The Open Interest and spot CVD have both tumbled lower over the past 24 hours, a consequence of the market-wide selling pressure.
Solana is currently trading at $197, marking a 13% decline from the local high it achieved earlier this week. The broader cryptocurrency market is experiencing heightened indecision, with some fear creeping in as Bitcoin struggles to reclaim the pivotal $100,000 level. This hesitation has created ripple effects across altcoins, including Solana, which has seen its recent momentum stall. Related Reading: Ethereum Will Drop Before The Next Leg Up – Analyst Sets Target Top analyst Jelle shared a technical analysis on X, highlighting that $SOL/BTC could be a key pair to monitor in the coming weeks. Jelle suggests that Solana’s performance against Bitcoin may provide critical insights into its potential trajectory. While Solana remains a market favorite due to its robust ecosystem and innovative developments, its ability to reclaim strength relative to BTC will likely influence investor sentiment. As Solana continues to test key support levels, market participants are closely watching for signs of a breakout or further consolidation. The next few weeks could be decisive for Solana’s price action, setting the tone for its performance in the months ahead. Will Solana bounce back to reclaim its highs, or will market uncertainty push it lower? Investors are waiting for clear signals amid this period of flux. Solana Enters A Crucial Phase Solana is trading just above the critical $190 support level, a former supply zone that has flipped into demand. This level represents a key test for the asset as it seeks to solidify its bullish trajectory. Solana has been forming higher lows, a positive sign of strength, but it still needs to reclaim higher supply zones to confirm a sustained bullish trend. Top analyst Jelle recently shared his insights on X, emphasizing the importance of monitoring the SOL/BTC pair in the coming weeks. He noted that Solana is entering what appears to be a bullish phase, but its performance against Bitcoin will be a critical factor in determining its future direction. According to Jelle, Solana must reclaim the 0.0022 level against BTC to signal strength and confirm its bullish outlook. Should Solana fail to achieve this, Jelle indicated that he would consider reallocating some of his exposure back into Bitcoin. Related Reading: Bitcoin Is Forming A Symmetrical Triangle – Breakout Or Breakdown? The current market indecision, fueled by Bitcoin’s struggle to break above $100,000, has left many altcoins, including Solana, in a state of flux. A breakout above the 0.0022 level on the SOL/BTC chart would not only reinforce confidence in Solana’s bullish potential but also mark it as a strong contender in the ongoing market rally. Testing Demand At Key Levels Solana is currently trading at $196, navigating a critical demand zone between $193 and $200. This range serves as a key battleground for bulls and bears as Solana attempts to sustain its bullish trajectory. For bulls to regain control, the price must decisively break above the $200 level, invalidating bearish pressure and setting the stage for further gains. To solidify its bullish structure, Solana needs to reclaim the $222 mark. Achieving this would establish a higher high, reinforcing confidence among investors and signaling the continuation of its upward trend. However, failure to push above $200 could leave the price vulnerable to further downside pressure. Related Reading: Key Indicator Signals Buy On XRP 4-Hour Chart – Analyst Predicts A Price Rebound On the flip side, losing the $193 support level would likely trigger a deeper correction. This could result in Solana entering a consolidation phase, where the price stabilizes before attempting another breakout. Such a scenario would likely extend market indecision as investors await clear signs of a sustained trend. Featured image from Dall-E, chart from TradingView
The head of Reddit’s Collectible Avatars (RCA), a Reddit Non-fungible token (NFT) collection, said she’s unsure of the current direction for the RCA program after announcing her departure from the company in a Jan. 6 LinkedIn post . “I think my departure is simply a reflection of the natural shifts that happen in major companies like X and Meta as they navigate emerging technologies and evolving priorities,” Wyler said in an interview with The Defiant. “While I’m unsure of the current direction for the RCA program, I’m confident that Reddit will continue to do good by its community—the true driving force behind everything the company builds.” A Reddit employee who asked to remain anonymous as they are not authorized to speak publicly said RCA “remain an area of interest” for Reddit and that the company is actively recruiting for Wyler’s replacement after “recently expanding the scope of the role.” To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
On January 9th, COINOTAG News disclosed significant developments in the cryptocurrency landscape, particularly regarding Backpack and its involvement with FTX EU. Following a court-review incident revealing that FTX’s acquisition in
Bitcoin price extended losses and traded below the $95,000 zone. BTC is correcting gains and might struggle to recover above the $96,500 level. Bitcoin started a fresh decline from the $97,500 resistance zone. The price is trading below $97,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $94,900 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $92,500 support zone. Bitcoin Price Dips Below $95K Bitcoin price failed to start a recovery wave above the $98,000 resistance . BTC remained in a short-term bearish zone and extended losses below the $96,500 level. There was a clear move below the $95,000 support zone. The price even traded below $93,200. A low was formed at $92,501 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $102,760 swing high to the $92,500 low. Bitcoin price is now trading below $96,500 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $95,000 level. There is also a connecting bearish trend line forming with resistance at $94,900 on the hourly chart of the BTC/USD pair. The first key resistance is near the $96,500 level. A clear move above the $96,500 resistance might send the price higher. The next key resistance could be $97,500 or the 50% Fib retracement level of the recent decline from the $102,760 swing high to the $92,500 low. A close above the $97,500 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $100,000 level. Another Drop In BTC? If Bitcoin fails to rise above the $95,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $93,500 level. The first major support is near the $92,500 level. The next support is now near the $92,000 zone. Any more losses might send the price toward the $91,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $93,500, followed by $92,500. Major Resistance Levels – $95,000 and $96,500.
Ethereum Layer 2 StarkNet has released a new software called SN Stack that allows developers and users to build custom blockchains, according to a Jan. 8 X post . “At StarkWare, we’ve seen teams across the globe reach out asking to use technology underlying Starknet STARK-based ZK-rollups to build their own chains,” said Leo Sizaret, Business Development Manager at StarkWare (Isreal-based blockchain firm that developed Starknet) in the X post. “Now, after years of battle-testing our technology, StarkWare is making its technology stack publicly available. Now, any team can build and run their own chain with ease on the StarkWare stack,” Sizaret said. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
A dinner between Ripple’s leadership and President-elect Trump has sparked speculation that Ripple’s legal battle with the SEC may soon conclude, potentially reshaping crypto regulation. Ripple’s Trump Meeting Could End SEC War – Is XRP About to Skyrocket? Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty attended a private dinner with President-elect Donald
The sale of seized Bitcoin could impact cryptocurrency markets and set precedents for handling digital assets in legal contexts. The post DOJ cleared to sell $6.5B in Bitcoin seized from Silk Road appeared first on Crypto Briefing .
The US Department of Justice has received approval to liquidate approximately $6.5 billion in Bitcoin, associated with the notorious Silk Road case. This substantial amount, resulting from the federal agency’s
Benjamin Cowen links Bitcoin’s price to historical QQQ ETF performance. The potential for Bitcoin’s volatility requires investor caution and risk management. Continue Reading: Benjamin Cowen Predicts Bitcoin’s Path Based on QQQ ETF History The post Benjamin Cowen Predicts Bitcoin’s Path Based on QQQ ETF History appeared first on COINTURK NEWS .