SOL and XRP Rise 5% as Bitcoin Faces $84,000 Resistance
Solana's SOL and XRP increased by 5% in the last 24 hours, leading major cryptocurrencies as Bitcoin (BTC) faced resistance at $84,000.
- SOL rose 7% following a controversial governance proposal SIMD-0228 that maintained its inflation schedule, achieving the highest voting turnout in Solana's history.
- XRP gained 5% amid Ripple Labs securing a payments license in the UAE and progress towards concluding its SEC case.
- Memecoins saw significant movement with PEPE, TOSHI, and DOGE rising up to 40%.
- TOSHI surged 38%, while KEYCAT doubled in value after announcing a partnership with Acheron Trading to enhance liquidity.
- BTC ended the week down 3%, following two weeks of volatility between $75,000 and $95,000, reflecting a 20% decline from January’s peak above $108,000.
- Traders are monitoring macroeconomic indicators and potential rate cuts for future market positioning.
- Experts indicate that recent inflation cooling may support upcoming rate cuts, but geopolitical tensions complicate the Federal Reserve's policy decisions.
- BTC is displaying behavior more akin to risk-on assets rather than a traditional safe haven, with expectations of continued volatility due to geopolitical and economic uncertainties.
- A break above $89,000 could signal bullish sentiment, while current dynamics hint at a downward trend, with bears regaining control near $83,500.