Crypto Quest

Solana is testing a crucial level after weeks of volatile price action and market uncertainty. Following the Federal Reserve’s interest rate cut announcement, Solana surged 26% but quickly retraced 17%, reflecting the ongoing turbulence in the broader crypto market. This rollercoaster price movement has left many investors on edge as they wait for the next clear signal.

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Amidst this uncertainty, top analysts are closely monitoring Solana’s next move, with one in particular pointing to the $160 mark as the decisive level that could determine its direction. A breakout above this level could reignite bullish momentum, while failure to do so may lead to further downside pressure.

The coming days will be critical for Solana as investors assess the market’s trajectory and brace for potential volatility. With SOL standing at a pivotal point, both bulls and bears are watching closely to see whether the price can break through key resistance or succumb to further correction.

Solana Testing Liquidity Below $160

Solana has experienced significant ups and downs over the past couple of weeks, leaving investors uncertain after the latest dip. Many were anticipating further gains before the retrace, which has now sparked caution in the market. With Solana trading in this volatile environment, the focus has shifted to key technical levels that could determine the next big move.

Top crypto analyst Daan has shared his insights on X, noting that Solana has formed three nearly equal highs around the $160 level. He also highlights that SOL is consistently making higher lows, a sign of potential bullish momentum building up.

According to Daan, this gradual upward drift suggests that Solana could eventually break through the $160 resistance level, which would be a pivotal moment for the cryptocurrency.

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The reaction at $160 will be crucial. If Solana manages to break above this level, it could signal a push to new highs and reignite bullish sentiment in the market. However, if the price fails to maintain momentum, Solana might remain range-bound between $120 and $160, continuing its sideways movement. Investors are closely watching these levels as Solana’s next direction could define its performance for the rest of the year.

Price Action: Supply Levels To Break

Solana (SOL) is currently trading at $143 after experiencing a few days of choppy price action. The market has been volatile, and SOL is now testing the critical 4-hour 200 exponential moving average (EMA) at $144.55. This level serves as a key resistance point, and a breakout above it could signal a bullish continuation for Solana.

If SOL manages to break and hold above the 4-hour 200 EMA, the next target for bulls would likely be the $160 level. A move above $160 could reignite positive sentiment, potentially setting the stage for further gains. However, if SOL fails to break above the $144.55 resistance, a retrace to lower demand zones is expected.

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In the event of rejection at the 4-hour 200 EMA, Solana could dip to the $127 support level, where traders and investors will closely monitor for signs of strength or further downside risk. The price action over the next few days will be crucial in determining whether SOL can resume its bullish trajectory or if a deeper retracement is on the horizon.

Featured image from Dall-E, chart from TradingView

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

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Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

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Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

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Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!

So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

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So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

The PEPE price could be in trouble from here after failing to maintain its upward momentum. This has led to a restart of the bearish momentum, and this could continue if bulls fail to pull up the price. In the event that bears do win out in this situation and maintain control, the PEPE price could continue to fall. According to crypto analyst Alan Santana, such a development could drive the PEPE price back towards levels not seen since early 2024.

PEPE At Risk Of Further Decline

Crypto analyst Alan Santana took tot he TradingView website to warn investors of a possible decline that could be coming for the PEPE price. This is taken from the fact that the meme coin retraced from its gains from earlier in the week, and has started to flash some bearish signals.

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One of the first bearish signals the crypto analyst points out is the volume. According to him, the PEPE chart shows a rising bearish volume coupled with a break below the MA200. This comes with the correction that the meme coin has suffered, pushing it back below $0.000009.

Santana explains that the price drop for the PEPE price so far has only happened at the 0.618 Fibonacci retracement level. This leaves the 0.786 Fibonacci retracement level, but not without risk. Apparently, there is the possibility that the PEPE price could still drop to reach this level. However, the crypto analyst believes that this will not disturb its long-term bullish structure.

If this level breaks, though, then it could be very bad for the meme coin. As the crypto analyst explains, it would be “crazy” If this happens. Such a move could trigger a large crash, that could send it toward new monthly lows. Furthermore, this is coupled with the strong possibility of a bearish move.

Targets For The Crash

In the case of the PEPE price testing the 0.786 Fibonacci retracement level, and breaking below it, the crypto analyst sees a large crash coming for the price. There are two support levels outlined, depending on how strong the bulls hold up.

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On the first support, the crypto analyst expects it somewhere around $0.00007, which is more than a 25% crash from here. If this level doesn’t hold, then the analyst expects the PEPE price to move toward the next available support just above $0.000004.

If the second scenario does play out, then the PEPE price could be looking at an over 50% price drop from its current level. However, if the price does hold up from here, then it could be moving above $0.00001 once again.

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

Ethereum (ETH) co-founder Vitalik Buterin advocates reducing the ETH solo staking requirement to lower the entry barrier and promote greater network decentralization.

Buterin Sees 32 ETH Requirement As A Barrier

Responding to Ethereum educator Anthony Sassano on X regarding solo staking, Buterin expressed concern that the current 32 ETH requirement presents a bigger obstacle than bandwidth limitations.

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For those unfamiliar, solo staking on Ethereum requires an individual validator to stake at least 32 ETH – approximately $75,200 at the current market price of $2,352. Solo staking allows crypto investors to earn passive income while directly contributing to the security of the Ethereum network.

Buterin views this high entry threshold as a barrier that prevents smaller ETH holders from participating. He suggested temporarily increasing bandwidth requirements to reduce the minimum staking deposit to 16 or 24 ETH. Buterin elaborated:

It’s net-good for both staking accessibility and scale. Then once we figure out peerdas, bandwidth reqs go back down, and once we figure out orbit SSF, the deposit minimum can drop to 1 ETH.

It’s important to note that ETH holders can still stake with as little as 1 ETH by using third-party staking services, centralized platforms, or staking pools. However, these options don’t offer the same level of control over one’s ETH as solo staking, where the node operator retains full custody of their holdings.

During the Ethereum Singapore 2024 event in September, Buterin emphasized the significance of solo stakers in bolstering Ethereum’s security and decentralization to tackle potential 51% attacks.

At the event, Buterin said that even a small increase in the proportion of solo stakers on the Ethereum network could work as an “extra layer of defense” for both security and privacy.

Ethereum Layer-2 Solutions Continue To Thrive

While the 32 ETH barrier may discourage small-scale ETH enthusiasts from solo staking, they can still benefit from the growing popularity of Ethereum layer-2 solutions, which have made transactions more affordable.

For instance, in June 2024, layer-2 scaling platform Optimism announced the launch of open-source and permissionless fault proofs, enabling users to verify off-chain transactions’ validity securely.

Similarly, in August 2024, asset manager Franklin Templeton approved another layer-2 solution when it launched its OnChain US Government Money Fund (FOBXX) on the Arbitrum network.

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Similarly, crypto exchange Coinbase’s Ethereum layer-2 rollup Base has witnessed rapid adoption as its total value locked (TVL) currently stands at slightly over $2.12 billion, according to data from DeFiLlama.

As layer-2 solutions continue to succeed, their positive impact may extend to the Ethereum network. Crypto analysts, such as CryptoBullet, predict that ETH could rally in Q4 2024. ETH is trading at $2,352 at press time, down 3.5% in the past 24 hours.

Lately, top meme based cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPE) have been witnessing a spike in their prices. This bullish trend appears to have extended to Solana based meme coin Bonk (BONK), as its price movements has been showing signs of an impending bullish surge. With respect to this, a crypto analyst has suggested that Bonk is currently well-positioned for a significant upward movement. 

Analyst Predicts Legendary Target At $0.000033

Bluntz, a prominent crypto trader and analyst has revealed the next bullish target for Bonk. In an X (formerly Twitter) post on September 30, Bluntz revealed that Bonk is currently in a prime position for a”turbo green week.”

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He disclosed that the meme coin had experienced a quick and minor price dip during the week. However, the analyst sees this price decline as a positive sign, suggesting that it creates an opportunity for Bonk to enter a significantly bullish position, potentially triggering a legendary rally. 

Sharing a chart depicting Bonk’s price movements from the past month, Bluntz indicated in his price chart that the meme coin could experience an accelerated price increase to new highs. Presenting an illustration of his predictions of Bonk’s future price movements, the analyst disclosed that the meme coin would rise between the range of $0.000028 and $0.000027 before falling to the support level between $0.000026 and $0.000025. 

After this, Bonk is expected to skyrocket to $0.00003, before dropping back to $0.000028. For his final price surge in his projected turbo green week, Bluntz revealed that Bonk will reach a new price high of $0.000033. The analyst also revealed that for Bonk to experience a bullish price breakout, the meme coin will have to undergo three days of essential sideways trading. 

Presently the price of Bonk is trading at $0.00002, reflecting a slight increase of 3.86% in the past week. A jump to projected highs at $0.000033 would require the meme coin to rise by approximately 65% from its current price. 

BONK Set To Outperform PEPE

While maintaining an optimistic outlook on Bonk’s price, Bluntz disclosed that the meme coin may be taking out the meme coin leadership from Pepe. This suggests that as Bonk is gaining more momentum, Pepe’s performance is slowing down after experiencing a significant price increase. 

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The analyst has identified a “higher low” on the BONK/PEPE chart, which indicates that Bonk is positioning itself for a stronger price rally than Pepe. Typically, a higher low occurs when the price of a cryptocurrency pulls back but maintains its value above its previous low level, signaling a potential continuation of an uptrend.

In the case of Bonk, Bluntz has revealed that it is currently among top meme coins like Dogwifhat (WIF), and Pepe which are presently showing signs of a strong bullish development. Despite this analysis, the cryptocurrency has declined by over 10% in the past 24 hours. 

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

Despite the green September close, Bitcoin (BTC) and the rest of the market faced another bloodbath as October started. The flagship crypto saw a 7% decline, fueling a bearish sentiment among investors. However, most analysts remain optimistic about BTC’s performance in the next three months.

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Is This The ‘Shakeout Before Breakout’?

The market began the month of October, popularly known as “Uptober” by the crypto community, with the first shakeout of the quarter, losing 6.5% of its market capitalization. Most cryptocurrencies in the top 100 saw a considerable price drop, registering green numbers in the daily and weekly timeframes.

The bleeding was led by Bitcoin, the largest cryptocurrency by market cap, as its price nosedived below the $61,000 support zone, a range not seen in nearly two weeks. Geopolitical conflicts in the Middle East seemingly fueled the downturn, as the drop followed the news of an Iranian missile strike on Israel.

The news spiked an investors’ selloff, which ended the BTC spot Exchange-Traded Funds (ETFs) 8-day inflow streak and triggered the liquidation of over $526 million in leveraged positions in the last 24 hours.

Nonetheless, many industry watchers remain unfazed by the market shakeout, noting that the month has just started. In a series of X posts, crypto analyst Jelle pointed out that Bitcoin started its second leg higher during October in the past bull years.

He explained that BTC’s price historically breaks out in the second or third week of the month, so the first week retrace could be the “final shakeout before new highs.” Moreover, he highlighted that the flagship crypto recently made the first higher high in 6 months and reclaimed the key resistance level above $60,000.

Jelle also noted that BTC made a higher low on October 1, holding the $60,000 support zone and retesting its strength above the $61,000 mark. The analyst considers that “It’s time for this descending broadening wedge to start playing out,” reasserting his previous target of $90,000.

Analyst Warns About Bitcoin ‘Fifth-Day Plunge’

Other analysts also shared their views on the market shakeout. Altcoin Sherpa highlighted that “the last time we saw this much compression with 1d EMAs was September 2023, right before the market skyrocketed.”

Meanwhile, DonAlt expressed a more cautious approach, stating that Bitcoin could look “much worse” considering the circumstances, but suggested waiting for the weekly close would be best to conclude.

Nonetheless, trader Daan Crypto Trades pointed out that Bitcoin has “bottomed/topped at basically the same time” since June. Per the post, on the fifth day of each month, BTC’s price has registered a massive correction, except for September, when it occurred on the sixth day.

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During the Q3 retraces, BTC registered daily red candles ahead of the fifth-day plunge. The price recorded a 16.3%, 25%, and 11% decline in July, August, and September from the beginning of each month until the end of the first-week shakeout.

If the pattern repeated this month, investors could see BTC’s price dropping below the recently reclaimed $60,000 support level and test the strengths of lower key support zones. However, it would also mean that the flagship cryptocurrency would potentially recover by the start of the second week.

As of this writing, BTC is trading at $61,466, a 2% drop in the last 24 hours.

Featured Image from Unsplash.com, Chart from TradingView.com