The cryptocurrency market is experiencing an outstanding surge in trading volume which has seen the open interest for Bitcoin reach all-time highs. The largest digital asset by market cap is fighting to keep its ground above the crucial $69,000 level amid this massive activity. On the other hand, SOL has caught the attention of whales once again after its value climbed back to $160 today.
Solana has been experiencing tough times due to recent market instabilities and increased interest in Ethereum ETFs, but this has not stopped whales from believing that SOL might be on the verge of breakout amid institutional investors’ growing demand for it. At the same time, Algotech, an innovative algorithmic trading platform, gained popularity during its ongoing presale, accompanied by attractive reward systems.
Bitcoin Interest Surge Could Trigger Price Volatility, Experts Warn
Bitcoin recorded its largest surge in open interest, over $2 billion within a short period, hitting $36.92 billion on June 10th, according to data from CoinGlass. Traders think this move can cause a “whipsaw” effect on Bitcoin’s price.
Kelly Kellam, director at BitLab Academy, explained that the abrupt increase in Bitcoin’s open interest coupled with continuous positive funding rates shows chances of a whipsaw taking place on its value. He cautioned that if open interest continues to rise along with unrelenting positive premiums, where traders go leveraged long, then there might be a need for a slight correction or, rather, “a BTC health check.”
Even with possible risks, a few experts remain hopeful about Bitcoin’s future prospects. An analyst, Mags, shared on X ( Formerly Twitter) that Bitcoin has been rejected four times from the top range in recent months, ranging from $60,000 to $71,500. Every time it reached this point, it never dropped below a rising trend line. This support line has been steadily strengthening. If this support holds, Mags expects another test of the range high and a possible breakout soon.
Solana (SOL) Faces Key Resistance at $165: Will the Bulls Prevail?
The Solana team is catching up with the current trends on their own. The SOL price dipped by almost 13% on June 7th after starting off the month on a rough patch. SOL shot back up over $162 earlier today before slipping down to $159.13, as per CoinMarketcap.
It is believed that this rally may have been driven by traders who bought when it hit the bottom. Open interest data for Solana shows that more bullish investors were purchasing future contracts than ever before; there was a 20-day high at $2.58 billion on June 5th.
Despite a 9% price drop since SOL’s high point at $175 on June 5th, the open interest hasn’t changed much and is now around $2.44 billion. Experts have said that any decrease seen with regard to open interest matching slow declines associated with asset prices offers signs of hope as it implies investors expect recovery while preventing mass sales out of fear.
However, SOL’s $165 level looms as a potentially formidable resistance, with SOL facing a sell-wall around the 10-day simple moving average. A decisive break above this key threshold could unleash the bulls toward $180, while a failure to overcome it could result in a pullback toward $157.
Investors Flock To Algotech As Presale Enters Final Bonus Stage
AI platform Algotech (ALGT) has created a massive buzz around its upcoming launch because of its gamechanging trading features. Investors are excited about the record-breaking presale as it is expected to be listed on a major centralized exchange in the upcoming week.
The token has showcased historic demand, with over 150 million ALGT Tokens selling during the $6.4 Million presale. Investors are rushing at the opportunity to become a part of the community-driven project.
This final presale round presents the optimal opportunity for investors to get profit shares from the project along with the opportunity to vote on governance matters. The presale is expected to round off shortly with analysts projecting up to 10x gains upon listing.
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