News analysis

This morning, Nvidia released its financial report for July. Data showed that Nvidia's revenue increased by 101% year-on-year, and its net profit increased by 843% year-on-year, setting a record. This news attracted the attention of the market, especially the investment prospects of technology stocks and artificial intelligence concepts.

The current market focus is mainly on two aspects: whether technology stocks will continue to lead the stock market rally, and whether the concept of artificial intelligence is real and feasible. As an important enterprise and capital market engine, Nvidia plays a key role in these two issues.

Nvidia's impressive financial report has greatly boosted market sentiment. Treasury yields fell in early trading today, the Dow Jones Index rose 0.54%, the Nasdaq Index rose 1.59%, and the much-watched Nvidia stock price broke through the $500 mark. Affected by the U.S. stock market, the cryptocurrency market also rebounded, with the highest price of Bitcoin breaking through $26,800, sweeping away the recent negative sentiment.

However, it should be noted that due to the outstanding performance of Nvidia's financial report, investors may transfer funds from the cryptocurrency market to the technology stock market in the short term, which may put some pressure on the currency price. Therefore, at this point in time, especially for high-leverage contracts, the risk is relatively high. $BTC

For now, the narrative in the cryptocurrency market remains unchanged, with expectations that BlackRock and the Federal Reserve will pause on raising interest rates, which is the dominant narrative at the moment. As long as these two factors do not change, and if there is no new negative or positive stimulus, the market is likely to continue to maintain the current shock pattern. Next, we will pay attention to Chairman Powell's speech. #BTC

Views on the market

Bitcoin rebounded, but we still need to pay attention to Chairman Powell’s speech. The support level of $25,000 has been emphasized before. During this decline, BTC rebounded after reaching $25,300, in line with previous expectations. However, BTC may test lower again after rebounding to the $27,500-$28,500 range. If BTC can hold the $25,000 support again, the market will form a new shock range, roughly between $25,500-27,500. Therefore, the short-term trading strategy can continue to be based on high altitude and low long position.

How much impact will Solana Pay’s integration with Shopify have on the price of SOL?

Solana Pay announced that it has been integrated into e-commerce giant Shopify, providing millions of merchants with the convenience of paying with USDC.

Payments made through the platform will be made without intermediaries, avoiding traditional bank fees, refund procedures and long duration issues. At the same time, Solana Pay also supports stablecoins pegged to the US dollar that are compatible with Solana, enabling instant and direct payment settlement.

News of Solana Pay's integration with Shopify has the potential to impact market sentiment. This is because development brings the potential for real-world use cases.

We observe that the launch of Solana Pay opens up real-world application scenarios for the Solana network and increases the investment value of Solana as a blockchain project. Secondly, Solana’s social dominance has increased over the past 24 hours, indicating that the market has reacted positively to the integration news.

However, it is important to note that Solana’s social dominance remains low relative to its all-time peak. Over the past three days, though, Solana's weighted sentiment has increased, showing a boost in investor confidence that has also been tied to the market's recent lows.

As for Solana’s native cryptocurrency, SOL, it has fallen to a low of $20.31 in recent trading. However, within 24 hours after the integration news was released, SOL rose by nearly 5%, and the market responded well to the integration of Solana Pay with Shopify. $SOL

Compared to other top cryptocurrencies by market capitalization, SOL has maintained some relative strength and avoided severe oversold conditions. Furthermore, SOL maintains a healthy premium relative to its June lows, performing well compared to some top cryptocurrencies such as Bitcoin and Ethereum.

Thanks to healthy demand activity, SOL was able to maintain some relative strength and saw a net increase in its volume metrics after August 21st.

While increased trading volume suggests a pickup in demand, consistent with recent price action, uncertainty remains over SOL's future. A slump in market confidence could cause prices to return to a bearish trajectory.