Markets
Solana Surges 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 traded flat on Monday morning after a strong performance last week, driven by positive Exchange Traded Fund (ETF) inflows and macroeconomic indicators. Solana appeared as network metrics increased.
Bitcoin (BTC) is trading at US$67,698, up 1.5% in the last 24 hours. Ether (ETH) rose 2% to $3,125, while Solana (SOL) rose nearly 6%, according to CoinGecko data.
BTC/ETH/SOL Quote
Investors are on the sidelines after a strong week dominated by macroeconomic developments, according to Ryze Labs. .
The US CPI print for April was cooler than expected, coming in at 0.3% month-on-month compared to the market expectation of 0.4%.
The slower-than-expected inflation rate “put to rest rumors of a potential 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, believe Bitcoin is likely to continue moving within its current range without significant volatility.
“I prefer to wait for consolidation and slow upward movements towards the all-time high. The thesis remains the same: Altcoins will outperform the medium,” he wrote on X.
CryptoQuant Data indicates that exchanges’ BTC reserves drastically decreased to 1,929,696 BTC on May 19. This marks a reduction of more than 50% compared to July 2021, which could suggest a reduction in the net supply of Bitcoin, implying that investors have been moving their holdings away from exchanges for a long time. term storage.
The exception is Solana, which is the fastest growing among blockchains with a market capitalization of over $1 billion, after Sui. The Solana network is in crisis driven by the meme coin craze, with more than 20,000 tokens being 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 can only rise if it breaks the resistance levels of the $67,500.
“An advance above $67,500 could potentially lead to new all-time highs, a scenario our Bitcoin ETF model predicts,” he wrote in a observation.
Data from CoinGlass shows that in the last 24 hours, 48,218 traders were liquidated, with total liquidations totaling $108.08 million. The largest single settlement order occurred on OKX, involving an ETH-USD swap valued at $2.91 million.
In other news, Michael Sonnenshein is stepping named CEO of Grayscale Investments LLC. He will be replaced by Peter Mintzberg, a former Goldman Sachs executive, starting August 15.
Crypto Stocks Rise
Crypto stocks made some gains on Monday. Coinbase rose 0.45%, while MicroStrategy rose 0.98% to $1,600 per share.
US stocks showed little change, with the Dow Jones Industrial Average rising 0.1%. Meanwhile, the S&P 500 and Nasdaq Composite rose 0.3% and 0.7%, respectively.
Investors are awaiting the minutes of the Federal Reserve’s April 30-May 1 meeting, scheduled for May 22.