What to expect from Ethereum (ETH) in May

On Tuesday, a large Solana whale transferred 494,153 SOL—valued at approximately $72 million—to the Coinbase exchange, raising concerns over a potential sell-off. 

Large exchange inflows like this often signal impending selling pressure, putting SOL’s recent gains at risk.

$72 Million in SOL Hits Coinbase, Weighing on Market Sentiment

According to Whale Alert, a SOL whale transferred 494,153 SOL valued at $72 million to Coinbase Institutional on Tuesday. Significant exchange inflows such as this mean that large investors are moving their holdings from private wallets to exchanges, often signaling an intent to sell.

This increased supply on exchanges can increase the downward pressure on the SOL price, especially if there is insufficient demand to absorb the selling. As a result, its price may decline in the near term, leading to further sell-offs.

Moreover, the coin’s negative weighted sentiment heightens the risk of this selloff. At press time, this key metric is below zero at -0.51.

An asset’s weighted sentiment analyzes social media and online platforms to measure the overall tone (positive or negative) surrounding it. It considers the volume of mentions and the ratio of positive to negative comments. When weighted sentiment is positive, it indicates more positive comments and discussions about the cryptocurrency than negative ones.

On the other hand, when it is negative, the overall market sentiment is bearish, with more negative commentary and pessimism outweighing positive discussions about the asset. 

This trend can increase selling pressure in the SOL market, discourage new demand, and contribute to its price decline as traders react to the prevailing bearish outlook.

Will Solana Drop to $138 or Surge to $160?

At press time, SOL trades at $145.84. If the whale selloff prompts retail traders to distribute their coins, SOL’s price may plummet to $138.84.

However, on the daily chart, SOL bulls appear ready to defend key levels. Readings from technical indicators, including the Parabolic SAR, suggest that buying momentum is gaining strength.

At press time, the dots that make up this momentum indicator rest below SOL’s price, offering dynamic support. When an asset’s Parabolic SAR is set up this way, it signals a bullish trend. It hints at the possibility of a rally in SOL’s price in the short term. If this happens, the coin could exchange hands at $160.34.

The post Solana Whale Moves $72 Million in SOL to Coinbase, Fueling Fears of a Major Sell-Off appeared first on BeInCrypto.

Hedera (HBAR) has experienced a modest recovery over the past few days but is still facing bearish cues from the broader market. 

The altcoin has been attempting to breach a key price barrier but is struggling due to ongoing negative sentiment, especially in the Futures market. The market conditions remain challenging, making the outlook uncertain for HBAR.

Hedera Traders Are Uncertain

Currently, HBAR is displaying an inverse correlation with Bitcoin, sitting at -0.03. This suggests that while Bitcoin may be attempting a recovery, HBAR is not likely to follow its lead. Instead, the altcoin could move in the opposite direction.

As Bitcoin edges toward potential gains, HBAR may face further declines, especially in the daily chart.

The correlation reflects how HBAR’s price movements may not align with Bitcoin’s actions. As Bitcoin continues its recovery efforts, the broader cryptocurrency market sentiment may influence HBAR’s price in a contrasting manner. HBAR’s negative correlation with Bitcoin makes it vulnerable to additional downward pressure if the larger market remains volatile.

In addition to the correlation with Bitcoin, HBAR’s macro momentum is also shaped by the negative funding rate. The funding rate has been fluctuating and remains in the negative territory.

This indicates that traders are leaning toward short contracts, anticipating further price declines. The ongoing lack of strong recovery in HBAR has reinforced bearish sentiment as traders look to capitalize on any potential downturn.

The sustained negative funding rate reflects the market’s overall skepticism about HBAR’s short-term price action. With traders betting on further drops, the altcoin is under pressure to overcome these pessimistic views. Without a significant bullish catalyst, HBAR may struggle to break free from this bearish trend in the near term.

HBAR Price Faces Challenges

At the time of writing, HBAR price is trading at $0.246, facing the struggle of being stuck under the resistance of $0.250. The altcoin has maintained support at $0.222 for a while, and it is likely to continue holding above this level. However, the resistance of nearly $0.250 remains an obstacle to a breakout, which could prevent HBAR from making significant progress.

Given the current market conditions, HBAR is expected to consolidate between $0.222 and $0.250, as it has done in the past. This consolidation could continue, further delaying any recovery and preventing the altcoin from reaching higher levels. The broader market’s bearish sentiment may further restrict HBAR’s price action.

However, if HBAR manages to breach the $0.250 resistance level and flip $0.267 into support, it could signal a shift toward a bullish trend. In this scenario, the altcoin might rise to $0.314, effectively invalidating the bearish thesis and setting the stage for a more substantial recovery.

The post Hedera’s (HBAR) Price At Risk Due To Declining Dependence On Bitcoin appeared first on BeInCrypto.

Canary Capital, an asset management firm, has registered a statutory trust for a Sui (SUI) exchange-traded fund (ETF) in Delaware. 

The filing, submitted to the Delaware Division of Corporations on March 6, hints at the firm’s intention to launch an SUI ETF. 

Canary Capital Takes First Step Towards SUI ETF

The registration is the first step before submitting an S-1 form to the US Securities and Exchange Commission (SEC). Additionally, the firm will need to submit a 19b-4 filing to the SEC through the exchange where the ETF will be listed. 

Notably, Canary Capital is the first firm to pursue a SUI ETF. Yet, its ambitions extend beyond SUI. 

The asset manager recently filed an S-1 registration statement for an Axelar (AXL) ETF. In addition, it is exploring funds tracking Litecoin (LTC), XRP (XRP), Solana (SOL), and Hedera (HBAR).

Amidst this, a Sui Network ambassador outlined the potential market impact of a SUI ETF, drawing comparisons to the success of Bitcoin (BTC) and Ethereum (ETH) ETFs. According to the ambassador, a SUI ETF could bring similar benefits.

“Even a slice of the interest that BTC/ETH ETFs saw could significantly boost Sui Network liquidity and market cap,” the post read.

He explained that SUI ETF could boost liquidity by offering a new trading platform for both crypto and traditional investors. Moreover, by holding actual SUI tokens, the ETF could reduce the circulating supply, potentially driving up the price.

The increase in liquidity and price would boost ecosystem growth, making it attractive for developers and institutional investors looking to capitalize on this momentum.

“Bitcoin and Ethereum are now “established.” A newer network like Sui offers higher risk but possibly higher reward, akin to investing in an emerging tech stock,” he wrote.

Nonetheless, the ambassador noted that institutions may be cautious with an SUI ETF. He cited volatility, liquidity, and regulatory uncertainty as potential concerns. 

Furthermore, he claimed that regulatory approval may be difficult, as the SEC has scrutinized many altcoins as potential securities. Thus, he believes SUI could face the same fate, requiring market surveillance and clarity on its status. However, he acknowledged that these regulatory procedures could become more streamlined with President Trump now in office.

Interestingly enough, the filing comes just a day after President Trump-backed World Liberty Financial announced a partnership with the Sui blockchain. The partnership will focus on product development, with WLFI including the altcoin in its Macro Strategy reserve.

The post Canary Capital Sets SUI ETF in Motion with Delaware Filing appeared first on BeInCrypto.