The market saw significant movements today: Bitcoin (⟨c-16/⟩) surged and broke the $110,000 level for the first time in several weeks, while news of the Solana ETF dominated the scene after Invesco, VanEck, and Bitwise submitted official requests to launch index funds for Solana. Political tensions between Donald Trump and Elon Musk also escalated, with Trump accusing Musk of relying on government support and threatening to halt Musk's giant projects like rockets and electric cars. These events affected market sentiment; the price of Dogecoin, linked to Musk, started to decrease partially, while investors are anticipating the results of upcoming policies to assess their impact on the cryptocurrency market.
Market analysis📉
Bitcoin (BTC/USD): The currency broke the $110K barrier, recording an increase of about 2% during the day, reflecting the strength of current institutional demand.
Solana (SOL/USDT): stabilizes around $152 after a limited rise of ~1.25% following the ETF news. The technical chart shows potential bearish pressure, as the breakout of the ~$148 level (the short-term peak) was rejected, indicating a possible price drop towards ~$136 as a lower target.
Technical analysis shows major resistance for Bitcoin around ~$110K, with support levels at ~$105–104K on the short horizon. Note that optimistic analysts still warn about risk management due to significant market volatility.
Figure 1: 4-hour chart for the price of Sol$ against the dollar (USD), highlighting a major resistance area (in red) around $108–110 thousand, and a subsequent support area (in blue) within the range of $100–105 thousand.
Figure 2: Hourly chart for the price of ⟨c-71/⟩ against Tether (USDT), showing bearish pressure after the rejection of breaking the ~$148 level (white bars), with a downward trend expected towards support at ~$136, while SOL is currently trading around $152.
My personal analysis 🔍💡
From our expert perspective, Bitcoin's recent rebound above $110K is a positive indicator reflecting renewed confidence among institutional investors, but sustaining the price above this level requires a clear breakout to continue the bullish momentum. As for Solana, it remains under technical observation; despite the current rise to ~$152, the $148 level has become strong resistance after the apparent rejection in the chart, which may open the door for a corrective drop. The political confrontation between Trump and Musk adds a layer of uncertainty; it lowers investor sentiment in meme coins linked to Musk (like $DOGE), and could lead to wider market volatility if tensions escalate.
Advice for investors💰🪙
We always advise adjusting risks and following a clear strategy. Despite the positive signals (recovery of ⟨c-6/⟩ to the 110K level and interest in projects like the Solana ETF), it should be remembered that market volatility is significant. Diversifying the portfolio and waiting for confirmation signals before making major investment decisions is preferred.
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Sources: Binance Square reports, financial news, and technical analysis.
