▫️#BTC (four-hour chart). Buyers continue to hold the asset above the $39,500 mark, corresponding to the Point of Control (POC) of the $29,500 – $65,500 range. Bitcoin has approached the middle of the descending channel, and overcoming it will direct the instrument towards its upper boundary at $41,800. This is where the dynamic resistance level, the Exponential Moving Average (EMA) 200 4H, is located. Sellers’ pressure is expected to increase in this area, leading to a retracement of the instrument.
Over the past week, the most liquidity has accumulated around $42,000, according to data from the CoinGlass platform . This circumstance adds an additional argument for a soon rebound of Bitcoin to the $41,800 – $42,000 range. After that, I anticipate a decrease in the asset to around $38,800, followed by a breakthrough of the upper boundary of the trading channel. This will signal the continuation of Bitcoin’s growth and direct the asset towards the seller’s block at $44,500 – $45,000.
▫️#ETH. Ethereum is gathering strength near the local support around $2,200. The nearest rebound target will be the resistance level at $2,265.
▫️Solana Labs has introduced extensions for digital assets based on the new SPL standard. The main goal of this update is to increase token programmability.
The software suite includes 13 unique plugins, providing capabilities such as canceling transactions that do not meet specified parameters, using a built-in royalty system for fees, integrating zero-knowledge proofs, and providing partial control over issued tokens. According to developers, the last point will be of interest to stablecoin issuers.
This is part of Solana Labs’ innovations, promising regular updates to the extension library in the future. It’s important to note that companies Paxos and GMO Trust have already shown interest in the possibilities of the new standard and plan to launch stablecoins on the Solana platform. In addition to this, the company has announced a grant competition to fund projects related to new extensions, emphasizing its commitment to supporting innovation and ecosystem development.
The capabilities of the new standard make tokens on the Solana platform more programmable, providing developers with more flexible and extensive functionality. With the positive response from companies Paxos and GMO Trust, planning to launch stablecoins on the Solana platform, the new standard may gain recognition in the industry. I believe this will lead to increased activity and attract new participants and developers to the Solana ecosystem in the medium term, strengthening the network’s position in the market.
▫️Alts: The presentation of Sovryn’s (#SOV) new network layer BitcoinOS, designed to add smart contract support to the Bitcoin blockchain, caused a 55% rise in #SOV (against #USDT).
A proposal to increase staking rewards for the MANTRA token (#OM) led to a 28% increase in #OM (against #USDT).
The listing of the Morpheus Labs (#MITX) coin on the MEXC exchange increased the value of #MITX by 20% (against #USDT).
▫️Major Wall Street indices ended Thursday’s trading with growth due to the strengthening sectors of telecommunications, oil and gas, and utilities. At the closing on the New York Stock Exchange, Dow Jones rose by 0.64%, reaching a historical high, S&P 500 increased by 0.53%, and NASDAQ Composite rose by 0.18%.
▫️The total market value of digital assets decreased by 0.4% over the past day, and the dominance of the main cryptocurrency increased by 0.2%. In the short term, I expect Bitcoin to rise to the $41,800 – $42,000 range, accompanied by the recovery of altcoins.