Daily Crypto Signals: BTC Tests $95K Support, SOL Drops 15% Amid Memecoin Concerns
The cryptocurrency market faces pressure as Bitcoin consolidates around $95,000 and Solana plummets 15% following memecoin controversies. The broader crypto market sees mixed sentiment as FTX begins creditor repayments while key assets face technical resistance.
While altcoins are under more selling pressure, the bitcoin market displays indications of strain as Bitcoin often tests important support levels. With its first round of creditor repayments starting now, FTX marks a major turning point in the crypto sector’s rehabilitation following the fall of the exchange. Aiming for claims above $50,000, the exchange schedules May 30, 2025 as its next distribution date.
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Bitcoin Trades Between $98,000 and $95,000
Since February 3, Bitcoin BTC/USD keeps negotiating erratic waves, trading between $98,000 and $95,000. Concerns over possible weakness have been raised by the crypto asset’s five times in two weeks testing of the $95,000 support level. Onchain analysts claim that the inter-exchange flow pulse of Bitcoin has turned negative for the first time since Q3 2024, implying diminishing investor risk appetite.
Ethereum Price to Cross $10,000 in 2025?
With exchange reserves at a nine-year low of 18.95 million ETH, Ethereum ETH/USD exhibits resiliency and may indicate an approaching supply shock. Though year-to- date falls 19%, experts still see bright future prospects for ETH; some estimate possible targets ranging between $10,000 and $13,000. One main driver of price increase could be staking ETFs.
LIBRA Scandal, Decline in DeFi Activity Weighs on Solana
Solana SOL/USD has dropped sharply by 15%, to $164 in light of more general ecosystem issues. Originally ascribed to the Libra memecoin scandal involving President Javier Milei of Argentina, closer investigation finds falling DeFi activity and TVL as main causes. With over 15 million SOL booked for distribution in Q1 2025, the network is under more strain from forthcoming token unlocks.
Dogecoin Battles Sell Pressure
Dogecoin DOGE/USD has dropped 5.5% over the past 24 hours, trading at $0.2494 while the larger memecoin market shows notable selling pressure. With important support levels at $0.21 and $0.2038, technical analysis points to possible even further falls. Low financing rates and declining open interest point to gloomy market mood.
Grayscale Launches Pyth Investment Fund
Grayscale Investments has launched a new investment fund for the Pyth Network’s native token (PYTH), targeting qualified investors. The fund aims to capitalize on Pyth’s strong market position within the Solana ecosystem, where approximately 95% of decentralized applications rely on its price feeds. This launch adds to Grayscale’s expanding suite of single-asset crypto investment products.
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