Crypto Quest

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.

The Solana native coin is generating news as it goes against the trend, lately surpassing $176 in a move that has piqued the crypto world’s interest. This gain is especially surprising given the sour mood around the crypto just weeks ago, with several analysts predicting the altcoin would suffer.

Related Reading

But Solana has defied the odds, increasing both in price and in market confidence. According to analyst Miles Deutscher, the gain coincides with a broader increase in positive sentiment for Solana, encouraging industry-wide discussions about its potential.

Solana sentiment and mindshare keeps going through the roof.

But the run is far from over.

I just uploaded an important $SOL update, including:

• My price prediction
• My top ecosystem picks

If you hold Solana, you need to watch this video 👉 pic.twitter.com/KX7xeG3gkn

— Miles Deutscher (@milesdeutscher) October 24, 2024

Technical signs indicate an even brighter future for the fifth-largest altcoin. According to experts, Solana’s present trajectory, which is supported by a bullish pennant pattern, indicates that SOL might reach as high as $260 if it breaks past resistance.

📈 Solana is outperforming most altcoins as prices are looking to rebound after a big fall Wednesday. The #5 market cap asset continues to be a prime example of how the crowd usually gets it WRONG. View the current bearish sentiment as a sign SOL can continue to pump. pic.twitter.com/pRkCnyxRxh

— Santiment (@santimentfeed) October 23, 2024

Increasing Interest And Technical Indicators

As Solana’s price rose, observers saw a dramatic surge in positive sentiment about the asset. According to data, the number of discussions surrounding Solana has contributed to the upsurge observed in the slant.

Mindshare (a measure of the percentage of crypto discussions a coin commands) has remained high. For Deutscher, the increasing attentiveness on Solana is a sign that there is even more room for growth, contrary to the prevailing tendency in the market.

Although some investors are wary, experts say the technical terrain is still favorable. If the item breaks over its barrier, the optimistic pennant formation in SOL’s price action usually denotes more gains. Depending on if Solana can break out from its present level, its token’s price might be positioned for a notable climb toward $260.

The Ethereum-Solana Rivalry

Surprisingly, Solana’s comeback happens at the same time that Ethereum co-founder Anatoly Yakovenko shows his accolade on Ethereum. Solana and Ethereum are competitors, but Yakovenko recently praised Ethereum’s core technology and said he liked its design and goal.

I like @BanklessHQ and ethereum. I even like the ethereum design and vision. If you told me to go build an alternative to bitcoin, ethereum settlement layer focused design is what I would steer the engineering towards.

If that’s the vision, ethereum can just embrace all the…

— toly 🇺🇸 (@aeyakovenko) October 24, 2024

This is of interest to people as they are generally two competing networks that try to outdo each other in offering superior decentralized apps and smart contracts functionality.

Related Reading

Ethereum has long been the preferred protocol among developers, but Solana, dubbed a “Ethereum-killer,” has quickly gained favor because to its speed and lower transaction fees. Yakovenko’s recognition demonstrates a developing sector in which competitors can acknowledge each other’s contributions to blockchain innovation.

Future Perspectives And Market Sentiment

Meanwhile, Deutscher feels Solana’s price might double or possibly quadruple, particularly if Bitcoin rises to new highs, say $100,000. SOL’s continued performance despite recent falls suggests that it may have strong community and long-term holders. For the time being, SOL is a coin to keep an eye on, and with increased sentiment and a technical boost, it appears to be on track to continue challenging expectations.

Featured image from Pintu, chart from TradingView

Bitcoin currently ranges between $65,000 and $69,500 following two weeks of bullish price action, sparking renewed optimism among analysts and investors. The prevailing sentiment is that BTC is on the verge of reaching new all-time highs in the coming weeks, with confidence building that March’s cycle top predictions may have been premature. 

Related Reading

Key metrics from CryptoQuant reveal that Bitcoin is still far from typical cycle-top conditions, instead signaling a bullish outlook as we move into November. As the U.S. election approaches November 5 and macroeconomic factors continue to shift, price action is expected to remain unpredictable and volatile.

Market participants are watching closely, expecting that geopolitical and economic events could influence BTC’s trajectory. Given this context, many believe the next major move for Bitcoin could catalyze a fresh leg up, potentially breaking through previous highs.

Bitcoin Calm Before The Storm?

Bitcoin is holding firm above $67,000, showing resilience as it edges to a potential breakout above $70,000. However, the current price action indicates that Bitcoin may consolidate below this key level before moving up to new highs in the next leg. Market participants closely watch BTC’s behavior around these price levels, as a sustained push above $70,000 could set the stage for significant gains.

CryptoQuant analyst Axel Adler recently shared critical insights on X, highlighting the current Long-Term Holder (LTH) to Short-Term Holder (STH) SOPR Ratio, which sits at 1.8. This metric is often used to gauge selling pressure and market sentiment, with higher levels indicating increased profit-taking that could signal a market peak. 

According to Adler, when this ratio climbs to around 7, Bitcoin will be nearing a cycle culmination. The ratio’s bullish cross with its 90-day moving average reflects a positive outlook, supporting the narrative that BTC remains well below its cycle top.

Related Reading

This metric’s movement and broader market strength paint a favorable picture for Bitcoin’s price action in the coming weeks. The data suggests that Bitcoin still has room to grow within this cycle, providing confidence to long-term holders and investors looking for continued upside.

BTC Technical Levels

Bitcoin is trading at $67,500, facing challenges after failing to maintain its bullish structure on the 4-hour chart. The price couldn’t set a new high above $69,500, marking a potential shift in momentum. A crucial support level now sits at $65,000, the local low that previously held the bullish trend intact. Holding above this level is essential to prevent a broader retrace and maintain confidence among bulls.

Currently, price action remains indecisive, leaving the direction for the coming days unclear. A breakout above $69,500 would restore the bullish structure, likely drawing more buyers into the market and signaling another rally attempt. Conversely, a break below the $65,000 support would signal a retrace, potentially leading BTC to lower demand zones as bulls look to regroup.

Related Reading

The current consolidation phase highlights the importance of these levels in determining Bitcoin’s short-term trajectory. With both bulls and bears vying for control, BTC’s ability to hold above $65,000 will be crucial to retaining bullish sentiment.

Featured image from Dall-E, chart from TradingView

Recent on-chain data has revealed a new milestone for Bitcoin whales, i.e., addresses holding at least 1,000 BTC. Notably, the data for Bitcoin whales shows the number of addresses in this category is now at its highest point since the January 2021 bull market levels. 

With Bitcoin still trading close to its all-time high, this new whale milestone brings into question a better chance of Bitcoin breaking above and creating a new all-time high very soon.

Whale Activity And Holder Count Reaches New Highs

Bitcoin whales have always been one of the most important indicators for ongoing sentiment among traders and long-term holders. According to Glassnode data presented by André Dragosch, director and head of research for Europe at Bitwise, the number of addresses that fall into the whale category has been on a steady climb since January 2024, where it stood just below 1,500 addresses.

Related Reading

The current market climate and inflow from institutional investors have allowed this upward trajectory to persist over the past months, pushing it past multiple levels. The most recent figures reveal that the number of Bitcoin addresses holding at least 1,000 BTC has reached 1,678, marking the highest point in whale activity since January 2021, during the height of the last major bull run.

What this suggests is that each of these addresses now holds at least $67 million worth of Bitcoin, given the current price of the cryptocurrency.

New All-Time High Incoming?

Whale accumulation leading up to the previous highest level in January 2021 was one of the key factors that drove the Bitcoin price to peak above $69,000 in 2021. 

Although the Bitcoin price has now broken above this previous peak to create an all-time high of $73,737 in March 2024, the same accumulation pattern appears to be unfolding. This interesting accumulation of BTC by Bitcoin whales has proven to be the much-needed boost to stop deeper price corrections after a false breakout of a descending triangle earlier in the week.

Related Reading

Even with the false breakout, the overall sentiment around Bitcoin remains optimistic. According to on-chain analytics provider CryptoQuant, it’s not just the whales driving the market. Retail investors have also joined the action. On-chain data shows a 13% rise in retail demand over the last 30 days, a notable increase that mirrors the retail interest seen in March 2024, just before Bitcoin reached its latest all-time high. 

Retail on-chain activity returns after 4 months

“In the last 30 days, retail demand grew by about 13%, highlighting a scenario that was only seen in March, when we were close to the last historical high.” – By @caueconomy

Full post 👇 pic.twitter.com/jHGzjUBgII

— CryptoQuant.com (@cryptoquant_com) October 22, 2024

At the time of writing, Bitcoin is trading at $67,000, having traded between $65,161 to $67,538 in a 24-hour range and $65,441 to $69,227 in a seven-day range. 

Interestingly, Bitcoin is only about 10% away from surpassing its all-time high once again. With this increased buying interest and whale accumulation, Bitcoin seems ready for another breakout to set a new price record before the end of 2024.

Featured image created with Dall.E, chart from Tradingview.com

According to veteran trader Peter Brandt, Ethereum might have just seen its future looking brighter. Known for his technical forecasts, Brandt feels the altcoin is on the verge of a bullish turnaround.

He’s identified an inverted Head and Shoulders formation on the daily chart of Ethereum. This is one of the most classic buy signals in technical analysis. If ETH can hold above that neckline at $2,745, we could be looking at a breakout.

The most interesting chart developments I see right now
See thread
#1$ETH closing price chart inverted H&S pattern
I am flat in ETH pic.twitter.com/OCG0GcTdxF

— Peter Brandt (@PeterLBrandt) October 21, 2024

Related Reading

But the excitement doesn’t stop there. Data from IntoTheBlock shows that Ethereum’s network is stronger than ever, boasting over 5 million active addresses across its mainnet and Layer 2 networks.

Though market mood is still mixed, this statistic confirms Ethereum’s importance in the crypto ecosystem. Although some investors see Ethereum’s long-term future improving, others are worried by the short-term hazards.

There are now over 5 million active $ETH addresses across the Ethereum mainnet and leading L2 networks, outpacing any other Layer 1 asset by a significant margin. pic.twitter.com/W6JaauNvhV

— IntoTheBlock (@intotheblock) October 21, 2024

A Long-Term Play

Ethereum definitely had its ups and downs. From a price tag as low as $10 to nearly $4,900 in the past, it’s very obvious that ETH has made quite a few early believers. And while taking such wild rides can be full of gut-wrenching moments, Ethereum never failed to ensure that its core strength lies in the facilitation of smart contracts and decentralized applications in the blockchain space.

However, Ethereum’s cost basis for many investors has risen as the market has matured. This has made short-term gains more elusive, leading some traders to approach the market cautiously. But for those with a long-term view, Ethereum’s ambitious roadmap and history of overcoming challenges continue to make it an attractive option.

Ethereum: The Next Path

Ethereum’s present pricing behavior has one of more fascinating technical aspects: its interaction with the Point of Control (POC). Often considered as a significant support or resistance, this level could be crucial in deciding Ethereum’s next direction.

As ETH’s price hovers near this point, it suggests a possible buying opportunity for those looking at the long term. If the POC holds, Ethereum could build a solid foundation for future growth. But a break below this level might signal trouble ahead, so investors should stay cautious.

Related Reading

Will The Bullish Reversal Hold?

Brandt’s bullish prognosis gives ETH fans optimism. If Ethereum maintains over $2,745 and the inverted Head and Shoulders pattern persists, it might climb significantly.

Yet, as always, it’s essential to consider other market factors—broader trends, technical indicators, and market sentiment all play a role in shaping the future of Ethereum.

While Ethereum has its challenges, the potential for a bullish breakout is hard to ignore. Whether you’re in it for the long game or watching closely for short-term gains, Ethereum’s next move could be a significant one.

Featured image from AFP/Finance Magnates, chart from TradingView

As the US presidential election approaches, the crypto community is buzzing with speculation regarding how the outcome will affect the Bitcoin price. 

With just 15 days until the election between former President Donald Trump and Vice President Kamala Harris, options traders are increasingly optimistic about a new all-time high for Bitcoin, regardless of who wins the presidency.

Traders Favor Call Options Ahead Of US Election

According to a recent report from Bloomberg, options traders are placing significant bets that Bitcoin will reach a record high of $80,000 by the end of November. 

Notably, implied volatility for Bitcoin options, particularly those expiring around the election day, remains elevated. More traders are favoring call options, which give the buyer the right to buy BTC at new highs.

Related Reading

David Lawant, head of research at crypto prime broker FalconX, commented, “I believe the market consensus is that Bitcoin is likely to perform well regardless of the election outcome.” His analysis indicates that options activity surrounding the upcoming elections shows a distinct bias toward upside potential.

The political landscape features contrasting views regarding the nascent cryptocurrency landscape. Trump, who has been a  vocal advocate for digital assets over the past months, is viewed by many as a pro-crypto candidate, leading to the characterization of Bitcoin as a “Trump trade.” 

On the other hand, Harris has pledged to support a regulatory framework for cryptocurrencies, a shift from the more stringent oversight seen during the Biden administration, characterized by continuous enforcement actions and lawsuits against key players of the sector.

Per the report, in addition to political factors, traders are also considering non-political influences such as potential rate cuts by the Federal Reserve (Fed) and ongoing inflation concerns, which contribute to a generally optimistic sentiment. 

Data Reveals Strong Demand For $80,000 Bitcoin Calls 

Data from Deribit, a crypto options exchange, reveals a declining put-to-call ratio, indicating that more traders are buying call options than puts as the year draws to a close.

Yev Feldman, co-founder of SwapGlobal, elaborated on the current trading patterns seen among investors, stating: “We are seeing traders buying calls near $68,000 and puts near $66,000, suggesting that many are positioning for a breakout in either direction.” 

Feldman further added that there’s limited reason to expect a downward collapse post-election, making upward movement seem more plausible for the leading crypto of the market.

Related Reading

Open interest data also shows that call contracts set to expire on November 29 are heavily concentrated around the $80,000 mark, with the second most popular strike price at $70,000. 

For contracts expiring on December 27, interest is clustered around $100,000 and $80,000, while the most sought-after strike price for calls expiring on November 8 is $75,000.

Interestingly, call options are commanding higher premiums than their put counterparts, according to the skew term structure, which reflects pricing dynamics between these options. 

“This indicates that investors are leveraging the options market more as a tool for capturing potential upside rather than as a hedge against downside risks,” Lawant explained. 

The researcher also pointed out that opinions on non-Bitcoin cryptocurrencies remain divided, with less consensus on how these assets might perform under varying electoral scenarios.

At the time of writing, BTC was trading at $67,370. 

Featured image from DALL-E, chart from TradingView.com 

Ethereum (ETH) trades above $2,600 after a 5% retrace from local highs around $2,750. Over the past two weeks, ETH has maintained a bullish trajectory, sparking optimism across the market as investors look for further signs of strength in the price action.

Top analyst and investor Carl Runefelt recently shared a technical analysis, highlighting that Ethereum has broken out of a bullish pattern that began forming in early August. According to Runefelt, once ETH confirms solid demand around its current level, it’s only a matter of days before the next rally kicks off.

Related Reading

With the broader crypto market gaining momentum, Ethereum is positioned to continue climbing, and investors are closely watching for confirmation of support at this key level. If ETH holds, the next leg up could be targeting higher price zones, adding to the bullish sentiment. The coming days will determine whether Ethereum can resume its upward trend and capitalize on the ongoing market strength.

Ethereum Pushing Above $2,600

Ethereum has underperformed compared to Bitcoin this year, leaving many investors concerned as the next bull run approaches. While Bitcoin has surged, Ethereum has struggled to rally with the same strength. This has sparked worry among ETH holders, who expected the second-largest cryptocurrency by market cap to lead the charge.

Top analyst Carl Runefelt recently shared a compelling analysis on X. The analysis features a price chart that reveals Ethereum breaking out of a symmetrical triangle on the daily timeframe—a classic bullish pattern. 

If price action holds, it could send ETH to $3,400, according to Runefelt’s analysis. This breakout is a key signal for Ethereum, but its sustainability depends on whether the price can successfully retest the upper triangle line, which had previously acted as resistance.

Currently, Ethereum is testing support at this critical level, with $2,600 being the line in the sand. A close below $2,600 would invalidate the symmetrical triangle’s bullish thesis and could lead to further downside, putting a dent in the optimism surrounding ETH’s future price action. 

Related Reading

However, if Ethereum holds above this level, it could signify that the breakout is intact, setting the stage for a strong rally as the broader market prepares for a bull run. The next few days will be crucial for ETH’s trajectory.

Price Action: Technical Levels To Watch 

Ethereum is at $2,620 after failing to reclaim the 200-day exponential moving average (EMA) at $2,795. The price is testing support around the crucial $2,600 level, which will determine the direction of ETH’s price action in the coming days.

If Ethereum holds above this level, the next target would be back above the 1D 200 EMA at $2,800. This is a crucial price zone as it aligns with ETH’s local high set in late August at $2,820.

A successful breakout above $2,800 would signal a strong bullish continuation, making a push toward higher levels imminent. However, if ETH fails to consolidate above $2,600, the risk of a retracement to lower demand zones becomes increasingly likely. 

Related Reading

Traders and investors closely watch these levels as Ethereum seeks to regain momentum amid broader market uncertainty. The next few days will be critical in determining whether ETH continues its upward trend or faces further downside pressure.

Featured image from Dall-E, chart from TradingView