Author: The Daily Hodl
Ex-Goldman Sachs executive Raoul Pal is expressing bullish sentiment on a large-cap Ethereum (ETH) rival. In an interview with Wall Street veteran Anthony Scaramucci, Pal says that by the end of the current cycle, Solana (SOL) could explode to a price that’s “probably north of $1,000,” representing a potential gain of at least 604% from the current level. “I think the range for me is.. worst case is $800, mid case is like $1,200. Upper case in a blowoff top would be $2,500.” Solana is trading at $142 at time of writing. On whether Solana could outgrow Ethereum by market…
Real Vision analyst Jamie Coutts believes Bitcoin (BTC) could be on the cusp of a massive rally based on one factor historically associated with bullishness. Coutts says momentum in global liquidity is “starting to accelerate higher, ” offering the perfect bullish setup for Bitcoin. The Real Vision analyst says that these conditions coincide with “all the froth from exchange-traded funds’ (ETFs) launches and excess leverage” leaving the Bitcoin market. “Over the past decade, Bitcoin has had a tendency to trough several months before the bottom in global money supply. Then it rips, gets way ahead of the move in liquidity,…
One decentralized exchange (DEX) altcoin is on the verge of the “mother of all squeezes,” according to a popular crypto analyst. The pseudonymous trader known as The Crypto Dog tells his 810,100 followers on the social media platform X that he’s bullish on the native token of GMX, a DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains and offers spot and leveraged trading. The analyst notes that GMX is switching its profit distribution mechanism. “GMX is a perp dex that generates the most $ in fees of any perp dex, delivered in ETH to stakers. Soon they…
Long-term Bitcoin (BTC) holders are suddenly rapidly accumulating massive amounts of the top digital asset by market cap, according to blockchain analytics platform Glassnode. In a new analysis, Glassnode reports that Long-Term Holders (LTH), or addresses that hold coins for at least 155 days, have accumulated more than $22 billion worth of Bitcoin in the past three months. “This observation is echoed across Long-Term Holders (LTH), who heavily divested during the run-up to the ATH (all-time high). This cohort have now returned to a preference for HODLing, with a total volume of 374,000-plus BTC migrating into LTH status over the…
One low-cap layer-1 altcoin that recently rebranded itself is rising after abruptly gaining support from top US-based crypto exchange platform Coinbase. In a new announcement, Coinbase Assets says that it will be adding support for Gravity (G), formerly known as Galxe, an interoperable Ethereum (ETH)-based smart contract platform. “Trading will begin on 13 August 2024 at or around 12PM ET if liquidity conditions are met. Once sufficient supply of this asset is established trading on our G-USD trading pair will launch in phases.” News of the listing sent the digital asset soaring, as G went from a low of $0.0378…
A closely followed crypto analyst said that Bitcoin (BTC) could dip below the $50,000 mark if one major support level fails to hold. In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 219,900 followers on the social media platform X that the crypto king’s next test could either send it flying past $70,000 or crashing down below $50,000. “I think that it’s quite simple: If BTC breaks current level, we go to $70,000. If BTC doesn’t break current level, we go to $40,000s (w/ bounces in between).” Sherpa goes on to say that if BTC’s latest price…
Crypto exchange Coinbase just announced that Hawaii residents can now use its platform to buy and sell digital assets. In a statement, the largest US-based crypto exchange says its products and services are now available in The Aloha State after the Hawaii Department of Commerce and Consumer Affairs (DCCA) Division of Financial Institutions (DFI) made regulatory changes that provided clarity for cryptocurrency firms. “We’ve worked diligently with local authorities to ensure we can enter the Hawaii market, and welcome their innovative, responsible approach, which aligns with our goal of providing a safe and compliant environment for all.” Coinbase previously operated…
Seasoned trader Peter Brandt is warning that Ethereum (ETH) may be forming a bearish setup that could send it plummeting below $2,000. Brandt tells his 735,500 followers on the social media platform X that Ethereum is potentially forming a rising wedge pattern on the four-hour chart. A rising wedge pattern is typically considered a bearish signal, indicating more downside price action after a bounce. “I am posting this not as a slam on ETH, even though I’m not a fan, but to describe how I trade. So ETHernuts, don’t take offense. I am as quick to go long on a…
Inflows into the newly approved spot Ethereum exchange-traded funds (ETFs) suggest ETH could be on the cusp of a price uptick, according to the crypto analyst Michaël van de Poppe. Van de Poppe tells his 723,100 followers on the social media platform X that Monday marked the first day of zero outflows on the Ethereum ETFs. “This is an important week. If this week is a positive net inflow week of more than $50 million, I think we’re on the edge of having a strong upward trend for the Ethereum ecosystem.” The crypto analyst notes that ETH ETFs have been…
Analyst and trader Jason Pizzino is weighing the possibility of whether the crypto market could experience more downside. In a new video, Pizzino tells his 332,000 YouTube subscribers that there are “pretty good signs that we may have seen a low” on the downtrend that the total crypto market capitalization has witnessed over the last couple of weeks. According to Pizzino, one of the signs is that the total crypto market capitalization’s recent downtrend reversed after reaching the 50% retracement level on the weekly time frame. “You can see that that bounce came dead on the bull market range –…