Category: AI

Solanaisdisplayingremarkablepotentialforrecovery,anditappearsthattheassetmaybeapproaching$200.Theassetiscurrentlytradingcomfortablyabove$170afterstrongupwardmomentumwassparkedbythebreakthroughat$160earlierthismonth.Solanamightbepreparedtopushhigher,possiblytestingthenextsignificantresistancelevelat$185,accordingtotherecentpriceaction. Accordingtothetechnicalchart,Solanaappearstofacelittleoppositiongoingforward.Theassetisnowmovingwithinacomparativelysmoothrangeafterbreakingoutofthe$160zone,withsupportbeginningtoformat$155.Asustainedrallyfortheassetisindicatedbythissolidsupportbaseandrisingmarketconfidence.Thenextimportantleveltokeepaneyeonis$185,whichmightserveasthenextobstacleinthewayofapossiblemovetowardthepsychologicallysignificant$200. Solanaisalittleoverboughtbutstillmovingforward,accordingtotherelativestrengthindex(RSI),whichiscurrentlyatabout71.Asmallretreatorperiodofconsolidation,however,mightgivethebullsmorespacetobuildstrengthforalaterlegup. Solanaislikelytotest$185,whereadditionalresistanceisanticipatedifitisabletomaintainabovethe$170-$175range.Becauseitbreaksthroughalong-standingresistancelevelthathasheldthepricebackformonths,thebreakoutabove$160issignificantbecauseitsignalsalargermarketshiftforSolana. Solanamightbestartingalonger-termbullishphasebasedonthismovement,particularlyifitcanbreakthrough$185.The$200milestoneisverymuchwithinreachafterthat.ThepriceactionofSolanagenerallyindicatesasignificantupwardtrend.Strongmarketconditionsandlittleresistanceinthefuturecouldputtheassetontracktoreachthe$200marksoon. AnotherDogecoinsurge? ItlookslikeDogecoinispreparingforanotherpossiblepricespikeofupto30%.Thismaybethethirdlegofasequenceofpricedrives,whicharefrequentlyregardedasoneofthestrongeststagesofsuchmovements,accordingtotheElliottWavetheory.Dogecoin\'spriceactionmayseeasignificantshort-termboostfromthisnextleg.Examiningthegivenchart,Dogecoinrecentlysurgedabovekeyresistancelevels,hoveringaround$0.12andremainingstableinthe$0.13range.Theassethascontinuedtorisedespiteminordeclines,withstrongsupportformingat$0.12and$0.11. DOGEhasthepotentialtoriseevenhigherthankstothisfoundation-particularlyiftheoverallcryptocurrencymarketcontinuestobeoptimistic.WiththeRSIatabout70rightnow,Dogecoinisalittleoverboughtbutstillmovingintherightdirection.Gainsmaybeconsolidatedbyabriefdeclinepriortoasubsequentupwardtrend.Dogecoincouldaimfora30%increaseunderthecurrentconditions,bringingthepricenearthe$0.18-$0.19range,akeypsychologicalresistancezone. Pricemovementsusuallyfollowfive-wavepatterns,accordingtoElliottWavetheorywiththethirdwavebeingthelongestandstrongest.Thecurrentstateofthemarketindicatesthepossibilityofanotherlegup,drivenbyheightenedbuyingpressureandmarketoptimism-ifthistheoryiscorrectinthecaseofDogecoin. Targeting$0.18-$0.19forapossibleupwardbreakout,tradersshouldnowcloselymonitorsupportlevelsaround$0.12and$0.11.Dogecoinmayexperienceanewphaseofgrowthasaresultofthethirdpricedrive,whichcouldpushpricestoall-timehighsintheupcomingweeks. Ethereumuptrendincoming ThechartshowsthatEthereumhasrecentlybeeninadiscernibleuptrend.Itisunclear,though,ifthismomentumwillbesufficienttostartafull-fledgedbullrun.Asofrightnow,Ethereumisoperatingwithinaclearlydefinedchannel,andhowtheassetrespondstoimportantlevelsoverthenextfewdaysmayindicateitsfuturecourse.Giventhecircumstances,Ethereumiscurrentlyencounteringresistanceat$2,790,whichhasbeenastumblingblockforthecryptocurrencythroughoutOctober. Abreakabovethismarkmightindicateastrongerupwardtrend.Inthatcase,thepricemightaimforthepsychologicallevelof$3,000,whichwouldbeacriticalareaforadditionalgrowth.Significantsupportisformingaround$2,488onthedownside.Thelowerboundaryoftheascendingtrendlineisatthislevel,andadeclinebelowitcanindicateatemporaryretracement. Additionalsupportcanbefoundat$2,400,whereEthereumhaspreviouslyrecovered.Therelativestrengthindex,orRSI,iscurrentlyat56,whichisinthemiddlerangeandshowsthattheassetisstillmovingupwardwithoutbeingoverbought.Althoughvolumeseemstobestable,anysignificantpricechangewouldrequiremoretradingactivitytosupportthetrend.Inconclusion,eventhoughEthereumiscurrentlyshowingpromiseitistoosoontodeclareaconfirmedbullrun. MoreinformationwillprobablybecomeavailableinthedaysaheaddependingonhowETHrespondstotheresistanceat$2,790andmaintainssupportat$2,488.HighertargetsmaybeaccessibleifEthereumovercomessignificantresistance,butifitdoesnot,theremaybeashort-termretracementorsidewaysmovement. u.today

ThelatestdatafromLunarCrushhasrevealedthetop10cryptocurrenciesrankedbytheirGalaxyScoreasofOctober23,2024.Leadingthelistarenotablecoinssuchas$BIFI,$AAVE,$TAO,$BTC,$SOL,$ETH,$REI,$BNX,$MLN,and$LTC,signallingawiderangeofactivityacrossmajorandemergingtokens. TOP10COINSBYLUNARCRUSHGALAXYSCORE$BIFI$AAVE$TAO$BTC$SOL$ETH$REI$BNX$MLN$LTCpic.twitter.com/gdLCVbqGo1 —PHOENIX–CryptoNews&Analytics(@pnxgrp)October23,2024 TheLunarCrushGalaxyScoreblendsvariousmetricstoassesshowwellaparticularcryptocurrencyisperformingbasedonbothsocialengagementandmarketmomentum.Cryptocurrenciesthatshowheightenedinterestfromsocialplatforms,combinedwithintensemarketactivity,oftentoptherankings.Thecoinsfeaturedinthisweek’stop10reflectadiversegroupofprojects,eachgainingsignificantattentionacrosssocialmediaandthebroadercryptocurrencymarket. Accordingtothedata,amongtheleaders,$BTC,$SOL,and$ETHcontinuetoshowdominance,withBitcoinandEthereummaintainingtheirpositionsasthetwolargestcryptocurrenciesbymarketcapitalization.Solana($SOL)isalsogainingground,withitsrobustdevelopmentecosystemandgrowingDeFipresencecontributingtoitshighscore.Theseestablishedtokenshavebeenmainstaysonsuchlists,butseveralnewerprojectsalsomadenotableappearances. RisingStarsandEmergingProjects Thisweek’slistisparticularlysignificantasithighlightsemergingprojectslike$BIFI,$TAO,and$REI.$BIFI(BeefyFinance),ayieldoptimizationplatform,hascapturedinvestorattentionwithitsinnovativestakingstrategies.Atthesametime,$TAO,anunder-the-radarproject,appearstobegainingmomentuminitscommunity-driveninitiatives.$REI,meanwhile,isshowingsignsofgrowingmarketactivity,likelybolsteredbyitsstrategicpartnershipsandevolvingusecases. $BNX(BinaryX)and$MLN(Enzyme)roundoutthetop10,withbothtokensbenefitingfromstrongsocialbuzzandrenewedinterestintheirrespectiveecosystems.$BNXhasbeenarisingstarintheplay-to-earnsector,while$MLNcontinuestoattractattentionforitsdecentralizedassetmanagementprotocol. TheLunarCrushGalaxyScorereflectscurrentperformanceandcanpotentiallysignalfuturepricemovements.Withthecryptocurrencymarketremaininghighlyvolatile,thetop10rankingsprovideinvestorswithvaluableinsightsintowheresocialandmarketmomentumisstrongest.Asthesecoinscontinuetogaintraction,tradersandanalystswillbecloselywatchingforsignsoffurtherralliesorpotentialcorrections. blockchainreporter.net

RippleintendstocountertheSEC,submittingitsFormCcivilappealtoday.Theblockchain-baseddigitalpaymentnetworkwillparticularlychallengethecourt’spreviousrulingonitsXRPinstitutionalsales,wantingclarityoverthetoken’sclassification. Ripple’sexecutivesanticipatepositiveresultsfromtheSecondCircuit’sruling OnAugust7,DistrictJudgeAnalisaTorresruledthatRipple’sprogrammaticsalesofXRPtoretailcustomersdidnotbreachfederalsecuritieslaws,concludingthatXRPisnotasecurity.TheSecurityandExchangesCommissiondissatisfiedwiththecourt’sruling,filedanappealtohaveXRPtreatedasasecurity. Today,RippleisalsoexpectedtosubmititsFormCappealtotheUSCourtofAppealsfortheSecondCircuit.TheappealwillfocusontheDistrictCourt’srulingonitsinstitutionalsales,whichwereconsideredunregisteredsecuritiestransactions. TheFormCfiling,however,hasRipple’sexecutivesBradGarlinghouseandStuartAlderotyoptimistic,eyeingawinovertheUScommission. BradGarlinghousetoldJournalistEleanorTerrett: Iamsoconfidentthatwe’regoingtowintheappeal,andthatwouldreallyputadaggerinGaryGensler’swholeagendaaroundcryptoregulation.Honestly,Ellie,I’mnotlosinganysleepoveritatall.I’msoconfidentaboutitbecauseIbelievewe’reontherightsideofthelaw.Ithinkwe’reontherightsideofhistory. ~BradGarlinghouse StuartAlderotyalsosharedthesameconvictionswithGarlinghouse,believingtheywouldaddanotherwinovertheregulator.AlderotyarguedthattheSecondCircuithasatrackrecordofbeingcriticalofregulatorsandregulatoryoverreachraisingtheirwinningchances. RippleLabsfeelsitshouldhavespokentoUSregulatorsmuchearlier AttheDCFintechWeekconference,Ripple’sCEOBradGarlinghousetoldCNBC’sTanayaMacheelthathefeelshisnetworkshouldhavereachedouttoregulatorssooner.HeclaimedhisnetworkmadeamistakebydelayingdiscussionswiththeUScommissionandisonlynowtryingtorecoverfromitslossesandlegalchallenges. However,GarlinghousedidblameSECchairGaryGenslerforthelateintroductionofcryptoregulationsintheUnitedStates,arguingthathebroughtuphurdlesfordigitalassets.HeevencalledoutSenatorElizabethWarrenformisrepresentingfactsoncryptocurrenciesand,inoneofhisposts,sharedhissupportforRepublicancandidateJohnDeatoninstead. cryptopolitan.com

InadocumentfiledwiththeUSSecuritiesandExchangeCommission(SEC),techgiantMicrosoftrevealedit’sconsideringaproposaltoinvestinBitcoin. Microsoftpreciselydisclosedthatthe“AssessmentofInvestinginBitcoin”iscurrentlyproposedandwillbevotedonduringtheshareholdermeetingonDecember10.However,thefirmfurtherstatedinthefilingthat“theBoardrecommendsavoteagainstthisproposal.” JUSTIN:PeranSECfiling,Microsoftwillhaveaproposedboardresolutionforan\"AssessmentofInvestinginBitcoin\". TheboardisrecommendingthatshareholdersvoteAGAINSTtheproposal.pic.twitter.com/0WveygitH9 —TFTC(@TFTC21)October24,2024 VanguardandBlackrockareamongMicrosoft’sshareholders VanguardisthelargestinstitutionalshareholderofMicrosoftequityat9%,followedbyBlackrockat7.82%. Blackrockhasbecomeoneofthelargestinstitutionalplayersinthecryptomarket,withthelaunchofitsBitcoinspotexchange-tradedfunds,withhaveaccruedover$26billioninassetsundermanagement,accordingtodatafromTheBlock. However,the$9.3trillionassetmanagerVanguardhasremainedonthesidelineswithcrypto. FollowingthedebutofspotBitcoinETFsearlierthisyear,Vanguardpublishedablogpost,announcingthatitwouldnotissueoroffercrypto-relatedETFstoitsclients. “VanguarddoesnothaveplanstocreateaVanguardbitcoinETForothercrypto-relatedproducts,”Vanguardwrote.“Additionally,suchproductsfromotherissuerswillnotbeofferedonourbrokerageplatform. OtherleadingshareholdersincludeStateStreetCorp.,CapitalGroup,MorganStanley,JPMorgan,andsoon. Publiccompaniesnowown1.73%ofBTC IfandwhenMicrosoftdecidestoinvestinBitcoinbyDecember,itwon’tbethefirsttimeapubliclytradedcompanyinvestsinthelargestcryptoassets. About1.73%(or$24.9billionatthetimeofwriting)ofBitcoin’ssupplyisownedbypubliccompanies,withthelargestbeingMicrostrategy,whichholds252,220BTC,accordingtodatafromBitcoinTreasuries. BTC’spricewasup2.3%to$68,456.26,followingthenews. cryptopolitan.com

Bitcoin(BTC)miningfirmTeraWulfInc.WULFstocksfellover7%to$5.84followingthefirm’sannouncementofa$425millionofferingof2.75%convertibleseniornotesduein2030. VanEckheadofdigitalassetsresearchMatthewSigelhighlightedthatWULFwastheworst-performingshareinVanEckDigitalTransformationETF(DAPP)onOct.24. Sigelstated: “InsteadofAnnouncinganAI/HPCCustomer,WhichInvestorsAreEagerlyAwaiting,TheyAnnouncedaDilutiveConvertible.” ThecurrentdeclineinTerawulf’ssharepriceisalsoahealthyretracementfollowingablistering71%climbthismonthbetweenOct.9andOct.22. Ernst&YoungmanagerDanielMarquessharedonXthatthepriceareaaround$6isactingas“heavyresistance,”withstrengthindicatorsshowingthatthiswouldbeachallengingareatogetthroughintheshortterm.Headded: “Iexpecta20-30%cooloffbeforethenextmoveto$7-9.Allpartofthelongtermgame.” Expandingoperationsandrepurchasingprogram TeraWulfintendstoallocatethefundsraisedfromthisofferingtoseveralkeyareas,with$115millionearmarkedfortherepurchaseofcommonstockandanadditional$51milliontofinancecappedcalltransactionsdesignedtoreducepotentialdilutionfromtheconversionoftheconvertiblenotes. Theremainingfundswillsupportgeneralcorporatepurposes,whichmayincludeworkingcapital,strategicacquisitions,andtheexpansionofdatacenterinfrastructuretofurtherdevelopthecompany’shigh-performancecomputing(HPC)activities. Thenoteswillbeconvertibleintocash,sharesofcommonstock,oracombinationofboth,atthecompany’sdiscretion,basedonaconversionrateof117.9245sharesper$1,000principalamount. Accordingtotheannouncement,thisisequivalenttoaninitialconversionpriceofapproximately$8.48pershare,representinga32.5%premiumoverTeraWulf’sstock’sclosingpriceonOct.23. Additionally,thecompanyhasenteredintocappedcalltransactions,withacappriceof$12.80pershare—doubletheclosingpriceonOct.23.Acappedcallisatypeofderivativetransactionthatlimitsthepotentiallossofacounterpartysellinganoptiontoacompanyissuingconvertiblebonds. Themoveaimstomitigatepotentialdilutionandoffsetanycashpaymentsexceedingtheprincipalamountofthenotesincaseofconversion. Notably,TeraWulfhasconcurrentlylaunchedarepurchaseprogram,acquiringapproximately17.97millionsharesofcommonstockfor$115millionattheOct.23closingpriceof$6.40pershare. AccordingtoTeraWulf’sstatement,thisrepurchaseisexpectedtoenhancevalueforexistingshareholdersbyreducingthenumberofoutstandingshares. cryptoslate.com

Ahackermayhavestolenover$20millionworthofcrypto,includingstablecoinsandEthereum(ETH),fromaUSgovernment-controlledwalletconnectedtotheinfamous2016Bitfinexhack. ThesuspicioustransfersoccurredonOct.24,raisingalarmsamongblockchainanalysts,includingZachXBT,whocalledthetransfers“nefarious”andhintedatpossibletheft. ArkhamIntelligencefirstflaggedthetransfersfromthewallet,whichhadbeendormantforeightmonthsbeforeitsuddenlymoved$1.25millioninTether(USDT)and$5.5millioninUSDCoin(USDC)fromtheDeFiplatformAave. Additionally,around$13.7millioninaUSDC—aninterest-bearingtokenrepresentingUSDCdepositedinAave—alongwith$446,000worthofEthereum,wassenttoarecentlycreatedwallet. ThefundshadbeenseizedbyUSauthoritiesaspartoftheinvestigationintothe2016Bitfinexhack,inwhichover$3.6billionindigitalassetswerestolen.Followingtheseizure,thegovernment-heldwallethadreceivedsignificantamountsofcrypto. Furtheranalysisrevealedthatapproximately$320,000worthofEthereumwassenttovariousexchanges,whileanother$80,000wasdistributedacrossmultiplesmallerwallets.Thewalletthatreceivedthesefundshadbeencreatedonlydaysbeforethetransfer,intensifyingconcernsaboutthesuspiciousnatureofthetransactions. Asofpresstime,theDepartmentofJusticehasnotcommentedonthesituationorprovidedinformationregardingthetransfers.Analystsandblockchainexpertsarecontinuingtomonitorthemovementofthefundsastheinvestigationunfolds. cryptoslate.com

TheNationalCenterforPublicPolicyResearch,aconservativethinktank,hasnotifiedshareholdersofMicrosoftthatitintendstoproposeaBitcoinDiversificationAssessmentatthecompany’sannualmeetingonDec.10,afilingshows. InaScheduleAfilingwiththeU.S.SecuritiesandExchangeCommissiononThursday,Microsoftlaidoutissuesthatwillbediscussedatthecompany’snextshareholdermeeting.Oneoftheproposalssuggeststhatthetechfirmshouldlookintobitcointohedgeagainstinflationandothermacroeconomicinfluences. Theboardrecommendsshareholderstovoteagainstthisproposal,thefilingreveals,arguingthatMicrosoftalready“carefullyconsidersthistopic.” “PastevaluationshaveincludedBitcoinandothercryptocurrenciesamongtheoptionsconsidered,andMicrosoftcontinuestomonitortrendsanddevelopmentsrelatedtocryptocurrenciestoinformfuturedecisionmaking,”accordingtoacompanystatementinoppositionoftheproposal. “Astheproposalitselfnotes,volatilityisafactortoconsiderinevaluatingcryptocurrencyinvestmentsforcorporatetreasuryapplicationsthatrequirestableandpredictableinvestmentstoensureliquidityandoperationalfunding.Microsofthasstrongandappropriateprocessesinplacetomanageanddiversifyitscorporatetreasuryforthelong-termbenefitofshareholdersandthisrequestedpublicassessmentisunwarranted,”itsaid. TheNationalCenterforPublicResearch,amemberofProject2025arguedthatbitcoinisan“excellent,ifnotthebest,hedgeagainstinflation,”andthatatminimum,companiesshouldinvest1%ofitstotalassetsintothecryptocurrency. Microsoft’stopshareholdersincludeVanguard,BlackRockandStateStreet. coindesk.com

PennsylvaniahasbecomethelateststatetoenactlawsaimedatprovidingsomeregulatoryclarityondigitalassetswiththenewBitcoinRightsBill.StatelegislaturesandgovernorsareincreasinglytakingactiontosetguidelinesfortheUScryptoindustry.

MicroStrategycurrentlyholdsover250,000BTCworthnearly$10billion,makingitoneofthelargestBitcoinholdersglobally.Thecompany’sBTCacquisitionstrategyhasraisedquestionsaboutitsfinancialstability,especiallyconsideringthepotentialrisksassociatedwithitsdebtandfutureBitcoinpricemovements.Also,netizensarespeculatingonwhethertheMichaelSaylor-backedcompanywillsellitsBTCreserve. MicroStrategytoSellItsBitcoin? AccordingtoareportbyBitMEXResearch,MicroStrategy’sstocktradesatasignificantpremiumtoitsnetassetvalue(NAV).ThissituationissimilartohowGrayscaleBitcoinTrust(GBTC)didinpreviousBitcoincyclesbeforeitconvertedtoanETF.Moreover,thecompany’sdebtsituationiscomplex.MicroStrategyhasissuedfiveoutstandingbondstotaling$4.25billionsinceadoptingitsBitcoinstrategy.Thesebondscomewithvariousredemptionandconversionoptions,whichplayacrucialroleindeterminingwhetherthecompanymightneedtosellitsBTCholdings. BitMEXResearchnotedthatfourofthefivebondsallowbondholderstoconverttheirbondsintoMSTRstockatspecificconversionratiosordemandcashbasedontheamountborrowedplusanyunpaidinterest.MicroStrategyalsoretainstherighttoredeembondsforcashifthestockpriceexceedscertainthresholds. MicroStrategyBonds–WhenLiquidation? WelookatMSTR’soutstandingbonds&lookattheirstructure.WeassessthepossibilityMSTRcouldbeforcedtosellBitcoin.Wearguethatforcedliquidationsareunlikely,basedonthecurrentdebtstructurehttps://t.co/mQK4ODuUlM —BitMEXResearch(@BitMEXResearch)October24,2024 Advertisement Forinstance,thezero-couponbond,maturingin2027,givesMicroStrategytherighttoredeemforcashifitsstocktradesabovea30%premiumtotheconversionprice.Whilethecurrentstockpriceis$214,wellabovetherequired$186.23threshold,thecompanyhasyettoexercisethisoptionbecausethestockhasnottradedabovethethresholdfortherequired20days. Despitetheconcernsoverpotentialforcedliquidation,BitMEXResearchsuggeststhatthelikelihoodofMicroStrategybeingforcedtosellitsBitcointomeetbondobligationsislow.Thecompany’sinterestpaymentsonitsbondsarerelativelysmall,anditslegacysoftwarebusinessisexpectedtogenerateenoughfreecashflowtocoverthesecosts.AsignificantBitcoinpricecrash,whileproblematic,maynotdirectlyforcethecompanyintosellingitsBTC. BitMEXFlagsMajorCaution However,theresearchhighlightsthatiftheBitcoinpriceweretodropsubstantially,perhapstoaround$15,000perBTC,thingscouldworsen.InsuchasituationifMicroStrategycouldnotraiseadditionaldebt,forcedliquidationofitsBTCcouldbecomeaconsideration.Nonetheless,itisimportanttonotethatthematuritydatesofitsbondsarespreadbetween2027and2031,whichprovidesthecompanywithsomeflexibility. ThereportalsonotesthatwhileMicroStrategyisunlikelytobeforcedintosellingitsBitcoin,itcouldbecomeadvantageousforshareholderstosellifthestock’spremiumtoNAVturnsintoadiscount.Thecompany’sabilitytoissuedebtwhileitsstocktradesatapremiumisreferredtoasan“infinitemoneyglitch,”butthissituationmaynotlastindefinitely. Advertisement AlsoRead:USBitcoinETFReserveNears1MBTC,PriceRallyImminent? cryptonewsz.com

Sinceitsretestaroundthe$120.40lowonSeptember2,Solana’snativetoken,SOL,hasbeenonamorepotentbullishoutlook,characterizedbyaseven-weekrally,withonlyonebearishcloseduringthisperiod.Followingthispriceuptick,thecryptocurrency’smarketvaluehassurged,breakingpastkeyresistancelevelsofaround$163.56,lastseenonAugust8. Asofpresstime,SOLtradesat$175.89,reflectinga6.03%increaseoverthelast24hours.Consideringthealtcoin’soptimisticpriceaction,marketanalystsareprojectingthetokenmayhitthe$200markinthecomingweeks. SOLPoisedforRallyasTechnicalsTurnPositive Fromatechnicalperspective,theSOLcryptocurrencyispoisedforarallyaskeymetricshintatabullishcontinuationinthenearterm.Forinstance,therelativestrengthindexpresentlypointsupward,indicatingthetoken’sbullishsentimentisbuildingupintheshortterm. WithitsRSIlineat58.82,thereismoreroomforfurtherpricegrowthbeforereachingtheoverbought70level,suggestingthatSOLmaycontinueitsupwardmomentuminthecomingdays.Themovingaverageconvergencedivergenceindicatorat6.49paintsanidenticalposturewiththeMACDline,reflectingabullishcrossoverwiththesignalline. Addingtothisoptimisticpriceaction,theMACD’shistogrambarsshowgreenbarsexpandingabovethezerolineat0.93.ThisimpliesthatSOL’spositiveoutlookisstrengtheningintheshortterm.Inaddition,datafromCoinGlas,anon-chainanalyticsplatform,indicatesanincreaseinbuyingpressureasthetoken’sOI-weightedfundingrateremainedconsistentlypositive. ThismeansSolanalongpositionholdersarewillingtopayapremiumtoshortonestokeeptheirpositionsopen,indicatingconfidenceintheasset’spotentialforfurthergains.Thecryptocurrency’sopeninterestalsocementsthisbullishoutlook,showinga6.87%surgeto$3.40billionoverthepast24hours.SuchoptimisticdatapointspaintapromisingpicturefortheSOLtoken,possiblyreachingthe$200threshold. WillSOLBreakPastthe$200Mark? Giventhecurrentmarketconditions,theSolanacryptocurrencyispoisedtosurgetowardthe$200threshold,withthelikelihoodofsurpassingitandreachingoutforhigherlevels.However,thesuccessofthismovedependsonvariouskeymetricindicators.Forinstance,theSOLtokenmustchallengethe$182.84resistance,aligningwiththe78.6%Fibonaccilevel,andcloseaboveittoconfirmasustainedbullishtrend.AbreachabovethislevelcouldpushSolanatowardthe$200zone. Conversely,shouldthealtcoinfailtomeetthesedemands,itsmarketvaluemightrevisitthe$163.56supportlevelbeforeattemptinganotherbullishbreakout.Yet,shouldthiszonefalter,thecryptocurrencymightplummetdeeper,possiblytouchingthe$151.92lowaroundthe50%Fibonaccilevel. cryptonewsz.com