Bitcoin is struggling to clear the hurdle at $35,000, signaling the possibility of a short-term pullback.
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Bull Season: Analyst Outlines Breakout That Could Send Solana To $100
Solana has performed exceptionally well in the October crypto market rally. But crypto analyst FieryTrading believes that this might just be the beginning for the SOL price. According to the analyst, once Solana breaks the resistance at $38, then it is headed for another 150% increase.
Pushing Solana To Past Glory
Solana already made its way through to $39 over the last day before losing some of its gains. But this has not eliminated the bullish trajectory of the altcoin. In fact, SOL’s continued uptrend plays into FieryTrading’s prediction for the asset which puts it at $100.
As the crypto analyst points out, there is heavy resistance for Solana just around the $38 level and this has been proven by the coin’s performance so far. Its initial move above this level was met with resistance that pushed it back down toward $37 before resuming its rally once again.
FieryTrading refers to this as an “important area of resistance” at which he expects investors to begin some profit-taking. But a break above this level holds a lot of promise for SOL. The analyst expects an initial bounce above $40, a slight retrace, and then a surge to $100.
Returning to this $100 level would mean a return to the 2021 bull market levels, essentially signaling the start of the bull market for Solana. However, there are still some obstacles to face as the Bitcoin slowdown is having a near market-wide effect.
FTX Stash Threatens SOL Price
By now, it is no longer a secret that the bankrupt FTX exchange is one of the largest holders of SOL. And recently, the estate got the green light from the courts to start selling off some of its crypto holdings and Solana is a prominent asset in its stash.
As NewsBTC reported, the FTX estate recently unseated a soul of 1.6 million SOL tokens worth over $42 million. Now, there hasn’t been any indication of what FTX plans to do with these tokens but the likely outcome is that the estate will start selling the tokens on the open market.
If this happens, then investors should expect significant selling pressure on the SOL price which could send it back down toward $30. This FTX stash remains one of the most bearish indicators for the altcoin that could stop its rally dead in its tracks.
Nevertheless, Solana is still seeing a lot of interest from large institutional investors. CoinShares reported that Solana inflows from last week came out to $23.9 million, bringing the total SOL assets under management (AuM) to $214 million.
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Dogecoin Poised For A Deep Pullback After Failing To Hold Key Resistance, Analyst
Following a futile fight to break the $0.07 resistance, Dogecoin (DOGE) appears poised for a big drop. This was a warning in an October 31 X post by prominent crypto analyst Rekt Capital to his nearly 400,000 followers.
According to the analyst, despite its notable rally last week, DOGE failed to break its diagonal resistance, which resisted its ascent for several months. As a result of this failure, DogeCoin’s price might decline significantly soon.
Rekt Capital Analysis: DogeCoin’s Complex Weekly Close Below Resistance
From Rekt Capital’s analytic chart, Dogecoin (DOGE) has had a tricky week. It recorded notable upswings but closed below a significant resistance level at the price channel top. The analyst marked the meme coin’s closing price with a circle, as seen on the chart below.
This setup suggests that DOGE’s anticipated big upswing might encounter delays, the analyst said in the Twitter post. He added that, in the past, when this has happened, DogeCoin’s price declined significantly.
This means that the DOGE breakout is postponed. Previous weekly closes like this -> downside, Rekt Capital remarked.
However, despite the high likelihood of a decline, the analyst believes there’s hope for DOGE. Rekt said, “If DOGE can hold the highs and reclaim the channel top as support – there may still be a chance.”
Based on Rekt’s chart, to confirm a bullish trend, the DOGE $0.07 resistance needs to change to a support level on the weekly timeframe.
Ali Martinez’s Bullish Analysis: Dogecoin’s Promising Breakout
Recently, another crypto expert, Ali Martinez, made an optimistic prediction about Dogecoin. The analyst shared a chart on the X platform showing that the meme coin has broken out of a long-term pattern. According to Martinez, this happened when the overall cryptocurrency market trend shifted upwards.
Also, Martinez highlighted that a special TD Sequential indicator gives a BUY signal on DOGE. According to the analyst, this signal strengthens the positive outlook for the cryptocurrency. In context, this indicator helps traders figure out if an asset’s price might change direction.
Meanwhile, Dogecoin has formed two consecutive bullish higher-high candles on the weekly chart. The setup confirms that DOGE indeed broke free from the previous pattern.
In line with Rekt’s analysis, if the market keeps up this pace, the price could increase significantly. As of the time of writing, DOGE is trading at $0.0665; the coin is down by almost 4% in the past 24 hours. However, over the last seven days, Dogecoin has gained more than 1%, with a 12% 14-day increase.
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‘A Pyramid of Deceit’: Prosecutors Begin Closing Argument in Sam Bankman-Fried Fraud Trial
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Fed Seen Holding Rates Steady, but Policy Statement and Press Conference Will Be Key for Bitcoin
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Bitcoin Whales Ramp Up Selling, BTC To Decline Below $32,000?
On-chain data shows the Bitcoin whales have potentially ramped up their selling recently, something that could lead to a drawdown for the asset.
Bitcoin Exchange Whale Ratio Has Spiked Recently
As explained by an analyst in a CryptoQuant Quicktake post, the price of Bitcoin could correct towards the $31,000 to $32,000 range from the current whale selling pressure.
The relevant indicator here is the “exchange whale ratio,” which measures the ratio between the sum of the top 10 transfers to exchanges and the total exchange inflow.
The 10 largest transactions going towards these platforms generally come from the whales, so this ratio can tell us about how the inflow activity of the whales currently compares against the rest of the market.
These humongous investors may transfer their coins to these central entities for a variety of purposes, one of which could be for selling. Thus, whenever the whales occupy a large part of the total exchange inflows, it’s a potential sign that the selling pressure being mounted by this cohort is rising.
Historically, the indicator crossing the 0.90 mark has particularly been bearish for the cryptocurrency. At this level, 90% of the total inflows are coming from the wallets of the whales.
Now, here is a chart that shows the trend in the 72-hour moving average (MA) Bitcoin exchange whale ratio over the past few months:
In the above graph, the quant has marked the 0.90 level in red and has highlighted the points in the Bitcoin price corresponding to the instances where the 72-hour MA exchange whale ratio crossed this line.
The analyst notes that in all of these occurrences, the cryptocurrency first registered some volatility and then observed a decline in the short term, leading toward a local bottom formation.
Given the close timings, it would appear possible that the higher inflows from the whales during these instances were at least partially made for selling purposes.
From the chart, it’s visible that the indicator has once again risen above the 0.90 level recently, suggesting that the whales have considerably ramped up their inflows.
Naturally, these high values of the metrics don’t necessarily have to be bearish for the asset, as it’s possible that this cohort is simply opening up positions on the derivatives market this time (and to some extent, it has to be true in either case, as the futures open interest has seen an increase in the last few days).
Given the pattern that has followed in the last few instances, though, the quant says, “I expect increased volatility in Bitcoin and anticipate a new local bottom with a drop to the 31,000 to 32,000 dollar range, which previously acted as resistance.”
BTC Price
Bitcoin hasn’t been able to find any direction in the last few days as the coin has been consolidating above $34,000. If the exchange whale ratio is anything to go by, though, things might change soon for the asset.
