Hi fans, another week has passed. The cryptocurrency did not sustain strong buying power after the spree early last week, and the price falling back. With the benefit of the ETH merger, we see signs of a recovery in capital, and it is not in a hurry to leave the crypto looking for a safe haven for QT. But on the other hand, it should be noted that even if the capital is growing up, there is still a big gap from supporting a large-scale rebound.
This week the market will face the impact of macroeconomic data. This Wednesday and Thursday will announce the interest rate decision and the US GDP of Q2. According to the CME prediction model, +75bp is more likely than +100bp. Although both are bad for risky assets, but various markets have already fully priced in +75bp. The situation of Q2 GDP may bring more additional surprises. At present, according to US10YR and US2YR, Q2 is likely to maintain a recession, thus affecting the supply and demand situation.
SOL has seen a bigger price drop over than BTC and ETH the last week. SOL starts first at the bottom and there is no more oil in the tank at this moment. As we mentioned in the previous recap, SOL rebounded because of the price was already at a very low position in its historical trend, and a lot of chips were piled below 30 to provide support. Relative to ETH's rebound that is due to merge, SOL's bulls are more defensive and difficult to sustain.
Conclusion:Mostly fluctuation. We maintained support level at 32 and resistance level at 47 from last week. The gap between bulls and bears in the last week is not large, which is similar to BTC and ETH, therefore, we maintain the judgment of fluctuation. Again, the FOMC&Q2GDP releases on Wednesday and Thursday remain to be seen, which are a bit more important this week.
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.
This week the market will face the impact of macroeconomic data. This Wednesday and Thursday will announce the interest rate decision and the US GDP of Q2. According to the CME prediction model, +75bp is more likely than +100bp. Although both are bad for risky assets, but various markets have already fully priced in +75bp. The situation of Q2 GDP may bring more additional surprises. At present, according to US10YR and US2YR, Q2 is likely to maintain a recession, thus affecting the supply and demand situation.
SOL has seen a bigger price drop over than BTC and ETH the last week. SOL starts first at the bottom and there is no more oil in the tank at this moment. As we mentioned in the previous recap, SOL rebounded because of the price was already at a very low position in its historical trend, and a lot of chips were piled below 30 to provide support. Relative to ETH's rebound that is due to merge, SOL's bulls are more defensive and difficult to sustain.
Conclusion:Mostly fluctuation. We maintained support level at 32 and resistance level at 47 from last week. The gap between bulls and bears in the last week is not large, which is similar to BTC and ETH, therefore, we maintain the judgment of fluctuation. Again, the FOMC&Q2GDP releases on Wednesday and Thursday remain to be seen, which are a bit more important this week.
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.
