Long liquidations have shaken the crypto market and impacted Solana (SOL) and Binance Coin (BNB) traders. Bitcoin’s (BTC) drop to a two-week low triggered widespread sell-offs. While both SOL and BNB struggle to hold key support levels, traders are turning to bullish alternatives like IntelMarkets (INTL).
IntelMarkets offers AI-powered trading tools, up to 1000x leverage, and advanced risk management features.
Bitcoin Drops Below $62,000 as $350 Million in Liquidations Hit the Market
Bitcoin fell to a two-week low of under $62,000, wiping out approximately 120,000 traders and causing $350 million in liquidations. BTC was trading around $64,000 on October 1, 2024, but the bear drove it lower. In addition, SOL and BNB also suffered losses due to this.
Despite recent interest rate cuts by the US Federal Reserve, which had previously sparked a BTC rally, the market remains highly volatile. Interestingly, this price plunge occurred just after Fed Chair Jerome Powell indicated more rate cuts could be expected by the year’s end.
The liquidation surge largely impacted over-leveraged traders. SOL and BNB traders are worried and looking to invest in bullish projects like IntelMarkets.
Solana Struggles to Reclaim the $144 Support After Liquidations
After the liquidations, the price of Solana’s SOL token has been facing bearish pressure. SOL has dropped over 11% in the past week and was trading around $137 in the first week of October 2024. Solana’s performance against Bitcoin is one of the factors behind its current struggle.
Analysts say the $144 price level of SOL is a key support point. If SOL doesn’t reclaim $144 soon, it could see further declines, with the next critical support level at $120. A drop to $120 is possible if bearish trends persist, but holding this level might prevent further losses for Solana.
While earlier predictions suggested SOL could consolidate between $144 and $146 before pushing toward $170, it has failed to maintain this level. Amid these developments, INTL is entering into bullish momentum and has attracted many SOL traders toward it.
BNB Eyes a Key Support at $530
BNB dropped to $550 in early October 2024 after a 9% decline in the past seven days. This major price dip can be mainly attributed to Bitcoin’s latest fall on the price charts and market liquidations.
Despite BNB’s price fall, Binance secured its 20th regulatory milestone in Argentina, registering as a Virtual Asset Service Provider (VASP) on October 1, 2024.
It’s important to note that Binance’s regulatory efforts could help boost BNB demand. However, BNB could decline and retest the $530 support level. If BNB holds above this level, it could rebound toward $600. But if it breaks below, the bearish trend could accelerate, pushing BNB down to $471.
IntelMarkets Prevents Liquidation Risks with AI DeFi Tools
Traders are attracted to IntelMarkets for its innovative AI DeFi tools for crypto trading. It offers up to 1000x leverage, and liquidated traders say they will recoup their losses now by using this high-leverage option.
Moreover, the AI trading bot of IntelMarkets creates a trading strategy for traders according to their performance. It also automates key tasks like risk management and capital allocation. Traders are excited about these features, and many of them are trading in IntelMarkets.
The trader’s community has grown to over 3,500 on the platform. Additionally, IntelMarkets provides access to a multichannel analysis system. Traders can benefit from insights drawn from over 1,000 technical sources, tracking more than 100,000 crypto assets.
You will be notified of even the smallest market movement. As a result, you can make better trade decisions with the help of real-time data. IntelMarkets’ perpetual contracts don’t have expiry dates. This could have stopped $350 million in liquidations, and traders could hold till market movements favored them.
INTL Aims for a 300% Price Pump Before Listing
IntelMarkets has now entered Stage 3 of its public presale, with INTL tokens priced at $0.027 each. The platform has raised over $910,000 and aims to reach $2 million by mid-October. Meanwhile, the INTL price is set to increase by 33% to $0.036 in the next stage.
The roadmap projects the token to reach $0.11 by Stage 12, a 307% rise from the current price. Investors are still hopeful for a 100x return by mid-2025, driven by institutional adoption and listings on top exchanges.
Early investors can take advantage of a 50% bonus and tier-based rewards. Buy INTL now and enjoy your rewards!
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Source: https://www.crypto-news-flash.com/long-liquidations-shake-out-solana-and-bnb-traders-see-why-intelmarkets-intl-is-still-bullish/?utm_source=rss&utm_medium=rss&utm_campaign=long-liquidations-shake-out-solana-and-bnb-traders-see-why-intelmarkets-intl-is-still-bullish