Crypto Market Remains Flat Amid Strengthening Altcoins
The crypto markets remained largely sideways on Aug 15 with most of the big coins showing little price action. Amongst select altcoins, both Chainlink (LINK) and Shiba Inu (SHIB) started to show some bullish action. LINK was one of the standout gainers of the day with a 5.17% increase. SHIB also started to show market action with a 2% gain.
Despite price action, Solana (SOL) lost 0.86% of its value today. Despite the price action, Solana ETFs saw the best weekly inflows out of all crypto ETFs from August 10 to August 15.
What Moves The Crypto Market Today?
According to CoinMarketCap data, the top 10 cryptocurrencies by market cap all stood in narrow price ranges showing a market consolidation. The overall lower weekend trading volume has slowed price action even more due to decreasing institutional and retail involvement.
BTC started to move towards the $62k level as Bitcoin ETFs recorded outflows of $389M. ETH also came under selling pressure as ETH ETFs recorded outflows of $2.26M between August 10 and August 14.
However, the Solana ETFs were a strong exception, seeing an inflow of $10.26M, which was its best weekly inflow since May, showing institutional interest for the coin.
There is geopolitical uncertainty with the current tensions between the U.S. and Iran.
Recent events such as the attack ship in the Strait of Hormuz have investors worried about disruptions in the global economy.
There is also added uncertainty due to the comments by US Treasury Secretary Scott Bessent about the “economic isolation” strategy. Crypto traders are especially paying attention to see how the markets will react.
Crypto Market Data on August 15
- Total Crypto Market Cap: $2.16 trillion (+0.24%)
- 24-Hour Trading Volume: $43.16 billion
- Bitcoin Price: $62,960 (+0.40%)
- Ethereum Price: $1,878 (+0.37%)
- XRP Price: $1 (+0.01%)
- Bitcoin ETF Flows: -$57.63 million
- Ethereum ETF Flows: $0
- Bitcoin Dominance: 58.4%
- Altcoin Season Index: 50/100
- Fear & Greed Index: 34 (Fear)
- Chainlink and Shiba Inu Become Top Altcoin Performers
Chainlink was the strongest performing major altcoin gaining 5.17%. The rally was supported by positive market participation. Trade volume increased approximately 120% to reach $492 million.
The price of Chainlink also began to appreciate again, positively, reaching levels last seen in May. Investors began to regain confidence in their long term investment of Chainlink. The next key resistance level is around $10. If price successfully breaks this level it could drive the price higher, conversely if price does not break this level it is likely price will fall to $7.88.
Shiba Inu also advanced gaining 2.09% to reach $0.0000045.
The increase can be directly attributed to SHIB burn activity. The burn activity had a positive impact on sentiment with investors expecting a reduction in token supply and network growth.
SHIB futures activity also saw a substantial increase with $68 million in trading volume representing a 140% increase. SHIB has been showing some promising signs. Analysts believe if SHIB manages to break through the resistance level of $0.0000044, SHIB has the potential to rise to $0.00000477.
Analysis Of Crypto Derivatives Market
The derivatives trading market has been fairly bearish for the past few trading weeks. On August 15, the open interest in the derivatives market was recorded to be $118.6 Billion representing an increase of 0.05%. This suggests an increase in participation by market traders.
In contrast, derivatives trading for the day stood at $126 million representing a 20% decline. Total crypto liquidations of $135 million also demonstrated a decrease of 43%.
Long position liquidations were recorded at $73 million, while short liquidations stood at $61 million. Bitcoin recorded liquidations to the tune of $15.3 million.
Despite decreased trading volumes, data from the derivatives market suggested a bullish market structure.
Long trading volume was recorded to be in excess of $17.7 billion, while short trading volumes stood at $16.87 billion.
This indicated an expectation for the price to turn bullish.
## Bullish Solana Price Prediction
The snarky remarks from the community did not help Solana’s daily chart pattern. However, it might be something that the community regarded as positive for price action. Solana has formed a cup and handle pattern with the next target set at $82.
To trigger the patternSOL needs to break above the resistance of $76.
However, there was a decline in the AO Bars and this could mean that kicking bullish momentum would be a strenuous task.
Selling pressure may push SOL towards the support level of $70.
SHIB and LINK Technical Analysis
Chainlink has been one of the top performing coins of the day as strong buying pressure and increased volume push the coin to one of the top performing coins of the day. The zone around $10 needs to be broken to confirm if the bullish trend continues.
The current failed attempt at breaking the resistance has led to a decline to the low of $7.88.
After a couple days of increased activity on Shiba Inu derivates and increased burn rates, SHIB has shown an uptrend from August 13th’s $0.0000043 to $0.0000045 on August 15th.
Strong buying pressure drove LINK to increase by 10% while SHIB decreased to $0.0000043. While SHIB has had gains, there has been a 3.66% drop on all coins from $22.12 billion to $21.53 billion, with a 10% drop in trading volume to $1.41 billion.
Crypto Market Analysis
Bitcoin and Ethereum moves away from increased flows of institutional ETFs. Meanwhile, Solana experiences increasing institutional demand.
Meanwhile, SHIB and LINK are in focus as strong technical patterns and increased trading volumes and activity are prominent for both.
The importance of ETF flows is prominent once again as resistance for most major coins are waiting to be broken. Movement will either be in the direction of increased flows or geopolitical events
