Daily Crypto Signals: Bitcoin Rallies to $114K, Solana Eyes $250 Ahead of Critical SEC ETF Decision
Bitcoin reclaimed the $114,000 level on Monday with a 4.5% surge in 48 hours, driven by regulatory clarity hopes and SBR optimism, while SOL
Quick overview
- Bitcoin reclaimed the $114,000 level with a 4.5% surge, driven by regulatory clarity hopes and Strategic Bitcoin Reserve optimism.
- Solana rebounded 12% ahead of the October 10 SEC spot ETF decision, with traders optimistic about potential new highs.
- Kazakhstan launched its first state-backed crypto reserve, while Poland passed a comprehensive Crypto-Asset Market Act despite public backlash.
- Despite selling pressure, Bitcoin's accumulation signals and upcoming regulatory discussions suggest potential for further price increases.
Bitcoin BTC/USD reclaimed the $114,000 level on Monday with a 4.5% surge in 48 hours, driven by regulatory clarity hopes and Strategic Bitcoin Reserve optimism, while Solana SOL/USD rebounded 12% from $190 as traders position ahead of the October 10 SEC spot ETF decision that could propel SOL toward new highs.
Crypto Market Developments
On Monday, the cryptocurrency market had a lot of momentum as investors reacted to a number of factors. Kazakhstan, with help from Binance, started its first state-backed crypto reserve. The Alem Crypto Fund, which is managed by the Astana International Financial Centre, will hold BNB as its first asset. Poland’s parliament, on the other hand, passed a comprehensive Crypto-Asset Market Act that is in line with the EU’s MiCA framework. However, the law faced public reaction because it included harsh penalties like criminal culpability and fines of up to $2.8 million.
In the NFT world, early Hyperliquid users were happy to get a lot of prizes when the platform sent out 4,600 Hypurr NFTs on HyperEVM. The collection quickly drew attention with a starting price of about $68,700. The ultra-rare Hypurr #21 NFT with “Knight Ghost Armor” features sold for an incredible $467,000. The successful launch showed that people still want high-quality digital items in the blockchain ecosystem.
Bitcoin Surges Past $114,000
Bitcoin’s rise to $114,000 happened despite a lot of problems, like almost $900 million leaving US-listed spot Bitcoin ETFs last week. The rise happened while long-term whales sold 3.4 million BTC. Glassnode data shows that about 90% of the moving coins were sold for profit for the third time this cycle. Even though there was a lot of selling pressure, bulls stayed in charge as the spot market changed for the better. For example, 30-day net flows showed that about 170,000 BTC were leaving centralized exchanges, which is a sign of accumulation and less selling pressure.
Bitcoin could rise to $120,000 this week because of a few important factors. The SEC-CFTC collaborative roundtable on regulating digital assets starts on Monday. It will include officials from ICE-NYSE, Nasdaq, CME Group, and big banks, and its goal is to make regulations clearer. Also, President Trump’s meeting with congressional leaders to avoid a government shutdown on October 1 could make people less afraid of risk. At the same time, the impending JOLTS survey and nonfarm payroll report could change what people think the Federal Reserve will do with its policies. Market watchers say that the US Strategic Bitcoin Reserve’s continued support for the market’s mood is a good thing. They also say that budget-neutral acquisition techniques are still moving forward, even if Treasury Secretary Scott Bessent dismissed rumors about gold revaluation.
Solana Price Prediction: $250 Next Target?
Solana’s native coin went up 10.5% after testing $191 on Friday, but it is still 10% lower than competitors like Ether and BNB during the past two weeks. The recovery happened because retail traders purchased the drop aggressively. Cumulative volume delta data showed that both retail-size traders at Binance and institutional investors at Coinbase were adding to their positions. During the selloff, the percentage of Binance retail accounts with long holdings rose from 54.3% to 78.2%. This shows that smaller traders were quite sure of their positions ahead of the expected SEC verdict.
But SOL is having trouble since network activity is going down. According to Nansen data, transactions have dropped by 10% and fees have dropped by over 50% in the last seven days. This is very different from competitors like BNB Chain, which raised their fees by 56%, and Arbitrum and HyperEVM, which more than doubled their fee revenue. The fast growth of perpetual futures platforms Hyperliquid and Aster has also hurt sentiment. These projects have chosen to establish their own chains to lower fees and get rid of validator MEV, which makes it harder for Solana to keep its competitive edge.
Bulls are still hopeful that SOL might hit $250, even though there are certain short-term problems. This is mostly because they think that spot Solana ETFs will be approved by October 10. Analysts give the chances of approval a 95% or greater chance, which raises prospects for big institutional inflows in the first few months of trade. But there are still worries regarding the long-term durability of Solana’s validator economics. For example, 76% of validator revenue comes from newly produced coins instead of MEV or priority fees, which raises doubts about the long-term stability of staking yield.
Top Altcoins to Watch Today
- Ether ETH/USD started a pullback from $3,815 and faces critical resistance at the 20-day EMA of $4,262. Bulls need to overcome this level to rally toward the resistance line and potentially reach $4,957, while failure could see ETH tumble to $3,426.
- XRP XRP/USD continues trading inside a descending triangle pattern with bears maintaining pressure. The crucial $2.69 support level must hold to prevent completion of a bearish setup that could send prices to $2.20, though a breakout above the downtrend line could trigger a rally to $3.40.
- BNB BNB/USD bounced from the 61.8% Fibonacci retracement level of $934, demonstrating demand at lower levels. The recovery faces resistance at $1,034 and the all-time high of $1,083, with a successful break potentially starting the next leg toward $1,173.
- Hyperliquid (HYPE) rebounded sharply from $40 support and reached moving averages, representing a critical inflection point. Bulls attempting to push above this level could drive prices toward the all-time high of $59.41, while failure may result in a decline to $35.50.
- Cardano ADA/USD recovered above $0.78 after briefly breaking below support, with bulls attempting to extend the relief rally to moving averages. A break above the resistance line would signal renewed bullish momentum in the market.
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