Bitcoin price at $120k, IP down 17%, SOL jumps

The total capitalization of the cryptomarkt rose to a record high when Bitcoin lived back the $ 120k level and Ethereum closed on its all time. Against this background, the IP of Story Protocol was on the weekly period, while Sol made strong profits.

The combined market capitalization of all cryptocurrencies climbed to a record high in $ 4.16 trillion on Wednesday 13 August, so that this week’s profit extended almost 10% in the midst of what seems to be a constant crypto-virar season after years of market consolidation and gradual recovery.

The cryptomarkt continued to rise today, powered by a combination of macro-economic and regulatory factors, along with increasing opportunities on a report of the FED in recent weeks, which is usually bullish for risk-to-assets such as cryptocurrencies.

The chance of a FED rate first rose Rose after weak American non-agricultural wage lists held up in the middle of concern about the rates of Donald Trump. It further climbed when the CPI data of July was published by the US on Tuesday, the headline inflation revealed at 2.7% with core inflation to 3.1%.

The chance of a rate reduction this year, as followed Polymarkethave now risen to 94%, while CME Fed Futures has risen to more than 87%.

Another important catalyst that supported the current Marktrally was the American decision to postpone the new rates for China with 90 days, which extended the deadline this year until November 10. The relocation facilitated trade tensions between the two largest economies in the world, increasing the trust of investors and feeding a broader risk-on sentiment in the cryptomarket.

Bitcoin (BTC) rose by 1.6% to $ 120.203, while Ethereum (ETH) rose almost 10%, with both floating near record highs and bullish sentiment on the market.

The rally took place on the market. This week, investors preferred to prefer larger crypto projects and pushed Sol higher, while the IP from the Story Protocol fell.

Solana Price Analysis

Solana Price (SOL) has risen by 15% over the past 24 hours and this month traded above $ 200 for the first time. Today’s rally has extended its profit to 28% compared to its monthly low.

On the graph, SOL’s price promotion took shape in a rising WIG-two upward trend lines that gradually converge towards each other. The setup comes along a Golden Cross, where the 50-day advancing average has risen above 200 days, a movement that traders often regard as a strong bullish signal.

If buyers succeed in pushing the price above $ 213 at the end of the session, this would confirm an outbreak of the rising wedge. Such an outbreak could set a potential target of $ 252, a level that coincides with the 78.6% Fibonacci racement.

However, it should be noted that a rising wedge is usually considered a bearish reversing pattern. As such, if the momentum does not exceed $ 213, Sol can experience a withdrawal to the $ 175 region in the next step.

Story protocol Price analysis

While the story (IP) rose by 2.7% for the past 24 hours, it remained 17% below the weekly high point of $ 6.95.

On the daily graph, token had exchanged in an increasing channel pattern since the beginning of July. From the press it is broken under the lower trend line of the channel, a movement that usually indicates a potential bearish reversal and the start of a downward trend.

In the meantime, the Supertrend -Indicator has shifted to green as the price was moved underneath, indicating a sales signal and the Bearish -for views strengthens. The relative strength index (RSI) recovers to 53 after immersing, which suggests that the sales pressure slightly relaxes but does not yet indicate at a strong bullish momentum.

Based on the breakdown of the rising channel, IP could continue to fall to the next purpose of $ 4.10. A drop below that level can open the path to the key support zone near $ 2.40.

However, if Token returns to $ 6.30 towards the end of the session, it can make the Bearish arrangement invalid and signal a potential return to the earlier upward trend.