana price target of a triple top is established by measuring the distance from the upper high to the neckline. One then measures the same distance from the neckline. In Ethereum’s case, this distance is about 48%. Measuring that level from the neckline brings the price target to $1078.
A drop to that target would bring Ethereum’s market cap from the current $216 billion to $129 billion. Such a move would make Solana a bigger cryptocurrency than Ethereum by a big margin.
The caveat in all this is that the Solana and Ethereum prices forecast will take time to form since they are in the weekly chart.
The post Crypto Pundit Predicts $500 Solana Price Target While Ethereum Struggles to Hit $2,000 appeared first on CoinGape.
The wave of crypto-related kidnappings has intensified with the latest attack targeting a Russian couple in Argentina. The couple, co-operators of a local cryptocurrency business, paid nearly $45,000 in ransom to regain their freedom. Russian Couple Pays $43K in Cryptocurrency to Regain Freedom Argentine law enforcement authorities have confirmed the kidnapping of a Russian couple in Buenos Aires. According to a report by a local news outlet, the incident took place in the upscale Palermo neighborhood of the capital city. Authorities say the incident forms part of a streak of crypto kidnappings sweeping across Europe and North America. The unnamed victims operated a local cryptocurrency business in Argentina, becoming targets in a transnational crypto kidnapping scheme. The trouble began when the couple was invited to dinner by two Chechen men at an apartment on Gorriti Street. However, the dinner turned out to be a ruse to lure the crypto executives… Read More at Coingape.com
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The post Dogecoin Price Analysis: DOGE Faces Another Selloff as Altcoins Weakens Against Bitcoin appeared first on Coinpedia Fintech News
Dogecoin (DOGE), the largest memecoin by market capitalization, remains highly synchronized with Bitcoin’s (BTC) price action. Most importantly, the large-cap memecoin, with a fully diluted valuation of about $23.5 billion and a 24-hour average trading volume of about $1 billion, has been recording a similar fractal pattern to the 2021 and 2017 bull cycles.
As a result, the odds of a major parabolic rally before the end of 2025 remain palpable, especially catalyzed by the notable rally of Gold price.
The involvement of the government in the crypto market through complex global regulations has significantly impacted the four-year crypto cycle. During the 2021 crypto cycle, most of the altcoins were in price discovery during the second quarter, with large-cap altcoins having reached respective peaks.
According to crypto analyst Benjamin Cowen, the altcoin market will continue to bleed to Bitcoin in the near term. The crypto analyst expects Bitcoin dominance to reach 66 percent in the coming weeks, thus causing altcoins to drop another 10-20 percent.
In the daily timeframe, the DOGE price has been retesting a crucial logarithmic support level established since 2023. Although DOGE price has signaled a breakout from a YTD falling logarithmic trend, the MACD and Relative Strength Index (RSI) have not yet signaled the onset of bullish sentiment.
As a result, DOGE’s price is well positioned to drop towards 14 cents again before rebounding towards price discovery soon.
Backed by a robust online community of more than 6 million on-chain holders, Dogecoin has grown to be a major crypto asset. Most importantly, the unwavering support from tech billionaire Elon Musk and his family of unicorns has helped attract more institutional support.
Already, several fund managers have filed with the U.S. SEC to offer spot DOGE ETFs. Meanwhile, Dogecoin’s core developers are seeking to expand the network to cover the DeFi ecosystem.
Furthermore, the DeFi ecosystem has helped top-tier layer one chains, such as Solana (SOL), remain competitive in the past two years.
The post Dogecoin Price Analysis: DOGE Faces Another Selloff as Altcoins Weakens Against Bitcoin appeared first on Coinpedia Fintech News
The wider crypto market may be attempting to follow the Gold price but the short-term selloff continues to persist. DOGE price has potentially bottomed, but a retest could happen again before market reversal. Dogecoin (DOGE), the largest memecoin by market capitalization, remains highly synchronized with Bitcoin’s (BTC) price action. Most importantly, the large-cap memecoin, with …