News within the crypto market: the latest performance of Solana (SOL), Ethereum (ETH) and Binance Coin (BNB).
Let’s see below all the details regarding the price performance.
Solana crypto price: comparison with Ethereum and BNB
The price of the Solana (SOL) crypto has shown a significant recovery recently, surpassing the $15 level. Moreover, after forming a base, it managed to cross the $15.50 and $16.00 thresholds.
A clear movement above the 23.6% Fibonacci retracement level of the significant fall was evident, ranging from the high of $22.32 to the low of $13.20. Bulls even managed to push the price above the $16.50 resistance zone.
However, bears have been active near the resistance of $17.78. On the bullish side, immediate resistance is around the $17.00 level. Consequently, the next major resistance is in the $17.78 area.
Further gains could take the price of SOL toward the $18.50 resistance zone, above which it could accelerate further. In contrast, initial support is around the $16.20 level.
There is also a significant bullish trend line forming with support near $16.20 on the 4-hour chart of the SOL/USD pair. Hence, the next significant support is around the $15.30 level.
However, further losses could pave the way for further declines toward the low of $13.20 in the coming sessions.
Ethereum NFT collections down: what does this mean?
A recent tweet by Messari showed a significant 29% drop in the initial prices of Ethereum‘s popular NFT collections, such as Bored Ape and CryptoPunks:
In addition, CRYPTOSLAM data revealed a slight appearance in Ethereum NFT sales volume over the past 30 days. The same trend was also observed for the total number of NFT sellers on the blockchain in the previous month.
According to Dune‘s data, both the number of new buyers and old buyers of Ethereum NFTs has been declining for several months. However, it is interesting to note that the trading volume of NFTs on the blockchain has increased recently.
After a comforting recovery last week, the price of ETH could exceed the $1,900 level. However, things quickly changed as the price fell again.
At the time of writing, ETH is trading at about $1,883.51 with a market capitalization of more than $226 billion.
This is also confirmed by Glassnode Alert‘s tweet, as the number of non-zero ETH addresses has reached a new all-time high.
In addition, Santiment‘s chart also shows an accumulating trend.
How much will BNB’s future be determined by the SEC vs Binance lawsuit?
Following the recent events involving Binance in a lawsuit with the SEC, one cannot help but notice the fact that June was a difficult time for the BNB crypto. Indeed, its value has dropped significantly.
We see that Belgium’s main regulator, the Financial Services and Markets Authority (FSMA), has issued a suspension order against the cryptocurrency exchange.
In its official statement, issued on 23 June, it called for the immediate cessation of services offered by the exchange to local customers.
According to FSMA, Binance provided exchange services between virtual and legal currencies, as well as wallet custody services, to countries outside the European Economic Area, thus violating existing restrictions.
Interestingly, this recent development occurred shortly after a similar incident earlier this month. Indeed, Binance had announced the suspension of its services in the Netherlands and Cyprus, which are also part of the European Economic Area.
Furthermore, rumors had circulated about potential investigations by French authorities into Binance’s activities. However, it was promptly clarified that these were only routine visits to the exchange’s facilities.
Finally, we note that despite the downward trend in BNB’s price, there seems to be positive sentiment around it, as indicated by Coinglass data.
Source: https://en.cryptonomist.ch/2023/06/28/latest-crypto-news-solana-ethereum-bnb/