Betting on Solana and ‘doggie coins?’ Here’s why this exec backs that idea
Release: 2024/05/04 01:04 Reading: 455
- Original author：AMBCrypto
- Original source：https://ambcrypto.com/?p=389377
Analysts Predict Gradual Market Improvement from Fed and U.S. Treasury Actions
Market Impact
Market analysts anticipate a mildly bullish impact on Bitcoin [BTC] and the broader market following the recent dovish Federal Reserve rate decision and the U.S. Treasury's Quarterly Refunding Announcement (QRA).
Fed and QRA Impact
According to QCP, a Singapore-based institutional crypto-trading firm, the Fed and QRA were "more dovish than expected." The Fed indicated no plans for rate hikes and announced a slowdown in Quantitative Tightening (QT) from $60 billion to $25 billion monthly. The Treasury will maintain issuances for longer maturities, reducing concerns about a spike in long-term yields. This is expected to ease the USD rally, benefiting risk assets.
BitMEX Co-Founder's Perspective
BitMEX co-founder Arthur Hayes concurs, but emphasizes that the liquidity impact will be gradual. "The impact of this QRA is mildly dollar liquidity positive... But it will help pump our bags slowly over time."
Hayes' Momentum Trading Picks
Hayes anticipates a moderation in the current price decline as liquidity improves. He predicts BTC will reclaim $60k and trade within a range between $60k and $70k until August.
Additionally, Hayes is optimistic about the performance of certain altcoins. He identifies Solana [SOL], dogwifhat [WIF], and Dogecoin [DOGE] as potential momentum trading opportunities.
Momentum Trading Strategy
Momentum trading involves buying or selling assets exhibiting significant unidirectional price movement, with exits triggered by price reversals.
Solana's Performance
Asset manager Franklin Templeton also holds a bullish view on Solana. However, SOL's recent price action has trended downward, indicating short traders have benefited from the market sell-off. At press time, SOL trades at $136, down 35% from its mid-March high of $210.
Nonetheless, bulls have defended the $126 support level twice, in mid-April and early May. A decisive trend reversal requires a price move above the previous lower high of $160.
Market Sentiment for SOL
Santiment data suggests that overall market sentiment for SOL remains negative, as reflected by the weighted sentiment's negative reading. A strong bullish reversal is unlikely in the short term.
Source: Santiment
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