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BTC to See Corrective Month Ahead, While Solana (SOL) Hits Lifetime High
Bitcoin benefitted from heavy selling in the US dollar market over the weekend. Bulls attempted two run-ups above the $49K level. However, BTC rallied to a $49,657 high but failed to mount a decisive attack on $50K.
Since then, the momentum has waned, and the BTCUSD pair is currently consolidating gains above the $48K support. The ongoing range-bound trading comes as September approaches. Historically, it is a month that proves uninspiring for investors.
According to analyst Michaël van de Poppe, the coming month has delivered a lower price zone than August in the past. In a recent tweet, he anticipated that the king coin could be heading for a period of correction over the next 30 days.
The analysis means that investors may have to wait a while longer before Bitcoin bulls score a new all-time high above $64K. The good news is those market participants may not have to bear the correction for long. Historically, October has delivered a more bullish sentiment.
Whales Turn their Attention to BTC
Market sentiment has continued to flip bullish despite Bitcoin’s failed attempt to break above the critical resistance level of $50K. Data from the Ecoinometrics newsletter shows that small fish have accumulated coins since June. The term “small fish” refers to investors who hold less than 1 BTC.
On the contrary, whales who own $1K to $10K BTC underwent a capitulation period when the coin entered the $45K to $50K range. However, the demand from small fish was enough to absorb the selling pressure from affluent investors, leading to the recent rally toward $50K.
The crypto-focused newsletter now reports that whales have shifted their interest to BTC this month, joining retailers to acquire vast amounts of BTC. The renewed accumulation spree by whales indicates that deep-pocket investors find the current prices attractive enough to bet big on BTC.
“Recently, there has been some on-chain divergence between small fish who are accumulating coins [and] whales who are offloading coins. That’s not ideal to support Bitcoin’s price, but it looks like things are changing! Whales are ticking back up, “the Ecoinometrics report summarized.
SOL Hits $100 amid Mysterious Feature Launch
SOL, the native coin of the public Solana blockchain, has hit record highs above $103. The Solana community anticipates the launch of the mysterious “Ignition” tool. The new feature, ready to go live on August 31, should introduce a burning of SOL tokens. FOMO took the market by storm after the Solana team posted a teaser video of its imminent update on social media.
SOL’s rally into uncharted territory came as altcoins such as ETH, Cardano (ADA), and Binance Coin (BNB) parried slight gains. SOL, which has a market cap of over $31 billion, has rallied over 16% in the past 24 hours.