The cryptocurrency market witnessed high volatility this week as the price of Bitcoin (BTC) once again traded around the psychological level of $70,000. The BTC daily chart shows several neutral candles with higher wicks, indicating no clear dominance of buyers or sellers. What is the current situation with altcoins like Ethereum (ETH) and Solana (SOL)?
Bitcoin Options Trading
Additionally, the Deribit Exchange reported the expiration of a record-breaking three-month options period with over $15 billion in notional value, including 135,000 Bitcoin options and 1.58 million Ethereum options. Bitcoin options closed with a put-call ratio of 0.85 and a strike price of $51,000, while Ethereum options corresponded to a notional value of $5.6 billion with a ratio of 0.63 and a strike price of $2,600.
The mentioned event could signify a significant increase in liquidity and might boost volatility in the cryptocurrency market. Ethereum stands out as a leading blockchain platform that enables the creation and operation of smart contracts and decentralized applications (DApps) without any interruption, control, or intervention by a third party.
ETH and SOL Price Movements
Over the past two weeks, the price of ETH has seen a notable correction, recording a 13% decline from $4,090 to $3,561. Ethereum’s price is currently trading at $3,557 with a market cap of $427 billion. If the general supply at $3,700 continues, the correction trend could reach a lower peak, and the ETH token could retest $3,120, a 12% drop.
Solana (SOL) shifted sideways after its recent market correction, which saw its trajectory rise to $210. However, looking at the 4-hour chart, it appears that the mentioned consolidation is echoing within two converging trend lines, forming a flag formation. The altcoin is currently trading at $186, down 1.82% on the day, with a market cap of $82.7 billion, making Solana the fifth-largest cryptocurrency. Under the influence of the bullish formation, it is likely that buyers will break the general trend line as a signal for the continuation of the uptrend. According to experts, a post-breakout rally could push the asset’s potential target to $210 and then to $240.
