Welcome to Extreme Investor Network, where we bring you the latest insights and analysis on all things related to the stock market, trading, Wall Street, and more. Today, let’s dive into the current state of the market and take a closer look at some key developments in the world of cryptocurrency.
Solana, a popular cryptocurrency, has recently seen support at $120, a crucial pivot level over the last ten months. As of now, it has risen to $134, and technical indicators suggest a potential recovery up to the $149-153 range. A breakout above $160 would confirm a bullish trend for Solana.
However, it’s essential to exercise caution as the market is currently driven by a tendency to sell growth assets. This sentiment is expected to persist at least until the release of US inflation data later this week, and possibly until the Federal Reserve’s interest rate decision on September 18th.
In the world of cryptocurrencies, recent data from CoinShares indicates that investments in crypto funds have seen a significant decline of $726 million in the past week. This follows outflows of $305 million the week prior, marking the highest outflow since late March. Notably, Bitcoin investments saw a decrease of $643 million, Ethereum by $98 million, and Solana by $6 million.
On a different note, Presto Research reports that the hash rate for Bitcoin has reached an all-time high, leading some to believe that Bitcoin is currently “severely undervalued.” Additionally, Bianco Research suggests that there could be a growing demand for spot bitcoin exchange-traded funds (ETFs) in the near future.
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