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The Short-Term Holders of Bitcoin (STH) P/L ratio has returned to a neutral level of 1.0, indicating an even distribution of coins in profit and loss.
Historically, this level acts as resistance during bearish periods, reflecting the indecision of market participants. However, a confident break above this threshold will signal a strengthening of the bullish momentum and the beginning of the recovery phase.
Due to the overabundance of shorts on the market and the breakout of significant resistance, it has become much easier to pull the market to its upper limits.
However, we should not forget that we still have an open gap at $91,900, and we have not yet seen a significant cooling after a strong market rebound. Therefore, I think that the price can be pulled up a little more (to remove the main short positions, which are now significantly dominant), and only after that we will see a good cooling. After the rollback, we can already consider continuing growth.
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Solana continues to grow actively even against the background of Bitcoin's sideways trading.
The asset's correction down to $95 allowed to unload all the "passengers" and collect significant liquidity, which now serves as powerful fuel for further upward movement. Buybacks are good, liquidity from below is collected, whales are actively buying, and what is especially important is that the coin is growing even with the extremely high dominance of Bitcoin.
There are a number of key factors indicating a high potential for further growth of the asset.
We have good buyback volumes and no selling pressure. These factors have already begun to have a positive effect on the asset price, pushing it confidently upward.
From the marked level, I will expect continued growth and a smooth recovery of the asset to $4+
Bitcoin reserves have fallen to an unprecedented low, which creates a strong shortage of coins and has a positive impact on the price of the asset.
A sharp and at the same time strong buyback of the market has begun, which serves as a good driver for further growth.
The most interesting thing is that this happened in just a week.
In a couple of days, the mood on the market has completely changed.
Yes, earlier we expected a deeper correction. However, thanks to the news background (the establishment of economic relations between China and the United States), the breakthrough of important resistance levels and a sharp increase in the volume of buybacks, market expectations have changed to the upward side. Given the current components of the market, in the medium term, the growth trend should continue. But do not confuse this with the local structure, where we have an open gap at $91,900, which is asking to be covered in the near future