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BNB Primed For a Rally to $650 As Bearish Momentum Fades

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Binance Coin (BNB) is showing signs of recovery after a period of bearish momentum. The altcoin has made an attempt to break through key resistance levels, which, if successful, could trigger a rally in the coming weeks. 

Improving broader market conditions further supports BNB’s potential upward movement.  

BNB Might Follow Bitcoin’s Price Pattern

BNB shares a strong correlation of 0.90 with Bitcoin, indicating that the altcoin often moves in tandem with the crypto king. Given Bitcoin’s attempt to reclaim the $100,000 support level, this correlation could work in BNB’s favor, boosting its chances of a sustained rally.  

If Bitcoin manages to hold above $100,000, BNB could see increased buying pressure. A strengthening BTC price historically leads to positive spillover effects for correlated assets. This trend could help BNB solidify its recovery and push toward higher resistance levels in the near future.  

BNB Correlation With Bitcoin
BNB Correlation With Bitcoin. Source: TradingView

The Moving Average Convergence Divergence (MACD) indicator suggests that bearish momentum is fading. The MACD line is nearing a bullish crossover, a technical signal that could indicate a shift from bearish to bullish momentum.  

If the crossover occurs, it would mark the first time in nearly a month that BNB transitions to a bullish trend. This development could attract fresh buying interest, further supporting the altcoin’s upward trajectory and reinforcing market confidence.  

BNB MACD.
BNB MACD. Source: TradingView

BNB Price Prediction: Aiming For Recovery

BNB has surged by 7% over the past 24 hours, successfully breaking through the resistance zone between $586 and $619. Currently trading at $621, the altcoin is in the process of flipping the $619 resistance into support. Holding this level would be crucial for maintaining the bullish outlook.  

With favorable technical and market conditions, BNB could rise toward $647. A successful breach of this level would pave the way for the altcoin to reach $650, solidifying its recovery. Positive sentiment across the crypto market would further enhance BNB’s chances of sustaining this uptrend.  

BNB Price Analysis.
BNB Price Analysis. Source: TradingView

However, if BNB fails to hold $619 as support, a retracement could follow. Falling through this support zone could send the altcoin back below $586. A continued decline toward $550 would invalidate the bullish thesis, signaling a potential return to bearish conditions.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Will the SEC Approve Grayscale’s Solana ETF?

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Grayscale has submitted a registration statement with the SEC to convert its Grayscale Solana Trust (GSOL) into an ETF listed on NYSE Arca. 

Despite the filing, prediction markets remain unconvinced about the chances of approval.

Is a Solana ETF Approval Still Unlikely for Q2?

On Polymarket, odds for a Solana ETF approval in the second quarter of 2025 stand at just 23%. Broader expectations for any 2025 approval are at 83%, down from 92% earlier this year.

The decline reflects regulatory delays. In March, the SEC extended review timelines for several ETF applications tied to Solana, XRP, and other altcoins. 

solana etf odds polymarket
Polymarket Odds on a Solana ETF Approval by July 31. Source: Polymarket

This pattern suggests the agency may be holding off on decisions until a permanent chair takes over. Mark Uyeda, currently serving as interim chair, has not signaled a shift in stance.

Paul Atkins, Trump’s nominee to lead the agency, appeared before the Senate last week. Lawmakers questioned his involvement in crypto-related businesses, adding further uncertainty around future approvals.

Grayscale’s latest filing excludes staking, which could speed up the review process. The SEC has previously objected to staking features in ETF proposals. 

When spot Ethereum ETFs moved forward last year, Grayscale, Fidelity, and Ark Invest/21Shares all removed staking components to align with the SEC’s expectations at the time.

Under Gary Gensler’s leadership, the SEC expressed concern that proof-of-stake protocols could fall under securities law. Asset managers adjusted their applications accordingly to move forward.

Following approvals for spot Bitcoin and Ethereum ETFs, several firms aim to expand their offerings to include other cryptocurrencies. They plan to offer access through traditional brokerage accounts without requiring direct asset custody.

Solana remains a strong contender due to its growing futures market in the US and a more favorable regulatory environment. Analysts view it as one of the next likely approvals if the SEC opens the door to more altcoin ETFs.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Vulnerable To Falling Below $2 After 18% Decline

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XRP has faced a significant correction in recent weeks, resulting in an 18% decline in the altcoin’s price. As a result, XRP is currently struggling to maintain upward momentum, with investors losing confidence. 

This recent slump has raised concerns about the asset’s future, especially as certain XRP holders begin to sell their positions, increasing bearish pressure.

XRP Investors Are Pulling Back

The recent downturn in XRP’s price has triggered a sharp spike in the “Age Consumed” metric. This indicator tracks the movement of coins from long-term holders (LTHs) and has reached its highest level in over four months. The increase suggests that LTHs, who have been holding XRP for extended periods, are now losing patience. 

This selling behavior may be driven by the lack of price recovery and the overall weak market conditions that have not improved. These holders appear to be attempting to limit their losses by liquidating their positions, which in turn increases the downward pressure on XRP’s price. This mass selling from LTHs further compounds the challenges for XRP, as their decision to sell is often seen as a sign of waning confidence in the cryptocurrency. 

XRP Age Consumed
XRP Age Consumed. Source: Santiment

XRP’s market momentum appears to be weakening, as evidenced by the recent decline in the number of new addresses. The metric tracking new addresses has fallen to a five-month low, suggesting that XRP is struggling to attract new investors. This lack of fresh interest signals growing skepticism within the broader market, with potential investors hesitant to buy into an asset that has failed to deliver strong price action.

The drop in new addresses reflects a broader trend of reduced market traction and the lack of conviction from buyers. When combined with the selling pressure from LTHs, it creates a challenging environment for XRP to regain bullish momentum

XRP New Addresses
XRP New Addresses. Source Glassnode

XRP Price Needs A Boost

XRP’s price is currently holding at $2.06, just above the key support level of $2.02. If it manages to stabilize and break through the immediate resistance at $2.14, there could be a potential rebound, taking XRP higher.

However, with the continued weakness in market sentiment and the aforementioned bearish cues, XRP remains vulnerable to further declines. If the support of $2.02 fails, the price could drop further to $1.94, extending the 18% decline noted in the last two weeks.

XRP Price Analysis
XRP Price Analysis. Source: TradingView

If XRP manages to reclaim the $2.14 level and holds above it, the price could make its way toward $2.27. Breaching this level would invalidate the bearish outlook, signaling a potential recovery and restoring investor confidence in the cryptocurrency.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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HBAR Futures Traders Lead the Charge as Buying Pressure Grows

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Hedera Foundation’s recent move to partner with Zoopto for a late-stage bid to acquire TikTok has sparked renewed investor interest in HBAR, driving a fresh wave of demand for the altcoin.

Market participants have grown increasingly bullish, with a notable uptick in long positions signaling growing confidence in HBAR’s future price performance.

HBAR’s Futures Market Sees Bullish Spike

HBAR’s long/short ratio currently sits at a monthly high of 1.08. Over the past 24 hours, its value has climbed by 17%, reflecting the surge in demand for long positions among derivatives traders. 

HBAR Long/Short Ratio
HBAR Long/Short Ratio. Source: Coinglass

An asset’s long/short ratio compares the proportion of its long positions (bets on price increases) to short ones (bets on price declines) in the market. 

When the long/short ratio is above one like this, more traders are holding long positions than short ones, indicating bullish market sentiment. This suggests that HBAR investors expect the asset’s price to rise, a trend that could drive buying activity and cause HBAR’s price to extend its rally. 

Further, the token’s Balance of Power (BoP) confirms this bullish outlook. At press time, this bullish indicator, which measures buying and selling pressure, is above zero at 0.25. 

HBAR BoP.
HBAR BoP. Source: TradingView

When an asset’s BoP is above zero, buying pressure is stronger than selling pressure, suggesting bullish momentum. This means HBAR buyers dominate price action, and are pushing its value higher. 

HBAR Buyers Push Back After Hitting Multi-Month Low

During Thursday’s trading session, HBAR traded briefly at a four-month low of $0.153. However, with strengthening buying pressure, the altcoin appears to be correcting this downward trend. 

If HBAR buyers consolidate their control, the token could flip the resistance at $0.169 into a support floor and climb toward $0.247.

HBAR Price Analysis
HBAR Price Analysis. Source: TradingView

However, a resurgence in profit-taking activity will invalidate this bullish projection. HBAR could resume its decline and fall to $0.129 in that scenario.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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