📉Without a prolonged rally, Ethereum is "doomed," according to Eric Balchunas
Welcome to the Daily Tribune for Friday, May 02, 2025 ☕️
Hello Cointribe! 🚀
Today is Friday, May 02, 2025 and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't have missed!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially sunny 🌤️
24h crypto recap! ⏱
🗣️ In Dubai, CZ reignites the war for freedom on X
From Dubai, Changpeng Zhao (CZ) asserts that financial freedom depends on freedom of speech. He justifies his massive investment in X as an activist act for decentralized speech and criticizes the European approach, considered too normative and hostile to innovation.
💱 Demand explodes for non-dollar-denominated stablecoins
More and more states are challenging the dominance of the dollar on stablecoins, citing sovereignty issues. Europe is actively exploring alternatives to the greenback, and new stablecoins indexed to other currencies are emerging.
⚠️ Without a prolonged rally, Ethereum is doomed, according to Eric Balchunas
Eric Balchunas, analyst at Bloomberg, believes Ethereum is at an impasse. He points out that the absence of a prolonged rally and the SEC’s delay in authorizing staking for Ethereum ETFs compromise the platform’s future.
📈 XRP: Bloomberg estimates an 85% chance of an ETF this year
Bloomberg estimates the probability of XRP ETF approval in 2025 at 85%, up from 65% two months earlier. Eric Balchunas attributes this increase to changes in SEC leadership, which have shifted regulatory dynamics.
Crypto of the day: Walrus (WLRS)
Walrus is a decentralized storage protocol designed to handle large binary files such as images, videos, or large datasets. It relies on the Sui blockchain for coordination and payments, offering a scalable and reliable storage solution. The protocol guarantees high data availability even if some storage nodes fail, thanks to advanced error correction mechanisms.
The native token WLRS is used to pay storage fees and incentivize nodes to provide storage space. Holders can also participate in the governance of the protocol.
Recent performance:
Current price: $0.004685 USD
24-hour change: +6.94%
Market capitalization: 825,931,202 USD
Rank on CoinMarketCap: 108 #
Solana: Toward a true bullish reversal?
As the crypto market tries to catch its breath after several weeks of volatility, Solana (SOL) is sending interesting technical signals. Currently, the token is trading around $150, up 7% over the week. This movement, although moderate, is accompanied by structural signs suggesting a potential bullish reversal in progress.
A technical recovery underway, but still fragile
From a technical perspective, Solana currently benefits from an encouraging setup. Its 200-day moving average (SMA 200) remains upward, indicating the underlying trend is positive. The 20-day moving average (SMA 20), a short-term momentum indicator, also confirms renewed momentum.
The $141 level, former support turned pivot, has been reclaimed, reinforcing the validity of the move. If the price manages to sustainably break the resistance at $157, it could open the way to more ambitious targets: $180, or even $205 in extension.
Key levels and macro context to monitor
Despite these positive signals, several technical zones remain closely watched. A drop below $140 would cancel the early stages of the reversal, bringing SOL back to its supports at $123 or even $108. The monthly pivot point, located at $133, plays a central role in repositioning medium-term investors.
Beyond the chart analysis, macroeconomic data and the evolution of overall liquidity in crypto markets will be decisive. Volume growth remains modest, which calls for caution as long as institutional buying interest does not strengthen.
Solana shows real signs of technical stabilization, and the market seems to be preparing a gradual bullish reversal. However, the absence of strong fundamental catalysts and the lack of volume impose a measured stance. For the recovery to sustainably settle, breaking above $157 will need confirmation in a stronger market context. Meanwhile, the reversal scenario remains under construction — and still fragile.
