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As the Crypto Week inches ever closer and traders brace for a flurry of pivotal industry legislation, Bitcoin has gone on a rally of its own. The largest cryptocurrency by market capitalization set a new all-time high (ATH) amid heightened Trump tariffs, impressive ETF figures, and heavy accumulation from Bitcoin treasury companies. Bitcoin Climbs To
The post Why Is Bitcoin Up Today? appeared first on CoinGape.
Chronicle, a decentralized oracle network, has integrated its real-world asset (RWA) oracle with M^0, an Ethereum-based stablecoin minting protocol. This…
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.
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 post Solana Price Failing To Cross $135 As SOL Circulation Dips to 5-Month Low appeared first on BeInCrypto.
Pi Network price has reclaimed $1 after a searing rally that sees its market capitalization surge past Litecoin and Bitcoin Cash. Investors have their eyes peeled for a sustained rally for Pi Coin in a push driven by heavy whale accumulation.
After flashing multiple signs of brilliance, Pi Network embarked on a seismic rally, gaining a staggering 50% spike in a day. According to CoinMarketCap data, Pi Network price reached a daily peak of $1.19 from a previous low of $0.73.
At the peak, Pi Network’s market capitalization surged to over $8 billion, flipping Litecoin and Bitcoin Cash. Per the cryptocurrency aggregator, Pi Network spiked from 27th place to settle as the 18th largest cryptocurrency by market capitalization.
Apart from the surge in prices and market capitalization, Pi Network volumes surpassed $1 billion, spiking by $600%. Furthermore, the impressive rally leaves Pi Coin as the biggest gainer among the top 30 largest cryptocurrencies by market capitalization.
As Pi Coin racked up impressive metrics, LTC managed to gain only 0.42% while BCH garnered $0.24 in the same timeframe. Previous on-chain analytics predicted that Pi Coin price can skyrocket by 100% at the start of the week after the formation of an Adam and Eve pattern.
Apart from glowing on-chain analytics, the Pi Network rally is fueled by a frenzied whale accumulation. Prior to the start of the rally, an unknown whale moved 70,000,000 Pi off exchanges to trigger the rally.
A clear path toward $1 appeared after another whale bagged 20 million Pi from the OKX exchange. Retail investors are accumulating Pi Coins in droves, driven by a raft of positive fundamentals around the network.
Firstly, investors are targeting the Consensus Summit in mid-May as the start date for a Pi rally, scooping up coins on a discount. Furthermore, the Pi Core Team is gobbling up Pi Coins from centralized exchanges to stabilize the Pi Network price following the token unlock event.
The Pi Core Team has previously hinted at a major announcement on May 14, sparking waves of enthusiasm among investors. Amid the charged atmosphere around Pi, there is speculation that a Binance listing is imminent following a string of “rumoured” test transactions.
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