Brazil Approves its 2nd Solana ETF 🙏

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious till $62,400 is broken 🙏 

• Bitcoin closed the week just below $60,000.

• The 200 Daily Moving Average at $62,400 is now a crucial level to monitor for Bitcoin.

• A rejection from $62,400 with a weekly close below $57,000 would be bearish.

• A breakout from $62,400 with a weekly close above $63,000 would be bullish.

• It is wise to not take any new leveraged positions till this moving average is flipped and prices break the 200 day moving average.

• So far, BTC has been rejecting this level consistently, showing some weakness in price action.

Mixed Feelings for Solana 🙏 

Brazil’s SEC has approved its 2nd Solana ETF.

Hashdex, a Brazil-based asset manager, will offer the product in partnership with BTG Pactual, a local investment bank.

Meanwhile in the USA, the SEC rejected Cboe’s 19b-4 filings for Solana ETFs, after the agency reiterated its view to issuers that Solana is a security, as per sources.

Even though the 19b-4 rejections were a setback, they could be refiled or amended to include stronger language arguing that Solana is not a security in the near future.

Metaplanet stacks more sats ❗️ 

Metaplanet, has purchased another ¥500 million ($3.7 million) worth of Bitcoin, after securing a ¥1 billion loan last week to acquire Bitcoin.

Metaplanet bought 57.273 BTC at an average price of ~$59,800. This brings its total Bitcoin holdings to 360.368 BTC acquired for $25.6 million.

The Japanese firm is aggressively expanding its Bitcoin reserves by borrowing capital at low interest rates, closely mimicking Microstrategy’s playbook.

📕 Educational

Aave’s comeback 🙏 

We had shared Aave as chart of the day yesterday, and the token is already up 10% today. Below are certain fundamental factors that in our opinion might also help the token rally in the future.

Aave has experienced remarkable growth over the past year, standing out while many blue-chip projects have struggled.

1. TVL Growth: +145.97% driven by a $5M quarterly rewards program in wETH.

2. Fee Growth: +121% due to Aave V3's success, new deployments, and increased demand for stETH deposits and DAI/WETH borrowing.

3. Token Trading Volume: Up by 151%, with consistent higher highs and lower lows on the technical price charts. Buy volumes have consistently outpaced sell volumes over 70% of the time.

4. User Growth :

• Ethereum: 12.4K to 43.4K

• Base: 5K to 333K

• Optimism: 89K to 156K

• Arbitrum: 177K to 262K

5. Supply: Increase in supply has been modest 2.65% , far lesser than many other newly launched tokens which are heavily diluted.

6. Price Performance : $AAVE has achieved 123% growth in the past year, while BTC has seen 133.4% growth in the same period.

7. Looking ahead : A weekly close above $135 could trigger a breakout and end a 800 day consolidation phase for Aave, potentially pushing it to $200+ in the near future.

Source : Asva Capital

📊 Stat of the day

📈 Chart of the day

• Macro ascending triangle breakout

• Wait for re-test of $0.144 to enter

• Look out for bullish RSI divergences at re-test on 4H & daily timeframes.

• For more aggressive risk-taking traders, a re-test of $0.15 can be an entry too, but with low leverage.

• Source : Cointraction

🤣Meme of the day

Accurate 😂 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.