Market
ETH ETF, Token Unlocks, and More
This week, major news and developments have captured the attention of both crypto investors and enthusiasts alike.
From the growing optimism surrounding the Ethereum ETF launch to the significant token unlock by Arbitrum, the crypto scene is buzzing with activity.
Ethereum ETF Approval Imminent: Industry Buzz and Predictions
Analysts and industry leaders have expressed their enthusiasm for the imminent approval of spot Ethereum (ETH) exchange-traded funds (ETFs). Nate Geraci, president of ETF Store, recently shared his optimism on social media, stating that the approval of these ETFs is expected this week. He cites no “good reason for any further delay at this point.”
Matt Hougan, Bitwise’s Chief Investment Officer, echoes this sentiment. He highlighted the minimal amendments required in the latest filings and indicated a closer approach to the approval finish line.
Read more: Ethereum ETF Explained: What It Is and How It Works
Experts believe that the launch of a spot Ethereum ETF could positively impact ETH’s price action and the broader crypto industry. Sami Start, Co-founder and CEO of Transak, explained that the spot Ethereum ETF could further legitimize digital assets and spur the adoption of decentralized technologies and tokenized assets.
“It’s more instructive to look within the Ethereum ecosystem itself and consider the opportunities that exist there. […] ETH is the native currency of dozens of interconnected L2s and is the trading pair against all of the ERC-20 assets it supports. […] And, it’s likely to be here that we see the first institutional exploration of decentralized technology as bolder players move beyond the constraints of the centralized ETF model,” Start elaborated to BeInCrypto.
XDEFI Wallet Rebranding Generates Excitement
On July 12, non-custodial Web3 wallet XDEFI hinted on its X (Twitter) account that it would reveal more details about its rebranding plan this week. Earlier in June, Emile Dubié, CEO and co-founder of XDEFI, announced that the team had started redesigning the wallet, investing significantly in their design system. Dubié emphasized the importance of a well-defined design system for consistency and a cohesive user experience.
“We acquired 230,000+ users without an airdrop or a points system. Our UX/UI has been lagging behind as we were focused on adding chains. We’ve been working on a very different interface since early last year. It’s coming together nicely; the new version is what self-custody should look like. Everything was built based on years of feedback,” he explained.
Many crypto community members expressed their enthusiasm for the upcoming XDEFI iteration. This excitement is evident in XDEFI’s native token, which increased by 7.43% over the last 24 hours. At the time of writing, it is currently trading at $0.072617.
Cosmos v18 Upgrade to Introduce Permissioned CosmWasm
Layer-0 blockchain Cosmos announced on June 20 that its v18 upgrade will be released mid-July. This upgrade will introduce permissioned CosmWasm to the Cosmos Hub. It will also enhance ATOM’s functionality, utility, and cross-chain composability.
“This update will bring new capabilities to the Hub, enhancing ATOM’s functionality, utility, and cross-chain composability,” the team stated.
Permissioned CosmWasm requires each contract to be reviewed and approved by governance, ensuring added security and quality control. This approach minimizes the risks of potential exploits and discourages spam or wasteful contracts. By governance-gating each contract, Cosmos Hub aims to ensure that only well-vetted, purposeful contracts are implemented.
The goal is not to compete with AEZ chains like Neutron but to leverage CosmWasm for tasks that are difficult or impractical through other means. This addition will enhance the Hub’s ability to handle complex functionalities efficiently. Permissioned CosmWasm on the Cosmos Hub is a step towards a more secure, efficient, and capable ecosystem.
Sanctum’s Native Token CLOUD to Launch on Jupiter Launchpad
On July 10, Sanctum, a Solana-based liquid staking platform, announced its plan to launch its native token CLOUD on the decentralized exchange (DEX) Jupiter launchpad on July 18. On July 16 at 15:30 UTC, a special edition of the Planetary Call, called “Liftoff” with Jupiter, will provide additional information about the launch. After these, on July 19, Sanctum will host a CLOUD party.
The total supply of CLOUD is 1 billion tokens. According to Sanctum, 18% of the total supply will be allocated to the issuance. The team will distribute 10% of the supply through the initial airdrop, while 8% will be used to provide liquidity in the LFG launch pool.
The token will facilitate the management of capital and control, enabling holders to shape decisions related to the platform’s direction and resource management. In order to qualify for the Sanctum Verified Partner program, participants will need to stake CLOUD, with CLOUD holders casting votes to decide on the acceptance of partners.
Radiant Capital Announces v3 Launch and Expansion to Base
On June 27, Radiant Capital, a decentralized finance (DeFi) platform that builds the first omnichain money market atop LayerZero, announced that it is in the final stretch for the launch of its v3. The platform also revealed its plan expansion to Base, Coinbase’s layer-2.
According to the team, Radiant v3 and the expansion to Base will happen in July. However, they have not yet specified the exact date of these events.
Radiant also announced its integration with Stargate v2, allowing seamless lending and borrowing of assets cross-chain with low fees. Security remains a cornerstone for Radiant, with audits by OpenZeppelin and BlockSecTeam, monitoring by HypernativeLabs and Chainalysis, and comprehensive risk management measures in place.
Arbitrum and Other Major Token Unlocks This Week
This week will witness several token unlocks. On July 16, Arbitrum will unlock 92.6 million ARB tokens worth approximately $66 million at the current market price. These unlocked tokens will go to its team, advisors, and investors.
Read more: Arbitrum (ARB) Price Prediction 2024/2025/2035
Other projects, including Axie Infinity (AXS) and ApeCoin (APE), will also unlock their tokens this week. This increase in token releases could affect the prices of these cryptocurrencies. Read this article for further detailed information on major crypto token unlocks this week.
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Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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