Solana (SOL) surged by 7% following VanEck’s submission of an application for the Solana Trust ETF on June 28, 2024. This spike was triggered by verified information from multiple sources. VanEck, a major asset management firm with over $89 billion under management, made history with this submission to the SEC, marking the first such application in the United States.
The news initially drove Solana’s price up nearly 10%, but the momentum faced resistance and profit-taking soon ensued. Bitcoin reacted to the news by jumping approximately $1,400 to $62,200 from its previous $60,800 level, though it has since retraced below $62,000.
The next Federal Reserve interest rate decision is scheduled for August 1, 2024, approximately 31 days away.
### Market Technical and Sentiment Analysis
**Sentiment Analysis Components**
– *Emotional Analysis*
– *Technical Indicators*
– *Price Trends*
Over the past week, BTC saw a decline of -4.88% and ETH dropped by -1.78%.
### Price Charts
– BTC’s price chart over the past week
– ETH’s price chart over the past week
### Price Change Table
A table displaying the price changes over the past week for BTC and ETH.
### Volume and Open Interest
On June 24, both BTC and ETH experienced their highest trading volumes during the downturn, with open interest slightly increasing.
### Historical Volatility and Implied Volatility
During the downturn on June 24, historical volatility peaked for both BTC and ETH, while BTC’s implied volatility saw a slight increase and ETH’s saw a slight decrease.
### Event-Driven Factors
No significant data releases occurred in the past week.
### Sentiment Indicators
**Momentum Sentiment**
– Nasdaq showed the strongest momentum, while Bitcoin performed the weakest among Bitcoin/Gold/Nasdaq/Hang Seng/Shanghai 300.
### Lending Rates and Borrowing Sentiment
Over the past week, USD lending annualized returns averaged 13.3%, with short-term rates remaining around 12.4%.
### Funding Rates and Contract Leverage Sentiment
BTC’s average annualized funding rate over the past week was 8.8%, with contract leverage sentiment staying at lower levels.
### Market Correlation and Consistency Sentiment
Among the selected 129 coins, market correlation dropped to around 0.45 over the past week, indicating a significant decrease in consistency across different varieties.
### Market Breadth and Overall Sentiment
Out of the selected 129 coins, 5.5% were above the 30-day moving average price, compared to 25% for BTC. Additionally, 4% remained more than 20% above the lowest price in the past 30 days, and 6.3% stayed within 10% of the highest price. Overall, the market breadth indicator showed a continued downtrend for most coins over the past week.
### Conclusion
In the past week, both Bitcoin (BTC) and Ethereum (ETH) experienced volatile swings following declines, with peak volatility and trading volumes observed on June 24. Open interest for Bitcoin and Ethereum slightly increased. BTC’s implied volatility edged higher, contrasting with ETH’s marginal decline. Bitcoin’s funding rate remained subdued, reflecting ongoing low leverage sentiment among market participants. Market breadth indicators suggested a persistent weak trend across the entire market over the past week.
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