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Solana price rally risks exhaustion after SOL’s 120% pump in 2 weeks

The price of Solana’s SOL (SOL) cryptocurrency is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk. However, the SOL/USD pair now shows signs of exhaustion, raising anticipation that the token may see a short-term correction in the coming days.

SOL turns overbought

SOL has been one of the best-performing cryptocurrencies so far in 2023, after being one of the biggest losers in 2022. 

On Jan. 9, SOL’s price jumped to as high as $19.50, or gains of around 120%, in a recovery rally after sliding below $8 on Dec. 29, 2022.

But the price spike also turned SOL into an overbought asset, per its daily relative strength index (RSI) reading above 70, as shown below.

SOL/USD daily price chart. Source: TradingView

Traditional investors typically see an overbought RSI as a potential sell signal, given that the indicator has historically coincided with a period of buyer exhaustion. As a result, SOL’s price could enter a correction or a sideways consolidation stage to bring its RSI back below 70.

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Market Analysis

Abu Dhabi-based Venom Foundation launches $1B fund for Web3 and blockchain

Venom Ventures Fund is allocating $1 billion to invest in Web3, blockchain and cryptocurrency projects and services.

Blockchain

Music NFTs are helping independent creators monetize and build a fanbase

The Agenda podcast chats with Adam Levy of Mint and rapper Jay Kila about nonfungible tokens, Web3 and the struggles of being an independent musician.

Blockchain

Dutch exchange Bitvavo rejects DCG’s proposal to repay 70% of debt

After having about $290 million locked at Digital Currency Group, Bitvavo decided to prefund the assets on its own and is now looking for full repayment.

Bitcoin

Hong Kong watchdog aims to restrict retail traders to liquid products

When asked about Bitcoin or Ether, SFC executive Julia Leung Fung-yee did not respond but reiterated that “highly liquid” will be allowed.

Bitcoin

Hong Kong watchdog aims to restrict retail traders to liquid products

When asked about Bitcoin or Ether, SFC executive Julia Leung Fung-yee did not respond but reiterated that “highly liquid” will be allowed.

Regulations

WazirX releases proof of reserves with majority of funds in Binance wallets

The cryptocurrency exchange released its proof of reserves and proclaimed to be India’s largest exchange both in volume and reserve funds.

Blockchain

DCG chief Barry Silbert pens letter to shareholders, community reacts

Barry Silbert’s letter to shareholders came just hours after Cameron Winklevoss wrote an open letter to him accusing him of defrauding customers.

Regulations

DCG chief Barry Silbert pens letter to shareholders, community reacts

Barry Silbert’s letter to shareholders came just hours after Cameron Winklevoss wrote an open letter to him accusing him of defrauding customers.

Bitcoin

Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios

Argo Blockchain mined less Bitcoin than expected in December due to the firm curtailing mining operations at Helios amid extreme weather conditions.

Bitcoin

Bitcoin price taps $17.5K as traders in 'disbelief' doubt crypto rally

BTC price action returns to the $17,500 mark for the first time in almost a month, but traders refuse to flip bullish.

Ethereum

Bitcoin price taps $17.5K as traders in 'disbelief' doubt crypto rally

Bitcoin (BTC) staged a brief but promising return to $17,500 overnight on Jan. 11 as newfound strength lingered.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Bitcoin fails to win over skeptical traders

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new local highs of $17,504 on Bitstamp.

Almost tying with the peak from Dec. 16, the pair displayed rare upside momentum against a backdrop of some of the lowest volatility ever seen over the holiday season.

Now, traders and analysts anticipate an erratic reaction to upcoming macroeconomic data from the United States. Due Jan. 12, the Consumer Price Index (CPI) print is expected to bolster the narrative that inflation is waning, offering a potential window of opportunity for risk assets.

Nonetheless, many voices urged caution, with signs of fundamental price support still lacking.

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Altcoins

Bitcoin price taps $17.5K as traders in 'disbelief' doubt crypto rally

BTC price action returns to the $17,500 mark for the first time in almost a month, but traders refuse to flip bullish.

Bitcoin

Bitcoin price taps $17.5K as traders in ‘disbelief’ doubt crypto rally

Bitcoin (BTC) staged a brief but promising return to $17,500 overnight on Jan. 11 as newfound strength lingered.

BTC/USD 1-day candle chart (Bitstamp). Source: TradingView

Bitcoin fails to win over skeptical traders

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting new local highs of $17,504 on Bitstamp.

Almost tying with the peak from Dec. 16, the pair displayed rare upside momentum against a backdrop of some of the lowest volatility ever seen over the holiday season.

Traders and analysts anticipate an erratic reaction to upcoming macroeconomic data from the United States. Due on Jan. 12, the Consumer Price Index (CPI) print is expected to bolster the narrative that inflation is waning, offering a potential window of opportunity for risk assets.

Cast your vote now!

Nonetheless, many voices urged caution, with signs of fundamental price support still lacking.

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Market Analysis

Crypto exchange Zipmex probed by Thai SEC amid buyout

The cryptocurrency exchange is the subject of a probe by local monetary authorities in Thailand for a potential breach of local rules for digital asset service providers.

Regulations

Bitcoin nodes data: Frankfurt houses the largest city-wide network

Distributed across 5773 cities worldwide, over 60% and 14% of the Bitcoin nodes run on IPv4 and IPv6 protocols, respectively, while more than 25% run anonymously on .onion.

Bitcoin

Optimism and Arbitrum flip Ethereum in combined transaction volume

The two layer-2 networks processed more than 1.1 million transactions combined on Jan. 10.

Ethereum

Proposed bill in Argentina to encourage citizens to reveal crypto holdings

Argentines could soon be motivated with tax incentives to declare their crypto holdings as the government aims to tackle money laundering with a proposed bill.

Regulations

It'll be OK: DCG crisis likely won’t ‘include a lot of selling’ — Novogratz

Digital Currency Group’s ongoing financial distress isn’t likely to cause much further strain on crypto prices, said Novogratz.

Bitcoin

Initial approval given for Voyager and Binance.US deal amid national security probe

The deal has received initial approval from the bankruptcy judge but will require the approval of creditors and final court approval.

Regulations

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