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The cryptocurrency market has faced a dip over the last few days as fresh volatility has entered the market. The rise in volatility could be due to the upcoming Federal Reserve announcement on the US monetary policy. While the market is slowing down, TRON (TRX) is seeing rallies across all time frames. The asset is up 3.4% in the daily charts, 6.9% in the weekly charts, 12.3% in the 14-day charts, 22.1% over the previous month, and 146% since July 2024, as per CoinGecko’s TRON statistics. What’s Pushing TRX? Source: CryptoRank TRON (TRX) has seen some healthy rallies over the last few days. The latest upswing comes amid a market-wide pullback. TRX’s upward momentum could be due to the recent rise in stablecoin popularity. According to cryptocurrency Analysis firm CryptoQuant, TRX’s upswing is likely due to USDT dominance and DeFi momentum on the network. TRON’s network activity has hit a multi-year high. The network registered 273 million transactions in M...

Solana (SOL) short interest has risen over the past week, in tandem with the cryptocurrency’s move to the upside following a two-week period of range-bound trading. As of May 14, 51.39% of the futures positions opened within the last 24 hours have been shorts, marking a noticeable change from May 8, when Solana’s short interest reached a low of 48.34%, according to data retrieved from crypto Analysis platform Coinglass .  Solana short interest 1-month chart. Source: Coinglass Short interest now sits at a one-month high, raising concerns that Solana’s recent rally, which has seen prices increase by 35.92% in the past month, may face near-term resistance. SOL price 1-month chart. Source: Finbold Is the increase in Solana short interest a sign that the SOL rally is coming to an end? Despite the increase in short interest, it remains unlikely that SOL’s recent price action will see a true reversal in the short term. Before the rally, whales loaded up on Solana...

Summary ⚈ Bitcoin supply held at a loss has dropped from 25% to 11% in May. ⚈ Over 2.17 million BTC, worth $210 billion, are still held at a loss. ⚈ BTC nears $97,000, with a 3.26% weekly gain and a possible $100K retest soon. Bitcoin (BTC) staged a move past $90,000 on April 22 following significant inflows — most of which came from retail trading. While the leading cryptocurrency has approached $97,000 it has struggled to hold that level despite positive recent price action. In tandem with the increase in price, the proportion of BTC supply currently being held at a loss has shrunk significantly — from nearly 25% in early April to 11% as of May 2, per data from market intelligence platform CryptoQuant analyzed by Finbold. Low levels such as these typically reduce selling pressure and supports bullish sentiment. BTC supply in profit chart. Source: CryptoQuant To be more precise, some 2,174,467 Bitcoins, worth a combined total of roughly $210.33 billion, are...

Widely followed analyst Benjamin Cowen is issuing a warning on Cardano (ADA) as the Ethereum (ETH) rival rallies. In a new video, Cowen tells his 822,000 YouTube subscribers that ADA could suddenly turn bearish against Bitcoin (ADA/BTC) on the weekly timeframe, similar to what happened in December 2020. “It’s probably not going to matter in a year, but there is still a chance that [ADA] gets one more flush on its Bitcoin pair. But if it does get one more flush on its Bitcoin pair, I would say that that’s probably the last one for the cycle, is what my guess would be.” Cowen says that Bitcoin’s dominance level (BTC.D) – the ratio between the market cap of BTC versus the market cap of all crypto assets combined – may extend higher next month. “Basically, I would take my Bitcoin dominance view and relate that to a lot of the alt/Bitcoin pairs. Bitcoin dominance, it’s possible that it’s topped, but there’s also ro...

The price of gold is surging rapidly. The precious yellow metal is currently a favorite among global banks, which have been hoarding it at a record pace. But why are banks stocking up on gold like there’s no tomorrow? Let’s find out. Also Read: US Dollar Plummets As Global Market Shifts, Yuan & Gold Soars Global Gold Purchases Hit A New Record According to a post uploaded by the Kobeissi Letter, central banks’ global net purchases of gold have breached the 480-tonne mark. The portal further pointed out stellar AUX statistics, indicative of global central banks purchasing nearly 480 metric tons of gold in the first half of 2024. “BREAKING: Global net gold purchases by central banks reached 483 metric tons in the first half of 2024, the most on record.” Furthermore, the portal shared how the global bank gold purchase has spiked 5% as compared to the AUX purchases made in 2023. “This is 5% higher than the previous record of 460 tons set in the first half of 2023. In Q2 20...

A widely followed crypto strategist and trader believes that one low-cap layer-1 altcoin project may be gearing up for a massive rally. Pseudonymous analyst The Crypto Dog tells his 810,000 followers on the social media platform X that Saga (SAGA) may be breaking out of a descending trendline on the three-day chart. “Longed SAGA. Looks ready to start it’s first bull trend.” Source: The Crypto Dog/X The blockchain project Saga aims to enable developers to launch interoperable, application-specific chains called “Chainlets.” Saga is trading for $1.45 at time of writing, down 10% in the last 24 hours. Next up, the analyst suggests Ethereum (ETH) competitor Solana (SOL) may be done correcting against Bitcoin (SOL/BTC). “Alright, SOL/BTC showing strength now. Think we may have just bought the bottom.” Source: The Crypto Dog/X SOL/BTC is trading for 0.002475 BTC ($138) at time of writing, up 1.47% in the last 24 hours. ...

XRP nears key breakout but lackluster volumes may spoil its 30% rally setup. XRP (XRP) rose 2.1% to $0.52 on April 11, extending its daily gains from $0.50 alongside a broader cryptocurrency market rally as traders pinned hopes on easing inflation data into April 12. XRP price: lackluster volumes raise risk of 25% correction XRP's upside move brought it closer to breaking out of its prevailing bull pennant range with a price target of $0.65. XRP/USD daily candle price chart. Source: Tradingview However, lackluster volumes accompanying XRP's gains hinted at a potential price correction in the future. That could mean a short-term pullback toward the pennant's lower trendline near $0.51 in April or a broader correction altogether invalidating the bullish continuation setup. The extended selloff scenario is best visible on the weekly chart below, wherein a key resistance-turned-support line has limited XRP's upside prospects. XRP/USD weekly price chart. Source: TradingVi...

Reviewing Bitcoin data from the 2019 bull market offers valuable insights on BTC’s current support levels and upside price targets. Bitcoin’s (BTC) recent price rally from $16,500 to $25,000 can be attributed to a short squeeze in the futures market and recent macroeconomic improvements. However, while prices increased, data suggests that many interested buyers (including whales) were left on the sidelines.  The recent rally to $25,000 shared many similarities with the 2019 bear market rally , which saw a 330% surge in Bitcoin’s price to highs around $14,000 from the November 2019 low at $3,250. Recently, the BTC/USD pair rose 60% from its November 2022 low. On-chain and market indicators relative to the 2019 rally are sending mixed signals on whether or not Bitcoin's rally will continue. Nevertheless, there are strong reasons to believe that the market has reached a crucial turning point where it can either turn into a full-fledged bull market or slump back into a long-term be...