The cryptocurrency market recently set a new record with a total capitalization of $4.16 trillion, driven by Bitcoin’s surge above $120,000 and Ethereum edging closer to its all-time high. Amidst this bullish backdrop, Story Protocol’s IP experienced a decline on the weekly timeframe, while SOL showcased robust gains.
The ongoing crypto bull season seems to be fueled by a combination of macroeconomic factors and regulatory developments. The market sentiment received a boost from the increasing likelihood of a Federal Reserve rate cut, with odds reaching 94% on platforms like Polymarket. Additionally, the decision to delay new tariffs on China by the U.S. government further contributed to the positive market outlook.
Bitcoin and Ethereum, two of the leading cryptocurrencies, continued their upward trajectory, with Bitcoin trading at $120,203 and Ethereum seeing a 10% jump, bringing them closer to their respective record highs. However, the market dynamics favored larger projects this week, leading to a surge in SOL’s price while Story Protocol’s IP faced a decline.
Solana’s price (SOL) surged by 15% in the last 24 hours, surpassing the $200 mark for the first time this month. The price action of SOL formed a rising wedge pattern on the chart, accompanied by a golden cross signal, indicating a potential bullish trend. A breakout above $213 could set a target of $252, but a failure to maintain momentum might result in a pullback towards $175.
On the other hand, Story Protocol’s IP witnessed a 17% drop from its weekly high of $6.95. The token broke below a rising channel pattern on the daily chart, signaling a possible bearish reversal. Technical indicators like the Supertrend and RSI point towards a bearish outlook, with downside targets at $4.10 and $2.40 if the downtrend continues.
It is essential to note that the article does not provide investment advice and is intended for educational purposes only. The cryptocurrency market remains dynamic, with price movements subject to various factors influencing investor sentiment and market dynamics.