Market analysis:
BTC: Bitcoin once again stands above 40,000, but judging from the market, it is mainly weak. The trend of the market has not had such a strong impact on the altcoins. For example, after this wave of pullback, $sui $icp $manta and so on rebounded strongly. If the main market gives the market a chance to breathe, the market will actively move upward. This is the power of the trend.
Although Bitcoin has support near 38,500 at the 4-hour level, this support is weak and will continue to adjust in the future, so there will not be much improvement in the short term. Instead, we should pay attention to other copycat and high-quality new projects, as there are many opportunities.
ETH: BlackRock's spot ETF application was postponed by the SEC again, but in the short term this should be a good thing for ETH. After all, Grayscale has been dumping the Bitcoin ETF every day, and there are still 3 million ETH in Grayscale's account, which is now worth $6.7 billion. That is to say, many of them are from FTX, so even if it is passed, it will continue to dump the Bitcoin. The next review deadline for ETH is in May, and it will also go through the Cancun upgrade in the middle. The current upgrade may be in March. Another FUD is that Celsius transferred another 18,000 ETH to CB, which seems to be dumping the Bitcoin again. In short, the short-term pressure on ETH is still not small. Of course, if the bull market returns and ETH becomes the benchmark currency in the primary market, the market will pick up.
Technical side: Ethereum's current trend is still weak, but in the short term, the daily and 4H trends have strengthened, and the weekly trend is still in a downward trend, so there may be a slight recovery in the short term, but the magnitude will not be too large.
BNB: BNB’s trend has warmed up and strengthened today, and it started to move upward in 4H. If the market stabilizes, BNB will rebound in the short term.
SOL: SOL daily and 4H trends are strengthening, and the weekly trend is still a correction. Therefore, based on the comprehensive data, the market will stabilize and SOL will have another rebound in the short term, and then will continue to decline and correct.
AR: AR's current short-term trend is strengthening and rising, and the daily and 4H trends continue to rise. There is a bullish wave in the short term, mainly linked to the broader market.
UNI: UNI's intraday market trend is mainly volatile downward, and it will continue to recover in the short term.
OP: OP’s overall trend is currently weak, and the daily line is still continuing to fall. It is still mainly linked to the Ethereum trend.
Potential coin analysis:
DOT
The Polkadot ecosystem’s latest quarterly update highlights significant growth in network activity and stable transaction fees. With over 1.3 million holders, Polkadot remains a respected network supporting numerous web3 protocols.
On-chain data shows that the network has facilitated more than 30 million transfers, driven by inscriptions and web3 activity. On the other hand, the Polkadot team is preparing to launch multiple upgrades. The upgrade includes trustless bridges, asynchronous support, and on-demand parachains, aiming to meet the growing demand for blockchain services. In addition, these enhancements are designed to increase the functionality of the network and adapt to the changing needs of users.
PYTH
Pyth Network (PYTH) is a price aggregation oracle that has attracted attention since its launch in November 2023. With a market cap of $540 million, Pyth Network (PYTH) has quickly become a significant player, attracting investor interest with its market insights and expectations for free token distributions.
Pyth Network (PYTH) The 10-day moving average is at $0.373, with support and resistance levels at $0.159, $0.605, and $0.828 respectively.
In the volatile cryptocurrency market, Pyth Network (PYTH) stands out for its unique attributes, with price predictions suggesting potential growth to $2.89 by 2025. However, due to the inherent volatility of cryptocurrencies, these predictions should be treated with caution. The success of Pyth Network (PYTH) is closely tied to the adoption of its data source and the overall development of the crypto-finance sector.
NEAR Protocol
NEAR Protocol stands out as a developer- and user-friendly first-layer blockchain tailor-made for cloud computing. It removes the limitations in transaction speed, throughput, and interoperability that hinder alternative networks. This provides an ideal foundation for deploying DApps. For example, NEAR uses human-readable account names instead of complex cryptographic addresses. It also implements a unique scaling solution and a proprietary "Doomslug" consensus mechanism.
As a developer-centric, first-layer blockchain that prioritizes usability, NEAR has tremendous long-term growth potential as adoption of decentralized applications accelerates. Its focus on providing a scalable, secure, and consumer-friendly platform for cloud computing makes it an attractive foundation for the next generation of DApps. If NEAR can continue to gain traction with developers and become a premier DApp hub, its enterprise-grade features could propel it into the top 10 crypto projects.
