BTC will see the corrective month ahead when Solana (SOL) hits an all-time high

BTC benefited from the strong sell-off in the US dollar market over the weekend. bulls attempted two rallies above the $ 49K level. However, bitcoin rose to a high of $ 49,657 but failed to climb to a decisive fight at $ 50K.

Since then, the momentum has waned and the BTCUSD pair is currently consolidating gains above the $ 48K support. Ongoing limited-range trading comes as September approaches, a month that has historically been uninspiring for investors.

According to analysts, last month offered a lower price zone in the past than in August. He anticipated in a recent Tweet that the king’s coin could head into a correction period for the next 30 days.

analysis means investors may have to wait a bit longer for bitcoin bulls to hit a new all-time high above $ 64K. good news is that market participants may not have to endure the correction for long. October has historically expressed a more bullish sentiment.

Whales turn their attention to BTC

Market sentiment continued to be bullish despite bitcoin’s failed attempt to break out of the critical $ 50,000 resistance level. Data from the ecoinometry newsletter Shows That little fish, a term used to refer to investors who have less than 1 BTC, has been hoarding coins since June.

In contrast, whales with $ 1K to $ 10K BTC underwent a capitulation period when the coin entered the $ 45K to $ 50K range. However, the demand for small fish was enough to absorb the selling pressure from wealthy investors, leading to the recent rally to $ 50,000.

cryptocurrency-focused newsletter now reports that whales switched their interest to BTC this month, teaming up with retailers to acquire large amounts of BTC. renewed craze of accumulation by whales indicates that investors with deep pockets are finding current prices attractive enough to go big on BTC.

“Recently, there has been some divergence in the chain between small fish that are accumulating coins [and] whales unloading coins. Not ideal for supporting the price of Bitcoin, but things seem to be changing! whales are ticking again, ”summarized the Ecoinometrics report.

SOL Hits $ 100 Amid Mystery Feature Launch

SOL, the native coin of Solana’s public blockchain, hit all-time highs above $ 103.0. Solana community anticipates the launch of the mysterious “Ignition” tool. new feature, scheduled for August 31, is expected to introduce a SOL token burn. FOMO burst onto the market after Solana’s team released a teaser video for their upcoming social media update.

SOL rally into uncharted territory came as altcoin like ETH, Cardano (ADA), and Binance Coin (BNB) stopped small gains. SOL, which has a market capitalization of more than $ 31 billion, has recovered more than 16% in the last 24 hours.

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