Here are some of the major developments in the world of crypto over the past few days.
Recently Bitcoin broke out past $65,000, and crypto traders began speculating on the next probable target of $71,500. According to analysts like Rekt Capital, historical trends mean breaking above $65,000 usually precedes an eventual move toward this range of $65,000 to $71,500. This range has importantly been significant, tested at least half a dozen times this year alone. At the time of the last data, Bitcoin was trading at $65,846, closing towards hitting the threshold under view.
Large short positions exist in the market, pared with optimism about the upward trajectory of Bitcoin, which may liquidate approximately $1.47 billion worth of shorts as their price reaches $71,500. That shows significant resistance being eyed by traders. This pessimistic view has contrasted since the last five days, as confidence gets padded by 13% to open interest. The metric shows outstanding Bitcoin options at a total number, so increased trader activity and growing interest in the near-term prospects of Bitcoin.
Analysts and traders, like Mags, have referred to parallels with the past behaviour of the markets to support their bullish view. He identified several similarities between now and then, before the past big gains of Bitcoin, so a push towards $70,000 or more could be seen soon. Trader Yoddha likened the most recent dips in the market activity, including that to as low as $56,649 in mid-June, as strategic moves directed not to fall but to shake out panic selling.
Solana's SOL Gains Momentum Amid ETF Hopes and Memecoin Surge
Solana's native token, SOL, surged 13% between July 14 and 16, breaking above $160 for the first time in five weeks. Even with this gain, the token is still 24% off its March peak at $209. That is a fact tempering enthusiasm among the most bullish investors. However, the price rally seems largely driven by increased hopes of Ether ETF approval. An ETF application by Solana itself is reportedly in the works, and a decision may come as early as March 2025, which would further add speculative momentum.
The appeal of Solana extends beyond mere speculation, especially in its thriving memecoin ecosystem. Low transaction fees on the network have helped in launching and trading memecoins such as BONK and WIF to substantial market capitalizations of $2.8 billion and $4.8 billion, respectively. This kind of environment not only attracts speculative traders but also creates demand for SOL tokens through increased activity in DApps and enhanced liquidity.
Notably, the supremacy of Solana in DEXs challenges Ethereum despite being below it. If the general expectations triumph, then Solana should be below the BNB Chain in terms of the total value locked. However, it has rather been higher following increased confidence and usage of the ecosystem. Large TVL increases have been witnessed in major platforms in Solana, including Jito and Kamino, further rubbishing the charm of this network towards users and devs.
Crypto Phishing App Angel Drainer Shut Down After Developer Identities Revealed
According to a recent report by blockchain security firm Match Systems, the notorious crypto phishing app known as Angel Drainer shut down on July 16 after the developers had their identities uncovered. The shutdown took place months after Match Systems began disclosing the identities of the app developers—part of its deanonymization efforts. Angel Drainer was responsible for more than $25 million in crypto losses from phishing scams by letting scammers drain wallets with manipulative token approvals. The firm beckoned victims to forward information for them to help their investigation, and a few hours later suddenly suspended the app. Other drainer apps, such as Pink Drainer and Violet Drainer, have also stopped operations recently concerning the enhanced safety features of Ethereum wallets. The development comes amid intensified efforts to tackle crypto phishing scams as losses continue to mount in the cryptocurrency market.