After scaling through the legislative hurdles in the Senate, the GENIUS Act may face new headwinds in the US House of Representatives. A section of House members is backing a pairing of the stablecoin bill with the crypto market structure bill as a prerequisite for smooth passage. House Receives GENIUS Act Amid Clamour For Merger
HYPE has experienced notable volatility recently, pushing the altcoin upwards. The rise to a new all-time high (ATH) may be delayed.
However, it remains a strong possibility for the coming months, especially with the positive momentum building in the market.
Hyperliquid Is Noting Bullishness
The Relative Strength Index (RSI) for HYPE has made a positive shift, moving back into the bullish zone after briefly slipping below the neutral mark. This rise above 50.0 signals strengthening bullish momentum, which is a promising sign for HYPE’s price in the days ahead.
As the RSI stays above 50.0, it suggests that the upward momentum is gaining traction. Investors can expect HYPE’s price to experience continued upward movement as long as the RSI maintains this bullish trend.
The Moving Average Convergence Divergence (MACD) indicator is also showing promising signs for HYPE. It is on the verge of a bullish crossover, which would confirm the shift in momentum from bearish to bullish.
The histogram associated with the MACD is showing declining red bars, signaling that bearish pressure is waning. A confirmed bullish crossover would confirm the strength of the momentum and fuel HYPE’s rise towards new highs.
HYPE is currently trading at $39.1, just under the resistance of $39.9. Breaking through this level is crucial for HYPE to continue its upward trajectory.
Securing $39.9 as support would signal the potential for further gains and set the stage for the altcoin to push toward higher price levels.
To continue its upward trend, HYPE would need to breach and hold $42.2 as support. If successful, the next key target would be the ATH of $45.8, which is approximately 16.8% above the current price.
However, this move might take longer, with investors likely seeing it happen sometime after Q3 begins next week.
Both $42.2 and $39.9 have been critical resistance levels for HYPE.
If the altcoin fails to break through $39.9 or encounters selling pressure before reaching these levels, it could fall back to the support of $35.7, invalidating the bullish outlook and potentially reversing the current trend.
Solana (SOL) has struggled to maintain upward momentum in recent weeks. Although the cryptocurrency showed signs of an uptrend, it is now facing challenges due to declining demand for SOL.
The market environment is also deteriorating, which is contributing to the struggles. At $129, Solana is stalled below the key $135 barrier. There is no clear indication of a breakout in sight.
Solana Struggles To Find Demand
The Velocity of Solana has fallen to a 5-month low, signaling weakening demand. Velocity measures the rate at which an asset is circulated within the market. Solana’s current circulation levels are on par with those seen in October 2024, a clear indicator that the cryptocurrency is losing traction.
The drop in Velocity suggests that fewer investors are actively trading SOL, further adding to the bearish sentiment surrounding the token. This lack of demand makes a recovery increasingly difficult, as it implies that traders are hesitant to enter the market.
The ongoing low demand for SOL further confirms a bearish outlook. Many investors are likely waiting for a more favorable environment before committing to new positions, which could delay any potential recovery as the token struggles to attract fresh capital.
Analyzing the 2-week Market Value to Realized Value (MVRV) Ratio, a key metric that tracks the average profit or loss of recent buyers, reveals that the ratio is currently below the zero line. This suggests that investors who purchased SOL within the last two weeks are now facing losses.
This situation could lead to one of two scenarios: either investors hold their positions, hoping for a price recovery, or they sell to cut their losses.
If the latter occurs, increased selling pressure could push the price lower and potentially invalidate any attempts at recovery. In this scenario, the market would likely remain bearish until sentiment shifts.
Solana is currently trading at $130, struggling to break through the critical $135 resistance. While there has been a short-term uptrend, the likelihood of SOL breaching this level seems low. This suggests that the price could remain range-bound for the near future.
The combination of low demand and weak market sentiment points toward a potential decline. Solana may fall through its uptrend support line, with the next significant support levels lying at $125 and potentially $118.
This scenario would delay any recovery, pushing the token further into a bearish trend.
On the other hand, if Solana manages to break through the $135 resistance, the altcoin’s price push toward $148. A sustained move above this level could propel SOL to $150, invalidating the bearish outlook.
The ex-Safemoon executives were charged with defrauding investors through unscrupulous smart contracts.
SFM price dropped over 5 percent today despite the wider altcoin market following Bitcoin in bullish sentiment.
A New York jury convicted Braden John Karony, a former CEO of the SafeMoon (SFM) crypto project, on all crucial charges earlier on Wednesday, May 21. Karony was charged by the United States Department of Justice (DOJ) with conspiracy to commit securities fraud, wire fraud, and money laundering.
The verdict was a result of a two-week trial that concluded that the ex-Safemoon executives defrauded SFM investors by draining purportedly locked liquidity for their personal gains. The case prosecutor alleged that Karony alongside Thomas Smith, a former Safemoon CTO, and Kyle Nagy, the project’s creator, misappropriated millions of investors’ funds between 2021 and 2022.
While Smith has already pleaded guilty to all charges and testified against Karony, Nagy remains a fugitive, allegedly in Russia. Meanwhile, Karony will remain in police custody ahead of his sentencing, with his properties worth over $1.8 million seized.
Market Impact on the Safemoon Project
The Safemoon project has struggled to regain market share in the recent past following the indictment of the ex-officials. The project dropped in net valuation from nearly $1 billion to about $7.5 million at the time of this writing, according to our latest crypto oracle.
Following the announcement on Wednesday, SFM price dropped over 4 percent in the past 24 hours to trade about $0.00002 during the late North American trading session.
The Safemoon project has recorded sustained bearish sentiment in the recent past despite the wider altcoin market attempting to follow Bitcoin price in bullish sentiment. Furthermore, BTC price rallied over 4 percent in the past 24 hours to trade at about $109k, while the BNB and Dogecoin led in the wider altcoin recovery.
The post New York Jury Convicts Ex-Safemoon (SFM) Executive on All Charges appeared first on Coinpedia Fintech News
The ex-Safemoon executives were charged with defrauding investors through unscrupulous smart contracts. SFM price dropped over 5 percent today despite the wider altcoin market following Bitcoin in bullish sentiment. A New York jury convicted Braden John Karony, a former CEO of the SafeMoon (SFM) crypto project, on all crucial charges earlier on Wednesday, May 21. …