The CPI:9.1% was announced on last Wednesday, higher than expected, the voice of raising interest rates by +100bp became higher, and the cryptocurrencies dumped directly, but the dovish remarks of Biden and Fed officials have gradually turned the market to +75bp, risk assets turned to rise. The merger of ETH catalyzed the rising. ETH has gone out of the independent trend, and it has also driven the rise of the whole cryptocurrency market, and the sentiment is positive.
At the macro level, Biden ended his four-day visit to the Middle East, during which he did not persuade countries such as Saudi Arabia to significantly increase oil production. You know, the dovish remarks from both Biden and the officials on the CPI is based on a pullback in domestic oil prices. The effect of SPR is not as great as the increase in production. In this case, in addition to the FOMC at the end of this month, the OPEC meeting next month is equally important for risk assets.
Driven by ETH, SOL showed an upward trend last week. After the price fell to the previous low, the bullish power increased, and the price rose. On Jul.16 and Jul.18, it broke through the high points of the previous two rebounds, and on Jul.18, the volume rose, establishing the bullish strength. The overall magnitude is not as strong as ETH, but closer to BTC, and the driving effect is average.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound has not ended. Although the price broke through the given resistance level, the magnitude was not large, and immediately ushered in the next resistance level, so we believe that there is a high probability of fluctuation. On the other hand, judging from the performance after the breakthrough, the bears of SOL have not increased significantly, so the possibility that the rebound will not end is preserved. We raised resistance level to 47 and support level to 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.
At the macro level, Biden ended his four-day visit to the Middle East, during which he did not persuade countries such as Saudi Arabia to significantly increase oil production. You know, the dovish remarks from both Biden and the officials on the CPI is based on a pullback in domestic oil prices. The effect of SPR is not as great as the increase in production. In this case, in addition to the FOMC at the end of this month, the OPEC meeting next month is equally important for risk assets.
Driven by ETH, SOL showed an upward trend last week. After the price fell to the previous low, the bullish power increased, and the price rose. On Jul.16 and Jul.18, it broke through the high points of the previous two rebounds, and on Jul.18, the volume rose, establishing the bullish strength. The overall magnitude is not as strong as ETH, but closer to BTC, and the driving effect is average.
Conclusion: Mostly fluctuation, and there is a certain possibility that the rebound has not ended. Although the price broke through the given resistance level, the magnitude was not large, and immediately ushered in the next resistance level, so we believe that there is a high probability of fluctuation. On the other hand, judging from the performance after the breakthrough, the bears of SOL have not increased significantly, so the possibility that the rebound will not end is preserved. We raised resistance level to 47 and support level to 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.
