Based on the White House's warning last Monday and the ADP data on last Wednesday, the market has already priced in the soft NFP and a higher unemployment rate on last Friday. When this time did come, the market didn’t magnify the volatility. After entering September, the pace of B/S reduction will double, but the impact will be small in recent months. The reason is that the TGA account and RRP on the B/S will share the pressure on the reserve account up front, slowing down the decline of Cheap Money in the market.
This week, the first step of ETH merger, Bellatrix's upgrade will begin. Judging from the market, the success of the merger will determine the trend of the next cycle.
Carried by ETH last week, Sol moved upward slowly near the previous low. Compared to BTC’s, SOL's performance last week was not bad. But from another point of view, after approaching the key support level, the growth of bulls is not significant. Even with the drive of ETH, the current gain of rebound is too small compared to the loss stated from mid-Aug, and it is more like a rebound before a new dip. Likewise, trading volumes have decreased over the last week, and SOL could have now fell below the key support level if it weren't for a ETH merger.
Conclusion: Mostly falling. While last week's rebound was better than BTC's, it was too weak for the previous drop. And the bulls provided by the key support level seems to be getting smaller and smaller, so we come to this conclusion. We hold last week's support level at 28, a level that has become fragile, but is difficult to break right now. Meanwhile, we maintain previous resistance level at 38.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
This week, the first step of ETH merger, Bellatrix's upgrade will begin. Judging from the market, the success of the merger will determine the trend of the next cycle.
Carried by ETH last week, Sol moved upward slowly near the previous low. Compared to BTC’s, SOL's performance last week was not bad. But from another point of view, after approaching the key support level, the growth of bulls is not significant. Even with the drive of ETH, the current gain of rebound is too small compared to the loss stated from mid-Aug, and it is more like a rebound before a new dip. Likewise, trading volumes have decreased over the last week, and SOL could have now fell below the key support level if it weren't for a ETH merger.
Conclusion: Mostly falling. While last week's rebound was better than BTC's, it was too weak for the previous drop. And the bulls provided by the key support level seems to be getting smaller and smaller, so we come to this conclusion. We hold last week's support level at 28, a level that has become fragile, but is difficult to break right now. Meanwhile, we maintain previous resistance level at 38.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
