In a recent update, market expert Inmortal has raised concerns over potential price fluctuations for Solana and Bitcoin. He noted that the upcoming release of 11 million tokens in Solana might trigger a temporary decline in value. Meanwhile, Bitcoin has reportedly established a significant support level, while Ethereum is anticipated to surge towards $4,400 in the coming month. Inmortal highlighted that the cryptocurrency market continues to experience high volatility.
What Risks Does Token Unlocking Pose for Solana?
Despite recent gains, Inmortal cautioned that the release of such a large volume of tokens could apply downward pressure on Solana’s prices. He urged traders to be vigilant during this unlocking phase, as significant supply increases often result in selling pressure, which can lead to short-term price reductions.
What Are the Key Price Levels for Bitcoin and Ethereum?
Inmortal has pinpointed the $92,500 mark as a crucial support level for Bitcoin, underscoring its importance in upcoming trading sessions. Additionally, Ethereum’s target remains at $4,400, with an expected upward trajectory. However, the prevailing market volatility introduces challenges for traders.
- The unlocking of 11 million tokens may negatively influence Solana’s price.
- Bitcoin’s critical support level is established at $92,500.
- Ethereum aims for a target price of $4,400 in the next month.
- Traders are advised to approach short-term positions with caution.
Market participants are urged to keep a close watch on Bitcoin’s ability to retain its support level, as well as Ethereum’s movement toward its projected price target. The next few days are likely to provide crucial insights into trader behavior and market dynamics.
