Whatever control the bulls managed to gain yesterday, is gone today as shown by the 0.42% decline in total market cap, and the decline from $1.69 trillion to $1.68 trillion.
The crypto market’s heatmap is also almost completely red, as shown above. In terms of liquidations, the last 24 hours haven’t been kind to the bulls either, as shown by data from Coinglass.
While the total liquidations sit at around $99 million, the bulls have taken a $71 million hit over the last 24 hours, compared to the bears’ $27 million.
Overall today, we can say that the bears hold the most influence over the market. Not because they are especially strong by any means, but because the bulls either lack the strength, or the motivation to put up a fight.
Bitcoin Holds The Line At $42,800
According to the charts, the $42,800 zone presents itself as a crucial support/resistance, and Bitcoin has been fighting tooth and nail to not stray too far below this line.
Bitcoin currently trades at around $42,888, indicating that at least from a short-term perspective, the bulls are winning.
So far, Bitcoin’s price action has printed higher highs from here, leading us to conclude that a small indicator of bullish strength would be a break above $43,060, in Bitcoin’s attempt to break above $45,000 again.
Ethereum: Any Day Now…
Ethereum’s performance has been impressive so far, when it comes to staying afloat, as shown by the chart above.
Ethereum has managed to keep itself above the $2,500 resistance so far, indicating that we may see this much-anticipated Ethereum rally very soon.
Ethereum is likely to spend the next few days in a rally, going slightly higher than $2,614 and no lower than $2,500. Unless of course, the bears take control.
Solana Targets $100
When it comes to effort, Solana is putting a lot in.
Solana currently trades at the psychological $100 mark and has been cornered into a symmetric triangle formation as shown above.
Solana’s strength has been impressive over the last few weeks, and if the bulls continue to put in this effort, we are bound to see a break out to the upside very soon. Solana’s price targets include anywhere between $125 to $150.
Santos FC Token’s Performance
Yesterday, several soccer-related tokens started to rally against one another, with Santos taking the lead. Today, we have several of these tokens taking the “top loser” rankings. All of them, except for Santos.
Santos has now climbed the ranks to become the 4th hottest cryptocurrency on Binance, right under Ethereum.
This bullishness is shown by Santos’ price action above, which frankly, does not look sustainable.
At the same time, the fact remains that Santos is one of the most bullish cryptocurrencies on Binance at the time of writing, and has gained around 85% in value this week alone.
SUI Makes The List
SUI was one of the market’s top gainers over the last day, and today is no different.
According to the chart above, SUI is consolidating around the $1.3 zone at the time of writing and is trying to break above $1.317. This is one of the biggest hindrances to SUI's rally further upward, and we need to see a breakout as soon as possible.
If SUI proves unable to break past $1.317 and reclaim Monday’s $1.45 high, we might see a decline that takes it straight down to around $0.9.