Daily Crypto Signals: MicroStrategy’s $73 Billion Bitcoin Holdings, Solana’s Bullish SuperTrend Signal Drive Market Momentum
MicroStrategy has expanded its Bitcoin treasury to over $73 billion with the acquisition of 525 additional BTC, while Solana's SuperTrend
Quick overview
- MicroStrategy has increased its Bitcoin treasury to over $73 billion by acquiring 525 additional BTC, solidifying its position as the largest corporate Bitcoin holder.
- Solana's SuperTrend indicator has issued a bullish signal, historically leading to significant price gains, with past rallies reaching up to 3,200%.
- Bitcoin is currently testing key supply zones between $115,600 and $117,300, showing resilience against typical bearish trends with a nearly 6% gain this month.
- In Southeast Asia, Thai banks have frozen accounts linked to scams, raising concerns about the traditional banking system and highlighting the censorship-resistant nature of cryptocurrencies.
MicroStrategy has expanded its Bitcoin BTC/USD treasury to over $73 billion with the acquisition of 525 additional BTC, while Solana’s SOL/USD SuperTrend indicator flashes a bullish signal that historically preceded gains of up to 1,300%. Both developments underscore growing institutional adoption and technical strength in the cryptocurrency market amid mixed trading conditions.
Crypto Market Developments
This week, there were big changes in the cryptocurrency market, both in terms of institutions and technology. For example, big companies bought a lot of Bitcoin, and there were good technical signs for key altcoins. MicroStrategy’s ongoing plan to buy Bitcoin has boosted its holdings over $73 billion, making it the largest corporate Bitcoin holder. Meanwhile, the London Stock Exchange made news by launching the first blockchain-based infrastructure platform by a major global exchange. It was produced in conjunction with Microsoft and runs on Azure cloud services.
In Southeast Asia, things weren’t so good. Thai banks froze millions of accounts of people who were thought to be involved in scams, and innocent individuals and businesses were reportedly caught in the net. The issue raised worries about the traditional banking system going too far and made Bitcoin supporters stress how censorship-resistant cryptocurrency is, even though crypto payments are still illegal in Thailand.
Bitcoin Testing Major Supply Zones Between $115.6K and $117.3K
Bitcoin is now challenging important technical levels between $113,000 and $115,000 after getting close to big supply zones between $115,600 and $117,300. The top cryptocurrency has gone against its usual bearish September trend and gained almost 6% for the month. However, it is currently going through a small correction before the Federal Open Market Committee meeting and the expected interest rate cuts. Technical research shows that the $111,000–$113,000 area is important support that looks like the breakout structure that happened in Q2, when Bitcoin rose from below $100,000 to break through $120,000 in July.
The UTXO Realized Price Distribution (URPD) measure shows that 5.5% of Bitcoin’s supply is grouped together between $110,000 and $113,000, which means that a lot of Bitcoin has been bought in this price range. This technical support is much stronger because of the way wallets are moving around. For example, “Shark” wallets (100–1,000 BTC) have added around 1 million BTC since July 2024, and larger whale wallets have given away about 715,000 BTC. The fact that smaller, newer investors are buying up this supply shows that there is substantial underlying demand. The $113,000 mark could be one of the last big discount opportunities before prices start to rise again toward new all-time highs.
Solana’s SuperTrend Indicator Flashes Buy, Rally Ahead?
The SuperTrend indicator on the weekly chart for Solana has sent out a “buy” signal, which is only the fourth time this has happened in the cryptocurrency’s existence. In the past, this technical indication has come before huge price rises. In the 2021 bull market, confirmations led to gains of 620% to 3,200%. The most recent signal in July 2023 led to an incredible 1,339% rally from about $20 to all-time highs of $295 in January. This shows that the indicator can predict big shifts in trends.
Solana’s recent 60% rise from lows of about $155 in August has hit a wall at the $250 mark, where profit-taking and overbought conditions on both daily and four-hour timeframes have caused a 7% drop. The Relative Strength Index hit 70 on the daily chart and 83 on the four-hour chart, which means that there is a chance of more short-term pullbacks toward the $220-$230 support zone. Even if this is just a short-term pullback, analysts are still positive about Solana’s long-term future. Many see the $300 level as the next major resistance point. The SuperTrend buy signal, rising futures open interest, and rising total value locked in the Solana ecosystem all support the idea that prices will keep going up until present resistance levels are broken.
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