Author: The Daily Hodl

A widely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) could be gearing up for a large rally after printing a bullish technical pattern. Analyst Ali Martinez tells his 69,000 followers on the social media platform X that SOL is potentially printing an Adam and Eve pattern. An Adam and Eve pattern is viewed as a bullish reversal formation as an asset threatens to take out its horizontal resistance after carving a bottom. Says Martinez, “Solana might be shaping up for an Adam and Eve pattern, suggesting a potential rise to $164. If SOL clears that resistance, we…

Digital assets manager CoinShares says that institutional crypto investors poured millions of capital into digital asset investment products last week. In its latest Digital Asset Fund Flows report, CoinShares says that the surge was likely caused by the remarks of Fed Chair Jerome Powell last week when he implied that lower interest rates could be on the way. “Last week, digital asset investment products saw inflows totaling US$533m, marking the largest inflows in five weeks. This surge followed remarks by Jerome Powell at the Jackson Hole Symposium, where he suggested that the first interest rate cut could occur in September. Although…

Research from crypto exchange Bitfinex says that appetite for risk assets is heating up once again. In its latest research report, Bitfinex says that Bitcoin (BTC) is showing a stronger correlation with US equities, indicating a return of risk-on sentiment in crypto. Bitfinex also says that the significant amount of liquidations that occurred during the recent correction has likely reset the market into more favorable territory. “The rally occurred amidst a backdrop of increasing positive correlation between Bitcoin and US equities. Until now, Bitcoin has shown relative weakness compared to equities since hitting its early August low. Friday’s price surge…

A widely followed crypto trader thinks that improving macroeconomic conditions and easing sell-pressure bode well for Bitcoin (BTC). Pseudonymous analyst Altcoin Sherpa tells his 220,300 followers on the social media platform X that he’s flipping bullish on Bitcoin even though BTC’s market structure on the daily chart remains bearish. “I am not personally too scared. Macro conditions + massive supply overhang seem mostly settled/bullish for us going into Q3/Q4. I’m hoping we break the recent high at $70,000 and form a higher low. Bullish in the short-term.” Last week, Fed Chair Jerome Powell alluded to incoming rate cuts in a…

Layer-1 blockchain The Open Network (TON) is issuing a statement in support of Telegram founder Pavel Durov after his recent arrest in France. TON says on the social media platform that its network will continue to run as usual following Durov’s detention over alleged offenses related to the Telegram messaging app. “As a community committed to freedom of speech and decentralization, we stand firmly by Pavel during this challenging time. Pavel has been a dedicated advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions. The TON community remains…

Quant analyst PlanB says that Bitcoin (BTC) remains on track to hit $500,000 based on one benchmark indicator. PlanB tells his nearly 1.9 million followers on the social media platform X that he is doubling down on his massive six-figure price prediction for Bitcoin despite months-long sideways movement. Responding to a follower asking about BTC’s recent chop, PlanB says he still believes Bitcoin is on track to hit an average price of $500,000 between now and 2028. “Great question. The boring six-month trading range did not really surprise me. Of course, my hope was for a sooner pump. But I…

The next upward move in digital assets will be the “real” breakout that takes markets to new highs, according to a trader who accurately predicted the late 2022 crypto collapse. The pseudonymous trader known as Capo tells his 101,000 Telegram subscribers that the recent Bitcoin (BTC) bounce was a “test pump,” with the real rally to come. “That was a pump to clean the liquidity from above. The next pump should be the real breakout.” Capo says that a convincing break of the $62,000 level – which has potentially happened with BTC currently trading at $64,201 – will likely lead…

A widely followed crypto analyst is mapping out the path he believes Ethereum (ETH) is most likely to take for the rest of 2024. In a new video update, crypto strategist Benjamin Cowen tells his 808,000 YouTube subscribers that if ETH were to spark a rally, it would not surpass the $3,000 price level based on previous market cycles. “ETH has been going down since March, so my guess is that if ETH were to get a rally, it wouldn’t go much higher than $3,000. I would guess it gets rejected by the bull market support band this year and…

The largest non-exchange holder of Solana (SOL)-based memecoin dogwifhat is continuing to accumulate WIF, according to on-chain data. Blockchain tracking firm Lookonchain says the Solana address that begins with “mmEAfW” has recently accumulated hundreds of thousands of WIF. “The largest holder of WIF spent 1.54 million USDC to buy 800,556 WIF at $1.92 again! This whale currently holds 28 million WIF ($53.23 million), and the profit on WIF has exceeded $77 million!” Last week, Lookonchain shared a chart showing the whale’s accumulation process, buying aggressively during the run-up in March before offloading profits in April and May and then slowly…

A closely followed crypto strategist believes that overleveraged Bitcoin (BTC) bears are about to get wiped out. The anonymous host of the YouTube channel InvestAnswers says he sees a short squeeze coming for BTC. A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies. According to the analyst, Bitcoin bears are heavily shorting BTC, loading the market with fuel for potential rallies. “The big story here is perpetual…