🤔 The Hodlers Behind the Bitcoin Drop !
Welcome to the Daily Tribune of Wednesday, November 27, 2024 ☕️
Hello Cointribe! 🚀
Today, it's Wednesday, November 27, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss !
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24h crypto recap! ⏱
🌟 Altcoins on the Rise
Bitcoin seems to be loosening its grip on the crypto market, leaving the door open for a potential explosion of altcoins, according to Santiment's analysis. Three projects currently dominate traders' discussions: Sandbox (SAND), which is benefiting from a renewed interest in the metaverse, Stellar (XLM), driven by excitement in South Korea related to political events, and Ethereum (ETH), regarded as a safe haven by cautious investors.
While SAND and XLM attract attention due to specific contexts, Ethereum continues to appeal to traders for its robustness and promising prospects. Meanwhile, other altcoins like Pleasure Token and Axie Infinity are seeing their social volumes explode, illustrating a diversification of capital in a market marked by uncertainty.
🤔 Bitcoin: The Unexpected Drop Triggered by Hodlers
Bitcoin has recorded a marked decline to $92,774, caused not by ETF flows or institutions, but by hodlers (long-term holders) who chose to take profits. This unusual behavior of hodlers has intensified selling pressure, resulting in a 5.6% correction in 24 hours.
This correction highlights an important fact: the movements of hodlers remain a key factor in Bitcoin's stability, sometimes rivaling the impact of large institutions or new financial products.
🚀 Solana Outperforms Ethereum Again
In November, Solana smashed records by recording $109 billion in volumes on its decentralized exchanges (DEX), significantly surpassing Ethereum, which is capped at $55 billion. This performance was fueled by the rise of memecoins and frenzied activity on key platforms like Pump.fun and Raydium. Meanwhile, the SOL token surged by 61.5%, reaching $263 due to increased adoption and a peak in activity marked by 25 million active addresses.
Despite this surge, technical indicators suggest a risk of correction before SOL potentially reaches $300. With its speed, low costs, and record volumes, Solana is redefining the standards of blockchains, directly challenging Ethereum on multiple fronts.
🚨 Bitcoin Wobbles: $438 Million in ETF Outflows Shake the Market
The day before yesterday, the crypto market was shaken by massive outflows of spot Bitcoin ETFs, reaching a record of $438 million, which exacerbated the drop in BTC. These ETFs, often regarded as a key indicator of institutional adoption, also play an amplifying role in market movements.
After record inflows on November 21, these sudden withdrawals reflect growing nervousness among investors. BTC is facing a downward dynamic.
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Crypto of the Day: Hedera (HBAR)
Hedera is a decentralized public blockchain that uses a unique technology, Hashgraph, to offer fast, low-cost, and eco-friendly transactions.
Its native crypto, HBAR, is used to pay transaction fees, secure the network through staking, and enable decentralized applications. Initially distributed through private and public sales, it offers holders advantages such as enhanced security and versatile utility, including payments, microtransactions, and innovative logistical and financial solutions.
Its governance is based on a council composed of major global companies such as Google and IBM.
Recent Performances
Current Price: €0,1419
Variation (1 day): +8,38 %
Market Capitalization: €5,42 billion
Rank on CoinMarketCap: 31
Technical Analysis: Solana (SOL)
Solana (SOL) recently marked a new all-time high at $264, illustrating a robust bullish dynamic supported by growing adoption and favorable technical indicators.
After a period of consolidation, the price broke through key resistances and demonstrated a clear structure in the medium and long term, although short-term weaknesses are apparent due to selling pressure. SOL remains above its annual VWAP and its 50 and 200-day moving averages, showing a positive outlook. However, an overheated market could lead to a correction towards identified supports between $211 and $155.
Derivative analysis shows an active but balanced market, with persistent buying interest despite dominant buy liquidations. The next resistances for SOL could be at $297 or reach $300, while a drop below $229 could bring prices back to lower levels.
🔗 **Read the full analysis here.
