The Bitcoin market is once more intensifying, driven by a heady mix of climbing leverage, institutional accumulation, and profit-taking by whales. Deribit, the leading exchange for Bitcoin options, meanwhile, saw open interest spike by an astonishing 24% in just one day, with total outstanding contracts skyrocketing to $1.85 billion. Call options, which give the holder the right but not the obligation to buy an asset at a set price before a certain time, represent the biggest chunk at $1.12 billion. Simultaneously, major institutional influencers such as MetaPlanet and MicroStrategy are amassing Bitcoin, demonstrating deep faith in the asset’s sustained worth. Conversely, a number of retail traders are set up for a move to the downside, suggesting a stark divergence in market sentiment. With this potent combination of leverage, accumulation, and uncertainty, Bitcoin is once more dancing on the edge of the $90,000 precipice. Leverage Spikes and Bearish Sentiment on Binance The $3.2 billion increase in open interest means more and more people are active in the crypto derivatives market. Speculation is the lifeblood of any financial market, but especially so when the crypto market is trending as it’s quite common for traders to dream of hitting the jackpot. We are living in the times of a tumultuous crypto market where prices are very indecisive and take big swings to one side or another. 59.79% of traders on Binance with open #Bitcoin $BTC positions are betting on downside! pic.twitter.com/MQDBWwtibm — Ali (@ali_charts) April 21, 2025 Almost 60% of positions held by traders on Binance for Bitcoin are currently bearish. These traders are betting that the price of Bitcoin is going to fall. This concentration of bearish sentiment is a pretty good setup for a potential short squeeze. If the price of Bitcoin were to start skyrocket, these traders shorting the asset might be forced to close their positions. Concurrently, approximately $155 million in profit has been returned to the whales, a clear signal that some major stakeholders are seizing this current upward movement to cash in. Of course, it’s normal market behavior during an uptrend for traders and investors to book profits when the price is up, and those actions obviously have the potential to reverse the uptrend. Whales have recently realized close to $155 million in profits from #Bitcoin $BTC ! pic.twitter.com/okrM2oeUMk — Ali (@ali_charts) April 21, 2025 MetaPlanet and MicroStrategy Double Down on Bitcoin Holdings Quieting the short-term noise, institutions remain long-term and very positive on Bitcoin. Japanese investment firm Metaplanet has acquired an additional 330 BTC worth some $28.23 million at an average price of $86,637. This pushes their total holdings to 4,855 BTC worth around $425.37 million. They hold an average price around $91,030. So, they’re slightly underwater on this, but clearly committed. MetaPlanet( @Metaplanet_JP ) bought another 330 $BTC ($28.23M) at $86,637. MetaPlanet currently holds 4,855 $BTC ($425.37M), with an average buying price of $91,030. https://t.co/LRlXDOEoNK pic.twitter.com/yjjZUCBhNr — Lookonchain (@lookonchain) April 21, 2025 At the same time, MicroStrategy has been making news for yet another huge buy. The outfit bought 6,556 BTC for about $555.85 million, at an average price of $84,785. Their total count of BTC now sits at 538,200, with a notional valuation of close to $46.83 billion. With an average purchase price of $67,766, MicroStrategy holds an unrealized profit of over $10 billion. These recurring acquisitions demonstrate that, for major institutional investors, Bitcoin remains a core reserve asset and a hedge against the sorts of mainstream finance risks that every financial model seems prone to these days. MicroStrategy( @Strategy ) bought another 6,556 $BTC ($555.85M) at an average price of $84,785 last week. #Strategy currently holds 538,200 $BTC ($46.83B), with an average buying price of $67,766 and an unrealized profit of $10.36B. https://t.co/oiJUFQMH9g pic.twitter.com/PA73kWGIUu — Lookonchain (@lookonchain) April 21, 2025 Spot ETF Flows Remain Positive Amid Broader Market Uncertainty Bolstering the institutional optimism is the ongoing influx of capital into Bitcoin spot ETFs. During the timeframe of April 14 to April 17, the total net inflow into spot Bitcoin ETFs reached $15.85 million. While this is modest next to some of the earlier record-setting weeks in terms of inflows, it nonetheless serves as a clear indicator of the continued and steady demand from traditional investors for more regulated financial products that provide direct exposure to Bitcoin. Last week (April 14 to April 17, Eastern Time), the Ethereum spot ETF had a net outflow of $32.17 million, marking eight consecutive weeks of net outflows. The Bitcoin spot ETF had a net inflow of $15.85 million in a single week. https://t.co/Tvs2oCSxTg — Wu Blockchain (@WuBlockchain) April 21, 2025 This trend indicates that Bitcoin is slowly being assimilated into larger investment portfolios, and the persistent enthusiasm from ETF purchasers is probably going to furnish continuous support for the price. A Market at a Crossroads The Bitcoin market today is a very sharp divide between retail pessimism and institutional optimism. There is a lot of leverage, a lot of shorts, and yet institutions continue to accumulate at an impressive rate. The current market is a tug-of-war between short-term profit-taking and long-term conviction, and it feels like it is reaching a climax. It remains to be seen whether Bitcoin will decisively push past the $90,000 level or whether it will experience a temporary correction. What is clear, though, is that Bitcoin is evolving into something that is both a speculative asset and a strategic store of value. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
TL;DR A low-cap altcoin has taken the main stage on X due to a massive surge over the past day or so. Its impressive price increase was likely triggered by backing from Binance and Upbit. Reacting to the News Although most of the cryptocurrency market has turned green on a daily scale, one low-cap altcoin has stolen the show. DeepBook (DEEP) is not among the top 100 club, but has outperformed almost all assets from that list in the past 24 hours. Earlier today (April 22), its price was trading at around $0.09. Just an hour later, though, it jumped to a seven-week high of $0.16. DEEP’s peak was short-lived, and it later retraced to the current $0.11, which represents a 22% ascent for the day. DEEP Price, Source: CoinGecko The rally was likely fueled by the support from the world’s largest cryptocurrency exchange as Binance Futures launched the DEEP/USDT perpetual contract with up to 50x leverage. The product has no expiration date and allows traders to bet on the price of the cryptocurrency without actually owning it. The exchange clarified that futures and spot token listings are not correlated. This means that a cryptocurrency listed on Binance Futures does not guarantee that it will be added to Binance Spot. Upbit, which listed the DEEP/KRW trading pair earlier today, may have also contributed to the asset’s price increase . Thus, South Korea’s leading crypto exchange doubled down on its backing for the token since it previously introduced the DEEP/BTC and DEEP/KRW pairs. Examples in the Past Support from major exchanges like the aforementioned ones increases the liquidity of the involved cryptocurrencies, enhances their visibility and availability, and gives them a reputational boost. Earlier this month, Binance placed the meme coin Cat in a Dogs World (MEW) in its Binance Alpha section – a platform within the exchange’s ecosystem that serves as a pre-listing selection pool. The token’s price rallied by 15% shortly after the inclusion . In February, Upbit introduced the trading pairs TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT. The meme coin launched by US President Donald Trump pumped by 10% following the announcement . The post This Altcoin Soars by Double Digits Following Support From Binance, Upbit: Details appeared first on CryptoPotato .
Tally, an onchain DAO governance platform, has raised $8 million in a Series A funding round. The round was led by AppWorks and Blockchain Capital, with participation from BitGo. Originally developed as a DAO governance tool, Tally has evolved into a widely adopted software stack for onchain organizations, helping protocol tokens accrue value. The funding will be used to scale the software layer for these organizations. Investors have expressed confidence in Tally's execution and the demand for its products among tokens and onchain entities. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
The Swiss National Bank has reportedly begun purchasing shares of MicroStrategy Inc. (ticker: MSTR), a business intelligence company known for its substantial Bitcoin holdings. This move provides the Swiss central bank with indirect exposure to Bitcoin, reflecting a growing institutional interest in digital assets. Observers note that by acquiring MicroStrategy shares, the Swiss National Bank is effectively investing in Bitcoin without directly buying the cryptocurrency itself. This development has contributed to increased optimism in the cryptocurrency market, highlighting Switzerland's strategic approach to gaining exposure to Bitcoin through equity investments. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Bitcoin has surged past the $90,000 mark for the first time in 45 days, driven by strong inflows into Bitcoin exchange-traded funds (ETFs) and a noticeable decoupling from U.S. tech stocks. The cryptocurrency reached an intraday high of $89,867 before climbing to $90,743, marking a 3.84% increase on the day. This decoupling is highlighted by Bitcoin's performance against a backdrop of declining Nasdaq indices and a weakening U.S. dollar. Analysts suggest that this movement indicates Bitcoin is beginning to trade more like gold, a traditional safe-haven asset, rather than following the trends of tech stocks. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Over the previous 24 hours, income-smart crypto wallets have strategically shifted across several trending narratives in the digital currency space, reflecting a growing investor confidence in sectors like DeFi (decentralized finance, that is, financial services performed without the intermediaries traditional finance relies on), stablecoin utility, AI-driven ecosystems, and the always unpredictable memecoin sector. As on-chain activity heats up, today’s look at smart money accumulation patterns reveals not just early trend recognition but also some tactical positioning from seasoned crypto participants. Blockchain tracking data show that smart money inflows are concentrated in four main narratives: DeFi Innovations, Stablecoins & Payments, Gaming & AI, and MEMEs. Let’s take a closer look at how these categories are being targeted and which tokens seem to be drawing the most attention. DeFi, Stablecoins, and AI Lead Strategic Accumulation One of the most significant trends was DeFi innovation. Five different smart wallets made substantial moves into decentralized finance projects. The standout in this segment was $ALCX (Alchemix), a protocol that now offers self-repaying loans. We believe that’s ultimately a more sustainable payments mechanism in a market that currently favors self-sustaining DeFi offerings. Reintroducing core technology to a broader DeFi audience has been Alchemix’s recent mission. The AlchemixFi team has been hitting the marketing beat like a fresh wave. With the fundamental protocol set to receive some much-mooted updates, it feels like informed investment attention is coming to Alchemix more than ever. Increasingly, people are paying attention to what’s happening with stablecoins, and it seems like there’s some good old-fashioned interest building up and around Aave’s stablecoin, GHO. In the past week, we saw nearly $110,000 stream into the smart contract that lives on Ethereum for GHO, which is a fully collateralized stablecoin. @DeFiEyewitness on Twitter caught this action, highlighting that one wallet in particular has been making quite the show of accumulating GHO. This is an interesting sign for a stablecoin that very few people had heard of even a couple of months ago. Smart money wallets accumulations in the last 24 hours Main specific narratives accumulated: DeFi Innovations (5 wallets) Stablecoins & Payments (3 wallets) Gaming & AI (3 wallets) MEME (3 wallets) Top accumulations and reasoning: $ALCX -> Alchemix is… pic.twitter.com/jR3hecrcZL — CoinSense.app (@CoinSense_App) April 21, 2025 In the meantime, in the AI and gaming narrative, $wTAO (Wrapped TAO) drew in funds from two very intelligent investors, with a combined inflow of around $52,000. wTAO is part of the larger Bittensor ecosystem. It’s getting a lot of attention lately due to its work in decentralized AI and the staking opportunities that @TensorplexLabs has been promoting. Meanwhile, AI continues to be the darling of tech discussions the world over, and blockchain-solutions for AI seem to be getting a lot of speculative love. Memecoin Craze Continues with $RIP POPE The memecoin sector won’t be sidelined, even as more structured narratives grow. One narrative really took off over the past 24 hours, and that was around $RIP POPE, a satirical token that seems to be part of a developing trend of altcoins based on narratives around Pope Francis. Those in the know about crypto Twitter may have noticed a few accounts portraying the pope as an important figure in the ongoing drama that is the fate of the crypto space. Three smart money wallets made trades involving $RIP POPE, resulting in a net influx of $30,000. While that may seem modest compared to other DeFi or stablecoin plays, it’s a notable amount for a meme asset that thrives on narrative and virality. Part of the reason the token has attracted so much attention lately is because of its dark humor and edgy branding. This is a winning combination, time and again, for drawing in speculative interest around a potentially viral memecoin. For the truly interested, these early wallet entries may hint at the next big thing you can ride to viral retail exposure. Broader Narrative Implications and Market Sentiment When viewed collectively, the recent actions of smart money shed light on the evolving crypto structure. There’s a clear appearance of balanced positioning across high-risk meme assets, long-duration AI plays, stablecoin integrations, and DeFi use cases. Each of these narratives offers a different risk-reward profile, and the accumulation of across-the-board exposure is a clear signal of sophisticated investor engagement. The renewed focus on stablecoins and decentralized lending could indicate the need to be cautious or, rather, to pivot toward generating yield and preserving capital. At the same time, when funds make big bets on tokens like wTAO, it’s hard not to see that as a reflection of speculative interest in what many believe will be the next big thing: AI on the blockchain. And of course, the meme market remains the wild card—an area where timing, sentiment, and social media hype can quickly turn small positions into outsized returns. With smart money now dipping its toes in both ends of the risk spectrum, the next few weeks could rapidly shift market focus. Like always, these movements of capital in and out of wallets do not guarantee future price movements. But they do offer a good view of the informed capital that’s flowing into and out of the relevant narratives. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
Bitcoin’s ratio against Nasdaq 100 has reached a noteworthy 4.96. Market conditions are reshaping investor preferences towards Bitcoin and technology stocks. Continue Reading: Bitcoin Seizes Attention with 4.96 Ratio Against Nasdaq 100 The post Bitcoin Seizes Attention with 4.96 Ratio Against Nasdaq 100 appeared first on COINTURK NEWS .
In the tumultuous world of finance, where traditional markets often mirror each other’s dips and dives, a fascinating divergence is unfolding. Bitcoin, the pioneering cryptocurrency, is charting its own course, demonstrating a remarkable resilience that’s capturing the attention of investors worldwide. While the tech-heavy Nasdaq index grapples with a significant year-to-date decline, Bitcoin is not just weathering the storm – it’s showing surprising strength. Let’s delve into the numbers and explore why Bitcoin is currently being hailed for its outperform ance against traditional benchmarks like the Nasdaq. Decoding the BTC/Nasdaq Ratio: Is Bitcoin Truly Outperforming? The BTC/Nasdaq ratio has emerged as a key metric for understanding this evolving dynamic. Think of it as a comparative gauge, measuring Bitcoin’s price movement relative to the Nasdaq. A rising ratio suggests one of two scenarios: either Bitcoin is climbing while Nasdaq stagnates or falls, or Bitcoin is experiencing smaller losses compared to the Nasdaq’s steeper declines. Recently, this ratio has surged to 4.96, inching closer to its January peak of 5.08, as reported by CoinDesk. This elevation isn’t just a statistical anomaly; it signals a tangible shift in market behavior. To put this into perspective, let’s look at the raw numbers: Year-to-Date (YTD) Performance: Bitcoin is down by approximately 6%. While any decline isn’t ideal, consider this against the backdrop of the Nasdaq’s performance. Nasdaq’s Plunge: The Nasdaq, a bellwether for the technology sector and often seen as a proxy for growth stocks, has plummeted by a substantial 15% YTD. This stark contrast immediately highlights Bitcoin’s relative strength. Post-Trump Era Comparison: Zooming out slightly, since November (U.S. President Donald Trump’s election victory), Bitcoin has surged by an impressive 30%. In the same timeframe, the Nasdaq has actually contracted by 12%. This longer-term view further reinforces the narrative of Bitcoin’s distinct trajectory. These figures paint a clear picture: Bitcoin is not just keeping pace with the Nasdaq; it’s demonstrably outperforming it in the current economic climate. But what factors are contributing to this surprising resilience? Why is Bitcoin Showing Crypto Resilience Amidst Market Turmoil? Several factors could be at play, contributing to Bitcoin’s apparent crypto resilience . It’s important to remember that the cryptocurrency market operates under different dynamics compared to traditional equities. Here are a few potential explanations: Decentralization Narrative: Bitcoin’s inherent decentralization is often touted as a key advantage. In times of economic uncertainty or geopolitical instability, investors may perceive decentralized assets as a safer haven compared to traditional systems heavily reliant on central authorities and governmental policies. Inflation Hedge Perception: While the debate continues on whether Bitcoin is a true inflation hedge, the narrative persists. With inflation rates soaring globally, some investors may be turning to Bitcoin as a store of value, anticipating its potential to retain or increase its purchasing power over time, unlike fiat currencies that can be devalued by inflation. Maturing Market Dynamics: The cryptocurrency market, while still volatile, is maturing. Increased institutional adoption, the development of sophisticated trading instruments, and a growing understanding of crypto assets could be contributing to a more robust and less reactive market behavior for Bitcoin. Unique Investor Base: The cryptocurrency investor base is often distinct from traditional stock market participants. A significant portion of crypto investors are driven by long-term conviction in the technology and its potential, rather than short-term market fluctuations. This ‘hodler’ mentality can reduce selling pressure during market downturns, contributing to price stability. CoinDesk’s report also points out that the elevated BTC/Nasdaq ratio suggests Bitcoin is demonstrating greater crypto resilience to broader market downturns. Interestingly, this trend isn’t isolated to Bitcoin alone. Stocks related to the cryptocurrency industry are also exhibiting similar patterns, indicating a sector-wide phenomenon. Navigating the Market Downturn: What Does Bitcoin’s Outperformance Mean for Investors? The current market scenario, characterized by a significant market downturn affecting traditional equities, presents both challenges and opportunities for investors. Bitcoin’s outperform ance of the Nasdaq raises some crucial questions and offers potential insights: Is Bitcoin Becoming a Safe Haven Asset? The traditional safe-haven assets are often gold, government bonds, and certain currencies like the Swiss Franc or Japanese Yen. Bitcoin’s recent performance is prompting discussions about its potential role as a modern, digital safe haven. While it’s premature to definitively label Bitcoin as a safe haven, its demonstrated resilience during market stress is undeniable. Investors looking for diversification and assets that may behave differently from traditional markets might find Bitcoin increasingly appealing. Diversification Benefits: Reducing Portfolio Volatility? One of the core tenets of sound investment strategy is diversification. Bitcoin’s low correlation, and at times negative correlation, with traditional assets like stocks and bonds has long been recognized. In a market downturn where traditional asset classes are moving in tandem downwards, incorporating Bitcoin into a portfolio could potentially mitigate overall volatility and improve risk-adjusted returns. The current situation further underscores this potential diversification benefit. Long-Term Investment Perspective: Ignoring Short-Term Noise? The cryptocurrency market is known for its volatility. Short-term price swings are common, and emotional reactions can lead to impulsive decisions. However, Bitcoin’s long-term trajectory remains compelling for many. Focusing on the fundamental value proposition of Bitcoin, its technological advancements, and its growing adoption can help investors navigate short-term market downturn s with greater confidence. The current outperform ance against the Nasdaq can be viewed as a signal of underlying strength, reinforcing the long-term investment thesis for Bitcoin. Actionable Insights for Investors: Re-evaluate Portfolio Allocation: Consider reviewing your portfolio allocation in light of Bitcoin’s performance. Is your portfolio adequately diversified to weather market volatility? Due Diligence is Key: While Bitcoin shows promise, thorough research and understanding of the risks involved are crucial. Don’t invest blindly; educate yourself about the cryptocurrency market. Long-Term Vision: If you believe in the long-term potential of Bitcoin and cryptocurrencies, consider viewing market downturns as potential buying opportunities, rather than moments for panic selling. Monitor the BTC/Nasdaq Ratio: Keep an eye on the BTC/Nasdaq ratio as a potential indicator of market sentiment and Bitcoin’s relative strength. Conclusion: Bitcoin’s Powerful Resilience in the Face of Market Headwinds The data is clear: Bitcoin is currently outperforming the Nasdaq, demonstrating a remarkable crypto resilience amidst a broader market downturn . While the future remains uncertain and market dynamics can shift rapidly, Bitcoin’s ability to stand strong while traditional markets falter is a significant development. Whether this trend continues remains to be seen, but for now, Bitcoin is sending a powerful message about its evolving role in the global financial landscape. Its demonstrated strength offers a glimmer of hope and a compelling narrative of resilience in an otherwise turbulent economic environment. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action.
The price of Fartcoin has jumped by 16% today, surging to $1.06 as the crypto market as a whole falls by 1.5% in the past 24 hours. FARTCOIN is now up by 88% in the past fortnight and by 109% in the last 30 days, as whales begin piling into the Solana-based meme coin once again. And given that it remains down by 57% in relation to its ATH of $2.48, it has plenty of scope to continue rising in the near future. This is particularly true if the wider market continues its recent recovery, while Fartcoin itself could also benefit from a Coinbase listing. 88% Up and Still Under the Radar – Is Fartcoin Hiding a Bigger Move? It seems that traders have (re)turned to Fartcoin in order to make some quick profits in what remains an uncertain market, with the token now up by 197% since hitting a one-month low of $0.356 on April 3. It enjoyed a big climb almost a week on from this date, before experiencing another surge over the weekend, led by significant whale purchases . And whales continue to buy FARTCOIN even after recent increases, suggesting that it could continue to rally over the coming days. Whales bought $Fartcoin! CTRWQ3 spent 3.07M $USDC to buy 3.36M $Fartcoin at $1.09. Gti2oW spent 1.48M $USDC to buy 1.63M $Fartcoin at $1.1. FUTwwa spent 1.13M $USDC to buy 1.26M $Fartcoin at $1.15. Address: https://t.co/J3N2X59pDm https://t.co/GwILu8Ua1i … pic.twitter.com/k0xX10LohR — Lookonchain (@lookonchain) April 22, 2025 And if we look at its four-hour chart, we see that FARTCOIN continues to enjoy some very strong momentum. Its relative strength index (purple) has just passed 70, signalling increased buying pressure, while also warning that the coin is entering an overbought position. At the same time, Fartcoin’s 30-period average (orange) has resumed rising further above the 200-period (blue), another indicator of buying pressure. Source: TradingView But because the shorter term average has been high for a couple of weeks now, it’s possible that FARTCOIN could suffer a selloff later this week. This is what some analysts are beginning to predict, including analysts that had been hyping the token a few weeks ago . Yet the crypto – and meme token – market often defies logic, so it’s also possible that FARTCOIN could continue its rise in the near term. And in the longer term, the approval of altcoin ETFs and an improvement in the global trading situation could help to ignite a new bull market, which would send the token increasingly higher. It could reach $1.50 by the end of May, before entering Q4 at just over $3 – a 200% move from current prices. Alternative Altcoins for Market-Beating Gains Fartcoin is a meme token with limited utility – there always remains a risk that large traders could eventually get bored of it, dooming it to a slow (or quick) death. However, there are newer coins in the market that come with stronger utility and fundamentals, and that therefore arguably have more staying power. One of these is layer-two network Solaxy (SOLX) , a Solana-based coin that has now raised a whopping $31 million in its ongoing presale. Take a trip in the Solaxy! 31M Raised! pic.twitter.com/0iTcX4cqxh — SOLAXY (@SOLAXYTOKEN) April 21, 2025 Launching soon, Solaxy is Solana’s first true layer-two network, offering users very low fees and ultra-fast transactions. Solaxy will also enable instant bridging itself and Solana, with its network adding compatibility with other chains over time, expanding its reach and potential. Even with recent upgrades, Solana continues to witness delays and dropped transactions, so there’s a space for an L2 such as Solaxy to make entering the Solana ecosystem easier. Its native token SOLX will pay for transaction fees, while holders will also be able to stake it for a passive income. It could therefore attract huge demand, pushing its price up over time. Investors can still join its sale at the Solaxy website , where SOLX is currently available at $0.001702. This price will continue rising until the sale ends, so traders wanting the biggest possible returns should act sooner rather than later. The post 88% Up and Still Under the Radar – Is Fartcoin Hiding a Bigger Move? appeared first on Cryptonews .
POL ( POL ) bulls continue to drive the token’s short-term rally that began on April 18, pushing the price higher and achieving double-digit percentage growth on the weekly timeframe. At the time of writing, POL (formerly MATIC) was valued at $0.214, up over 16% in the last seven days. In the last 24 hours, the digital currency has increased by almost 9%. These returns have elevated POL into the top ten gainers of the week. The asset has also seen an influx of buying pressure, pushing the market cap to $2.22 billion. POL one-week price and market cap chart. Source: CoinMarketCap POL’s technical outlook However, the bulls’ strength is needed to offset POL’s current dominant bearish sentiment, which could undermine the sustainability of this run. To this end, the token is trading slightly above its 50-day simple moving average ( SMA ) of $0.212, showing modest short-term strength. However, it remains significantly below the 200-day SMA of $0.371187, indicating a persistent long-term downtrend. Meanwhile, on April 22, crypto analyst RLinda noted that POL is in a counter-trend rally within a broader downtrend, approaching a key liquidity zone ($0.228–$0.2438) that may act as resistance. POL price analysis chart. Source: TradingView/RLinda She warned of a potential false breakout, which could lead to a correction or reversal. The expert stressed that despite Bitcoin’s ( BTC ) local gains, the crypto market remains weak, with POL’s movement seen as a liquidity grab before resuming the downtrend. Key resistance levels to watch are $0.2284, $0.2438, and $0.2465, with support at $0.2061 and $0.1929. POL outshines Ethereum in NFT sales Meanwhile, POL’s momentum appears to have been partly influenced by the non-fungible token ( NFT ) sector’s activity. In this case, POL’s NFT market has surged, outpacing Ethereum ( ETH ) for the first time. According to CryptoSlam data , POL recorded $22.1 million in NFT sales in the week ending April 22, edging out Ethereum’s $21.8 million. The network also led in buyer numbers, with 39,027 unique buyers, an 81.61% increase compared to Ethereum’s 36,544. One-week NFT sales per block. Source: CryptoSlam The surge was largely fueled by Courtyard, a real-world asset (RWA) project integrating NFTs, which generated $20 million in weekly sales, including $2.746 million on April 22 alone. Featured image from Shutterstock The post POL just exploded; Bulls are in full control appeared first on Finbold .