Bitcoin ETFs Attract $1.5 Billion in Fresh Capital
Bitcoin ETFs made a strong debut, drawing in close to $1.5 billion in fresh capital and recording around 500,000 transactions within two days. BlackRock’s bitcoin ETF emerged as the leader, attracting nearly half a billion dollars in capital. Fidelity’s ETF followed closely with $422 million in inflows, while Bitwise secured the third position with $237 million. However, Grayscale faced outflows of over $579 million, contrasting with the positive inflows seen by most other ETFs.
Altcoins Show Resilience Amid Market Volatility
While major coins experienced a correction, altcoins like Solana (SOL), Toncoin (TON), and Arweave (AR) have shown notable resilience. Solana has experienced a significant downturn but shows a bullish Flag pattern on the daily chart, indicating a temporary setback. Toncoin has maintained its position above support and exhibits an inverted head and shoulders pattern, suggesting further growth. Arweave shows a rounding bottom pattern and a bounce back from support levels, indicating potential sustained growth.
Solana (SOL) Price Targets $150
Solana’s price has seen a slight recovery and currently trades at $98.95. A breakout above the upper trendline of the bullish Flag pattern could provide a strong foundation for continued recovery. Fibonacci extension projections suggest a potential 58% increase in price, targeting around $152. The 50-day EMA is expected to support pullbacks and sustain the upward trend.
Toncoin (TON) Price Aims for 57% Leap
Toncoin has experienced an upsurge in buying interest, resulting in a 22.4% rise to its current trading price of $2.34. The formation of an inverted head and shoulders pattern indicates potential for further growth, with a target of around $4.2 if the neckline resistance at $2.665 is breached. The Relative Strength Index (RSI) suggests an active recovery trend.
Arweave (AR) Price Eyes $14
The rounding bottom pattern on Arweave’s daily chart suggests increased investor accumulation and the potential for sustained growth. The bounce back from support levels and renewed buying interest has surged the coin price by 35.48% to currently trade at $10.2. A breakout from the neckline resistance at $14 would confirm a trend reversal, supported by a bullish crossover in the MACD lines.
Hot Take: Altcoins Show Resilience Amid Bitcoin ETF Debut
While Bitcoin ETFs have made a remarkable debut, altcoins have shown resilience amidst market volatility. Solana, Toncoin, and Arweave have exhibited bullish patterns and potential for growth despite the correction in major coins. As investors continue to navigate the crypto market, these altcoins present opportunities for diversification and potential gains.
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