KEY POINTS:

• Solana soars to $173.27, marking a 14% rise in 24 hours, hitting a 25-month high.
• SOL sees a 51% increase in 30 days, with predictions pointing towards $250.
• RSI hits 80.50, signaling potential overbuying amid its bullish surge.

Solana (SOL) price has surged by 14% in the last 24 hours, reaching $173.27 as bullish momentum continues to build in the cryptocurrency market. This impressive gain is part of a broader uptrend for SOL, which has seen its value increase significantly over the past month. 
The cryptocurrency industry, buoyed by Bitcoin’s new all-time high, has been experiencing a substantial uptrend in valuation, with SOL showcasing robust bullish sentiment.

Coin Edition
SOL/USD 24-hour price chart (source: CoinStats)Bullish Sentiments in Solana’s Rally
The recent price surge places Solana at the forefront of a bullish wave sweeping across the crypto sector. Over the past seven days, the SOL token has registered approximately a 23% increase, while its 30-day performance shows an even more remarkable 51% uptick. 
This sustained buying pressure is a clear indicator of the growing investor confidence in Solana’s potential. Concurrently, this bullish momentum has been buoyed by the announcement of an Israeli Shekel-backed stablecoin, BILS, which will launch using token extensions on Solana.
This uptrend has resulted in Solana recording a new 25-month high, signaling strong bullish sentiment within the market. Analysts and traders have expressed bullish predictions for SOL, with some forecasting a potential rally toward the $250 mark. This sentiment is based on the transformation of the March 2022 resistance level of around $140 into a strong support zone.

Bob Loukas 🗽
@BobLoukas

$SOL now based and fuel up for leg to $250. https://t.co/nIpcbScR4j pic.twitter.com/IP1CidZfyw
Mar 13, 2024

Furthermore, the SOL/ETH chart analysis indicates a promising scenario for Solana against Ethereum, with the potential for substantial outperformance. Christopher Inks, founder of TexasWest Capital, and macro expert Raoul Pal have both identified technical patterns suggesting a breakout and bullish momentum for SOL in comparison to ETH. These analyses contribute to the growing optimism surrounding Solana’s market position and potential for further appreciation.
SOL/USD Technical Analysis
On the SOLUSD 4-hour price chart, the Keltner Channel bands are rising, with the upper, middle, and lower bands at $167.90, $156.57, and $145.22, respectively. This suggests a strong upward trend in price movement, with probable resistance at the upper band and support in the middle band. 
SOL/USD 4-hour price chart (source: TradingView) 
However, following a sequence of green candlesticks, the price action has breached the upper band, indicating that the bullish trend may continue. However, because it is above the upper band, there is a chance of a retreat or consolidation before a further upward trend. This shift may provide a purchasing opportunity for traders trying to enter the market at a cheaper price point.
Furthermore, the Relative Strength Index (RSI) reading of 80.50 indicates that SOLUSD may be overbought in the immediate term, implying a market reversal or correction. As a result, traders should exercise caution and implement tight stop-loss orders to safeguard profits in the event of a reversal.
Coin Edition
Crypto
Read more from Coin Edition

ETF Inflows Drops 80.6% in 24 Hours, Pushing BTC Price Below $67K

Discover the latest trend in the crypto market.

• Bitcoin ETF inflows dropped by 80.6% in 24 hours with a net inflow of $133 million.
• Dropping ETF inflows correlates with a dip in BTC, with the price falling below $67,000.
• CoinGlass data showed 193,431 traders liquidated in 24 hours, with a total liquidation of $682.14 million.

According to Spot On Chain, a cryptocurrency analytics platform, Bitcoin ETF recorded a net inflow of $133 million on Thursday, March 14, 2023. This represents an 80.6% drop from the previous day’s inflow.

🚨 BTC #ETF Net Inflow Mar 14, 2024: +$133M

• The net inflow dropped by 80.6% compared to the previous day.

• The cumulative total net inflow after 44 trading days is $11.96B.

• Despite remaining positive, the net inflow is at its lowest level in the past 8 trading days.… https://t.co/HCzX7H3Nat pic.twitter.com/jIdE3pp2Wt
— Spot On Chain (@spotonchain) March 15, 2024

The analytics platform also reported a cumulative total net inflow of $11.96 billion into the Bitcoin ETF ecosystem after 44 trading days. However, Spot On Chain noted that despite remaining positive, the net inflow is at its lowest level in the past eight trading days.
Thursday’s drop marked a second consecutive day of dropping inflows in Bitcoin ETFs. On Wednesday, the ecosystem recorded an inflow of $684 million, representing a 38.3% drop from the day before. Wednesday’s drop followed a record-breaking single-day inflow of $1.05 billion on Tuesday. 
Noticeably, the dropping ETF inflows impact correlates with Bitcoin’s price movement. BTC reversed on Thursday after printing a classic bullish candle the previous day. Thursday’s drop amounted to a 7% pullback from the previous day’s high as the price fell to $68,555 before closing at $71,371, according to data from TradingView.
The drop continued on Thursday, with the flagship cryptocurrency threatening a second consecutive bearish day for the first time since February 24. BTC fell to $66,767 in the early hours of Friday following massive liquidation on the Bitcoin network.

As of the time of writing, CoinGlass data showed 193,431 traders liquidated in the past 24 hours, with a total liquidation of $682.14 million. The largest single liquidation order happened on OKX – BTC-USDT-SWAP, valued at $13.30M.
Bitcoin traded for $68,416 as of writing, as the bulls struggle to hold the price above the support created on March 10. Breaking the support could see BTC fall to the next support of around $64,000 established after the March 4 breakout, per TradingView data.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Bitcoin Drops Below $69,000 Amid Heightened Risk, According to On-chain Data

Discover the latest trend in the crypto market.

• Glassnode’s risk assessment analysis suggests a high level of risk exists in the Bitcoin market.
• The platform identified the risk of increased selling pressure as investors see a growing incentive to take profits.
• Glassnode’s NUPL indicator suggests Bitcoin is in a state of Euphoria

According to Santiment, a cryptocurrency intelligence platform, transaction volume in Bitcoin is rising, but the number of wallets holding over zero Bitcoins is decreasing. Santiment’s deduction supports Glassnode’s risk assessment analysis, suggesting a high level of risk exists in the Bitcoin market.

In this thread, we're offering a status update on our #Bitcoin Risk Assessment Framework, a tool for discretionary traders to gauge market sentiment and underlying risk. 🧵👇 pic.twitter.com/UcAEDwghyg
— glassnode (@glassnode) March 14, 2024

In a post on X, Glassnode, a leading on-chain and financial metrics platform, used several indicators to explain the current state of the Bitcoin market. According to the analytics platform, Bitcoin has signaled significant risk levels for the past 12 days. The Market Value to Realized Value (MVRV) indicator is greater than 1, similar to the Mayer Multiple (MM) indicator. 
With the Supply Profitability State indicator trading at 93.3%, Glassnode showed the Bitcoin market is in a high-risk situation. The indicator measures the proportion of coins with a cost-basis lower than the current spot price. It identifies the potential risk of increased selling pressure as investors see a growing incentive to take profits.
Using the Net Unrealized Profit/Loss (NUPL) indicator, Glassnode further revealed the extended risk in the Bitcoin market. According to the analytics firm, the market sentiment measuring indicator suggests Bitcoin is in the Euphoria phase, signaling a risky market. The firm showed the NUPL is above the +1 STD band, with a current value of 0.64.
With several more indicators, Glassnode repeatedly explained why the risk level is high in the Bitcoin market. Some of the additional indicators include the Realized Profit/Loss (RPLR), the Long-Term Holder MVRV (LTH-MVRV), and the Long-Term Holder Spending Binary Indicator (7D).
Each indicator listed by Glassnode independently showed that Bitcoin is in a high-risk phase, with the price set for a pullback. The flagship crypto traded for $68,479 at the time of writing, dropping from the recently achieved all-time high (ATH) of $73,794.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the co

With Cardano (ADA) and Chainlink (LINK) zero price movement, investors explore BlastUP (BLP) presale

Discover the latest trend in the crypto market.
In recent events, despite stagnant price movement from Cardano (ADA) and Chainlink (LINK), crypto enthusiasts are turning their attention to a new horizon. Notably, the BlastUP (BLP) presale is garnering significant interest. This piece is shifting the focus of the cryptosphere and spotlighting alternate opportunities, emphasizing the pertinence of our feature on why crypto whales are betting big on certain altcoins. It offers insightful analysis and market predictions resonating with this shift in investment interests.

BlastUP Emerges as a Game Changer Raising Over $2 Million in Few Weeks

BlastUP is a unique launchpad platform based on Blast, a legendary Layer 2 blockchain that dominated the headlines with its dizzying start. BlastUP is following in Blast’s footsteps, having raised over $2 million in just a few weeks.
The impact of BlastUP may be huge, as its innovative solutions for launching DApps with a complete suite of Web3 and AI tools are going to be a hit for startups. It provides an extensive set of tools and a rewarding system for everyone joining the platform.
The presale of BlastUP tokens is underway, and investing in them at this point could be like buying Ethereum for a few bucks back in 2017. The price at the fifth stage is set at $0.055, while the price at the listing is going to be $0.1. Now is the perfect time to buy BlastUP tokens at the best price with a 45% discount.

>> Catch a True Game Changer: Buy BlastUP Tokens with a 45% Discount NOW <<

Holders of BlastUP tokens get access to many perks from priority token sale to exclusive loyalty rewards in IDOs. They can also earn interest by staking BlastUP tokens and benefit from the seed staking feature, which provides free tokens from supported projects.
BlastUP is not just another crypto project, it has a strong foundation to win the loyalty of a broad audience. This launchpad aims to lower the barriers to entry for blockchain startups, ensuring they have everything to succeed from the outset.
BlastUP’s detailed roadmap runs up to 2026 with plans to introduce an AI IDO screener, AI Startup Team Tools, and the Community Marketplace. BlastUP is gearing up to become the next big thing in the crypto space, so you’d better hurry up and jump on the bandwagon before it is too late.

>> Ready to Blast Off? Buy BlastUP Tokens Now and Catapult Your Investments <<

Cardano Shows Promise Despite Grayscale’s Exclusion 

Despite Cardano’s exclusion from the new Grayscale fund, its current price of $0.75 comes close to the nearest resistance level. The long-term view seems promising, considering its robust Simple Moving Average scores of $0.74 for 10 days and $0.59 for 100 days. Thus, ADA has the potential to touch and surpass the second resistance level at $0.85 given the buying recommendations.
On the other hand, the news could shape the short-term outlook in a more challenging way. The MACD’s selling recommendation could potentially push ADA towards the nearest support level of $0.52. A further downtrend could visit the second support level of $0.38. However, with Neutral RSI and Stochastic indications, it doesn’t signal pressing alarms for a severe downside move.

Chainlink’s Promising Outlook with WeMade 

Chainlink’s integration with WeMade platform seems promising. Record highs could lead towards the second resistance level of $24.15 in the short term, given the current market data. The immediate resistance and current price levels of $21.72 and $21.16, combined with MACD and Simple Moving Average 10-day indicators, suggest an optimistic outlook.
On the other hand, despite strong indicators for a buy, there’s plausible room for caution. If this partnership experiences unexpected hitches, prices could descend to the nearest support level at $16. Risks amplify if they break this barrier, with the potential to plummet to the second support level of $12.71, corroborated by the Simple Moving Average 100-day data.

Conclusion

In summary, amidst a dormant state of price movements for Cardano and Chainlink, BlastUP emerges as a potentially lucrative opportunity with its striking concept and its place in the robust Blast ecosystem. Other altcoins might present notable opportunities, yet it’s clear the market’s focus is converging on BlastUP’s presale. With its ambitious roadmap, investor-friendly tokenomics, and innovative solutions for launching DApps, BlastUP truly holds the potential to redefine the cryptocurrency space.