#Bitcoin has stabilized above the $120,000 mark, but leverage risks in futures trading need to be monitored.
Bitcoin has continued its upward trend over the past week, with a cumulative increase of nearly 6%, rising another 1.8% in the past 24 hours, currently reported at $120,499, hovering near the key resistance level of $119,000-$120,000. This range has become a focal point for traders due to its significance in July's price movements.
Market data indicates that Bitcoin's open interest (OI) on the Binance platform has risen to about $13.7 billion, nearing the mid to late July peak. Open interest reflects the activity level in the futures market, and the current level suggests that as prices approach resistance levels, speculative positions have significantly increased. Analysts point out that synchronized increases in price and open interest usually indicate the entry of long speculative funds, which may support the upward trend in the short term but also raise sensitivity to pullbacks—if the growth of open interest outpaces price, it could trigger long liquidations due to excessive leverage.
Historical experience shows that the $119,000-$120,000 range is a market decision point: if open interest stabilizes or declines after a breakout, it indicates that the upward trend is driven by spot buying or short covering, with low liquidation risk, targeting $122,000-$124,000; if open interest surges while the price falls below this range, it could trigger a liquidation-induced drop. Currently, open interest still has room to the historical high of $14 billion, but caution is needed for unhealthy signals such as 'price stability with increased leverage' or 'price decline with increased leverage.' The performance of resistance levels and leverage dynamics in the coming days will determine the next direction.
#Solana approaches $250, with ecological vitality acting as the engine for growth.
Solana's recent surge has been strong, currently reported at nearly $215, having broken the $200 resistance level for the first time this month. Analysts are targeting short-term goals of $250, with the next resistance range being $220-$230. The upward momentum comes from multiple factors: whales continue to accumulate, on-chain activity is active, and institutions are making long-term plays—a certain DeFi development company disclosed holding over $250 million in SOL treasury bonds, showcasing confidence in the ecosystem.
Data shows that Solana's total transaction volume has surpassed 21.9 billion, highlighting ecological scalability and activity, becoming the core support driving price increases.
#Ethereum has stabilized at $4,600 thanks to the ETF craze, with institutional accumulation continuing unabated.
Ethereum, driven by ETF fund inflows, broke above $4,600 this week and has maintained that level. The bullish options market shows that traders have invested over $5 million betting on a breakthrough of the psychological level of $5,000. Institutional funds are performing impressively: BlackRock and Fidelity's ETH ETF saw daily inflows exceeding $1.01 billion, setting a record, with net inflows even surpassing Bitcoin ETF.
On the corporate level, BitMine holds over 1.2 million ETH (valued at nearly $5 billion), and companies like SharpLink are also continuing to accumulate, providing strong support for prices through collective institutional buying.
Chainlink rose 15% weekly, with institutional collaborations opening up upside potential.
Chainlink (#LINK) rose 15% over the past week, breaking $24 and reaching a seven-month high. The positive news comes from a partnership with the Intercontinental Exchange (ICE)—the two parties will launch on-chain real-time foreign exchange and commodity pricing services, igniting market confidence.
On-chain data shows that LINK exchange balances have decreased by nearly 10% over the past two months, reducing selling pressure. The short-term target is set at $29, with optimistic expectations possibly reaching $35.
#JASMY encountered selling pressure after consecutive gains, and the heat of derivatives markets cannot hide the underlying worries.
JasmyCoin (JASMY) continues to be strong, rising 27% last week before gaining another 12% in the past few days, in sync with the overall warming of the memecoin sector. The derivatives market signals are positive: open interest saw an inflow of $6.47 million in 24 hours (an increase of 14%, reaching $46.1 million), and the financing rate has turned positive, reflecting a rebound in trader confidence.
However, the spot market reveals underlying concerns: over the past 72 hours, JASMY net outflows exceeded $2.3 million, with some holders taking profits, which may constrain the upward trend.
The current weekly growth rate of the memecoin sector is 12%. If the sector's enthusiasm continues, JASMY may continue to benefit, but caution is needed regarding the impact of expanding spot selling pressure on the trend.
Overall, the sentiment in the crypto market is high, with the leverage risk for Bitcoin needing close monitoring. Mainstream altcoins, backed by ecological vitality and institutional support, still have an optimistic short-term outlook.