Last week, the interest rate decision has basically been priced in by the market, and +75bp did not bring much volatility. The U.S. Q2 GDP released on Thursday morning was -0.9%, and the consecutive negative value for two weeks announced that the U.S. economy has entered a technical recession. Risky assets performed strongly again last week, and most market participants believe that the CPI is already at the top, and the economic is at the bottom. The pace of rate hikes will gradually be dovish, which will benefit risky assets. From this week, the economic data for July will be released one after another, confirming whether inflation has peaked and whether the economy has bottomed..
Last week, the crypto-market fluctuated upwards. Many tokens have reached or broke our given resistance level, and some ALTs have even increased by more than 30%. The good news of ETH's merge, and low price, is gradually forming the basement for an bullish channel.
SOL maintains its own characteristic. The rise last week wasn’t spectacular, the price was just back near the previous high again, and after hitting our given resistance level, it quickly retreated. We have mentioned many times in our recaps that SOL, as a follower, does not have a strong upward momentum unless the market is confirmed by a larger level of bulls, and it is difficult to break through the resistance levels formed by the previous decline one by one. In detail, the green candles in the last week have large trading volume, and the red candles have small ones, which is unlikely to bring about a drastic decline.
Conclusion: Mostly fluctuation. The bulls have strengthened in the last week, but the gap with the bears is not obvious, so we think the fluctuation is more likely, and we maintain the resistance level as 47 and the support level as 32.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Last week, the crypto-market fluctuated upwards. Many tokens have reached or broke our given resistance level, and some ALTs have even increased by more than 30%. The good news of ETH's merge, and low price, is gradually forming the basement for an bullish channel.
SOL maintains its own characteristic. The rise last week wasn’t spectacular, the price was just back near the previous high again, and after hitting our given resistance level, it quickly retreated. We have mentioned many times in our recaps that SOL, as a follower, does not have a strong upward momentum unless the market is confirmed by a larger level of bulls, and it is difficult to break through the resistance levels formed by the previous decline one by one. In detail, the green candles in the last week have large trading volume, and the red candles have small ones, which is unlikely to bring about a drastic decline.
Conclusion: Mostly fluctuation. The bulls have strengthened in the last week, but the gap with the bears is not obvious, so we think the fluctuation is more likely, and we maintain the resistance level as 47 and the support level as 32.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
