Treasury Secretary Scott Bessent Says U.S. Will Acquire More Bitcoin to Solve the $37T Debt Crisis 

Solana (SOL) has faced intense selling pressure, recently dropping below $120 – its lowest level since February 2024. It has declined more than 38% over the past 30 days, reinforcing its bearish momentum.

With sellers firmly in control, SOL now faces a critical test of support levels, while any potential recovery would need to break through key resistance zones to signal a shift in momentum.

Solana Ichimoku Cloud Shows a Strong Bearish Setup

Solana Ichimoku Cloud shows that the price is currently trading below both the blue Tenkan-sen (conversion line) and the red Kijun-sen (base line), indicating that the short-term trend remains bearish.

The price recently bounced from a local low but has not yet reclaimed these key resistance levels. Additionally, the Ichimoku cloud (Kumo) ahead is red, reflecting bearish sentiment in the market.

The cloud itself is positioned well above the current price, suggesting that even if SOL experiences a short-term recovery, it will likely face strong resistance near the $130 – $135 region.

The positioning of the Tenkan-sen below the Kijun-sen further supports the bearish outlook, as this crossover typically signals downward momentum.

For any signs of a trend reversal, SOL would need to break above both of these lines and ideally enter the cloud, which would indicate a potential transition to a neutral phase.

Until then, the bearish cloud ahead and the current weak price structure suggest that any rallies may be temporary before the broader downtrend resumes.

SOL DMI Shows Sellers Are Still In Control

Solana Directional Movement Index (DMI) chart reveals that its Average Directional Index (ADX) is currently at 33.96, a significant increase from 13.2 just two days ago.

The ADX measures trend strength, and a reading above 25 typically indicates a strong trend, while values below 20 suggest a weak or non-existent trend. Given this sharp rise, it confirms that SOL’s ongoing downtrend is gaining strength.

The +DI (positive directional index) has dropped to 11.71 from 15.5 two days ago but has slightly rebounded from 8.43 yesterday. In contrast, the -DI (negative directional index) sits at 32.2, up from 25.9 two days ago, though slightly down from 35 a few hours ago.

The relative positioning of the +DI and -DI lines suggests that sellers are still in control, as the -DI remains significantly higher than the +DI.

The recent dip in -DI from 35 to 32.2 could indicate some short-term relief, but with the ADX climbing quickly, it reinforces that the prevailing downtrend remains intact.

The slight bounce in +DI suggests minor buying pressure, but it’s not enough to shift momentum in favor of bulls. Until +DI rises above -DI or ADX starts declining, SOL’s bearish trend is likely to persist, with sellers dominating price action in the near term.

Will Solana Fall Below $110?

Solana Exponential Moving Average (EMA) lines continue to depict a bearish trend, with the short-term EMAs positioned below the long-term EMAs.

This alignment suggests that downward momentum remains dominant, even though the price is currently attempting a recovery. If this rebound gains strength, Solana’s price could face resistance at $130 and $135, key levels that must be cleared for any potential trend reversal.

A successful break above these resistances could push SOL toward $152.9, a significant level that, if breached with strong buying pressure, might pave the way for a rally toward $179.85 – the price level last seen on March 2, when SOL was added to the US crypto strategic reserve.

However, if the bearish structure remains intact and selling pressure resumes, Solana could retest the $115 and $112 support levels, both of which have previously acted as key price floors.

A failure to hold these supports could open the door for a deeper decline, possibly pushing SOL below $110 for the first time since February 2024.

Given the EMAs’ current positioning, the downtrend remains in control unless Solana reclaims key resistance levels and establishes a bullish crossover, signaling a shift in market sentiment.

The post Solana (SOL) At Risk of Falling Below $110 After a 38% Monthly Drop appeared first on BeInCrypto.

Recently, Binance Alpha – a feature within the Binance Wallet that showcases early-stage crypto projects – introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity within the Binance Alpha ecosystem.

This new scoring feature has attracted a wave of interest from airdrop hunters and significantly boosted trading volume on Binance Alpha. However, Binance Alpha Points have sparked mixed reactions.

Binance Alpha’s Daily Volume Surpasses $330 Million

Data from Dune shows that trading volume on Binance Alpha surged after Binance announced the Alpha Points on April 25.

By May 7, trading volume on Binance Alpha had exceeded $330 million. On May 5 and May 7, the platform recorded over 1 million daily transactions. The total accumulated trading volume has now surpassed $2.8 billion, with nearly 117 million transactions.

This achievement reflects the strong appeal of the Alpha Points feature. More users are actively trading to accumulate points and increase their chances of receiving airdrops.

At the same time, Binance has been announcing new project listings on Binance Alpha more frequently.

How Are Investors Responding to the Binance Alpha Points Initiative?

Wonnie, the founder of MBMweb3, is a vocal supporter of the Binance Alpha program. In a post on X, Wonnie described the program as “a golden window” for users to participate before it becomes overcrowded.

He shared his strategy for earning 15 points per day. He holds assets worth over $100,000, which gives him 4 points, and trades more than $2,048 daily, earning him 11 points.

Wonnie emphasized that the daily cost of maintaining this activity is around $1 in gas fees, highlighting the program’s strong profit potential.

“Binance Alpha is still a golden window. Track your score. Minimize costs. And take your share while the rewards are flowing,” Wonnie said.

However, not all investors share Wonnie’s optimism. Many have criticized Binance Alpha, calling it an “extraction scheme”.

One major point of controversy is that Alpha Points only count activity from the past 15 days. Users cannot accumulate points long-term, forcing them to trade continuously to maintain their scores, creating significant financial pressure.

In addition, the reward requirements have become increasingly strict. Initially, users only needed 45 points to receive the AIOT airdrop. But now, Binance demands 150 points to qualify for the SXT airdrop.

Based on Binance’s calculation method, users must trade up to $131,072 to earn 17 points.

This has led to users paying transaction fees but still not earning enough points to qualify for an airdrop. Some users even reach the required point threshold but fail the risk assessment, so they don’t receive the airdrop.

“Binance Alpha – a scheme to rekt you without you even noticing… Binance appears completely greedy. Whenever they offer you something, trust me – they’re taking much more from you indirectly,” investor Abhi criticized.

Despite these concerns, the number of projects featured on Binance Alpha continues to grow. According to CoinMarketCap, more than 140 projects have been listed on Binance Alpha.

Nine of those projects have conducted airdrops through the Alpha Points system.

The post Crypto Airdrop Hunting Drives Binance Alpha Volume to $2.8 Billion appeared first on BeInCrypto.