The price of Pi Network’s token, Pi has recently experienced major selling pressure, dropping by 4% to $1.45. This decline came after a brief period of excitement when the coin surged by 20% to $1.70 but later corrected. Despite this setback, new developments, such as the launch of Pi domains, have sparked renewed interest, leading many to believe that PiI could once again push above $2 in the near future.
The support level for Pi is currently at $1.20. If the price drops below this level, it could signal further declines. On the other hand, the resistance level is around $1.90. A breakout above this point could trigger bullish momentum, with $3 being the next major target.
What Went Wrong On Pi Day?
Pi Network’s much-anticipated Pi Day celebrations failed to meet expectations, resulting in a significant sell-off. One of the main reasons behind this was the KYC purge, where millions of unverified accounts lost their Pi tokens, leading to frustration and panic selling among the community.
Another contributing factor is the market constraints, as Pi Network still operates within a closed-loop economy without open blockchain access and major exchange listings, limiting its growth potential.
New Developments Stir Excitement
Despite the challenges, Pi Network remains optimistic about its future. The recent launch of domain bidding with Pi Coins has sparked renewed excitement, offering community members the chance to secure unique domain names in the decentralized space. This development is seen as a potential game-changer for Web3.
Looking ahead, the future of Pi Network will depend on its ability to develop stronger utility, gain real-world adoption, and deliver a clear, actionable roadmap. With ongoing developments and potential exchange listings, many are hopeful that Pi Network could soon rise to new highs.
The Jerome Powell speech is a key catalyst, impacting the crypto market significantly. The US is among the world’s top economies, so its monetary decisions affect the most financial markets. As a result, the eyes are all on the Fed’s decision, as the US interest rate decision could either crash or rally the market, especially as the Donald Trump tariff brought extreme turbulence and crashes.
Jerome Powell Speech Time and Where to Watch?
Jerome Powell Speech is the highlight of the FOMC meeting, taking place moments past the meeting’s conclusion at 2:00 PM. The United States Federal Open Market Committee (FOMC) is holding its 3rd meeting, led by Powell.
Today’s Fed meeting will evaluate the economic conditions of the country and develop any potential changes needed for the country, including interest rate cuts. As their decision would impact the US monetary policy, all the nations are watching this event.
This becomes important as investors and Trump anticipate interest rate cuts. Jerome Powell will hold a conference at 2:00 PM ET on May 7, which will be live-streamed on the Fed’s official platforms, including YouTube, X (Twitter), and even its official website.
The updates on the Fed news will also be live on various social media platforms and new sites like CoinGape. However, rather than the meeting, the focus is on how it would impact the crypto market and others.
What to Expect From Jerome Powell Speech and the FOMC Meeting?
Bank of America predicted four interest rate cuts in 2025 and Goldman Sachs anticipated three 0.25% cuts, but the possibility of one happening in May is less likely. Even Godman reported for their timeline in July, September, and October.
Polymarket reports add further confidence, as the odds of interest rate cuts in May are just 2%, and 98% odds for the ‘no change.’ Experts believe that Jerome Powell will announce steady rates in his speech at 4.25%-4.50%. That’s because there’s a strong US labour market adding 1,77,000 jobs in April, grading inflation.
Moreover, the March inflation report puts it at 2.6%, which is still above the anticipated 2% target. Furthermore, the unemployment rate is also steady at 4.2%.
A rate cut would make borrowing cheaper, increasing the money flow in the economy, which Donald Trump anticipates. However, the Fed’s stance is “wait and see” based on jobs and inflation data rather than sentiments.
Will Crypto Market Rally or Crash?
Amid the uncertainty of Fed interest rate cut decisions, the crypto market is witnessing high volatility today. Most of the cryptocurrencies, including Bitcoin price is down, as the investors’ sentiments remain fearful.
The performance of the market depends heavily on Jerome Powell speech announcement. Experts like Baldwin claim that the crypto assets could witness significant volatility due to unchanged rates. He has advised investors to remain cautious for a weak period, adding to watch the Bitcoin price key support levels at $91,500–$92,000.
FOMC Meeting (May 7,2025) is knocking and everyone just can’t for Powell’s speech.
My outlook ahead of the Meeting:
> Rate Decision Outlook: 94% chance of no change to the 4.25%–4.50% federal funds rate (CME FedWatch Tool). Hawkish Fed stance may pressure crypto prices.
However, if the Fed cuts interest rates amid Donald Trump’s pressure, an uptrend could likely form. Notably, despite the outcome, the volatility will be high. Moreover, the upcoming FOMC meeting on June 18 and other macroeconomic events also need to be considered.
Today, approximately $8.05 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire, prompting crypto market participants to brace for volatility.
Traders and investors should be particularly attentive to today’s options expiry due to its volume and notional value, increasing the odds of potential influence on short-term trends. However, the put-to-call ratios and maximum pain points provide insight into what can be expected and the possible market directions.
Insights on Today’s Expiring Bitcoin and Ethereum Options
The notional value of today’s expiring Bitcoin options is $7.24 billion. According to Deribit’s data, these 77,642 expiring Bitcoin options have a put-to-call ratio 0.73. This ratio suggests a prevalence of purchase options (calls) over sales options (puts).
The data also reveals that the maximum pain point for these expiring options is $86,000. In crypto options trading, the maximum pain point is the price at which the asset will cause the greatest number of holders’ financial losses.
In addition to Bitcoin options, 458,926 Ethereum options contracts are set to expire today. These expiring options have a notional value of $808.3 million, a put-to-call ratio of 0.74, and a maximum pain point of $1,900.
The number of today’s expiring Ethereum options was significantly higher than last week. BeInCrypto reported that last week’s expired ETH options were 177,130 contracts, with a notional value of $279.789 million.
As of this writing, Bitcoin was trading well above its maximum pain level of $86,000 at $93,471. Meanwhile, Ethereum was trading below its strike price of $1,900 at $1,764.
“BTC trades above max pain, ETH below. Positioning into expiry is anything but aligned,” Deribit analysts remarked.
With the max pain level (also called strike price) often acting as a magnet for price due to smart money actions, both Bitcoin and Ethereum could pull towards their respective levels.
The positioning of both BTC and ETH open interest indicates high trader activity near max pain. The dense clustering of their respective histograms around $80,000 to $90,000 for Bitcoin and around $1,800 to $2,000 for Ethereum shows this.
This positioning suggests potential for short-term price consolidation or volatility.
Polymarket: Only 16% Chance Bitcoin Price Hits $100,000 in April
According to Deribit, traders are selling cash-secured put options on Bitcoin. Further, they are using stablecoins to collect premiums while positioning to buy BTC at lower prices. This reflects a long-term bullish outlook.
“BTC traders on Deribit are expressing long-term bullish sentiment, selling cash-secured puts using stablecoins to potentially buy the dip and collect yield,” Deribit wrote.
Analysts on Deribit also note the highest open interest for BTC options around the $100,000 strike price. This indicates strong market expectations of Bitcoin reaching this level.
Nevertheless, data on the Polymarket prediction platform shows traders estimating only a 16% chance of BTC hitting $100,000 in April.
Another interesting observation is that the Cumulative delta (CD) across BTC and related ETF (exchange-traded fund) options on Deribit reached $9 billion. While this shows high sensitivity to Bitcoin price changes, it also suggests potential volatility as market makers hedge their positions.
Notwithstanding, Deribit analysts also reveal a surge in Bitcoin call option buying for April to June 2025 expiries. Investors are reportedly targeting strikes between $90,000 and $110,000, a sentiment inspired by Bitcoin’s price breaking above 89,000.
Nevertheless, not all activity leading up to Bitcoin’s recovery was new money or a fresh capital influx. According to an analysis by Deribit’s Tony Stewart, half of it involved rolling up existing positions, indicating strategic adjustments by traders.
The crypto market, since the beginning of the second fortnight of the month, has been experiencing a pivotal trend reversal, altering the prevailing direction and amplifying liquidity-driven opportunities. Meanwhile, Solana exhibited a strong bullish breakout this week, surging above $150 and showing robust ecosystem metrics supported by both technical and on-chain performance. SOL’s market activity offers a clear window into current sentiment, underpinned by strong fundamentals and amplified by emerging ecosystem narratives.
At the start of the week, SOL traded around $134, experiencing moderate fluctuations and rebounded, closing near $140. With this, the token quickly entered an upward channel, which strengthened mid-week after a breakout through previous resistance zones. The most significant breakout occurred in the past couple of days when the price closed above $150 for the first time in Q2, registering a gain of over 10%.
Solana On-Chain Analysis
Solana’s TVL continues to hold strong at $8.54 billion, reflecting sustained capital commitment to Defi applications on the platform. Social media highlights active development with new partnerships and an increase in staking. Interestingly, Solana surpassed Ethereum in staked market cap, hinting towards a rise in adoption. Despite the bullish indicators, why is the SOL price stuck within a narrow range?
Along with the sluggish movement of Bitcoin, the transfers of the SOL token to CEX could have raised some concerns. Pumpfun, a popular Solana-based marketplace, has transferred more than 117K SOL tokens to Kraken in the past few hours. With this, it has deposited a total of over 3 million SOL tokens at $186 and sold nearly 264,373 at $158. These whale-sized SOL deposits usually spell short-term turbulence, as major exchange transfers often foreshadow sell pressure or active hedging.
What’s Next? Will SOL Price Reach $200 in Q2, 2025?
Solana has displayed a massive rebound after reaching the lows below $100, which witnessed a huge rise in the buying pressure. This validated the presence of bulls who further pushed the price back above $150. With this, the token has reached the threshold of a bullish pattern, and hence, a breakout from this range could initiate a fresh upswing of over 30%.
Although the price is facing some bearish pressure, the token remains prone to maintaining a healthy ascending trend. After a bullish crossover, the Ichimoku cloud has turned bullish, which suggests a change in the trend of the rally. On the other hand, the OBV, the volume-based indicator, is constantly rising, which suggests a confirmation of a bullish trend.
Therefore, the Solana price, which is facing a minor upward pressure, is expected to hold above the resistance at $150 and withstand bearish activity. Once the selling pressure fades, a fresh upswing could push the price above $180, which may validate a rise to $200 later this year.
The post Solana (SOL) Price Stuck at a Major Resistance—Can it Reach $180 in May 2025? appeared first on Coinpedia Fintech News
The crypto market, since the beginning of the second fortnight of the month, has been experiencing a pivotal trend reversal, altering the prevailing direction and amplifying liquidity-driven opportunities. Meanwhile, Solana exhibited a strong bullish breakout this week, surging above $150 and showing robust ecosystem metrics supported by both technical and on-chain performance. SOL’s market activity …
FOMC Meeting (May 7,2025) is knocking and everyone just can’t for Powell’s speech.
