Market
Will the Rally Ignite a Surge?
![](https://coin2049.io/wp-content/uploads/2024/05/Solana-Higher.jpg)
Solana found support near the $160 zone. SOL price is slowly rising and might gain bullish momentum if it clears the $172 resistance zone.
- SOL price corrected lower and tested the $160 support zone against the US Dollar.
- The price is now trading above $165 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could clear the $172 resistance unless it fails to stay above $165.
Solana Price Could Gain Momentum
Solana price formed a support base near the $160 level and started a recovery wave. SOL underperformed Bitcoin and Ethereum but managed to clear the $165 resistance.
There was a break above a key bearish trend line with resistance at $164 on the hourly chart of the SOL/USD pair. There was even a spike above the $170 zone and the 50% Fib retracement level of the downward move from the $181 swing high to the $160 low.
Solana price is now trading above $165 and the 100-hourly simple moving average. Immediate resistance is near the $170 level. The next major resistance is near the $171 level. A successful close above the $172 resistance could set the pace for another major increase.
![Solana (SOL) Price](https://www.newsbtc.com/wp-content/uploads/2024/05/Solana_511d7a.png?resize=1024%2C449)
The next key resistance is near $176 or the 76.4% Fib retracement level of the downward move from the $181 swing high to the $160 low. Any more gains might send the price toward the $180 level.
Are Dips Supported in SOL?
If SOL fails to rally above the $172 resistance, it could start another decline. Initial support on the downside is near the $167 level.
The first major support is near the $165 level, below which the price could test $160. If there is a close below the $160 support, the price could decline toward the $150 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $165, and $160.
Major Resistance Levels – $170, $172, and $180.
Market
TRON to Launch Gas-Free Stablecoin Transfers in Q4 2024
![](https://coin2049.io/wp-content/uploads/2024/07/BIC_tron_usdd_justin_sun.jpg.optimal.jpg)
TRON founder Justin Sun announced that his team is developing a stablecoin solution to increase institutional adoption of such assets.
On July 6, Sun revealed that a gas-free stablecoin solution will launch on the TRON network in the fourth quarter of this year.
Gas-Free Stablecoin Solution
Sun explained that this innovation means users will not need to pay a gas fee for stablecoin transactions. Instead, the stablecoins will cover the fees themselves. This solution will initially be available on the TRON Network before expanding to Ethereum and other Ethereum Virtual Machine (EVM)-compatible public chains.
“Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves,” Sun stated.
Sun added that this development could help TRON become the first blockchain to surpass one billion addresses. TRON gained prominence by offering affordable stablecoin access, making it the second-largest network for such assets after Ethereum. TRON controls around 36% of the stablecoin market, with Tether dominating 99% of its $58 billion stablecoin supply.
Read more: A Guide to the Best Stablecoins in 2024
![Tron Stablecoin](https://beincrypto.com/wp-content/uploads/2024/07/image-46-850x384.png)
Despite facing regulatory challenges and allegations of misuse by fraudsters, Sun believes this solution will further drive institutional stablecoin adoption. Over the years, stablecoins have become one of the most successful real-world applications in the emerging industry, especially after payment giants like PayPal launched theirs.
Stablecoins, typically pegged to the US dollar, offer a stable alternative to volatile digital assets like Bitcoin. In emerging markets, crypto users use these assets to hedge against depreciating national currencies and as a payment method for goods and services.
Read more: 10 Platforms That Provide the Best Interest Rate on Stablecoins
Market experts predict that demand for these assets will continue to grow. Visa notes that this growth is helping it catch up with established settlement networks. Due to this, regulatory efforts in various countries, including the United States, aim to bring these assets into compliance due to their high adoption rate.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
1 in 4 US Voters Likely to Invest in Ethereum ETFs
![](https://coin2049.io/wp-content/uploads/2024/07/BIC_ethereum_the-merge_what-is.jpg.optimal.jpg)
A survey by Grayscale and The Harris Poll indicates that US Securities and Exchange Commission (SEC) approval of a spot Ethereum (ETH) exchange-traded funds (ETFs) would likely boost American investment in the digital asset.
Though the long-term performance of these ETFs is uncertain, the poll suggests their introduction will significantly advance the crypto market’s maturity and mainstream adoption.
Ethereum ETF Will Drive Adoption
The poll reveals that nearly one in four likely voters would consider investing in Ethereum if an ETF-based product were approved. This approval would increase their interest in Ethereum and other crypto assets beyond Bitcoin.
Read more: Ethereum ETF Explained: What It Is and How It Works
![US Investors interest in Ethereum](https://beincrypto.com/wp-content/uploads/2024/07/image-44-850x478.png)
Grayscale’s findings support analysts’ predictions about Ethereum ETFs’ potential success. Quinn Thompson, founder of Leker Capital, referencing Neil Osborne, stated that the ETH ETF is a proxy for traditional investors who lack exposure to blockchain and crypto beyond digital gold.
“By investing in Ethereum you’re getting exposure to stablecoins/payments, tokenization, DeFi, digital art/NFTs, infrastructure/staking/layer 2 scaling. All of this new technology is built on Ethereum and pays fees for its usage and activity which accrues as revenue to the ETH network and token,” Quinn explained.
This perspective leads many market experts to anticipate significant investment inflows once trading begins. Charles Yu, Vice President of Research at Galaxy Digital, estimated that ETH ETFs might attract up to $1 billion in monthly inflows during the first five months. Similarly, Bitwise CIO Matthew Hougan predicted $15 billion in inflows within the first 18 months.
Despite the potential for high success, 25% of Grayscale respondents said that ETF approval would not influence their investment interest. The survey also highlighted that a considerable portion of the population remains unfamiliar with spot Ethereum ETF. It shows that around 43% of US voters were unaware of it.
Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?
![Ethereum ETF Survey](https://beincrypto.com/wp-content/uploads/2024/07/image-45-850x276.png)
Meanwhile, the survey shows crypto has become an increasingly important subject for American voters. According to the survey, a third of American likely voters have become more open to crypto since the beginning of this year, and 47% of them believe that crypto will eventually wind up in their investment portfolios.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Where Will Bitcoin (BTC) Price Head Amidst Liquidations?
![](https://coin2049.io/wp-content/uploads/2024/06/bic_Bitcoin-___S_P-500_bearish.png)
Bitcoin’s (BTC) price has barely recovered from the debacle of momentum witnessed over the last few days.
Nevertheless, the cryptocurrency appears to be under the threat of further drawdown due to not bearishness but bullishness of the investors.
Bitcoin Faces a Challenge
Bitcoin’s price fell from $62,000 to $53,300, shocking the crypto market and killing many bullish dreams. The futures market registered long liquidations amounting to $263 million in three days.
This is the second-highest liquidation in the last two weeks, with the previous high noted three months ago in April. Generally, such high liquidations tend to calm investors down and make them step back to let the market cool down.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
![Bitcoin Long Liquidations.](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-06-174628-850x235.png)
However, BTC holders do not seem to agree with this opinion. The drawdown is considered to be facing the impact of Federal Reserve Chair Jerome Powell’s bearish speech earlier this week. Thus, the investors expect a quick recovery and are prepared to profit from it.
Analyst Willy Woo highlighted this in his explanation of the difference between buying futures and buying spot. He denoted that the former results in a bearish environment and stated that this could cause further losses.
According to the Bitcoin Open Value Oscillator, about half a million long contracts are still open in the futures market. Should Bitcoin’s price fall further, these longs could be liquidated. This will result in an extended period of bearishness for BTC.
![Bitcoin Open Value Oscillator](https://beincrypto.com/wp-content/uploads/2024/07/GRyNsoiXQAAQeuG-850x632.jpeg.optimal.jpeg)
BTC Price Prediction: Validating the Pattern
Bitcoin’s price, trading at $56,961 at the time of writing, is stabilizing after nearly falling to $53,300 yesterday. The cryptocurrency has yet to fulfill the expected 17% drawdown arising from the double top formation from four months ago.
This prediction targets a drop to $50,900, which will lead to massive long liquidations, as mentioned above. Should BTC lose its support of $55,000, this would become more probable.
Read More: Bitcoin (BTC) Price Prediction 2024/2025/2030
![Bitcoin Price Analysis.](https://beincrypto.com/wp-content/uploads/2024/07/Nxh6HFvT-850x363.png)
On the other hand, if Bitcoin’s price manages to bounce back from $55,000 and flip $58,800 into support again, recovery could begin. This would enable a rise to $60,000 to invalidate the bearish thesis.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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