Markets
Solana rises while the rest of the crypto majors start the week flat
Solana has been on a tear this past week, as tokens issued on the blockchain hit new highs.
Cryptocurrency markets remained stable on Monday morning, following last week’s strong performance, driven by positive Exchange Traded Fund (ETF) inflows and macroeconomic indicators. Solana popped up as network metrics increased.
Bitcoin (BTC) is trading at $67,698, up 1.5% over the past 24 hours. Ether (ETH) is up 2% at $3,125, while Solana (SOL) is up nearly 6%, according to CoinGecko data.
BTC/ETH/SOL price
According to Ryze Labs, investors are on the sidelines after a strong week dominated by macroeconomic developments. .
The US CPI reading for April was colder than expected, coming in at 0.3% on a monthly basis compared to market expectations of 0.4%.
The slower-than-expected inflation rate “has quelled talk of a potential rate hike and paves the way for Powell to consider a rate cut in the coming months.”
Michael Van de Poppe, CEO of MN Trading, you think Bitcoin is likely to continue moving within the current range, without significant volatility.
“I would rather expect consolidation and slow upward moves towards the all-time high. The thesis remains the same: Altcoins will outperform in the meantime,” he wrote on X.
Data from CryptoQuant indicate The exchange’s BTC reserves have drastically dropped to 1,929,696 BTC as of May 19. This marks a decrease of more than 50% compared to July 2021, which could suggest a reduction in the liquid supply of Bitcoin, implying that investors are moving their holdings off exchanges for long-term holding.
The exception is Solana, which is the most rising blockchain with market capitalizations over $1 billion, after Sui. The Solana network is in crisis amid the meme coin craze, with over 20,000 tokens created on Solana every day, according to data compiled by Step Finance.
Bitcoin rally
According to Markus Thielen, head of research at 10x Research, Bitcoin could only recover if it breaks resistance levels of $67,500.
“A move above $67,500 could potentially lead to new all-time highs, a scenario predicted by our Bitcoin ETF model,” he wrote in a Note.
Data from CoinGlass shows that 48,218 traders were liquidated in the last 24 hours, for a total of $108.08 million in liquidations. The largest single settlement order occurred on OKX, involving an ETH-USD swap worth $2.91 million.
In other news, Michael Sonnenshein is take a step as CEO of Grayscale Investments LLC. He will be replaced by Peter Mintzberg, a former Goldman Sachs executive, starting August 15.
Crypto stocks rise
Crypto stocks posted some gains on Monday. Coinbase advances by 0.45%, while MicroStrategy advances by 0.98%, reaching $1,600 per share.
US stocks showed little change, with the Dow Jones Industrial Average rising 0.1%. Meanwhile, the S&P 500 and Nasdaq Composite gained 0.3% and 0.7%, respectively.
Investors await minutes from the April 30-May 1 Federal Reserve meeting, scheduled for May 22.