An overnight bounce across the cryptocurrency assets this Wednesday saw Solana (SOL) outpacing its top rivals, including Bitcoin (BTC) and Ether (ETH).

The SOL/USD exchange rate surged 55.10% to $31.58 on Wednesday after bottoming out at $20.14 in the previous session. Its move uphill came in the wake of an overall crypto market retracement that, in turn, followed a brutal crash in response to a full-fledged crypto ban in China.

Solana was among the loss-bearers at the beginning of this week. SOL/USD plunged by more than 42% after opening Monday at $35.22. Similarly, Bitcoin lost 19.07% in the same period while Ether, the second-largest cryptocurrency and Solana's blockchain rival, dipped 24.75%.

But all the top crypto tokens ticked back after 48 hours of dizziness. Bitcoin bounced 19.44% to $34,400 from its sessional low of $28,800. Meanwhile, Ethereum rebounded by up to 20.29% to $2,045 after testing $1,700 as support, albeit much lesser than Solana.


Solana versus other top cryptocurrency's performances on a 24-hour adjusted timeframe. Source: Messari
And so it appears, Solana had enough catalysts supporting its wilder recovery move in the late Tuesday and early Wednesday sessions. The three of them are listed as follows.

An institutional handshake
Solana attracting higher bids during the late Tuesday recovery session coincided with the announcement that Pyth, a decentralized financial market data distribution network, has added LMAX Digital, an institutional exchange operator, as its data provider.

We are thrilled to announce @LMAX, the leading independent operator of institutional execution venues for FX and cryptocurrency trading, as the first institutional exchange joining @PythNetwork as a data provider!

Read more at: https://t.co/7s8kYc6emE pic.twitter.com/zfDGuXBDNK

— Pyth (@PythNetwork) June 22, 2021
In detail, Pyth Network operates atop Solana's public base-layer, proof-of-stake blockchain protocol that is optimized for scalability. Solana  proposes to assist developers in creating decentralized applications (dApps) without having to design around performance bottlenecks.

As for SOL, the token serves as a native currency within the Solana ecosystem. Users stake their SOL holdings directly on the network or delegate them to an active validator. In return, stakers are promised to be given inflation rewards. The feature will go live alongside Solana's Full Mainnet release.

Users can use SOL to pay for transaction and smart contracts fees.

Following its partnership with LMAX, Solana-backed Pyth would receive foreign exchange and cryptocurrency trading data on its blockchain. In turn, the oracle network work would feed the institutional data to decentralized finance projects.

Strategical investments (inbound-outbound)
Solana has raised almost $26M via the sales of its SOL tokens to this date.

But the blockchain protocol itself led a funding round for PARISIQ, a blockchain data monitoring platform, to raise $3M at the end of last week. According to Solana founder Anatoly Yakovenko, having PARISIQ on board would give their projects “fewer headaches" as they build out their stack.

Rumors that Solana would raise another $450M to develop an 'Ethereum Killer' might also have kept SOL's upside bias intact despite the June 22 crash. However, the Solana team did not confirm the report. But they didn't deny it either.


Solana's recovery attempt faltered against China's crypto ban news. Source: TradingView.com
At the time of the PARSIQ announcement, on June 16, SOL/USD was trading flat. But the China crypto ban news shook up its stable sentiment. The pair's recent major declines apprehensively appeared out of FUDs (fear, uncertainty, and doubt). But based on mergers alone, the Solana ecosystem has emerged as a blockchain powerhouse.

In May, for instance, Solana allotted $20mm to support projects on its network with additional assistance from MATH Global. The team also raised $60mm to support blockchain-enabled projects in Brazil, Russia, India, and Ukraine.

Related: Bitcoin price 'very near bottom' with $30K dip, says bullish institutional report

Solana also partnered with ROK Capital to launch a $20mm fund to expand in South Korea.

Triple-support confluece
SOL's latest move downhill also had it test a triple-support confluence, providing daytraders psychological entry levels in addition to Solana's development as a blockchain project.


The circled section consists of three psychological support levels keeping SOL from pursuing deeper levels. Source: TradingView.com
The yellow bar in the chart above offered the first layer of price support, given its ability to cap downside attempts in recent history. Second, SOL received an additional bullish floors from the red horizontal line at $24.56, also with a history of keeping the Solana token's upside bias intact, and the 200-day simple moving average (200-day SMA; the saffron wave).

The SOL/USD's relative strength index (RSI was also marginally above its oversold threshold of 30. Traditionally, traders perceive a lower RSI reading as their cue to enter the market.

Yes, number go up.

More likely, given prior performance after price action like yesterday, $SOL has become a defacto buy the dip asset among many traders.

— Hsaka (@HsakaTrades) June 23, 2021source

2 m
ETH/USD – Ether Rebounds From 200-day MA Support
Key Support Levels: $1888, $1710, $1625.
Key Resistance Levels: $2160, $2300, $2400.

Ethereum dropped beneath its consolidation pattern toward the end of last week and fell into the support around $2150 over the weekend. Unfortunately, on Monday, ETH slipped beneath $2200 and continued lower until finding support at $1,888, provided by the 200-day MA.

Yesterday, the brief BTC dip beneath $30K caused ETH to slip below the 200-day MA and reach as low as $1710 – mid-March support. However, ETH had rebounded and closed back above the 200-day MA by the end of the day.

Today, the bulls are attempting to push higher to reclaim the 200-day MA level.


ETH-USD Short Term Price Prediction
Looking ahead, if the buyers can reclaim $2000, the first resistance lies at $2162 (bearish .382 Fib). This is followed by $2300 (bearish .5 Fib), $2400 (20-day MA), and $2500 (100-day MA).

On the other side, the first support lies at $1888 (200-day MA &.886 Fib). This is followed by $1710, $1625 (downside 1.272 Fib Extension), and $1425 (Jan 21 highs).

The RSI rebounded from oversold conditions today, indicating the bearish pressure is starting to ease up. However, the momentum is still far from becoming bullish just yet.

ETH/BTC – Bears Break 0.06 BTC Support
Key Support Levels: 0.056 BTC, 0.0541 BTC, 0.0513 BTC
Key Resistance Levels: 0.06 BTC, 0.063 BTC, 0.065 BTC.

Etheruem has been struggling against BTC throughout June. It failed to break resistance at 0.077 BTC at the beginning of the month and has been heading lower ever since.

Yesterday, ETH broke cleanly beneath the support at 0.06 BTC and continued to drop until find support at 0.0569 BTC today. It has since bounced to 0.0587 BTC as it heads back to 0.06 BTC.


ETH-BTC Short Term Price Prediction
Moving forward, the first resistance lies at 0.06 BTC. This is followed by 0.063 BTC, 0.065 BTC (20-day MA), and 0.068 BTC (50-day MA).

On the other side, the first strong support lies at 0.056 BTC (late-May lows). This is followed by 0.0541 BTC (April 2018 lows & 100-day MA), 0.0513 BTC (downside 1.272 Fib Extension), and 0.05 BTC.

The RSI is still heavily bearish, but today’s uptick might be the first signal that the momentum is starting to shift. It would need to head back above the 50 level before the bulls can start a recovery.source

Ethereum (ETH) has been moving downwards since it reached an all-time high on May 12. So far, it has reached a low of $1,750.

Technical indicators in multiple time-frames are bearish, supporting a continued fall in price.

Long-term ETH levels
ETH has been moving downwards since May 12, when it had reached an all-time high price of $4,340. The decrease has been swift, so far leading to a low of $1,750 on May 23.

Technical indicators are decisively bearish. The MACD & RSI are falling, the latter crossing below 50. The Stochastic oscillator has already made a bearish cross (red icon)

The main support is at $1,400. This is the previous all-time high resistance area, which has been validated once after the ensuing breakout.


Chart By TradingView
Ongoing breakdown
The daily chart aligns with the bearish sentiment.

ETH has broken down from a symmetrical triangle on June 17 and has been moving downwards since.

Currently, it is in the process of falling below the $1900 support area. In addition to this, yesterday’s close was the lowest since March.

Finally, technical indicators are providing a bearish outlook. The Stochastic oscillator has made a bearish cross and both the RSI & MACD are falling. The former is below 50 while the latter is negative.

The next support level is at $1450, coinciding with the previously outlined long-term support level.


Chart By TradingView
Cryptocurrency trader @TheEuroSniper outlined an ETH chart, stating that the token could continue consolidating for a while near the $1500-$2000 region. This is in line with readings from both the weekly and daily time-frames.


Source: Twitter
ETH/BTC
The ETH/BTC pair provides a similarly bearish picture. It has been moving downwards since creating a lower high on June 9.

Similarly to the USD pair, technical indicators are firmly bearish. The RSI has fallen below 50 while the Stochastic oscillator has made a bearish cross.

The wave count indicates that this is a fourth wave pullback (orange). A very likely level for the bottom of the move would be at ₿0.05. This would give the A:C sub-waves (black) a 1:1 ratio. In addition, it would reach both the 0.618 Fib retracement support level and middle of the parallel channel.

Afterwards, an upward movement would be likely.source

Tron coins cryptocurrency occupy a wide space.  Tron Coin is a very good coin because the price of Tron Coin is on the rise in cryptocurrency.  The potential for further growth is huge. What is the future of this coin. What do you think about this??

Ethereum 2.0, a much-awaited network upgrade of Ethereum (ETH), now has more than 5.6 million coins under its deposit contract, the highest level on record. According to the latest data posted by Etherscan, the total value of ETH locked under the staking contract of Ethereum 2.0 stands at around $13.5 billion.

ETH 2.0 officially started its journey in the first week of December 2020 with the launch of Beacon Chain. Nearly 1 million Ethereum coins were staked within four days of the launch. ETH network has started its shift from the current proof-of-work network to an improved proof-of-stake network.

The overall value of the staked ETH under Ethereum 2.0 has dropped significantly during the last few weeks, mainly because of the latest dip in the price of the world’s second-largest cryptocurrency. Ethereum reached an all-time high of over $4,300 on 12 May but the digital asset has lost more than 45% of its value since then. As of writing, Ethereum is trading near $2,400 with a market cap of $280 billion and a market dominance of 17.5%.

Top Ethereum Addresses
Large ETH wallets play an important role in the network activity of Ethereum. According to the latest data compiled by crypto analytics firm Santiment, the world’s top 10 non-exchange ETH wallets hold more than 19 million coins. “The top 10 Ethereum non-exchange whale wallets are continuing to climb in terms of ETH held. Combined, the 19.67 million coins held by these addresses are the most combined ETH owned by the top 10 non-exchange addresses since July, 2016,” Santiment mentioned in a Tweet.

Earlier this month, Finance Magnates reported about the recent plunge in the supply of Ethereum at leading cryptocurrency exchanges. According to the latest data published by Glassnode, digital exchanges are now holding less than 13 million ETH, the lowest level in more than 2 years. On the other hand, Smart Contracts are now holding more than 23% of the total supply of ETH.source

With the cryptocurrency market dumping 40-55%, everyone had an idea that the market could be like 2018.  But since yesterday the market is going to be pumped so I believe the market will definitely be better.  Now the way the market has started pumping, of course the market will be better than a few days ago.  Do you think that you can break the previous record and create a new record again ?? What do you have about this...

Attorney Jeremy Hogan gave his legal assessment of the top five cryptocurrencies naming Tether and Binance Coin as at risk on the “SEC danger rating.”

Hogan has been covering the SEC vs. Ripple lawsuit since proceedings began in December last year. The U.S securities regulator alleges Ripple had sold $1.3 billion of unregistered securities over eight years.

The coverage has demonstrated his knowledge of the complex legal subtleties involved with securities law.

Based on the analysis, Hogan warns that, in his opinion, both Tether and BNB are likely candidates for legal action.

Criteria for SEC enforcement
In determining a breach of securities law, the SEC has relied upon the Howey test to evaluate whether a transaction qualifies as an “investment contract.”

“Under the Howey Test, an investment contract exists if there is an “investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others,” he said.

The Howey Test refers to SEC vs. W.J. Howey, which the Supreme Court preceded over in 1946.  The Howey company had sold zones of citrus groves to buyers in Florida, who then leased back the land to Howey.

Howey staff tended to the groves and sold the fruit on behalf of the owners, with both parties taking a share in the revenue generated by the operation.

Howey did not register the transactions with the SEC, and the Supreme Court’s final ruling determined that the leaseback deal qualified as an investment contract.

The criteria used to establish an investment contract was:

An investment of money.
In a common enterprise.
The expectation of profit.
Profit to be derived from the effort of others.
What did Hogan say about Tether and BNB?
Hogan pointed out that his assessment was not a determination of whether the tokens would win or lose in a securities lawsuit. Instead, it relates to the chances of SEC bringing legal action in his opinion.

Hogan touched briefly on Tether’s $18.5 million settlement in February this year with the New York Attorney General (NYAG).

Parent company Bitfinex paid the fine to end the probe into allegations it had tried to cover up an $850 million loss. The NYAG also raised concerns over allegations it had a shortfall of cash reserves backing the Tether in circulation.

Hogan didn’t discuss how Tether stacked up against the Howey test criteria but gave the popular stablecoin a 9/10 danger rating.

In breaking down BNB’s situation, Hogan points out that BNB tokens do form an “investment of money.” He added that the Binance ICO in 2017 also matches the description of an investment contract.

“Is there investment of money? Yes, you buy the coins. And where did the coins come from? Well, Binance had a genuine Initial Coin Offering, an ICO, in 2017. This is the exact thing that Chairman Clayton and new SEC Chairman Gensler have basically said is an investment contract.”

What’s more, Hogan said Binance’s operations are very centralized, citing the firm’s buyback coin burn policy, which keeps coins scarce therefore increasing their value, as fitting the narrative of the expectation of profit.

He gave BNB an SEC danger rating of 8.5/10source