Markets
Solana Rises as Rest of Crypto Majors Start Week Flat
Solana has been on a tear this past week as tokens issued on the blockchain hit new highs.
Crypto markets remained stable on Monday morning, following a strong performance last week, driven by positive inflows from exchange-traded funds (ETFs) and macroeconomic indicators. Solana emerged as network metrics climbed.
Bitcoin (BTC) is trading at $67,698, up 1.5% in the last 24 hours. Ether (ETH) is up 2% at $3,125, while Solana (SOL) is up almost 6%, according to CoinGecko data.
BTC/ETH/SOL Price
Investors are staying away after a strong week dominated by macroeconomic developments, according to Ryze Labs. .
April’s US CPI was colder than expected, coming in at 0.3% month-on-month, compared to the market’s expectation of 0.4%.
The slower-than-expected inflation rate “has calmed rumors of a possible 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, believes Bitcoin is expected to continue trading within its current range, without significant volatility.
“I prefer to expect consolidation and a slowing of upward movements towards the all-time high. The thesis remains the same: Altcoins will outperform between the two,” he wrote on X.
Data from CryptoQuant noted that BTC exchange reserves decreased significantly to 1,929,696 BTC as of May 19. This represents 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 withdrawing their holdings from exchanges for long term storage.
The exception is Solana, which is the fastest rising among blockchains with a market cap of over $1 billion, after Sui. The Solana network is booming due to the meme coin craze, with more than 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 rebound if it breaks above the resistance levels of $67,500.
“A breakout above $67,500 could potentially lead to new all-time highs, a scenario our Bitcoin ETF model predicts,” he wrote in a statement. note.
Data from CoinGlass shows that in the last 24 hours, 48,218 traders were liquidated, with a total liquidation amount of $108.08 million. The largest liquidation order occurred on OKX, involving an ETH-USD swap valued at $2.91 million.
Furthermore, Michael Sonnenshein is take a step as CEO of Grayscale Investments LLC. He will be replaced by Peter Mintzberg, former Goldman Sachs executive, as of August 15.
Crypto Stocks Rise
Crypto stocks posted gains on Monday. Coinbase is up 0.45%, while MicroStrategy is up 0.98%, hitting $1,600 per share.
U.S. stocks were little changed, 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 the minutes of the April 30-May 1 Federal Reserve meeting, scheduled for May 22.