Key Takeaways
- Following gaining over 6.50 percent intraday, SOL soared to approximately $217.50.
- Bitcoin fell from its daily high of $59,175 to as low as $55,875.
- A Santa Claus rally comparable to last year could see costs skyrocket to over $80,000 by the end of the year.
On Nov. 30, Solana (SOL) maintained its intraday increases after Grayscale Investments, the largest global crypto fund, revealed that SOL will be added to its product line.
Following gaining over 6.50 percent intraday, SOL soared to approximately $217.50. The Solana token's gains were mostly because of a rebound move that began on November 28 and saw it recover over 20% after testing a reliable multi-month ascending trendline as support (around $190).
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SOL also crossed the 23.6 Fib line ($204) of its Fibonacci retracement graph, formed from the $23.22-swing low to the $260.69-swing high, thanks to recent buying near the trendline support. Due to this, the $260 price level looks to be SOL's final line of defence against a new high.
"Despite what appears to be weariness, $300-something is still achievable (this season)," according to @fomocapdao, an independent market analyst.
SHIB, RGT, and AMPL buck the Fed taper statement, trends with double-digit increases.
The Federal Reserve's remarks may have sent BTC prices plunging, but SHIB, RGT, and AMPL all posted double-digit increases despite the taper rhetoric.
After mounting anxiety of the new Omicron COVID-19 variant and the Federal Reserve's admission that a sooner modification to its bond-buying program is still affecting global stock markets, instability returned for a second day. The effect of these fears seems to have had an influence on Bitcoin pricing, as the virtual currency fell from its daily high of $59,175 to as low as $55,875.
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However, it's not all negative news for crypto investors, as numerous cryptocurrencies have seen significant increases in the last 24 hours.
Shiba Inu (SHIB), Rari Governance Token (RGT), and Ampleforth were the top improvers in the last 24 hours, according to information from Cointelegraph Markets Pro and TradingView (AMPL).
Bitcoin's drop is the weakest so far this year, as expectations for a Santa Claus rebound soar
Bitcoin has only plummeted 17% from its all-time high, making this the shortest drop of the year.
There has been a meaningful decline before a rebound at the end of prior bull market cycles, and if history repeats itself, it may happen again.
We've all witnessed the correction: Bitcoin (BTC) reached a record high of roughly $69,000 on November 10 and has subsequently fallen roughly 17% to its present value.
With the fairly provocative headline "Did Bitcoin Enter A Bear Market After Falling 20% From Its ATH?" on a Tuesday story, some mainstream media publications like Forbes believe the latest downturn has pushed markets back into negative territory.
However, November's drop was the smallest correction of 2021, dwarfed by Bitcoin's massive 53.4 percent drop between April and July in three months. The most recent decline in September was the second-deepest, hitting 37 percent from the all-time high in April.
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Glassnode claimed in its Monday "Week On-Chain" post that the present downturn is "business as usual for Bitcoin hodlers," implying that it will soon be finished. This existing market drop is "really the least catastrophic in 2021," according to the report.
BTC prices increased by 47 percent in December and 80 percent in December 2017, reaching a new record high. Both were in bull markets, just as we are now.
BTC was selling at slightly over $57,000 at the time of writing, so a Santa Claus rally comparable to last year's could see costs skyrocket to over $80,000 by the end of the year.
Do you agree or disagree with these new developments?
