5.29 Morning Market Update:
The curse of always dropping during meetings is still here!
Bitcoin may enter a narrow fluctuation range in the short term, with a bearish technical outlook; the next major upward wave is likely to only start after breaking through $120,000.
Regarding altcoins, I remind you again of $CAKE , the current structure is close to a breakout, and if confirmed upward, there may be explosive market conditions, especially with the rising expectations of ALPHA transaction fees, it would be unreasonable not to rally.
🔥 Market Focus Updates:
1. BN launches Sophon: an entertainment chain based on zkSync L2, market-making by DWF, worth noting;
2. Strong ETH: The ETH exchange rate is stronger than BTC and SOL, and on-chain memes (like ZEUS) are also performing better than Solana;
3. TON surges: Telegram announces collaboration with Musk's XAI (though the signing has been denied), and completes $2.5 billion financing, with BlackRock participating;
4. HYPE declines: On-chain contract platforms correct, whale James' high-leverage contract was precisely targeted, with a floating loss of 80 million;
5. BN Wallet launches Reddio: a parallel ETH L2 project, one of the TGE projects, worth mid-term observation.
