Bitcoin (BTC) plunged nearly 8% in late May, crashing from a high of $112,000 to $103,527, erasing $1701 billion in market value. This crash also wiped out $1.81 billion positions for BTC. As June begins, should investors buy the dip or expect BTC to extend its crash? Why Bitcoin Crashed: 3 Key Reasons The start of May saw Bitcoin price soar 18.70% and set an all-time high at $112,000 on US-based crypto exchange Coinbase on May 22. This impressive uptrend faced exhaustion over the next ten days, resulting in an 8% correction. According to data from Velo, nearly $2 billion in BTC positions faced liquidation. Let’s examine three key reasons why Bitcoin experienced a crash. Technical Exhaustion As noted in the previous CoinGape article, the bearish monthly and weekly divergence, as well as the swing failure pattern, are key drivers of the ongoing Bitcoin crash. Moreover, a similar combination of… Read More at Coingape.com
Zora Network — a dedicated layer-2 solution for NFTs — has officially announced the ZORA token airdrop, scheduled for April 23, 2025.
Launched in 2020, Zora has raised $60 million from investors such as Coinbase Ventures and Haun Ventures. The airdrop comes amid a cooling NFT market and ongoing debates around “content coins.”
Zora to Launch ZORA Token on April 23: Key Details
According to Zora’s official announcement, the airdrop will take place on April 23. It will be a retroactive airdrop aimed at users who have actively engaged with the platform.
The snapshot data splits into two phases:
The first phase spans from January 1, 2020, to March 3, 2025.
The second covers March 3, 2025, to April 20, 2025.
Zora plans to allocate 10% of its total 10 billion token supply—that is, 1 billion ZORA—for this airdrop. The Zora team will hold 18.9% of the supply, and strategic advisors and development supporters will control over 26%.
Moreover, Binance revealed it would list ZORA on Binance Alpha on April 23. Binance also announced an airdrop of 4,276 ZORA tokens to eligible users.
“Exclusively for users who have totally purchased at least $50 on Alpha using Spot or Funding accounts on Binance Exchange between 00:00:00 March 22, 2025 (UTC) to 23:59:59 April 20, 2025 (UTC),” Binance stated.
Currently, ZORA is trading at around $0.03 on pre-market platforms, which allow token trading before the official launch. This price suggests the airdrop is worth about $30 million. Zora Network’s fully diluted market cap sits at around $300 million.
Zora is more than an NFT marketplace. It also functions as a protocol that enables third parties to build and sell NFTs. One notable example is its recent integration with Base, Coinbase’s layer-2 project.
According to a recent report from BeInCrypto, Base used Zora to tokenize a post on X titled “Base is for everyone.” They turned it into an ERC-20 token. That post generated over $30 million in trading volume within 12 hours and earned $70,000 in profit.
However, the event sparked controversy. Some users accused Base of a “pump and dump” scheme after the token’s price plummeted 99% within four hours. At its peak, trading volume on Uniswap hit $13 million before collapsing.
Base denied that the token was a meme coin or a pump-and-dump plan. Still, the incident raised concerns about transparency in projects tied to Zora.
As of writing, data from Dune shows that Zora Network has processed over 87 million transactions. It currently attracts about 37,000 active addresses per day.
Total Transactions And Active Users on Zora Network. Source: Dune
However, user activity has dropped sharply. The number of active users has declined by over 80% in the past year.
Moreover, a recent report from Binance indicates that the NFT market experienced a significant decline last month. Total sales volume across the top 10 blockchains decreased by 12.4%, which suggests weaker buyer interest.
Spot Ethereum ETFs have recorded ten consecutive days of inflows, showing growing institutional demand for the asset, while Bitcoin ETFs have seen a surge in outflows over the past two trading sessions. This shift in institutional capital rotation could be due to the recent push to introduce staking to Ether ETFs. Furthermore, with 40% gains on the monthly chart, ETH has outperformed BTC in recent times. Ethereum ETF Inflows On the Rise Over the past ten trading sessions, inflows into spot Ether ETFs have gathered pace, with BlackRock’s iShares Ethereum Trust (ETHA) dominating the flows. As per data from Farside Investors, ETHA inflows stood at $70.2 million on Friday, as per data from Farside Investors. As a result, its total inflows since inception have crossed more than $4.6 billion, while taking the net flows across all US ETF issuers to more than $3 billion, since inception. Similar to Ethereum price… Read More at Coingape.com
Solana price tumbled 4% to hit $169 on Friday, May 16, after bankrupt crypto exchange FTX confirmed a $5 billion creditor payout.
On Thursday, the Solana (
Solana Price Action, May 16, 2025
SOL) price fell to $169, losing intraday support at $170 for the first time in May. This decline follows news that FTX will unstake and redistribute assets to fulfill its second major payout.
FTX’s estate said on May 15 that it would begin distributing $5 billion in digital assets to claimants on May 30. The payout will be processed via BitGo and Kraken, with settlement expected within 1–3 business days.
FTX Payouts aligns with 1.4B SOL Staking Withdrawals
Solana price weakness coincides with an uptick in bearish positioning across Layer-1 tokens. According to StakingRewards, over 1.4 million SOL has been unstaked in the past seven days.
Solana Staking Flows, May 16, 2025 | Source: StakingRewards.com
This move likely includes large portions held by FTX, which has been working to liquidate assets. At $169 per token, the un-staked SOL is valued at approximately $236 million.
Such large token movements typically generate sell pressure, especially if the assets enter exchanges or OTC desks for liquidation.
Solana’s sell-off appears part of a broader downturn in Layer-1 tokens. Coingecko data shows Ethereum fell 2.7% to $2,500, while XRP and Cardano posted 4% losses each.
This synchronized decline suggests macro-driven sell pressure, likely triggered by investors locking in gains before FTX’s payout introduces additional volatility risks.
Can Bitcoin Rally and ETF Optimism Anchor Solana Markets?
Despite SOL’s pullback, Bitcoin (BTC) price has remained above $100,000 for seven consecutive trading days, the first such stretch since January 2025.
This stability could help contain broader market panic. Historically, BTC resilience often stabilizes sentiment in large-cap altcoins such as Solana.
Solana ETF Approval Odds hit 82%, May 2025 | Source: PolyMarkets
PolyMarkets data currently shows an 82% probability of SEC approval for altcoin ETFs by June 16. This could position Solana as a preemptive buy for strategic traders looking to front-run a potential SEC approval verdict next month.
Looking Ahead: Critical Weeks Ahead for Solana Price
The 4% SOL price dip from Thursday reflects both internal sell pressure and broader market rotation. FTX’s $5 billion distribution and associated unstaking remain the dominant narrative this week.
For bulls, reclaiming $170 and holding above $150 is essential to sustain momentum. With ETF optimism still looming and BTC holding firm, a rebound remains plausible, if fresh market demand driver emerge to offset the ongoing Solana sell-offs.
Until then, Solana price remains vulnerable to further downside risk, especially if large wallet holders join the sell-off.
Solana Price Forecast Today: SOL Faces Pressure Below $175 With Risk of Breakdown Toward $160
Solana (SOL) price forecast charts show vulnerability signals following a sharp 9.67% intraday drop on May 15, with only a modest 1.34% rebound to $171.42 failing to inspire strong bullish conviction.
Thursday’s session showed price closing just above the Volume Weighted Average Price (VWAP) at $170.53, but the overall market structure remains fragile. The prior day’s high-volume sell-off, recorded at 7.17 million, reflects a meaningful rejection near the $185 level and a subsequent loss of momentum from buyers.
Technically, Solana has now slipped below the mid-point of the Keltner Channel, with $170.53 acting as weak interim support.
More so, SOL price action is notably hugging the lower half of the volatility envelope, and continued failure to reclaim the upper KC resistance at $181.06 casts doubt on bullish momentum.
Solana price forecast | SOLUSDT
Adding to downside risk, Bitcoin price forecast today, while relatively stable above $103,000, lacks clear bullish momentum. Without strong bullish momentum from BTC, altcoins like Solana are left more exposed to volatility risks.
Volume delta trends further emphasizes the sell-side pressure, with recent negative bars outpacing buying, suggesting distribution rather than accumulation at these levels.
Should SOL lose support at $170.53, the next clear downside target emerges at $161.74 to the lower Keltner band.
A break below this level would confirm a short-term bearish reversal, opening the door to $145 to $150, especially if macro sentiment weakens or Bitcoin falters.
Until Solana must post a decisive close above $175 with accompanying volume, for bulls to stand a chance of invalidating the bearish forecast.
