Solana, the high-performance cryptocurrency, saw a surge to a new all-time high above $24 on June 11 – only to retreat shortly after. While the coin retreated, bulls have an opportunity to bid on the dip.
An explosive day on the crypto markets as MATIC soared 20%, while SOL dropped 10%. Bitcoin and Ethereum provided a solid backdrop as traders quickly reacted to the latest developments in two of the market’s biggest stories.
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Friendly coins MATIC and SOL were two of the crypto market’s top performers today. MATIC made a strong comeback following recent losses whereas SOL retreated back to its previous levels of support.
Gold prices hit a two-year high this week, along with silver and crypto prices, following the Federal Reserve’s 0.25% rate increase. This is the second increase for 2018. Analysts have attributed the surge to economic uncertainty caused by the Fed’s rate intensification.
Solana’s SOL token experienced a momentary surge to the $24 level earlier today, but quickly retraced to lower levels. Those watching the market may be positioning for a dip, as this could be an attractive entry point for bullish traders.
The “meme coin frenzy” on Bitcoin is intensifying, fueled by the rise of the BRC-20 token standard. This new standard enables the creation of tokens backed by Bitcoin, bringing the world of decentralized finance (DeFi) closer than ever before.
The Federal Reserve has increased interest rates for the 10th consecutive month, sending Bitcoin and Ethereum prices flat. Analysts expect the rate to keep going up in the near future, but some say it could mean reduced expansion for the cryptocurrency market.
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MATIC enjoyed a strong rebound in the past 24 hours, rising 27.37%, while SOL fell back towards key support levels after its recent runup.