• Crypto prices moved sideways this week as the US dollar index continued its downward trend.
• Solana (SOL/USD) price has made a spectacular comeback as investors raise their bets that the blockchain will recover amid FTX woes.
• Theta Network has moved above the cup and handle pattern and Hooked Protocol’s HOOK has surged above its all-time high.
Cryptocurrency prices remained in a state of stagnation this week as the US dollar index continued to decline. Bitcoin rose above the $23,000 mark for the first time in months, while the total market cap of all cryptocurrencies surged to an all-time high of over $1 trillion. Despite the lack of significant price movements, certain cryptocurrencies have made significant gains.
Solana (SOL/USD) has been one of the star performers this week. It has made a spectacular comeback, with investors raising their bets that the blockchain could recover from the recent FTX woes. The price of Solana has now reached the highest mark since the FX imploded, with the 4H chart forming a triple-top pattern and a head and shoulders pattern. This is a bearish signal, suggesting that the price of Solana could drop in the coming days.
Theta Network has also moved above the cup and handle pattern, with prices rising to a high of $12.25. The cryptocurrency has gained significant traction over the past few months and is now one of the most popular networks in the industry. It is being used by some of the biggest companies in the world, including Samsung and Walmart.
Finally, Hooked Protocol’s HOOK has surged above its all-time high, reaching a new peak of $1.45. The cryptocurrency has been one of the most popular digital assets in the industry, with investors flocking to the platform due to its low fees, fast transactions, and strong security.
All in all, the cryptocurrency market remains in a state of flux, with some digital assets making significant gains while others remain stagnant. It is important to remain cautious when investing in cryptocurrencies, as the market is extremely volatile and prices can move in either direction.