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Reading: Bitcoin and Solana Shape Market Trends
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COINTURK NEWS > Solana (SOL) > Bitcoin and Solana Shape Market Trends
Solana (SOL)

Bitcoin and Solana Shape Market Trends

In Brief

  • Bitcoin fluctuates as election results draw near.

  • Solana achieves an impressive new record in on-chain transfers.

  • Ethereum faces potential declines, impacting overall market dynamics.

İlayda Peker
İlayda Peker 7 months ago
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Bitcoin $104,724 continues to create constant wicks, fluctuating between $69,000 and $70,500. The election results will soon be revealed, and exit polls are starting to emerge. This week is crucial as it includes significant events, with a key interest rate decision expected in two days.

Contents
Solana Sets New RecordBitcoin (BTC)

Solana Sets New Record

Kyle highlighted the historic record on the Solana $158 network amidst the excitement surrounding the elections. The daily on-chain transfer volume significantly exceeded the market capitalization of SOL Coin. This activity explains why SOL Coin remains strong compared to competitors like AVAX.

“SOL executed a record on-chain transfer of $224 billion, nearly three times its market cap of $76 billion within a single day.”

This surge indicates potential breakthroughs for both SOL and the broader crypto ecosystem, emphasizing increased adoption, liquidity, and Solana’s scalability.

Bitcoin (BTC)

Stockmoney Lizards commented that although $66,800 has not yet been confirmed as a bottom, it looks promising. They warned investors about the possibility of new wicks forming in the coming hours.

Daan Crypto Trades identified two key levels, suggesting that the price could move towards these ranges.

“The largest cluster below is around $61,600, while above, there is clustering around $74,000, which is above the all-time high. Depending on who wins the election, it’s likely that one of these levels will be reached soon.”

Experts sharing the liquidation heat map suggest that the price could move in either direction. Altcoins are likely to react to these BTC fluctuations, targeting their respective highs and lows.

Finally, Cowen remains focused on Ethereum (ETH) $2,542. He predicts further declines in ETH’s price, suggesting that it may weaken faster than the overall market or due to a BTC rise. ETH’s market dominance is below 13% and could drop to extraordinary oversold levels around 9%.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 6 November, 2024 - 12:06 am 6 November, 2024 - 12:06 am
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By İlayda Peker
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