$330 in sight for Solana?

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China's monetary easing helps crypto market rally significantly

Key points:

• Bitcoin's price remains strong amid positive ETF inflows.

• China plans to inject substantial capital into state banks to support the economy.

News - Bitcoin and Ethereum prices surged this week, driven by a combination of positive inflows into ETFs and China's easing monetary policy. Bitcoin reached a new high of $63,000, while Ethereum surpassed $2,500.

The People's Bank of China's decision to reduce reserve requirements and interest rates has boosted investors’ sentiment and overall market optimism. This, coupled with growing institutional interest as evidenced by the continued inflows into crypto ETFs, has fueled the rally.

Ethereum's performance has been particularly strong, partially due to rising gas fees driven by increased network activity. While on-chain yields remain low, there is anticipation for a potential recovery in TVL, which could attract more investors.

Sam Altman-backed WorldCoin also saw a significant price increase following the announcement of its expansion into new markets.

Overall, the crypto market is experiencing a positive uptrend, driven by a confluence of factors including favorable macroeconomic conditions, growing institutional adoption, and increasing network activity.

Binance remains available to Russian users despite its departure in 2023

Key points:

• Binance continues to serve a select group of Russian clients despite its market exit.

• The exchange emphasizes adherence to global sanctions and regulatory compliance.

News - Cryptocurrency exchange Binance has faced scrutiny after revealing that it continues to serve a limited number of existing Russian clients, despite announcing a complete exit from the market last year.

This revelation has raised questions about the company's adherence to global sanctions and its compliance strategy.

Binance has emphasized that it remains committed to complying with international sanctions and restrictions. However, the company's decision to maintain services for certain Russian users has sparked concerns among regulators and the broader crypto community.

The backstory - In September 2023, Binance sold its local operations in Russia to CommEx, a new exchange. However, CommEx has since shut down, further complicating the situation. Despite the official exit, Binance's Russian community has remained active on social media, suggesting ongoing engagement and interest.

The revelation of Binance's continued involvement in Russia comes at a time when the exchange is facing increased regulatory scrutiny worldwide. The company's CEO, Changpeng Zhao, is also expected to be released from prison in the United States on 29 September.

Ether strives to hold above $2,600 amid positive market sentiment

Key points:

• Ether is attempting to stay above the $2,600 level following a 15.1% increase.

• Market sentiment has been bolstered by recent cuts in US interest rates and a rally in stocks.

News - Ethereum is currently trading above the $2,600 resistance level, fueled by a recent rally driven by macroeconomic factors and the anticipation of the upcoming $2.78 billion options expiry on 27 September.

The recent decline in US Federal Reserve interest rates and concerns about the economy's health have contributed to Ether's price surge.

Investors have sought the relative safety of government-backed assets, leading to a decline in yields on the US 2-year Treasury bond. This has benefited cryptocurrencies like Ether, which are viewed as scarce assets.

What’s more? However, Ether's price gains have been accompanied by increased demand for its smart contract processing capabilities. This has led to higher transaction fees on the Ethereum network, which, combined with inflation concerns, has raised questions about Ether's upside potential.

Traders are betting that the upcoming options expiry will solidify the current bullish momentum. With more call options than put options open, the bulls appear to have the upper hand. However, bears still have an opportunity to shift the balance in their favor.

If Ether bulls can prevail in the options expiry, there is a chance that the price could push back toward the $3,000 mark.

VanEck predicts Solana could soar to $330, challenging Ethereum’s dominance

Key points:

• VanEck anticipates Solana could hit $330, potentially capturing half of Ethereum's market cap.

• Solana outperformed Ethereum in transaction speed, user activity, and transaction costs.

News - A recent report by VanEck has forecast that Solana could potentially surpass Ethereum in market capitalization, driven by its superior speed and transaction processing capabilities.

Solana's ability to process thousands of transactions per second and its significantly lower transaction fees make it a more attractive option for payments and remittances.

This advantage, combined with growing retail interest, has positioned Solana as a strong competitor to Ethereum in the smart contract space.

What about institutional interest? While institutional investors have been slower to adopt Solana, the report suggests that this hesitation may be due to their reluctance to switch from established assets like Ethereum. However, as Solana's advantages become more apparent, it is possible that institutional adoption will increase.

Ethereum's price performance has been negatively impacted by the emergence of layer-2 networks and competition from faster layer-1 networks like Solana and Sui. While Ethereum still holds a first-mover advantage, it is rapidly diminishing.

More stories from the crypto ecosystem

• Dogecoin whales stir as Stochastic RSI warns of a correction

• Japan reforms crypto gaming laws, easing entry for domestic startups

• Can Chainlink’s bullish indicators rekindle positive price action?

• Starknet’s 9% rally sparks hope – Will STRK overcome $0.45 barrier now?

• ALGO approaches key resistance as wallet growth continues

Did you know?

• In 2013, a Welsh man, James Howells, accidentally discarded a hard drive containing 7,500 Bitcoin. Recognizing its worth of ​​$280 million in 2021, he sought permission from his local council to search a landfill for the drive, offering to share the proceeds.

• In 2018, a man bought CryptoKitty Dragon worth 600 ether, valued at around $172,000. Today, at $3,517.73 per ether, it's worth over $2,110,000.

• In early April 2024, Coinbase became a registered dealer in Canada, marking a milestone as the largest and the first international cryptocurrency exchange in the country. This contrasts with Binance, which exited Canada due to regulatory concerns.

Top 3 coins of the day

Bitcoin Cash (BCH)

Key points:

• BCH registered less trading activity compared to its peers.

• However, buyers were waiting for a breakout above its descending trendline.

What you should know - Bitcoin Cash is approaching a critical juncture as it tests the upper trendline of a falling wedge pattern. The breakout potential is significant, as the wedge formation is often a bullish reversal signal. Currently, BCH is facing resistance near the $360 level, with the long-term resistance zone extending up to $400. A confirmed breakout above these levels could propel the price toward $450 or higher. The Awesome Oscillator is showing growing bullish momentum, suggesting that buyers are gaining strength. However, if BCH fails to break the wedge, it could retest the lower boundary near $320, with the possibility of further downside toward $280. The price action over the next few days will be crucial for determining whether BCH can sustain an upward move.

Sui (SUI)

Key points:

• Buyers have overtaken SUI’s market in the short term.

• A trend reversal, in the short term, can’t be ruled out though.

What you should know - SUI is currently in an aggressive uptrend, trading near $1.70 after a strong rally from $1.00. The price has been following a rising wedge pattern, which typically signals a potential bearish reversal if the support trendline is breached. The RSI is hovering around 79.25, indicating overbought conditions and suggesting that a pullback might be imminent. Additionally, the Bollinger Bands are widening, reflecting heightened volatility, with the price near the upper band, hinting at a possible cooling-off phase. The next key resistance lies at $1.80, and breaking above it could fuel a push toward $2.00. However, if the price fails to maintain its upward momentum, support around $1.50 becomes a critical zone to watch.

Render (RENDER)

Key points:

• At press time, Render was trading at $6.21.

• It was up by about 20.67% over the last 7 days.

What you should know - Render is currently trading at $6.20, showing a strong recovery from its recent lows near $4.00. The price is approaching a key descending trendline resistance around $6.50, which has acted as a cap on the price for several months. A breakout above this trendline could signal further bullish momentum, potentially targeting $7.00 and beyond. The RSI is currently at 64.72, indicating that while momentum is positive, it is approaching overbought conditions. This suggests that a pullback or consolidation might occur before any significant breakout. If the price fails to break above the descending trendline, support around $5.50 could be revisited. Traders should watch for a breakout confirmation above $6.50 to signal a continuation of the current bullish trend.