Market
Solana (SOL) Price at Risk If This Support Level Breaks
![](https://coin2049.io/wp-content/uploads/2024/05/bic_-Solana_SOL_5-covers_bearish.png.webp.webp)
Solana (SOL) price continues to decline as the broader market cues turn bearish, as does investor interest.
Along with them, a key cohort that has had an influence on Solana is stepping back.
Solana and Institutions: The Complicated Duo
Solana’s price is bearing the brunt of its investors’ pullback, which is evident in the open interest (OI) and inflows. Firstly, investors are becoming increasingly skeptical.
The shift in sentiment reflects the broader uncertainties and volatilities within the market, prompting Solana holders to adopt a more cautious approach to their investments. In the span of a week, the OI has declined by more than $500 million from $2.5 billion to $2 billion.
![Solana Open Interest.](https://beincrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-15-132841-850x210.png.webp)
Furthermore, until the end of May, institutional investors had shown a strong preference for Solana (SOL), signaling confidence in its potential. However, this trend has significantly changed recently.
Currently, institutions are diversifying their investments by allocating funds to Ripple (XRP), Litecoin (LTC), and Chainlink (LINK). This redistribution of investments highlights a strategic move to mitigate risks and capitalize on the potential of other cryptocurrencies.
For the week ending June 8, all three assets witnessed about $0.7 million worth of inflows each. While this did not put a dent in Solana’s spot as the asset with the highest inflows year to date, it is being challenged. Ripple (XRP), on the other hand, has seen nearly $1.2 million worth of inflows.
Read More: How to Buy Solana (SOL) and Everything You Need To Know
![Solana Institutional Flows.](https://beincrypto.com/wp-content/uploads/2024/06/Screenshot-2024-06-15-101107-850x664.png.webp)
SOL Price Prediction: A Difficult Recovery
Solana’s price trading at $144 will likely continue its decline to tag $137 as a support floor. This price has been tested in the past and marks a monthly low for SOL. Should the skepticism be sustained among investors, the altcoin could fall to $126.
Read More: Solana (SOL) Price Prediction 2024/2025/2030
![Solana Price Analysis.](https://beincrypto.com/wp-content/uploads/2024/06/FHo0vRvn-850x380.png.webp)
On the other hand, if Solana’s price bounces back from $137 or earlier and reclaims $150 as a support floor, it could recover quickly. Breaching $156 is the ideal target for SOL, and securing it as support would enable a bounce back to $170. This would not only help regain the recent losses but also 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.
Market
Meme Coin Investors Exit as Bitcoin Hits New Lows
![](https://coin2049.io/wp-content/uploads/2024/06/BIC_Recession_falling-covers_negative-min.png)
As Bitcoin hits a two-month low of $57,500, numerous crypto investors are strategically exiting volatile meme coins. The broader market downturn has notably affected these digital assets, known for their speculative nature, leading to significant sell-offs.
This week, some of the investors have started booking profits. Yet, they still hold a significant amount of meme coins, awaiting market recovery.
Crypto Investors Sold Pepe, Dogwifhat, and MICHI
“Dimethyltryptamine.eth,” who owns the wallet address 0x4a2, returned after 10 months of dormancy. According to Spot On Chain, this crypto whale exchanged 10 billion Pepe (PEPE) for $112,000, converting them into 32.73 Ethereum (ETH) at a rate of $0.0000112118.
Despite the market’s volatility, this investor still possesses 1.99 trillion PEPE, currently valued at $22.35 million, which represents a staggering 59,600% increase in value.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Moreover, this investor holds substantial amounts of other meme coins. Their portfolio includes 711.7 million Wojak (WOJAK) and 147.5 billion Mog Coin (MOG), with unrealized profits of $457,000 and $824,000 respectively. These figures highlight the considerable gains still possible in the fluctuating meme coin market.
In another significant movement, BxPMj transferred 900,000 Dogwifhat (WIF) tokens, valued at $1.64 million, to the centralized exchange Bybit. Despite the market’s downturn, BxPMj’s remaining holdings in WIF are estimated at $1.76 million.
Additionally, the owner of a Solana (SOL) wallet, J2GcK, sold 8.6 million michi (MICHI) for $1.34 million, realizing a profit of $1.24 million. Initially, J2GcK had invested 578 SOL, worth $103,000, to purchase these tokens between April 8 and April 15. At their peak, the MICHI tokens were valued at over $5 million, demonstrating the high volatility and potential profits in meme coin investments.
Previously, in an interview with BeInCrypto, Tristan Dickinson, the CMO of EOS Network, discussed the behavior of crypto whales.
“Whales follow market trends and capitalize where they see an opportunity. As easily as they can liquidate, putting downward pressure on the market, they can hodl if they see an opportunity,” Dickinson told BeInCrypto
Currently, the meme coin sector has declined by approximately 13% in the last 24 hours. WIF, among the top 10 meme coins, experienced the most significant drop, declining by 13.2%.
Read more: 11 Top Solana Meme Coins to Watch in July 2024
![Top 10 Meme Coins Based on Market Capitalization](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-04-at-2.32.46 PM-850x610.png)
Conversely, meme coins such as Dogecoin (DOGE) and DOG•GO•TO•THE•MOON have faced less severe impacts, with reductions of 8.6% and 7.6% respectively.
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
BitMEX Launches Meme Coin Index Amid Market Slump
![](https://coin2049.io/wp-content/uploads/2024/05/BIC_Memecoins_space.png)
BitMEX Exchange deployed its version of an S&P 500 for meme coins on Thursday, effectively becoming the second hub to offer this kind of basket index in 2024.
Meme coins continue to ascend the ranks as crypto adoption continues to grow. Meanwhile, the development comes amid a sector bloodbath, with some altcoins posting double-digit losses.
BitMEX Launches Meme Basket Index Perp
The trading platform called its MEMEMEXTUSDT contract the “S&P 500 for crypto memecoins,” margined in Tether’s USDT stablecoin with up to 25X leverage. Like the premier US stock market index, the S&P 500, which tracks the prices of large-cap US stocks, it will simultaneously track and offer exposure to the top meme coins.
“Users can bet on the overall performance of the assets in one go, rather than holding individual tokens,” BitMEX wrote in the announcement, adding, “By trading the contract, you get exposure to the entire basket of meme coins in our Meme Basket Index, without having to hold any of the individual tokens.”
Top meme coins featuring in the basket index include Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), Dogecoin (DOGE), and Bonk Inu (BONK). Others include FLOKI, BRETT, BOME, MEME, and MOG. The weighted methodology, which is based on market share, will ensure selection on market value metrics.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
The product comes barely two months after investment firm VanEck launched its MEMECOIN Index. Christened MemeVector, VanEck’s product tracks only the first five tokens that BitMEX mentioned. The asset manager disclaimed, “Coins are intended for entertainment purposes.”
VanEck’s disclaimer came as meme coins were never taken seriously in the past. Forbes describes them as “cryptocurrencies inspired by memes and internet jokes, with little or no fundamental value.” However, some traders believe them to be a global shilling point for speculative liquidity.
“Meme coins may seem unconventional, but they highlight the power of community in crypto,” Tron founder and Huobi Global advisor Justin Sun said during Token2049.
Meme Coins Go Mainstream
Indeed, meme coins are a volatile sector with a tendency for price fluctuations as determined by market sentiment. Nevertheless, they have progressively climbed the ranks in 2024, jumpstarted by the Avalanche Foundation in December, committing to support diverse and culturally significant initiatives.
“The Avalanche Foundation intends to start using Culture Catalyst to recognize and encourage the culture and fun symbolized by meme coins by purchasing select Avalanche-based meme coins to create a collection. This move complements the Avalanche Foundation’s ongoing engagement across the Avalanche ecosystem, including NFTs, RWAs, and other types of crypto assets, broadening its portfolio to embrace a more complete spectrum of possibilities,” Avalanche wrote.
The Foundation’s commitment to invest in meme coins made the sector a bona fide cryptocurrency niche. Analysts are already predicting that this sector could lead the next altcoin season.
Read more: Best Crypto To Buy Now: Top Coins To Keep an Eye on in July 2024
Therefore, VanEck and BitMEX exchange launches are further advancing the niche. As meme coin adoption continues, more conservative investors could start approaching the scene just as Bitcoin spot ETFs (exchange-traded funds) brought BTC to Wall Street.
“Retail investors are drawn to meme coins because they offer the same opportunities as venture capitalists during seed, pre-seed, and private sale rounds,” Jonas Dovydaitis, Co-Founder & CEO at PAiT, told BeInCrypto.
Meanwhile, meme coins are dumping, with the sector’s market capitalization falling by almost 9% to $42 trillion. This is part of a market-wide crash led by Bitcoin, which is down 5% to trade for $57,459 at the time of writing.
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
Bitcoin Price Takes a 5% Hit: Can Bulls Save The Week?
![](https://coin2049.io/wp-content/uploads/2024/07/Bitcoin-dips-58k.jpeg)
Bitcoin price failed to start a fresh increase above the $62,850 resistance zone. BTC started another decline and tumbled 5% to test $58,000.
- Bitcoin started a fresh decline and traded below the $60,000 zone.
- The price is trading below $61,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might struggle to start a fresh increase above the $60,850 resistance zone.
Bitcoin Price Dives 5%
Bitcoin price struggled to start a decent recovery wave above the $62,850 resistance level. The bears took control and pushed BTC below the $61,200 support zone. There was a sharp decline below the $60,000 level.
The price declined 5% and even spiked below the $58,000 level. A low was formed at $57,890 and the price is now consolidating losses. There was a minor increase above the $58,500 level and approaching the 23.6% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.
Bitcoin price is now trading below $61,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $60,000 on the hourly chart of the BTC/USD pair.
If there is a decent increase, the price could face resistance near the $60,000 level and the trend line. The first key resistance is near the $60,850 level and the 50% Fib retracement level of the downward move from the $63,798 swing high to the $57,890 low.
The next key resistance could be $61,500. A clear move above the $61,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,250 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term.
More Losses In BTC?
If Bitcoin fails to climb above the $60,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,250 level.
The first major support is $58,000. The next support is now forming near $57,800. Any more losses might send the price toward the $56,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $58,250, followed by $58,000.
Major Resistance Levels – $59,250, and $60,000.
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