💥💥💥 PEPE's 175% Rally Continues, Will It Reach 200%? #bitcoin (BTC) Loses $70,000 Again, For How Long? Is #Solana (SOL) Entering Correction?
PEPE's Recent Surge
- $PEPE has experienced a significant recovery after initial momentum issues in early 2024 due to questionable holder composition. Recently, it surged by 175%, likely due to improved trader and investor sentiment, breaking multiple resistance levels. The 50-day moving average crossing above the 200-day moving average ("golden cross") and high trading volumes support this bullish trend. Although an RSI of 72 indicates overbought conditions and potential short-term pullback, the long-term outlook remains positive.
Bitcoin's Struggle Around $70,000
- Bitcoin recently hit $70,000 but is now around $69,700. Optimism for a rebound is supported by strong on-chain metrics: 97% of BTC holders are profitable, and whales hold 11% of BTC, reducing sell-off risks. High transaction volumes, with significant trades exceeding $100K totaling $93.77 billion, and balanced exchange inflows/outflows at around $9.7 billion indicate investor confidence. Market sentiment is generally optimistic, bolstered by potential ETF approvals and growing investor interest, which could help BTC surpass $70,000 again.
Solana at $180
- Solana has reached $180, showing strong performance and boosting profitability. However, technical indicators suggest a possible correction phase, with RSI nearing overbought territory and a key resistance level being hit. Historically, Solana faces sharp corrections after significant rallies. Despite strong fundamentals and ecosystem growth, it remains vulnerable to short-term market corrections, especially if major #cryptocurrencies decline. The interconnected nature of the crypto market means a decline in leading assets could exert downward pressure on Solana as well.
Source - u.today
